10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended May 29, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                   to

Commission File No. 1-7275

CONAGRA BRANDS, INC.

(Exact name of registrant as specified in its charter)

Delaware	47-0248710
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
222 W. Merchandise Mart Plaza, Suite 1300 Chicago, Illinois	60654
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (312) 549-5000

Securities registered pursuant to section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $5.00 par value	CAG	New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☑    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐     No  ☑

The aggregate market value of the voting common stock of Conagra Brands, Inc. held by non-affiliates on November 26, 2021 (the last business day of the Registrant's most recently completed second fiscal quarter) was approximately $15,158,448,300 based upon the closing sale price on the New York Stock Exchange on such date.

At June 26, 2022, 480,091,813 common shares were outstanding.

Documents Incorporated by Reference

Portions of the Registrant’s definitive Proxy Statement for the Registrant's 2022 Annual Meeting of Stockholders (the "2022 Proxy Statement") are incorporated by reference into Part III.

Table of Contents

PART I		1
Item 1	Business	1
Item 1A	Risk Factors	7
Item 1B	Unresolved Staff Comments	19
Item 2	Properties	19
Item 3	Legal Proceedings	20
Item 4	Mine Safety Disclosures	20
PART II		21
Item 5	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	21
Item 6	[Reserved]	21
Item 7	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	37
Item 8	Financial Statements and Supplementary Data	39
	Consolidated Statements of Earnings for the Fiscal Years Ended May 2022, 2021, and 2020	39
	Consolidated Statements of Comprehensive Income for the Fiscal Years Ended May 2022, 2021, and 2020	40
	Consolidated Balance Sheets as of May 29, 2022 and May 30, 2021	41
	Consolidated Statements of Common Stockholders' Equity for the Fiscal Years Ended May 2022, 2021, and 2020	42
	Consolidated Statements of Cash Flows for the Fiscal Years Ended May 2022, 2021, and 2020	43
	Notes to Consolidated Financial Statements	44
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	86
Item 9A	Controls and Procedures	86
Item 9B	Other Information	86
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	87
PART III		88
Item 10	Directors, Executive Officers and Corporate Governance	88
Item 11	Executive Compensation	88
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	88
Item 13	Certain Relationships and Related Transactions, and Director Independence	89
Item 14	Principal Accountant Fees and Services	89
PART IV		90
Item 15	Exhibits and Financial Statement Schedules	90
Item 16	Form 10-K Summary	95
Signatures		96

PART I

This annual report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results, performance, or achievements could differ materially from those projected in the forward-looking statements as a result of a number of risks, uncertainties, and other factors. For a discussion of important factors that could cause our results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by our forward-looking statements, please refer to Item 1A, Risk Factors and Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations below.

ITEM 1. BUSINESS

General Development of Business

Conagra Brands, Inc. (the "Company", "Conagra Brands", "we", "us", or "our"), headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, the Company combines a rich heritage of making great food with a sharpened focus on innovation. The Company's portfolio is evolving to satisfy people's changing food preferences. Its iconic brands such as Birds Eye^®, Duncan Hines^®, Healthy Choice^®, Marie Callender's^®, Reddi-wip^®, and Slim Jim^®, as well as emerging brands, including Angie's^® BOOMCHICKAPOP^®, Duke's^®, Earth Balance^®, Gardein^®, and Frontera^®, offer choices for every occasion.

We began as a Midwestern flour-milling company and entered other commodity-based businesses throughout our history. We were initially incorporated as a Nebraska corporation in 1919 and reincorporated as a Delaware corporation in 1976. Over time, we transformed into the branded, pure-play consumer packaged goods food company we are today. Growing our food businesses has also been fueled by innovation, organic growth of our brands, and expansion into adjacent categories, including through acquisitions. We are focused on delivering sustainable, profitable growth with strong and improving returns on our invested capital.

On October 26, 2018, we completed our acquisition of Pinnacle Foods Inc. ("Pinnacle"). As a result of the acquisition, Pinnacle became a wholly-owned subsidiary of the Company. 

Narrative Description of Business

We compete throughout the food industry and focus on adding value for our customers who operate in the retail food and foodservice channels.

Our operations, including our reporting segments, are described below. Our locations, including manufacturing facilities, within each reporting segment, are described in Item 2, Properties.

Reporting Segments

Our reporting segments are as follows:

Grocery & Snacks

The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States.

Refrigerated & Frozen

The Refrigerated & Frozen reporting segment principally includes branded, temperature-controlled food products sold in various retail channels in the United States.

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International

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.

Foodservice

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.

Unconsolidated Equity Investments

We have two unconsolidated equity investments. Our most significant equity method investment is our joint venture with respect to Ardent Mills, a milling business.

Acquisitions

On October 26, 2018, we completed the acquisition of Pinnacle, a branded packaged foods company specializing in shelf-stable and frozen foods. As a result of the acquisition, Pinnacle became a wholly-owned subsidiary of the Company. The total amount of consideration paid in connection with the acquisition was approximately $8.03 billion and consisted of: (1) cash of $5.17 billion ($5.12 billion net of cash acquired); (2) 77.5 million Company Shares, with an approximate value of $2.82 billion, issued out of the Company's treasury; and (3) replacement awards issued to former Pinnacle employees representing the fair value attributable to pre-combination service of $51.1 million.

Divestitures

During the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters^® business for net proceeds of $50.7 million. The results of operations of the divested Egg Beaters^® business were primarily included in our Refrigerated and Frozen segment, and to a lesser extent within our International and Foodservice segments, for the periods preceding the completion of the transaction. 

During the third quarter of fiscal 2021, we completed the sale of our Peter Pan^® peanut butter business for net proceeds of $101.5 million. The results of operations of the divested Peter Pan^® peanut butter business were previously reported primarily within our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments, for the periods preceding the completion of the transaction. 

General

The following comments pertain to all of our reporting segments.

Conagra Brands is a branded consumer packaged goods food company that operates in many sectors of the food industry, with a significant focus on the sale of branded, private branded, and value-added consumer food, as well as foodservice items and ingredients. We use many different raw materials, most of which are commodities. The prices paid for raw materials used in making our food generally reflect factors such as weather, commodity market fluctuations, currency fluctuations, tariffs, and the effects of governmental agricultural programs. Although the prices of raw materials can be expected to fluctuate as a result of these factors, we believe such raw materials to be in adequate supply and generally available from numerous sources. From time to time, we have faced increased costs for many of our significant raw materials, packaging, and energy inputs. We seek to mitigate higher input costs through productivity and pricing initiatives and the use of derivative instruments to economically hedge a portion of forecasted future consumption.

We experience intense competition for sales of our food items in our major markets. Our food items compete with widely advertised, well-known, branded food, as well as private branded and customized food items. Some of our competitors are larger and have greater resources than we have. We compete primarily on the basis of quality, value, product innovation, customer service, brand recognition, and brand loyalty.

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Demand for certain of our food items may be influenced by holidays, changes in seasons, or other annual events. For example, sales of frozen foods tend to be marginally higher during the winter months, seafood sales are highest during Lent, in advance of the Easter holiday, and production of certain of our products occurs seasonally, during or immediately following the purchase of agricultural crops.

Our intellectual property rights, including our trademarks, licensing agreements, trade secrets, patents, and copyrights are of material importance to our business, and we attempt to protect such rights by pursuing remedies available to us under trademark, copyright, trade secret, and patent laws, as well as entering into licensing, third-party nondisclosure and assignment agreements, and policing of third-party misuses of our intellectual property. Some of our food items are sold under brands that have been licensed from others, including under the P.F. Chang’s®, Bertolli®, and Libby’s® trademarks. We also own certain intellectual property rights that are licensed to third parties, such as the Alexia® trademark. While many of these licensing arrangements are perpetual in nature, others must be periodically renegotiated or renewed pursuant to their terms. We also actively develop and maintain a portfolio of patents, although no single patent is considered material to the business as a whole. We have proprietary trade secrets, technology, know-how, processes, and other intellectual property rights that are not registered.

Our operations are subject to various laws and regulations administered by federal, state, local, and foreign government agencies, including, but not limited to, the United States Department of Agriculture, the Federal Food and Drug Administration, the Occupational Safety and Health Administration, the Environmental Protection Agency, and the Department of Labor. In particular, the processing, packaging, transportation, storage, distribution, advertising, labeling, quality, and safety of food products, the health and safety of our employees, and the protection of the environment are each subject to governmental regulation. Additionally, we are subject to data privacy and security regulations, tax and securities regulations, accounting and reporting standards, and other financial laws and regulations. We believe that we are in compliance with such laws and regulations in all material respects and do not expect that continued compliance with such regulations will have a material effect upon capital expenditures, earnings, or our competitive position.

Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 27% of consolidated net sales for fiscal 2022 and 26% of consolidated net sales for each of fiscal 2021 and 2020.

Human Capital Resources

At Conagra, we believe that our employees are the driving force behind our success. We believe that the success and growth of our business depends in large part on our ability to attract, develop, and retain a diverse population of talented and high-performing employees at all levels of our organization. We leverage our six timeless values, which form the framework of our Company culture, to guide our approach to human capital management:

• Integrity: Doing the right things and doing things right

• External Focus: Centering on the consumer, customer, competitor, and investor

• Broad-Mindedness: Rejecting silos and embracing disciplined curiosity

• Agility: Converting insights into action with the speed of an entrepreneur

• Leadership: Simplifying decision-making, inspiring others, and acting like an owner

• Results: Leveraging a "refuse-to-lose" obsession with impact and value creation

We have developed key recruitment, development, and retention strategies and objectives that guide our human capital management approach. These strategies and objectives are advanced through a number of programs, policies, and initiatives, as described below.

As of May 29, 2022, we had approximately 18,000 employees, primarily in the United States. Approximately 47% of our employees are parties to collective bargaining agreements. We believe our relationships with employees and their representative organizations are good.

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Safety and Health: The health and safety of our employees is our top priority. We are focused on maintaining a strong culture of safety, in which all employees strive to protect themselves and their colleagues. During fiscal year 2022, our Occupational Safety & Health Administration Incident Rate was 1.67 incidents per 100 full-time workers, as compared to 2.00 incidents per 100 full-time workers in fiscal 2021 and 1.69 incidents per 100 full-time workers in fiscal 2020. We compare our incident rate to that of the average for companies in the food manufacturing sector, as published by the Bureau of Labor Statistics. In each of the last three fiscal years, our incident rate has been below the industry average. Our health and safety team audits each of our facilities every two years to confirm compliance with safety regulations and corporate policies. The team documents the audit results and tracks corrective actions to ensure we hold ourselves accountable for providing a safe work environment.

Beginning in February 2020 and continuing during the course of the COVID-19 pandemic, our senior leadership has relied on cross-functional teams (a COVID-19 pandemic team, Return to Office team, and Vaccine Preparedness team), to review and assess the evolving situation, and to recommend risk mitigation actions for the health and safety of our employees. In order to enhance the safety of our employees during the COVID-19 pandemic, these teams have recommended, and we have implemented, various measures, including the installation of physical barriers between employees; employee screening protocols; facility cleaning and sanitation protocols; policies on the use of personal protective equipment; and robust employee leave policies. We have also executed a phased return to office approach to enable in-person work for corporate personnel, implemented work-from-home initiatives for certain office personnel, and provided increased access to COVID-19 vaccines for production facilities and corporate locations.

Diversity and Inclusion: We strive to nourish an inclusive culture that encourages openness, acceptance, and individual authenticity. We believe that an inclusive culture drives employee engagement.

At Conagra, we believe diversity is measured by more than race, gender, sexual orientation, and disability. All backgrounds, perspectives, styles, and opinions are valued and belong at Conagra, and we harness the power of diversity and inclusion ("D&I") to accelerate innovation and growth and as key drivers of shareholder value creation.

We approach diversity from the top-down, exemplified by our Board of Directors (the "Board") and our Senior Leadership Team: three of our 12 directors are racially/ethnically diverse, four of our 12 directors are women, and three of nine members of our Senior Leadership Team are women. We believe that a diverse team with a variety of viewpoints adds value to our business decision making and innovation by encouraging and incorporating a variety of perspectives and experiences.

During fiscal 2022, we launched numerous efforts to amplify our commitment to a diverse and inclusive workforce:

• Our Diversity and Inclusion Leadership Council, comprised of our Senior Leadership and Human Resources Diversity and Inclusion teams, developed the Company's D&I strategic plan during fiscal 2022, with a continued focus on recruiting, advocating for, and developing diverse talent. In each of these areas, we have multiple strategic initiatives underway. Core aspects of our strategy include building a strong entry-level pipeline; providing development opportunities for underrepresented groups, internal and external; and committing to develop and advance our talent along the way. Examples of recruitment, advocacy, and development initiatives launched during fiscal 2022 include the following:

• We launched our "Experience Inclusion" corporate website to highlight our D&I commitment, journey, and initiatives to enhance our recruitment of diverse talent.

• We expanded our diversity recruitment strategies focused on strengthening the diversity of candidate slates at the early talent (recent college graduates) and experienced hire levels; partnered with Sounding Board, Inc. to launch an external coaching program to advance professional development for underrepresented talent; and expanded our internal mentoring program to our Latinx Employee Resource Group.

• We awarded the "Conagra Refuse-to-Lose Scholarship" to 30 students from Thurgood Marshall College Fund and Hispanic Scholarship Fund. All scholarship recipients were invited to participate in a mentorship program launched in May 2022.

• Throughout fiscal 2022, the Human Resources Committee of our Board (the "HR Committee") received regular updates from management on our D&I progress. The HR Committee has embedded D&I into its standing agenda and intends to discuss the topic at every regularly scheduled meeting it holds in fiscal 2023.

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We also continue to provide diversity and inclusion training for employees to highlight issues that impact underrepresented communities and to reduce the effects of bias in the workplace. Our goal is to create a culture of belonging, where everyone can experience inclusion. We want to be a place where people trust and respect one another. While we value and embrace diversity, we also celebrate what we all have in common—our energy and passion for making great food and great brands.

Learning and Development: We believe that by enabling employee development, we better position Conagra to meet current and future business needs and increase employee retention. By providing employees with learning and development opportunities, we empower them to build knowledge and skills and feel fulfilled in their work at Conagra.

We leverage a variety of processes to enable employee learning and development at Conagra:

• Employees have access to a variety of learning tools at Conagra, covering a wide array of topics. Our office-based employees can also access thousands of learning modules on-demand at their desks.

• Individual objectives are set each year, providing employees with clear expectations for their performance in the short-term. Regular performance evaluations provide employees with feedback and growth opportunities.

• Salaried employees are encouraged to develop Individual Development Plans ("IDP"). IDPs serve as a personal action plan, under which employees engage with their manager in ongoing development conversations, so that long-term career goals and developmental activities can be reviewed.

Compensation and Benefits: We offer competitive compensation and benefits to attract the best talent and to support the overall well-being of our employees. Through our holistic approach to benefits, we provide our employees with resources to help them thrive. We offer a wide range of benefits across areas such as health, family, finance, community, and time away, including healthcare and wellness benefits, adoption and surrogacy assistance, family care resources, a 401(k) plan, family leave, and paid time off. A more complete discussion of our approach to employee compensation and benefits can be found in our Proxy Statement for the 2022 Annual Shareholders' Meeting.

Information About Our Executive Officers

The names, ages, and positions of our executive officers as of July 21, 2022 are listed below:

Name	Title & Capacity	Age	Year First Appointed an Executive Officer
Sean M. Connolly	President and Chief Executive Officer	56	2015
David S. Marberger	Executive Vice President and Chief Financial Officer	57	2016
Carey L. Bartell	Executive Vice President, General Counsel and Corporate Secretary	48	2022
Charisse Brock	Executive Vice President, Chief Human Resources Officer	60	2015
Alexandre O. Eboli	Executive Vice President, Chief Supply Chain Officer	50	2021
Thomas M. McGough	Executive Vice President and Co-Chief Operating Officer	57	2013
Darren C. Serrao	Executive Vice President and Co-Chief Operating Officer	56	2015
Robert G. Wise	Senior Vice President, Corporate Controller	54	2012

Sean M. Connolly has served as our President and Chief Executive Officer and a member of the Board since April 6, 2015. Prior to that, he served as President and Chief Executive Officer and a director of The Hillshire Brands Company (a branded food products company) from June 2012 to August 2014, Executive Vice President of Sara Lee Corporation (a branded food products company and the predecessor to Hillshire), and Chief Executive Officer, Sara Lee North American Retail and Foodservice, from January 2012 to June 2012. Prior to joining Sara Lee in anticipation of the spin-off of Hillshire, Mr. Connolly served as President of Campbell North America, the largest division of Campbell Soup Company (a branded food products company), from October 2010 to December 2011, President, Campbell USA from 2008 to 2010, and President, North American Foodservice for Campbell from 2007 to 2008. Before joining Campbell in 2002, he served in various marketing and brand management roles at The Procter & Gamble Company (a consumer packaged goods company).

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David S. Marberger has served as Executive Vice President and Chief Financial Officer since August 2016. Prior to joining Conagra Brands, he served as Chief Financial Officer of Prestige Brands Holdings, Inc. (a provider of over-the-counter healthcare products) from October 2015 until July 2016. Prior to that, Mr. Marberger served as the Senior Vice President and Chief Financial Officer of Godiva Chocolatier, Inc. (a global manufacturer and supplier of premium chocolates) from 2008 until October 2015. Prior to that, Mr. Marberger served Tasty Baking Company (a manufacturer and supplier of baked goods) as Executive Vice President and Chief Financial Officer from 2006 to 2008 and as Senior Vice President and Chief Financial Officer from 2003 to 2006. From 1993 until 2003, he served in various roles at Campbell Soup Company (a branded food products company), where he last held the position of Vice President, Finance, Food and Beverage Division.

Carey L. Bartell has served as Executive Vice President, General Counsel and Corporate Secretary for Conagra Brands since June 2022. In this role, Ms. Bartell oversees all legal and governmental affairs activity for the company. Previously, Ms. Bartell served as Vice President and Chief Counsel leading the company’s litigation efforts and compliance programs. Ms. Bartell joined Conagra in 2016. Prior to Conagra, Ms. Bartell worked for eight years at Hospira, Inc., a global pharmaceutical and medical device company, as Senior Counsel and then Vice president, Legal. In this role, she oversaw the company’s litigation, labor, employment, and immigration law, and advised senior management and the board of directors regarding diverse legal and business risks. Ms. Bartell began her career in private practice at a Chicago law firm, first as an Associate and then Partner, where she practiced primarily in the areas of litigation and labor & employment law.

Charisse Brock has served as Executive Vice President and Chief Human Resources Officer since November 2015 and previously served as Senior Vice President and Interim Chief Human Resources Officer from August 2015 until November 2015. Prior to serving in these roles, Ms. Brock served as Vice President of Human Resources for the Consumer Foods segment of Conagra Brands from September 2010 until August 2015. Ms. Brock joined Conagra Brands in 2004 as Director of Human Resources, supporting the Refrigerated Foods Group. Prior to joining Conagra Brands, she served for 15 years at The Quaker Oats Company (a branded food products company) (which was acquired by PepsiCo during her tenure) in its Consumer Foods Division.

Alexandre "Ale" O. Eboli has served as Executive Vice President and Chief Supply Chain Officer for Conagra Brands since August 2021. Mr. Eboli has end-to-end supply chain responsibilities for the company, overseeing the manufacturing, procurement, environment, health and safety, plant quality, logistics, and transportation and warehousing teams. Mr. Eboli joined Conagra Brands with 25 years of experience of global end-to-end supply chain leadership within the consumer packaged goods industry and has held a variety of roles in finance, planning, distribution, logistics and manufacturing. Prior to Conagra, Mr. Eboli served as the Head of Supply Chain, North America for The Unilever Group, where he was responsible for overseeing manufacturing facilities and co-manufacturers producing personal care, food and ice cream products as well as the related planning, procurement, manufacturing, engineering, logistics, quality, manufacturing excellence and customer service functions.

Thomas M. McGough has served as Executive Vice President and Co-Chief Operating Officer since October 2018. Prior to that, he served as the Company's President, Operating Segments from May 2017 until October 2018 and as the Company's President of Consumer Foods from May 2013 until May 2017. Mr. McGough also served as President, Grocery Products from 2011 until May 2013 and as Vice President in the Company's Consumer Foods organization from 2007 to 2011. Prior to joining the Company, Mr. McGough served in various roles at H.J. Heinz (a food processing company), where he began his career in 1990.

Darren C. Serrao has served as Executive Vice President and Co-Chief Operating Officer since October 2018. Prior to that, he served as Executive Vice President, Chief Growth Officer from August 2015 to October 2018. Prior to joining the Company, Mr. Serrao served as Senior Vice President, Chief Marketing and Commercial Officer at Campbell Soup Company (a branded food products company) from February 2015 until August 2015 and as Senior Vice President of Innovation and Business Development for Campbell North America from July 2011 until February 2015. Mr. Serrao has also held several profit and loss and marketing positions during his career, including roles with PepsiCo and Unilever.

Robert G. Wise has served as Senior Vice President, Corporate Controller since December 2012. Mr. Wise joined Conagra Brands in March 2003 and has held various positions of increasing responsibility with Conagra Brands, including Vice President, Assistant Corporate Controller from March 2006 until January 2012 and Vice President, Corporate Controller from January 2012 until December 2012. Prior to joining Conagra Brands, Mr. Wise served in various roles at KPMG LLP (an accounting firm) from October 1995 until March 2003.

Foreign Operations

Foreign operations information is set forth in Note 19, "Business Segments and Related Information", to the Consolidated Financial Statements contained in this report.

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Available Information

We make available, free of charge through the "Investors—Financial Reports & Filings" link on our website at http://www.conagrabrands.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission (the "SEC"). We use our website, through the "Investors" link, as a channel for routine distribution of important information, including news releases, analyst presentations, and financial information. The information on our website is not, and will not be deemed to be, a part of this annual report on Form 10-K or incorporated into any of our other filings with the SEC.

We have also posted on our website our (1) Corporate Governance Principles, (2) Code of Conduct, (3) Code of Ethics for Senior Corporate Officers, and (4) Charters for the Audit/Finance Committee, Nominating and Corporate Governance Committee, and Human Resources Committee. Stockholders may also obtain copies of these items at no charge by writing to: Corporate Secretary, Conagra Brands, Inc., 222 Merchandise Mart Plaza, Suite 1300, Chicago, IL, 60654.

ITEM 1A. RISK FACTORS

Our business is subject to various risks and uncertainties. Any of the risks and uncertainties described below could materially adversely affect our business, financial condition, and results of operations and should be considered in evaluating us. Although the risks are organized by headings and each risk is described separately, many of the risks are interrelated. While we believe we have identified and discussed below the key risk factors affecting our business, there may be additional risks and uncertainties that are not presently known or that are not currently believed to be significant that may adversely affect our business, performance, or financial condition in the future. You should not interpret the disclosure of any risk factor to imply that the risk has not already materialized.

COVID-19 Pandemic Risks

The COVID-19 pandemic could have an adverse impact on our business, financial condition, and results of operations.

Although we experienced challenges in connection with the COVID-19 pandemic, including temporary closings of production facilities, employee illnesses, increased costs, supply chain interruptions and reduced demand in our Foodservice segment, to date the pandemic has not had a net negative impact on our liquidity or results of operations. However, the continued spread of COVID-19, including new variants, could negatively impact our business, financial condition, and results of operations in a number of ways in the future. These impacts could include, but are not limited to:

• shutdowns or slowdowns of one or more of our production facilities;

• further disruptions in our supply chain and in our ability to obtain ingredients, packaging, and other sourced materials due to continued labor shortages and/or volatility in the labor market, governmental restrictions, or the failure of our suppliers, distributors, or manufacturers to meet their obligations to us;

• continued increases in raw material and commodity costs;

• the inability of a significant portion of our workforce, including our management team, to work as a result of illness or government restrictions;

• shifts and volatility in consumer spending and purchasing behaviors; and

• reduced availability of credit or financing upon acceptable terms or at all.

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The duration and extent of the impact from the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of the virus, the emergence and spread of variants, infection rates in areas where we operate, the extent and effectiveness of containment actions, including the continued availability and effectiveness of vaccines in the markets where we operate, and the impact of these and other factors on our employees, customers, suppliers, distributors, and manufacturers. Should these conditions persist for a prolonged period, the COVID-19 pandemic, including any of the above factors and others that are currently unknown, could have a material adverse effect on our business, financial condition, and results of operations. The impact of the COVID-19 pandemic may also exacerbate other risks discussed in this Item 1A, Risk Factors, any of which could have a material effect on us.

Market Risks

Our business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by the ongoing conflict between Russia and Ukraine or other geopolitical conflict.

The global economy has been negatively impacted by the military conflict between Russia and Ukraine. Furthermore, governments in the U.S., United Kingdom, and European Union have each imposed export controls on certain products and financial and economic sanctions on certain industry sectors and parties in Russia. Although we have no operations in Russia or Ukraine, we have experienced shortages in materials and increased costs for transportation, energy, and raw material due in part to the negative impact of the Russia-Ukraine military conflict on the global economy. Further escalation of geopolitical tensions related to the military conflict, including increased trade barriers or restrictions on global trade, could result in, among other things, cyberattacks, supply disruptions, lower consumer demand, and changes to foreign exchange rates and financial markets, any of which may adversely affect our business and supply chain. In addition, the effects of the ongoing conflict could heighten many of our known risks described in this Item 1A, Risk Factors.

Deterioration of general economic conditions could harm our business and results of operations.

Our business and results of operations have in the past been and may continue to be adversely affected by changes in national or global economic conditions, including inflation, rising interest rates, availability of capital markets, consumer spending rates, energy availability and costs (including fuel surcharges), the negative impacts caused by pandemics and public health crises (including the COVID-19 pandemic), and the effects of governmental initiatives to manage economic conditions.

Volatility in financial markets, including rising interest rates, and deterioration of national and global economic conditions has impacted and could continue to impact our business and operations in a variety of ways, including as follows:

• consumers shifting purchases to more generic, lower-priced, or other value offerings, or foregoing certain purchases altogether during economic downturns, which could result in a reduction in sales of higher margin products or a shift in our product mix to lower margin offerings adversely affecting the results of our operations;

• decreased demand in the restaurant business (including due to the COVID-19 pandemic), particularly casual and fine dining, may adversely affect our Foodservice operations;

• volatility in commodity and other input costs could substantially impact our result of operations;

• volatility in the equity markets or interest rates could substantially impact our pension costs and required pension contributions;

• rising interest rates may adversely impact our results of operations; and

• it may become more costly or difficult to obtain debt or equity financing to fund operations or investment opportunities, or to refinance our debt in the future, in each case on terms and within a time period acceptable to us.

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Credit Risks

Our existing and future debt may limit cash flow available to invest in the ongoing needs of our business and could prevent us from fulfilling our debt obligations or returning cash to stockholders.

As of May 29, 2022, we had total debt of approximately $8.98 billion, including approximately $8.71 billion aggregate principal amount of outstanding senior notes. Our ability to make payments on our debt, fund our other liquidity needs, make planned capital expenditures, and return cash to stockholders, will depend on our ability to generate cash in the future. Our historical financial results have been, and we anticipate that our future financial results will be, subject to fluctuations. Our ability to generate cash, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control. We cannot guarantee that our business will generate sufficient cash flow from our operations or that future borrowings will be available to us in an amount sufficient to enable us to make payments of our debt, fund other liquidity needs, make planned capital expenditures, or return cash to stockholders.

Our level of debt could have important consequences. For example, it could:

• make it more difficult for us to satisfy our debt service obligations;

• restrict us from making strategic acquisitions or taking advantage of favorable business opportunities;

• restrict us from repurchasing shares of our common stock;

• negatively impact our ability to pay a cash dividend at an attractive level;

• limit flexibility to plan for, or react to, changes in the businesses and industries in which we operate, which may adversely affect our operating results and ability to meet our debt service obligations;

• limit our ability to refinance our indebtedness or increase the cost of such indebtedness;

• require us to dedicate a substantial portion of our cash flow from operations to the payment of debt service, reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions, and other general corporate purposes;

• increase our vulnerability to adverse economic or industry conditions, including changes in interest rates;

• limit our ability to obtain additional financing in the future to fund our working capital requirements, capital expenditures, acquisitions, investment, debt service obligations, and other general operating requirements or to enable us to react to changes in our business; or

• place us at a competitive disadvantage compared to businesses in our industry that have less debt.

Additionally, any failure to meet required payments on our debt, or failure to comply with any covenants in the instruments governing our debt, could result in an event of default under the terms of those instruments and a downgrade to our credit ratings. In the event of a default, the holders of our debt could elect to declare all the amounts outstanding under such instruments to be due and payable. Any default under the agreements governing our debt and the remedies sought by the holders of such debt could render us unable to pay principal and interest on our debt.

Recently, we have increasingly accessed the commercial paper markets for ongoing funding requirements. A downgrade in our credit ratings would increase our borrowing costs and could affect our ability to issue commercial paper. Additionally, disruptions in the commercial paper market or other effects of volatile economic conditions on the credit markets could also reduce the amount of commercial paper that we could issue and raise our borrowing costs.

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A significant portion of our operations are conducted through our subsidiaries. As a result, our ability to generate sufficient cash flow for our needs is dependent to some extent on the earnings of our subsidiaries and the payment of those earnings to us in the form of dividends, loans, or advances and through repayment of loans or advances from us. Our subsidiaries are separate and distinct legal entities. Our subsidiaries have no obligation to pay any amounts due on our debt to provide us with funds to meet our cash flow needs, whether in the form of dividends, distributions, loans, or other payments. In addition, any payment of dividends, loans, or advances by our subsidiaries could be subject to statutory or contractual restrictions. Payments to us by our subsidiaries will also be contingent upon our subsidiaries' earnings and business considerations. Our right to receive any assets of any of our subsidiaries upon their liquidation or reorganization will be effectively subordinated to the claims of that subsidiary's creditors, including trade creditors. In addition, even if we are a creditor of any of our subsidiaries, our rights as a creditor would be subordinate to any security interest in the assets of our subsidiaries and any indebtedness of our subsidiaries senior to that held by us. Finally, changes in the laws of foreign jurisdictions in which we operate may adversely affect the ability of some of our foreign subsidiaries to repatriate funds to us.

Competition Risks

Increased competition may result in reduced sales or profits.

The food industry is highly competitive, and further consolidation in the industry would likely increase competition. Our principal competitors have substantial financial, marketing, and other resources. Increased competition can reduce our sales due to loss of market share or the need to reduce prices to respond to competitive and customer pressures. Competitive pressures also may restrict our ability to increase prices, including in response to commodity and other cost increases. We sell branded, private brand, and customized food products, as well as commercially branded foods. Our branded products have an advantage over private brand products primarily due to advertising and name recognition, although private brand products typically sell at a discount to those of branded competitors. In addition, when branded competitors focus on price and promotion, the environment for private brand producers becomes more challenging because the price difference between private brand products and branded products may become less significant. In most product categories, we compete not only with other widely advertised branded products, but also with other private label and store brand products that are generally sold at lower prices. A strong competitive response from one or more of our competitors to our marketplace efforts, or a consumer shift towards more generic, lower-priced, or other value offerings, could result in us reducing pricing, increasing marketing or other expenditures, or losing market share. Our margins and profits could decrease if a reduction in prices or increased costs are not counterbalanced with increased sales volume.

In addition, substantial growth in e-commerce has encouraged the entry of new competitors and business models, intensifying competition by simplifying distribution and lowering barriers to entry. The expanding presence of e-commerce retailers has impacted, and may continue to impact, consumer preferences and market dynamics, which in turn may negatively affect our sales or profits.

If we do not achieve the appropriate cost structure in the highly competitive food industry, our profitability could decrease.

Our future success and earnings growth depend in part on our ability to achieve the appropriate cost structure and operate efficiently in the highly competitive food industry, particularly in an environment of volatile input costs. We continue to implement profit-enhancing initiatives that impact our supply chain and general and administrative functions. These initiatives are focused on cost-saving opportunities in procurement, manufacturing, logistics, and customer service, as well as general and administrative overhead levels. Gaining additional efficiencies may become more difficult over time. Our failure to reduce costs through productivity gains or by eliminating redundant costs resulting from acquisitions could adversely affect our profitability and weaken our competitive position. If we do not continue to effectively manage costs and achieve additional efficiencies, our competitiveness and our profitability could decrease.

Commodity Risks

We are subject to increases in the price of raw materials, labor, manufacturing, distribution, and other inputs necessary for the production and distribution of our products, and we may not be able to fully offset this input cost inflation on a timely basis or at all.

Many of the components of our cost of goods sold are subject to price increases that are attributable to factors beyond our control, including but not limited to, global economic conditions, trade barriers or restrictions, supply chain disruptions, changes in crop size, product scarcity, demand dynamics, currency rates, water supply, weather conditions, import and export requirements, and other factors. The cost of raw materials, labor, manufacturing, energy, fuel, packaging materials, and other inputs related to the production and distribution of our products have increased and may continue to increase unexpectedly.

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In the latter part of fiscal 2021 and throughout fiscal 2022, input costs increased materially and at a rapid rate. We expect the pressures of input cost inflation to continue into fiscal 2023.

The Company uses a variety of strategies to seek to offset this input cost inflation. However, we may not be able to generate sufficient productivity improvements, price increases or commodity hedging benefits to fully offset these costs, or do so on an acceptable timeline. To the extent we are unable to offset present and future input cost increases, our operating results could be materially and adversely affected.

 Increases in commodity costs may have a negative impact on profits.

We use many different commodities such as wheat, corn, oats, soybeans, beef, pork, poultry, steel, aluminum, and energy. Commodities are subject to price volatility caused by global economic conditions, trade barriers or restrictions, supply chain disruptions, commodity market fluctuations, supply and demand, currency fluctuations, external conditions such as weather, and changes in governmental agricultural and energy policies and regulations. In addition, recent world events have increased the risks posed by international trade disputes, tariffs, and sanctions. We procure a wide spectrum of commodities globally and could potentially face increased prices for commodities sourced from nations that could be impacted by trade disputes, tariffs, or sanctions. Commodity price increases have resulted and may in the future result in increases in raw material, packaging, and energy costs and operating costs. We have implemented pricing actions that have, in part, offset these increased costs, but we may not be able to increase our product prices and achieve cost savings that fully offset these increased costs; and increasing prices may result in reduced sales volume, reduced margins, and profitability. We have experience in hedging against commodity price increases; however, these practices and experience reduce, but do not eliminate, the risk of negative profit impacts from commodity price increases. We do not fully hedge against changes in commodity prices, and the risk management procedures that we use may not always work as we intend.

Volatility in the market value of derivatives we use to manage exposures to fluctuations in commodity prices will cause volatility in our gross margins and net earnings.

We utilize derivatives to manage price risk for some of our principal ingredients and energy costs, including grains (wheat, corn, and oats), oils, beef, pork, poultry, and energy. Changes in the values of these derivatives are generally recorded in earnings currently, resulting in volatility in both gross margin and net earnings. These gains and losses are reported in cost of goods sold in our Consolidated Statements of Earnings and in unallocated general corporate expenses in our segment operating results until we utilize the underlying input in our manufacturing process, at which time the gains and losses are reclassified to segment operating profit. We may experience volatile earnings as a result of these accounting treatments.

Strategic Transaction Risks

We may not realize the benefits that we anticipated from the Pinnacle Foods acquisition.

The benefits that are expected to result from the Pinnacle acquisition will continue to depend, in part, on our ability to realize the anticipated growth opportunities and cost synergies as the result of the acquisition. Our success in realizing these growth opportunities and cost synergies, and the timing of this realization, depends on the successful integration of Pinnacle.

In fiscal 2019, we announced a restructuring and integration plan related to the ongoing integration of Pinnacle for the purpose of achieving significant cost synergies (the "Pinnacle Integration Restructuring Plan"). We expect to continue incurring material charges over a multi-year period for exit and disposal activities under U.S. generally accepted accounting principles. We recognized charges of $19.6 million, $31.7 million, and $73.8 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2022, 2021, and 2020, respectively.

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The successful implementation of the Pinnacle Integration Restructuring Plan has presented significant organizational design and infrastructure challenges. In many cases, it has required successful negotiations with third parties, including labor organizations, suppliers, business partners, and other stakeholders. In addition, implementation of aspects of the Pinnacle Integration Restructuring Plan going forward may not advance our business strategy as expected. To date, we have generally been successful in implementing the Pinnacle Integration Restructuring Plan without material interruption of momentum in our activities, events and circumstances, such as financial or strategic difficulties, delays, and unexpected costs may occur that could result in our not realizing all or any of the anticipated benefits or our not realizing the anticipated benefits on our expected timetable. If we are unable to realize the anticipated savings and cost synergies of the Pinnacle Integration Restructuring Plan or successfully and cost-effectively implement aspects of the integration of Pinnacle going forward, our ability to fund other initiatives may be adversely affected. Any failure to implement the Pinnacle Integration Restructuring Plan in accordance with our expectations could adversely affect our business, financial condition, results of operations, and cash flows.

If we are unable to complete acquisitions or integrate acquired businesses, our financial results could be materially and adversely affected.

From time to time, we evaluate acquisition candidates that may strategically fit our business objectives. If we are unable to complete acquisitions or successfully integrate and develop acquired businesses, our financial results could be materially and adversely affected. Moreover, we may incur asset impairment charges related to acquisitions that reduce our profitability.

Our acquisition activities may present financial, managerial, and operational risks. Those risks include diversion of management attention from existing businesses, difficulties integrating personnel and financial and other systems, effective and immediate implementation of control environment processes across our employee population, adverse effects on existing business relationships with suppliers and customers, inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings, potential loss of customers or key employees of acquired businesses, and indemnities and potential disputes with the sellers. Any of these factors could affect our sales, financial condition, and results of operations.

If we are unable to complete certain divestitures, our financial results could be materially and adversely affected.

From time to time, we may divest businesses that do not meet our strategic objectives or do not meet our growth or profitability targets. We may not be able to complete desired divestitures on terms favorable to us. Gains or losses on the sales of, or lost operating income from, those businesses may affect our profitability and margins. Moreover, we may incur asset impairment charges related to divestitures that reduce our profitability.

Our divestiture activities may present financial, managerial, and operational risks. Those risks include diversion of management attention from existing businesses, difficulties separating personnel and financial and other systems, possible need for providing transition services to buyers, adverse effects on existing business relationships with suppliers and customers and indemnities and potential disputes with the buyers. Any of these factors could adversely affect our product sales, financial condition, and results of operations.

We may be exposed to claims and liabilities or incur operational difficulties as a result of our spinoff of the Lamb Weston business.

On November 9, 2016, we completed the spinoff of Lamb Weston Holdings, Inc. ("Lamb Weston") through a distribution of 100% of our interest in Lamb Weston to holders of outstanding shares of our common stock (the "Spinoff"). The Spinoff involved a number of risks, including, among other things, certain indemnification risks. In connection with the Spinoff, we entered into a separation and distribution agreement and various other agreements (including a transition services agreement, a tax matters agreement, an employee matters agreement, and a trademark license agreement), which we refer to as the Lamb Weston agreements. The Lamb Weston agreements govern the Spinoff and the post-Spinoff relationship between the two companies.

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The Lamb Weston agreements provide for indemnification obligations designed to make Lamb Weston financially responsible for certain liabilities that may exist relating to its business activities, whether incurred prior to or after the distribution, including any pending or future litigation. It is possible that a court would disregard the allocation agreed to between us and Lamb Weston and require us to assume responsibility for obligations allocated to Lamb Weston. Third parties could also seek to hold us responsible for any of these liabilities or obligations, and the indemnity rights we have under the separation and distribution agreement may not be sufficient to fully cover all of these liabilities and obligations. Even if we are successful in obtaining indemnification, we may have to bear costs temporarily. In addition, our indemnity obligations to Lamb Weston may be significant. These risks could negatively affect our business, financial condition, or results of operations. The Lamb Weston agreements could also lead to disputes over rights to certain shared property and rights and over the allocation of costs and revenues for products and operations. If Lamb Weston is unable to satisfy its obligations under these agreements, including its indemnification obligations, we could incur losses.

Operating Risks

We may be subject to product liability claims and product recalls, which could negatively impact our profitability.

We sell food products for human consumption, which involves risks such as product contamination or spoilage, product tampering, other adulteration of food products, mislabeling, and misbranding. We may be subject to liability if the consumption of any of our products causes injury, illness, or death. In addition, we will voluntarily recall products in the event of contamination or damage. We have issued recalls and have from time to time been and currently are involved in lawsuits relating to our food products. A significant product liability judgment or a widespread product recall may negatively impact our sales and profitability for a period of time depending on the costs of the recall, the destruction of product inventory, product availability, competitive reaction, customer reaction, and consumer attitudes. Even if a product liability claim is unsuccessful or is not fully pursued, the negative publicity surrounding any assertion that our products caused illness or injury could adversely affect our reputation with existing and potential customers and our corporate and brand image.

Additionally, as a manufacturer and marketer of food products, we are subject to extensive regulation by the U.S. Food and Drug Administration and other federal, state, and local government agencies. The Food, Drug & Cosmetic Act and the Food Safety Modernization Act and their respective regulations govern, among other things, the manufacturing, composition and ingredients, packaging, and safety of food products. Some aspects of these laws use a strict liability standard for imposing sanctions on corporate behavior; meaning that no intent is required to be established. If we fail to comply with applicable laws and regulations, we may be subject to civil remedies, including fines, injunctions, recalls, or seizures, as well as criminal sanctions, any of which could have a material adverse effect on our business, financial condition, or results of operations.

Any damage to our reputation could have a material adverse effect on our business, financial condition, and results of operations.

Maintaining a good reputation is critical to selling our products. Product contamination or tampering, the failure to maintain high standards for product quality, safety, and integrity, including with respect to raw materials and ingredients obtained from suppliers, or allegations of product quality issues, mislabeling, or contamination, even if untrue, may reduce demand for our products or cause production and delivery disruptions. Our reputation could also be adversely impacted by any of the following, or by adverse publicity (whether or not valid) relating thereto: the failure to maintain high ethical, social, and environmental standards for all of our operations and activities; the failure to achieve any stated goals with respect to the nutritional profile of our products; our research and development efforts; or our environmental impact, including use of agricultural materials, packaging, energy use, and waste management. Moreover, the growing use of social and digital media by consumers has greatly increased the speed and extent that information or misinformation and opinions can be shared. Failure to comply with local laws and regulations, to maintain an effective system of internal controls or to provide accurate and timely financial information could also hurt our reputation. Damage to our reputation or loss of consumer confidence in our products for any of these or other reasons could result in decreased demand for our products and could have a material adverse effect on our business, financial condition, and results of operations, as well as require additional resources to rebuild our reputation.

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Due to the seasonality of the business, our revenue and operating results may vary from quarter to quarter.

Our sales and cash flows are affected by seasonal cyclicality. Sales of frozen foods, including frozen vegetables and frozen complete bagged meals, tend to be marginally higher during the winter months. Seafood sales peak during Lent, in advance of the Easter holiday. Since many of the raw materials we process are agricultural crops, production of these products is predominantly seasonal, occurring during and immediately following the purchase of such crops. For these reasons, sequential quarterly comparisons are not a good indication of our performance or how we may perform in the future. If we are unable to obtain access to working capital or if seasonal fluctuations are greater than anticipated, there could be a material adverse effect on our financial condition, results of operations, or cash flows.

Customer Risks

We must identify changing consumer preferences and develop and offer food products to meet their preferences.

Consumer preferences evolve over time and the success of our food products depends on our ability to identify the tastes and dietary habits of consumers and to offer products that appeal to their preferences, including concerns of consumers regarding health and wellness, obesity, product attributes, and ingredients. Introduction of new products and product extensions requires significant development and marketing investment.

Trends indicate that people have continued to generally cook at home more often even as the COVID-19 pandemic subsides, and our consumers are repurchasing our products across a number of our leading brands at higher rates. If our products fail to meet changing consumer preferences or habits, or if we fail to introduce new and improved products on a timely basis, then the return on that investment will be less than anticipated and our strategy to grow sales and profits with investments in acquisitions, marketing, and innovation will be less successful. Similarly, demand for our products could be affected by consumer concerns or perceptions regarding the health effects of ingredients such as sodium, trans fats, sugar, processed wheat, or other product ingredients or attributes.

Additionally, as we have continued to implement pricing action in response to increased costs of goods sold, the elasticity impact from our pricing actions has been favorable to date compared to historical trends, but demand for our products could be affected if elasticities become unfavorable in response to our pricing actions.

Changes in our relationships with significant customers or suppliers could adversely affect us.

During fiscal 2022, our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 27% of our consolidated net sales. There can be no assurance that Walmart, Inc. and other significant customers will continue to purchase our products in the same quantities or on the same terms as in the past, particularly as increasingly powerful retailers continue to demand lower pricing. The loss of a significant customer or a material reduction in sales to a significant customer could materially and adversely affect our product sales, financial condition, and results of operations.

The sophistication and buying power of our customers could have a negative impact on profits.

Our customers, such as supermarkets, warehouse clubs, and food distributors, have continued to consolidate, resulting in fewer customers on which we can rely for business. These consolidations, the growth of supercenters, and the growth of e-commerce customers have produced large, sophisticated customers with increased buying power and negotiating strength who are more capable of resisting price increases and who can demand lower pricing, increased promotional programs, or specialty tailored products. In addition, larger retailers have the scale to develop supply chains that permit them to operate with reduced inventories or to develop and market their own retailer brands. These customers may also in the future use more of their shelf space, currently used for our products, for their store brand products. We continue to implement initiatives to counteract these pressures. However, if the larger size of these customers results in additional negotiating strength and/or increased private label or store brand competition, our profitability could decline.

Consolidation also increases the risk that adverse changes in our customers' business operations or financial performance will have a corresponding material adverse effect on us. For example, if our customers cannot access sufficient funds or financing, then they may delay, decrease, or cancel purchases of our products, or delay or fail to pay us for previous purchases.

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Third-Party Partner Risks

Disruption of our supply chain have had and could continue to have an adverse impact on our business, financial condition, and results of operations.

Our ability to make, move, and sell our products is critical to our success. During fiscal 2022, we have experienced disruption to our supply and elevated supply chain operating costs due, in part, to disruptions in the availability of labor and certain materials, and input cost inflation. Continued or future damage or disruption to our supply chain, including third-party manufacturing or transportation and distribution capabilities, due to weather, including any potential effects of climate change, natural disaster, fire or explosion, terrorism, pandemics (such as the COVID-19 pandemic), strikes, government action, geopolitical turmoil, or other reasons beyond our control or the control of our suppliers and business partners, could impair our ability to manufacture or sell our products. Failure to take adequate steps to mitigate the likelihood or potential impact of such events, or to effectively manage such events if they occur, particularly when a product is sourced from a single supplier or location, could adversely affect our business or financial results. In addition, disputes with significant suppliers, including disputes regarding pricing or performance, could adversely affect our ability to supply products to our customers and could materially and adversely affect our product sales, financial condition, and results of operations.

In particular, we continue to monitor the COVID-19 pandemic and its potential impact on our supply chain and our consolidated results of operations. Although our products are manufactured in North America and we source the significant majority of our ingredients and raw materials from North America, due to restrictions resulting from the COVID-19 pandemic, global supply has at time been and may continue to be constrained, which has caused and may continue to cause the price of certain ingredients and raw materials used in our products to increase and/or we may experience disruptions to our operations.

Additionally, although we are a North American company with no operations in our direct exposure to Russia and Ukraine, we have experienced shortages in materials and increased costs for transportation, energy, and raw material due in part to the negative impact of the Russia-Ukraine military conflict on the global economy. To date, the conflict between Russia and Ukraine has not had a material impact on our business, financial condition, or results of operations, but continued geopolitical turmoil, including expansion of the Russia-Ukraine conflict into other countries, or conflicts in other parts of the world, may negatively impact our supply chain and our ability to manufacture or sell our products.

The termination or expiration of current co-manufacturing arrangements could reduce our sales volume and adversely affect our results of operations.

Our businesses periodically enter into co-manufacturing arrangements with manufacturers of products. The terms of these agreements vary. Although many agreements are for a relatively short period of time, some of the co-manufacturing agreements are for extended periods. Volumes produced under each of these agreements can fluctuate significantly based upon the product's life cycle, product promotions, alternative production capacity, and other factors, none of which are under our direct control. Our future ability to enter into co-manufacturing arrangements is not guaranteed, and a decrease in current co-manufacturing levels could have a significant negative impact on sales volume.

As we outsource certain functions, we become more dependent on the third parties performing those functions.

As part of a concerted effort to achieve cost savings and efficiencies, we have entered into agreements with third-party service providers under which we have outsourced certain information systems, sales, finance, accounting, and other functions, and we may enter into managed services agreements with respect to other functions in the future. If any of these third-party service providers do not perform according to the terms of the agreements, or if we fail to adequately monitor their performance, we may not be able to achieve the expected cost savings or we may have to incur additional costs to correct errors made by such service providers, and our reputation could be harmed. Depending on the function involved, such errors may also lead to business interruption, damage or disruption of information technology systems, processing inefficiencies, the loss of or damage to intellectual property or non-public company sensitive information, effects on financial reporting, litigation or remediation costs, or damage to our reputation, any of which could have a material adverse effect on our business.

If any of our third-party service providers experience a cyber breach or system failure, their businesses could be negatively impacted, and it may result in disruption to our end-to-end supply chain or affect our ability to fulfill customer orders, both of which could have a material adverse effect on our business. If our third-party service providers do not respond or perform effectively in connection with a cyber breach or system failure, our business may be impacted. In addition, if we transition functions to one or more new, or among existing, external service providers, we may experience challenges that could have a material adverse effect on our results of operations or financial condition.

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Our operations are dependent on a wide array of third parties.

The success of our end-to-end supply chain relies on the continued performance of a wide array of third parties. Suppliers, co-manufacturers, third-party outsourcers, warehousing partners, and transportation providers are among our critical partners. Although we take steps to qualify and audit third parties with whom we do business, we cannot guarantee that all third parties will perform dependably or at all. It is possible that events beyond our control, such as operational failures, labor issues, cybersecurity events, pandemics or other health issues, such as COVID-19, or other issues could impact our unaffiliated third parties. If our third parties fail to deliver on their commitments, introduce unplanned risk to our operations (e.g., through cyber activity), or are unable to fulfill their obligations, we could experience manufacturing challenges, shipment delays, increased costs, or lost revenue.

Legal, Regulatory, and Environmental Risks

If we fail to comply with the many laws applicable to our business, we may face lawsuits or incur significant fines and penalties. In addition, changes in such laws may lead to increased costs.

Our business is subject to a variety of governmental laws and regulations, including food and drug laws, environmental laws, laws related to advertising and marketing practices, accounting standards, taxation requirements, competition laws, employment laws, data privacy laws, and anti-corruption laws, among others, in and outside of the United States. Our operations are subject to various laws and regulations administered by federal, state, local and foreign government agencies, including, but not limited to, the United States Department of Agriculture, the Federal Food and Drug Administration, the Occupational Safety and Health Administration, the Environmental Protection Agency, and the Department of Labor. In particular, the processing, packaging, transportation, storage, distribution, advertising, labeling, quality, and safety of food products, the health and safety of our employees, and the protection of the environment are each subject to governmental regulation. Additionally, we are subject to data privacy and security regulations, tax and securities regulations, accounting and reporting standards, and other financial laws and regulations. Our failure to comply with applicable laws and regulations could subject us to lawsuits, administrative penalties, and civil remedies, including fines, injunctions, and recalls of our products. In addition, changes in applicable laws and regulations, including changes in taxation requirements and new or increased tariffs on products imported from certain countries, may lead to increased costs and could negatively affect our business, financial condition, and results of operations.

Our operations are also subject to extensive and increasingly stringent regulations administered by the Environmental Protection Agency, which pertain to the discharge of materials into the environment and the handling and disposition of wastes. Failure to comply with these regulations can have serious consequences, including civil and administrative penalties and negative publicity. Changes in applicable laws or regulations or evolving interpretations thereof, including increased government regulations to limit carbon dioxide and other greenhouse gas emissions as a result of concern over climate change, may result in increased compliance costs, capital expenditures, and other financial obligations for us, which could affect our profitability or impede the production or distribution of our products, and affect our net operating revenues.

Climate change, or legal, regulatory, or market measures to address climate change, may negatively affect our business and operations.

There is growing concern that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. In the event that such climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as wheat, tomatoes, and a wide array of vegetables. Adverse weather conditions and natural disasters can reduce crop size and crop quality, which in turn could reduce our supplies of raw materials, lower recoveries of usable raw materials, increase the prices of our raw materials, increase our cost of transporting and storing raw materials, or disrupt our production schedules.

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We may also be subjected to decreased availability or less favorable pricing for water as a result of such change, which could impact our manufacturing and distribution operations. In addition, natural disasters and extreme weather conditions may disrupt the productivity of our facilities or the operation of our supply chain. The increasing concern over climate change also may result in more regional, federal, and/or global legal and regulatory requirements to reduce or mitigate the effects of greenhouse gases. In the event that such regulation is enacted and is more aggressive than the climate risk mitigation measures that we are currently undertaking to monitor our emissions and improve our energy efficiency, we may experience significant increases in our costs of operation and delivery. In particular, increasing regulation of fuel emissions could substantially increase the distribution and supply chain costs associated with our products. Additionally, while we continue to take important steps to strive toward mitigation of climate risk and impact on climate change, transitioning our business to adapt to and comply with evolving policy, legal, and regulatory changes may impose substantial operational and compliance burdens. As a result, climate change could negatively affect our business and operations.

From time to time, we establish strategies and expectations related to climate change and other environmental matters. Our ability to achieve any such strategies or expectations is subject to numerous factors and conditions, many of which are outside of our control. Examples of such factors include, but are not limited to, evolving regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing, market trends that may alter business opportunities, the conduct of third-party manufacturers and suppliers, constraint or disruptions our supply chain, and changes in carbon markets. Failures or delays (whether actual or perceived) in achieving our strategies or expectations related to climate change and other environmental matters could adversely affect our business, operations, and reputation, and increase risk of litigation.

Cybersecurity and Information Technology Risks

Our business operations could be disrupted if our information technology systems fail to perform adequately.

We rely on information technology networks and systems, including the Internet, to process, transmit, and store information, to manage and support a variety of business processes and activities, and to comply with regulatory, legal, and tax requirements. Our information technology systems, some of which are dependent on services provided by third parties, may be vulnerable to damage, interruption, or shutdown due to any number of causes outside of our control such as catastrophic events, natural disasters, fires, power outages, systems failures, telecommunications failures, employee error or malfeasance, security breaches, computer viruses or other malicious codes, ransomware, unauthorized access attempts, denial of service attacks, phishing, hacking, and other cyberattacks. While we have experienced threats to our data and systems, to date, we are not aware that we have experienced a material breach. Cyberattacks are occurring more frequently, are constantly evolving in nature and are becoming more sophisticated. Additionally, continued geopolitical turmoil, including the Russia-Ukraine military conflict, has heightened the risk of cyberattacks. While we attempt to continuously monitor and mitigate against cyber risks, including through leveraging multi-sourced threat intelligence, investing in new technologies, and developing third-party cybersecurity risk management capability in support of strategic suppliers, we may incur significant costs in protecting against or remediating cyberattacks or other cyber incidents.

Sophisticated cybersecurity threats pose a potential risk to the security and viability of our information technology systems, as well as the confidentiality, integrity, and availability of the data stored on those systems, including cloud-based platforms. In addition, new technology that could result in greater operational efficiency may further expose our computer systems to the risk of cyber-attacks. If we do not allocate and effectively manage the resources necessary to build and sustain the proper technology infrastructure and associated automated and manual control processes, we could be subject to billing and collection errors, business disruptions, or damage resulting from security breaches. If any of our significant information technology systems suffer severe damage, disruption, or shutdown, and our business continuity plans do not effectively resolve the issues in a timely manner, our product sales, financial condition, and results of operations may be materially and adversely affected, and we could experience delays in reporting our financial results. In addition, there is a risk of business interruption, violation of data privacy laws and regulations, litigation, and reputational damage from leakage of confidential information. Any interruption of our information technology systems could have operational, reputational, legal, and financial impacts that may have a material adverse effect on our business.

Additionally, we regularly move data across national borders to conduct our operations and, consequently, are subject to a variety of laws and regulations in the United States and other jurisdictions regarding privacy, data protection, and data security, including those related to the collection, storage, handling, use, disclosure, transfer, and security of personal data, including the European Union General Data Protection Regulation. Our efforts to comply with privacy and data protection laws may impose significant costs and challenges that are likely to increase over time.

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Employee Risks

We rely on our management team and other key personnel.

We depend on the skills, working relationships, and continued services of key personnel, including our experienced management team. In addition, our ability to achieve our operating goals depends on our ability to identify, hire, train, and retain qualified individuals. If key employees terminate their employment, including by becoming ill as a result of the COVID-19 pandemic, our business activities may be adversely affected. Our business activities may also be adversely affected if we are unable to locate suitable replacements for any key employees who leave or offer employment to potential replacements on reasonable terms.

We compete with other companies both within and outside of our industry for talented personnel. If we do not successfully compete for the best talent, our business activities may be adversely affected.

A number of factors may adversely affect the labor force available to us or increase labor costs, including high employment levels, federal unemployment subsidies, including unemployment benefits offered in response to the COVID-19 pandemic, and other government regulations, unemployment programs, and volatility in general macroeconomic factors impacting the labor market. Although we have not experienced any material labor shortage to date, we have recently observed an overall tightening and increasingly competitive labor market. A sustained labor shortage or increased turnover rates within our employee base (or within the employee base of key suppliers or third-party manufacturers), could negatively affect our supply chain or our ability to efficiently operate our manufacturing and distribution facilities and overall business.

Our results could be adversely impacted as a result of increased pension, labor, and people-related expenses.

Our labor costs include wages and the cost of providing employee benefits including pension, health and welfare, and severance benefits. The annual cost of providing these benefits varies as a result of factors such as the availability of skilled labor, the costs of health care, and the outcome of collectively bargained wage and benefit agreements. In addition, changes in interest rates, mortality rates, health care costs, early retirement rates, investment returns, and the market value of plan assets can affect the funded status of our defined benefit plans and cause volatility in the future funding requirements of the plans. A significant increase in our wage and benefit costs, pension obligations, or future funding requirements could have a negative impact on our results of operations and cash flows from operations.

Goodwill or Other Intangible Assets Risks

Impairment in the carrying value of goodwill or other intangibles could result in the incurrence of impairment charges and negatively impact our net worth.

As of May 29, 2022, we had goodwill of $11.33 billion and other intangibles of $3.85 billion. The net carrying value of goodwill represents the fair value of acquired businesses in excess of identifiable assets and liabilities as of the acquisition date (or subsequent impairment date, if applicable). The net carrying value of other intangibles represents the fair value of trademarks, customer relationships, and other acquired intangibles as of the acquisition date (or subsequent impairment date, if applicable), net of accumulated amortization. Goodwill and other acquired intangibles expected to contribute indefinitely to our cash flows are not amortized, but must be evaluated by management at least annually for impairment. Amortized intangible assets are evaluated for impairment whenever events or changes in circumstance indicate that the carrying amounts of these assets may not be recoverable. Impairments to goodwill and other intangible assets may be caused by factors outside our control, such as the inability to quickly replace lost co-manufacturing business, increasing competitive pricing pressures, lower than expected revenue and profit growth rates, changes in industry EBITDA (earnings before interest, taxes, depreciation and amortization) multiples, changes in discount rates based on changes in cost of capital (interest rates, etc.), or the bankruptcy of a significant customer. Any impairment to goodwill or other intangible assets could negatively impact our net worth.

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Intellectual Property Risks

Our intellectual property rights are valuable, and any inability to protect them could have an adverse impact on our business, financial condition, and results of operations.

Our intellectual property rights, including our trademarks, licensing agreements, trade secrets, patents, and copyrights, are a significant and valuable aspect of our business. We attempt to protect our intellectual property rights by pursuing remedies available to us under trademark, copyright, trade secret, and patent laws, as well as entering into licensing, third-party nondisclosure and assignment agreements and policing of third-party misuses of our intellectual property. If we fail to adequately protect the intellectual property rights we have now or may acquire in the future, or if there occurs any change in law or otherwise that serves to reduce or remove the current legal protections of our intellectual property, then our financial results could be materially and adversely affected.

Certain of our intellectual property rights, including the P.F. Chang's^®, Bertolli^®, and Libby's^® trademarks, are owned by third parties and licensed to us, and others, such as Alexia^®, are owned by us and licensed to third parties. While many of these licensing arrangements are perpetual in nature, others must be periodically renegotiated or renewed pursuant to their terms. If in the future we are unable to renew such a licensing arrangement pursuant to its terms and conditions, or if we fail to renegotiate such a licensing arrangement, then our financial results could be materially and adversely affected.

There is also a risk that other parties may have intellectual property rights covering some of our brands, products, or technology. If any third parties bring a claim of intellectual property infringement against us, we may be subject to costly and time-consuming litigation, diverting the attention of management and our employees. If we are unsuccessful in defending against such claims, we may be subject to, among other things, significant damages, injunctions against development and sale of certain products, or we may be required to enter into costly licensing agreements, any of which could have an adverse impact on our business, financial condition, and results of operations.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

Our headquarters are located in Chicago, Illinois. Other general offices, shared service centers, and product development facilities are located in Nebraska and the District of Columbia. We also lease a limited number of domestic sales offices. International general offices are located in Canada, China, Mexico, Panama, and the Philippines.

We maintain a number of stand-alone distribution facilities. In addition, there are warehouses at most of our manufacturing facilities.

Utilization of manufacturing capacity varies by manufacturing plant based upon the type of products assigned and the level of demand for those products. Management believes that our manufacturing and processing plants are well maintained and are generally adequate to support the current operations of the business.

As of July 21, 2022, we had thirty-eight domestic manufacturing facilities located in Arkansas, California, Colorado, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Minnesota, Missouri, Nebraska, Nevada, Ohio, Pennsylvania, Tennessee, Washington, and Wisconsin. We also have international manufacturing facilities in Canada and Mexico, and interests in the ownership of international manufacturing facilities in India, Bangladesh, Sri Lanka, and Mexico.

We own most of our manufacturing facilities. However, a limited number of plants and parcels of land with the related manufacturing equipment are leased. Substantially all of our transportation equipment and forward-positioned distribution centers containing finished goods are leased or operated by third parties.

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. Therefore, it is impracticable to disclose them by segment.

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ITEM 3. LEGAL PROCEEDINGS

For information on legal proceedings, please refer to Note 15 "Contingencies," to the Consolidated Financial Statements contained in this report.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock is listed on the New York Stock Exchange, where it trades under the ticker symbol: CAG. At June 26, 2022, there were approximately 13,513 stockholders of record.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

No shares of common stock were purchased during the fourth quarter of fiscal 2022.

ITEM 6. [RESERVED]

The Company adopted the amendment to Item 301 of Regulation S-K and is no longer required to provide five years of selected financial data.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis is intended to provide a summary of significant factors relevant to our financial performance and condition. The discussion and analysis should be read together with our consolidated financial statements and related notes in Item 8, Financial Statements and Supplementary Data. Results for the fiscal year ended May 29, 2022 are not necessarily indicative of results that may be attained in the future.

FORWARD-LOOKING STATEMENTS

The information contained in this report includes forward-looking statements within the meaning of the federal securities laws. Examples of forward-looking statements include statements regarding our expected future financial performance or position, results of operations, business strategy, plans and objectives of management for future operations, and other statements that are not historical facts. You can identify forward-looking statements by their use of forward-looking words, such as "may", "will", "anticipate", "expect", "believe", "estimate", "intend", "plan", "should", "seek", or comparable terms.

Readers of this report should understand that these forward-looking statements are not guarantees of performance or results. Forward-looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. These risks, uncertainties, and factors include, among other things: the risk that the cost savings and any other synergies from the acquisition of Pinnacle Foods, Inc. (the "Pinnacle acquisition") may not be fully realized or may take longer to realize than expected; the risk that the Pinnacle acquisition may not be accretive within the expected timeframe or to the extent anticipated; the risks that the Pinnacle acquisition and related integration will create disruption to the Company and its management and impede the achievement of business plans; risks related to our ability to achieve the intended benefits of other recent acquisitions and divestitures; risks associated with general economic and industry conditions; risks associated with our ability to successfully execute our long-term value creation strategies; risks related to our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; risks related to our ability to execute operating and restructuring plans and achieve targeted operating efficiencies from cost-saving initiatives, and to benefit from trade optimization programs; risks related to the effectiveness of our hedging activities and ability to respond to volatility in commodities; risks related to the Company's competitive environment and related market conditions; risks related to our ability to respond to changing consumer preferences and the success of our innovation and marketing investments; risks related to the ultimate impact of any product recalls and litigation, including litigation related to the lead paint and pigment matters, as well as any securities litigation, including securities class action lawsuits; risk associated with actions of governments and regulatory bodies that affect our businesses, including the ultimate impact of new or revised regulations or interpretations; risks related to the impact of the COVID-19 pandemic on our business, suppliers, consumers, customers, and employees; risks related to our forecasts of consumer eat-at-home habits as the impacts of the COVID-19 pandemic abate; risks related to the availability and prices of supply chain resources, including raw materials, packaging, and transportation, including any negative effects caused by changes in inflation rates, weather conditions, health pandemics or outbreaks of disease, actual or threatened hostilities or war, or other geopolitical uncertainty; disruptions or inefficiencies in our supply chain and/or operations, including from the COVID-19 pandemic; risks related to disruptions in the global economy caused by the ongoing conflict between Russia and Ukraine; risks associated with actions by our customers, including changes in distribution and purchasing terms; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; risks related to a material failure in or breach of our or our vendors' information technology systems; the amount and timing of future dividends, which remain subject to Board approval and depend on market and other conditions; risks related to the Company’s ability to execute on its strategies or achieve expectations related to environmental, social, and governance matters, including as a result of evolving legal, regulatory, and other standards processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of  requisite financing, and changes in carbon markets; and other risks described in our reports filed from time to time with the SEC. We caution readers not to place undue reliance on any forward-looking statements included in this report, which speak only as of the date of this report. We undertake no responsibility to update these statements, except as required by law.

The discussion that follows should be read together with the consolidated financial statements and related notes contained in this report. Results for fiscal 2022 are not necessarily indicative of results that may be attained in the future.

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EXECUTIVE OVERVIEW

Conagra Brands, headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, the Company combines a rich heritage of making great food with a sharpened focus on innovation. The Company's portfolio is evolving to satisfy people's changing food preferences. Its iconic brands such as Birds Eye^®, Marie Callender's^®, Banquet^®, Healthy Choice^®, Slim Jim^®, Reddi-wip^®, and Vlasic^®, as well as emerging brands, including Angie's^® BOOMCHICKAPOP^®, Duke's^®, Earth Balance^®, Gardein^®, and Frontera^®, offer choices for every occasion.

Fiscal 2022 Results

Fiscal 2022 performance compared to fiscal 2021 reflected an increase in net sales, with organic (excludes the impacts of foreign exchange and divested businesses) increases in all of our operating segments. Overall gross profit decreased primarily as a result of input cost inflation, higher transportation costs, elevated supply chain operating costs due, in part, to disruptions in the availability of labor and certain materials, and lost profits from divested businesses, which were partially offset by higher organic net sales, supply chain realized productivity, cost synergies associated with the Pinnacle acquisition, and lower COVID-19 pandemic-related expenses. Overall segment operating profit decreased in all of our operating segments. Corporate expenses were lower primarily due to items impacting comparability, as discussed below, in addition to lower share-based payment and deferred compensation expense. Selling, general and administrative ("SG&A") expenses were higher primarily due to items impacting comparability, partially offset by lower advertising and promotional expenses. We recognized higher equity method investment earnings, lower interest expense, higher income tax expense, in each case compared to fiscal 2021. Excluding items impacting comparability, our effective tax rate was slightly higher compared to fiscal 2021.

Diluted earnings per share in fiscal 2022 were $1.84. Diluted earnings per share in fiscal 2021 were $2.66. Diluted earnings per share were affected by lower net income as well as several significant items affecting the comparability of year-over-year results of continuing operations (see "Items Impacting Comparability" below).

During fiscal 2022, we experienced higher than expected input cost inflation, including higher transportation and supply chain costs, that negatively impacted gross margins. We expect input cost inflation to persist in fiscal 2023. Supply chain realized productivity and pricing actions will mitigate some of the inflationary pressures and are expected to improve margins more heavily in the third and fourth quarters of fiscal 2023. As our estimates of inflation for fiscal 2023 continue to change, it is impractical to quantify the impact at this time.

Although we are a North American focused company with no operations in or direct exposure to Russia and Ukraine, we have experienced shortages in materials and increased costs for transportation, energy, and raw materials due in part to the negative impact of the Russia-Ukraine military conflict on the global economy. To date, the conflict between Russia and Ukraine has not had a material impact on our business, financial condition, or result of operations.

Items Impacting Comparability

Items of note impacting comparability of results for continuing operations for fiscal 2022 included the following:

• charges totaling $209.0 million ($159.0 million after-tax and net of noncontrolling interest) related to the impairment of certain brand intangible assets,

• charges totaling $70.1 million ($60.4 million after-tax) related to the impairment of businesses held for sale,

• charges totaling $49.0 million ($36.9 million after-tax) in connection with our restructuring plans,

• tax expense of $25.0 million related to certain tax elections made in connection with filing our fiscal 2021 tax return, for which any associated tax benefits are still under review with the IRS,

• an income tax benefit of $16.1 million related to the settlement of certain tax matters that were previously reserved and a release of valuation allowance on certain foreign tax credit carryforwards,

• a gain of $19.6 million ($14.8 million after-tax) related to two favorable legal settlements,

• charges of $11.3 million ($8.5 million after-tax) associated with fires occurring at two of our manufacturing facilities,

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• a gain of $6.5 million ($5.0 million after-tax) related to a settlement of a legacy environmental matter, and

• a gain of $3.3 million ($2.8 million after-tax) related to proceeds received from the sale of a legacy investment.

Items of note impacting comparability of results from continuing operations for fiscal 2021 included the following:

• a non-cash income tax benefit of $115.6 million associated with a restructuring of our ownership interest in the Ardent Mills joint venture, which primarily relates to a release of a valuation allowance due to the generation of capital gains,

• charges totaling $90.9 million ($69.9 million after-tax) related to the impairment of certain brand intangible assets,

• charges totaling $77.9 million ($58.3 million after-tax) in connection with our restructuring plans,

• charges totaling $68.7 million ($51.5 million after-tax) related to the early extinguishment of debt,

• a gain of $65.5 million ($34.5 million after-tax) associated with the divestiture of certain businesses,

• an income tax benefit of $37.0 million related to a release of valuation allowance associated with the divestiture of certain businesses,

• an income tax benefit of $7.6 million related to certain final tax regulations on prior year federal tax matters,

• consulting expenses totaling $7.2 million ($5.4 million after-tax) primarily associated with securing tax benefits for a new production facility (the associated tax benefits will be recognized in future periods),

• a loss of $7.1 million ($5.3 million after-tax) related to the early exit of an unfavorable contract associated with a recent divestiture, and

• charges totaling $5.7 million ($4.3 million after-tax) associated with costs incurred for acquisitions and divestitures.

Segment presentation of gains and losses from derivatives used for economic hedging of anticipated commodity input costs and economic hedging of foreign currency exchange rate risks of anticipated transactions are discussed in the segment review below.

Divestitures

During the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters^® business for net proceeds of $50.7 million. The results of operations of the divested Egg Beaters^® business were primarily included in our Refrigerated & Frozen segment, and to a lesser extent within our International and Foodservice segments, for the periods preceding the completion of the transaction.

During the third quarter of fiscal 2021, we completed the sale of our Peter Pan^® peanut butter business for net proceeds of $101.5 million. The results of operations of the divested Peter Pan^® peanut butter business were primarily included in our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments, for the periods preceding the completion of the transaction.

During the third quarter of fiscal 2020, we completed the sale of our Lender’s^® bagel business for net proceeds of $33.3 million. The results of operations of the divested Lender's^® bagel business were primarily included in our Refrigerated & Frozen segment, and to a lesser extent within our Foodservice segment, for the periods preceding the completion of this transaction.

During the second quarter of fiscal 2020, we completed the sale of our Direct Store Delivery ("DSD") snacks business, for net proceeds of $137.5 million. The results of operations of the divested DSD snacks business were included in our Grocery & Snacks segment for the periods preceding the completion of the transaction.

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Restructuring Plans

In December 2018, the Board approved a restructuring and integration plan related to the ongoing integration of the operations of Pinnacle (such plan the "Pinnacle Integration Restructuring Plan"), for the purpose of achieving significant cost synergies between the companies, as a result of which we expect to incur material charges for exit and disposal activities under U.S. generally accepted accounting principles ("U.S. GAAP"). We expect to incur approximately $346.9 million of charges ($284.3 million of cash charges and $62.6 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. The Board and/or our senior management have authorized incurrence of these charges. We recognized charges of $19.6 million, $31.7 million, and $73.8 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2022, 2021, and 2020, respectively. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a multi-year period.

In fiscal 2019, senior management initiated a restructuring plan for costs incurred in connection with actions taken to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network (the "Conagra Restructuring Plan"). Although we remain unable to make good faith estimates relating to the entire Conagra Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2022, including the estimated amounts or range of amounts for each major type of cost expected to be incurred, and the charges that have resulted or will result in cash outflows. As of May 29, 2022, we had approved the incurrence of $180.6 million ($53.8 million of cash charges and $126.8 million of non-cash charges) for several projects associated with the Conagra Restructuring Plan. We have incurred or expect to incur $148.4 million of charges ($46.4 million of cash charges and $102.0 million of non-cash charges) for actions identified to date under the Conagra Restructuring Plan. We recognized charges of $29.4 million, $46.2 million, and $64.4 million in connection with the Conagra Restructuring Plan in fiscal 2022, 2021, and 2020, respectively. We expect to incur costs related to the Conagra Restructuring Plan over a multi-year period.

COVID-19 Pandemic

We continue to monitor the impact of the COVID-19 pandemic on all aspects of our business. Throughout fiscal 2022, we continued to experience elevated demand for our products in the retail segments versus pre-pandemic levels, but volumes were lower compared to fiscal 2021, primarily due to the elasticity impact from inflation-driven pricing actions. We experienced higher demand for our foodservice products across all of our major markets during fiscal 2022 compared to fiscal 2021 as consumer traffic in away-from-home food outlets continue to recover from the impacts of the pandemic. We incurred $69.8 million of supply chain costs associated with the COVID-19 pandemic during fiscal 2022, which was a decrease in comparison to fiscal 2021.

As we continue into fiscal 2023, we generally expect retail demand levels to remain elevated versus pre-pandemic levels and we continue to expect foodservice demand levels to return to more historical norms. However, uncertainty remains with the pandemic and such trends ultimately depend on the length and severity of the pandemic, inclusive of the introduction of new strains and variants of the virus; infection rates in the markets where we do business; the federal, state, and local government actions taken in response; vaccine effectiveness; and the macroeconomic environment. In fiscal 2023, we continue to expect to see inflationary headwinds but anticipate that gross margins will begin to benefit from sales price increases and other cost savings measures. We also continue to expect a decrease in costs related to the COVID-19 pandemic and a decrease in supply chain costs as we focus on realized productivity initiatives. We will continue to evaluate the extent to which the COVID-19 pandemic will impact our business, consolidated results of operations, and financial condition.

We have experienced some challenges in connection with the COVID-19 pandemic, including with respect to the supply of our ingredients, packaging, or other sourced materials. Despite these challenges, all of our production facilities remain open. We cannot predict the ultimate COVID-19 impact on our suppliers, distributors, and manufacturers.

SEGMENT REVIEW

We reflect our results of operations in four reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.

Grocery & Snacks

The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States.

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Refrigerated & Frozen

The Refrigerated & Frozen reporting segment principally includes branded, temperature-controlled food products sold in various retail channels in the United States.

International

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.

Foodservice

The Foodservice reporting segment includes branded and customized food products, including meals, entrees, sauces, and a variety of custom-manufactured culinary products that are packaged for sale to restaurants and other foodservice establishments primarily in the United States.

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 designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are generally recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately. See Note 19 "Business Segments and Related Information", to the Consolidated Financial Statements contained in this report for further discussion.

Presentation of Information

Below is a detailed discussion and comparison of our results of operations for the fiscal years ended May 29, 2022 and May 30, 2021. For a discussion of changes from the fiscal year ended May 31, 2020 to the fiscal year ended May 30, 2021, refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended May 30, 2021 (filed July 23, 2021).

Fiscal 2022 compared to Fiscal 2021

Net Sales

($ in millions)	Fiscal 2022		Fiscal 2021		% Inc
Reporting Segment	Net Sales		Net Sales		(Dec)
Grocery & Snacks	$	4,697.4	$	4,624.7		2	%
Refrigerated & Frozen		4,859.3		4,774.6		2	%
International		970.8		938.6		3	%
Foodservice		1,008.4		846.8		19	%
Total	$	11,535.9	$	11,184.7		3	%

Net sales for fiscal 2022 in our Grocery & Snacks segment included a decrease in volumes of 4%, excluding the impact of divestitures, compared to the prior-year period. This result was primarily due to lapping the prior year's surge in at-home food consumption from the COVID-19 pandemic and replenishment of customer inventory levels in connection with the COVID-19 pandemic coupled with the elasticity impact from inflation-driven pricing actions. Price/mix increased 7%, excluding the impact of divestitures, compared to the prior-year period due to favorability in inflation-driven pricing coupled with favorable brand mix, partially offset by a benefit in the prior-year period of $7.4 million related to a change in estimate associated with our fiscal 2020 fourth quarter trade accrual. Fiscal 2021 included $34.7 million of net sales related to our Peter Pan^® peanut butter business, which was sold in the third quarter of fiscal 2021. Fiscal 2021 included $3.6 million of net sales related to our H.K. Anderson^® business, which was sold in the second quarter of fiscal 2021. 

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Net sales for fiscal 2022 in our Refrigerated & Frozen segment included a decrease in volumes of 5%, excluding the impact of divestitures, compared to fiscal 2021. The decrease in sales volumes was primarily due to lapping the prior year's surge in at-home food consumption from the COVID-19 pandemic and replenishment of inventory levels in connection with the COVID-19 pandemic coupled with the elasticity impact from inflation-driven pricing actions and supply constraints. Price/mix increased 8% for fiscal 2022, excluding the impact of divestitures, compared to fiscal 2021 primarily driven by favorability in inflation-driven pricing coupled with favorable brand mix, partially offset by a benefit in the prior-year period of $7.4 million related to a change in estimate associated with our fiscal 2020 fourth quarter trade accrual. Fiscal 2021 included $40.8 million of net sales related to our Egg Beaters^® business, which was sold in the fourth quarter of fiscal 2021. 

Net sales for fiscal 2022 in our International segment reflected a 5% decrease in volumes, a 2% increase due to favorable foreign exchange rates, and a 7% increase in price/mix, excluding the impact of divestitures, in each case compared to fiscal 2021. The decrease in volumes was driven by lapping the prior year's surge in at-home food demand from the COVID-19 pandemic coupled with the elasticity impact from inflation-driven pricing actions. The increase in price/mix was primarily due to favorability in inflation-driven pricing and favorable product mix, partially offset by a benefit in the prior-year period of $2.8 million related to a change in estimate associated with our fiscal 2020 fourth quarter trade accrual. Fiscal 2021 included $1.4 million of net sales related to our Peter Pan^® peanut butter business.

Net sales for fiscal 2022 in our Foodservice segment included an increase in volumes of 11%, excluding the impact of divestitures, compared to the prior-year period. The increase in volume reflected the continued recovery of away-from-home food outlets from the impacts of the COVID-19 pandemic, partially offset by the elasticity impact from inflation-driven pricing actions. Price/mix, excluding the impact of divestitures, increased 8% in fiscal 2022 compared to fiscal 2021, reflecting inflation-driven pricing and favorable product mix. Fiscal 2021 included $1.0 million and $0.6 million of net sales related to our Peter Pan^® peanut butter business and H.K. Anderson^® business, respectively.  

SG&A Expenses (Includes general corporate expenses)

SG&A expenses totaled $1.49 billion for fiscal 2022, an increase of $89.8 million compared to fiscal 2021. SG&A expenses for fiscal 2022 reflected the following:

Items impacting comparability of earnings

• charges totaling $209.0 million related to the impairment of certain brand intangible assets,

• charges totaling $70.1 million related to the impairment of businesses held for sale,

• net charges of $27.2 million in connection with our restructuring plans,

• a gain of $19.6 million related to two favorable legal settlements,

• a gain of $6.5 million related to a settlement of a legacy environmental matter,

• a gain of $3.3 million related to the sale of a legacy investment,

• charges of $2.8 million associated with consulting fees for certain tax matters,

• charges of $2.4 million associated with costs incurred for planned divestitures, and

• charges of $2.2 million associated with fires occurring at two of our manufacturing facilities.

Other changes in expenses compared to fiscal 2021

• a decrease in share-based payment and deferred compensation expense of $58.0 million, due to market declines, a reduction of estimated level of achievement of certain performance targets, and a decrease in our share price,

• an increase in salary, wage, and fringe benefit expense of $19.8 million,

• a decrease in advertising and promotion expense of $13.4 million driven by lapping increased investment in the prior year period,

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• a decrease in incentive compensation expense of $13.1 million, due to exceeding certain performance targets in the prior year period,

• an increase of $10.6 million in foreign currency transaction gains/losses, primarily due to prior year gains on remeasuring certain intercompany notes payable,

• an increase of $10.2 million in self-insurance expense due to favorable claim development in the prior year,

• a decrease in consulting and professional fees of $8.2 million,

• an increase in information technology-related expenses of $8.0 million,

• a decrease of $5.9 million in commission expense due to our transition away from certain third-party brokers, and

• an increase in travel and entertainment expense of $5.7 million.

SG&A expenses for fiscal 2021 included the following items impacting the comparability of earnings:

• charges of $90.9 million related to the impairment of certain brand intangible assets,

• charges of $68.7 million associated with the early extinguishment of debt,

• gains totaling $65.5 million related to divestitures of certain businesses,

• net charges of $40.8 million in connection with our restructuring plans,

• consulting expenses of $7.2 million primarily associated with securing tax benefits for a new production facility (the associated tax benefits will be recognized in future periods),

• a loss of $7.1 million related to the early exit of an unfavorable contract associated with a recent divestiture,

• charges of $5.7 million associated with costs incurred for acquisitions and divestitures, and

• a net expense of $2.6 million related to a previous legal matter.

Segment Operating Profit (Earnings before general corporate expenses, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings)

($ in millions)	Fiscal 2022		Fiscal 2021		% Inc
Reporting Segment	Operating Profit		Operating Profit		(Dec)
Grocery & Snacks	$	859.5	$	1,092.7		(21	)%
Refrigerated & Frozen		561.1		836.5		(33	)%
International		106.7		131.8		(19	)%
Foodservice		60.3		80.0		(25	)%

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Operating profit in our Grocery & Snacks segment for fiscal 2022 reflected a decrease in gross profits of $94.0 million compared to fiscal 2021. The lower gross profit was driven by the impacts of input cost inflation, higher inventory write-offs, unfavorable fixed cost leverage, elevated supply chain operating costs due, in part, to disruptions in the availability of labor and certain materials, and a reduction in profit associated with the divestitures of our H.K. Anderson^® and Peter Pan^® peanut butter businesses, partially offset by the benefits of supply chain realized productivity, cost synergies associated with the Pinnacle acquisition, and a decrease in COVID-19 pandemic-related costs. Pandemic-related costs included investments in employee safety protocols, bonuses paid to supply chain employees, and costs necessary to meet elevated levels of demand. Operating profit of the Grocery & Snacks segment was impacted by charges of $9.4 million and $27.8 million related to our restructuring plans in fiscal 2022 and 2021, respectively. Fiscal 2022 and 2021 included certain brand intangible impairment charges of $90.7 million and $13.0 million, respectively. Fiscal 2022 included charges of $26.3 million related to the impairment of businesses held for sale. Fiscal 2021 included gains totaling $55.1 million related to the divestitures of certain businesses. Advertising and promotion expenses for fiscal 2022 decreased by $6.0 million compared to fiscal 2021.

Operating profit in our Refrigerated & Frozen segment for fiscal 2022 reflected a decrease in gross profits of $231.5 million compared to fiscal 2021 due the impacts of input cost inflation, unfavorable fixed cost leverage, elevated supply chain operating costs due, in part, to disruptions in the availability of labor and certain materials, higher inventory write-offs, and a reduction in profit associated with the divestiture of our Egg Beaters® business, partially offset by the benefits of supply chain realized productivity, cost synergies associated with the Pinnacle acquisition, and a decrease in COVID-19 pandemic-related costs. Operating profit of the Refrigerated & Frozen segment was impacted by charges of $103.9 million and $76.9 million related to the impairment of certain brand intangible assets during fiscal 2022 and 2021, respectively. Fiscal 2022 and 2021 included $14.5 million and $26.8 million, respectively, of charges related to our restructuring plans. Operating profit of the Refrigerated & Frozen segment included $28.9 million of charges related to the impairment of businesses held for sale and charges of $2.8 million associated with a fire occurring at one of our manufacturing facilities in fiscal 2022. Fiscal 2021 also included a gain of $10.4 million related to the divestiture of our Egg Beater's^® business, reduced by a loss of $7.1 million related to the early exit of an unfavorable contract associated with the divestiture. Advertising and promotion expenses for fiscal 2022 decreased by $8.1 million compared to fiscal 2021.

Operating profit in our International segment for fiscal 2022 reflected flat gross profits compared to fiscal 2021, reflecting the net sales growth discussed above and the benefits of supply chain realized productivity, partially offset by the impacts of input cost inflation. Operating profit of the International segment was impacted by charges of $14.4 million and $1.0 million related to the impairment of certain brand intangible assets during fiscal 2022 and 2021, respectively.

Operating profit in our Foodservice segment for fiscal 2022 reflected a decrease in gross profits of $3.0 million compared to fiscal 2021 driven by input cost inflation, elevated supply chain operating costs due, in part, to disruptions in the availability of labor and certain materials, and higher inventory write-offs, which more than offset the net sales growth discussed above and the benefits of supply chain realized productivity. Fiscal 2022 included charges of $14.9 million related to the impairment of businesses held for sale and charges of $7.6 million associated with a fire occurring at one of our manufacturing facilities.

Pension and Postretirement Non-service Income

In fiscal 2022, pension and postretirement non-service income was $67.3 million, an increase of $12.8 million compared to fiscal 2021. Fiscal 2022 reflected lower interest costs and an increase in expected returns on plan assets.

Interest Expense, Net

In fiscal 2022, net interest expense was $379.9 million, a decrease of $40.5 million, or 10%, from fiscal 2021. The decrease was driven by a lower weighted average interest rate on outstanding debt. See Note 3, "Long-Term Debt", to the Consolidated Financial Statements contained in this report for further discussion.

Income Taxes

Our income tax expense was $290.5 million and $193.8 million in fiscal 2022 and 2021, respectively. The effective tax rate (calculated as the ratio of income tax expense to pre-tax income from continuing operations, inclusive of equity method investment earnings) was approximately 25% and 13% for fiscal 2022 and 2021, respectively. See Note 13, "Pre-Tax Income and Income Taxes", to the Consolidated Financial Statements contained in this report for a discussion on the change in effective tax rates.

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In fiscal 2021, we completed a restructuring of our ownership interest in the Ardent Mills joint venture, a milling business ("Ardent Mills"), that utilized a portion of our capital loss carryforward prior to its expiration. After the restructuring, certain balance sheet adjustments on Ardent Mills may impact our effective tax rate in future periods. Also in fiscal 2021, we completed several other transactions related to retained assets in conjunction with the divestitures of the Peter Pan^® peanut butter and Egg Beaters^® businesses that we believe will utilize a portion of the remaining capital loss carryforward. These transactions were subject to elections made in connection with filing our fiscal 2021 federal tax return. These elections are still under review by the Internal Revenue Service. These elections may result in increases to the tax basis in those assets and if successful would result in tax benefits being realized in future periods.

We expect our effective tax rate in fiscal 2023, exclusive of any unusual transactions or tax events, to be approximately 24%.

Equity Method Investment Earnings

We include our share of the earnings of certain affiliates based on our economic ownership interest in the affiliates. Our most significant affiliate is the Ardent Mills joint venture. Our share of earnings from our equity method investment earnings were $145.3 million and $84.4 million for fiscal 2022 and 2021, respectively. Ardent Mills earnings for fiscal 2022 reflected the joint venture’s effective management through the recent volatility in the wheat markets.

Earnings Per Share

Diluted earnings per share in fiscal 2022 and 2021 were $1.84 and $2.66, respectively. The decrease in diluted earnings per share reflected lower net income. See "Items Impacting Comparability" above as several significant items affected the comparability of year-over-year results of operations.

LIQUIDITY AND CAPITAL RESOURCES

Sources of Liquidity and Capital

The primary objective of our financing strategy is to maintain a prudent capital structure that provides us flexibility to pursue our growth objectives. We use a combination of equity and short- and long-term debt. We use short-term debt principally to finance ongoing operations, including our seasonal requirements for working capital (accounts receivable, prepaid expenses and other current assets, and inventories, less accounts payable, accrued payroll, and other accrued liabilities). We are committed to maintaining solid investment grade credit ratings.

Management believes that existing cash balances, cash flows from operations, existing credit facilities, our commercial paper program, and access to capital markets will provide sufficient liquidity to meet our debt obligations, including any repayment of debt or refinancing of debt, working capital needs, planned capital expenditures, other contractual obligations, and payment of anticipated quarterly dividends for at least the next twelve months.

Borrowing Facilities and Long-Term Debt

At May 29, 2022, we had a revolving credit facility (the "Revolving Credit Facility") with a syndicate of financial institutions providing for a maximum aggregate principal amount outstanding at any one time of $1.6 billion (subject to increase to a maximum aggregate principal amount of $2.1 billion with the consent of the lenders). The Revolving Credit Facility matures on July 11, 2024 and is unsecured. The term of the Revolving Credit Facility may be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. In the first quarter of fiscal 2022, we entered into an amendment to the Revolving Credit Facility, which modified the ratio of funded debt to earnings before interest, taxes, depreciation, and amortization ("EBITDA") financial covenant to require a ratio of not greater than 4.5 to 1.0 on a rolling four-quarter basis. We have historically used a credit facility principally as a back-up for our commercial paper program. As of May 29, 2022, there were no outstanding borrowings under the Revolving Credit Facility.

We had $180.0 million outstanding under our commercial paper program as of May 29, 2022, and $705.7 million outstanding as of May 30, 2021. The highest level of borrowings during fiscal 2022 was $989.0 million.  

During the first quarter of fiscal 2022, we issued $500.0 million aggregate principal amount of 0.500% senior notes due August 11, 2023. The proceeds were primarily used to refinance commercial paper borrowings.

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Additional information about our long-term debt balances as of May 29, 2022 can be found in Note 3, "Long-Term Debt", to the Consolidated Financial Statements contained in this report. The weighted-average coupon interest rate of the long-term debt obligations outstanding as of May 29, 2022, was approximately 4.4%.

We expect to maintain or have access to sufficient liquidity to retire or refinance long-term debt at maturity or otherwise, from operating cash flows, our commercial paper program, access to the capital markets, and our Revolving Credit Facility. We continuously evaluate opportunities to refinance our debt; however, any refinancing is subject to market conditions and other factors, including financing options that may be available to us from time to time, and there can be no assurance that we will be able to successfully refinance any debt on commercially acceptable terms at all.

As of the end of fiscal 2022, our senior long-term debt ratings were all investment grade. A significant downgrade in our credit ratings would not affect our ability to borrow amounts under the Revolving Credit Facility, although borrowing costs would increase. A downgrade of our short-term credit ratings would impact our ability to borrow under our commercial paper program by negatively impacting borrowing costs and causing shorter durations, as well as making access to commercial paper more difficult, or impossible.

Our most restrictive debt agreement (the Revolving Credit Facility) generally requires our ratio of EBITDA to interest expense not be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed 4.5 to 1.0. Each ratio is to be calculated on a rolling four-quarter basis. As of May 29, 2022, we were in compliance with all financial covenants.

Equity and Dividends

We repurchase shares of our common stock from time to time after considering market conditions and in accordance with repurchase limits authorized by our Board. Under the share repurchase authorization, we may repurchase our shares periodically over several years, depending on market conditions and other factors, and may do so in open market purchases or privately negotiated transactions. The share repurchase authorization has no expiration date. During fiscal 2022, we repurchased 1.5 million shares of our common stock under this authorization for an aggregate of $50.0 million. The Company’s total remaining share repurchase authorization as of May 29, 2022, was $1.07 billion.

On April 14, 2022, we announced that our Board had authorized a quarterly dividend payment of $0.3125 per share, which was paid on June 1, 2022, to stockholders of record as of the close of business on April 29, 2022. Subsequent to our fiscal year end, on July 21, 2022, our Board approved a 5.6% increase to our annualized dividend rate. The Board also approved a quarterly dividend of $0.33 per share to be paid on September 1, 2022 to stockholders of record as of the close of business on August 3, 2022.

Contractual Obligations

As part of our ongoing operations, we enter into contractual arrangements that obligate us to make future cash payments. These obligations impact our liquidity and capital resource needs. In addition to principal and interest payments on our outstanding long-term debt and notes payable balances, discussed above, our contractual obligations primarily consist of lease payments, income taxes, pension and postretirement benefits, and unconditional purchase obligations.

A summary of our operating and finance lease obligations as of  May 29, 2022 can be found in Note 14, "Leases", to the Consolidated Financial Statements contained in this report.

The liability for gross unrecognized tax benefits related to uncertain tax positions was $62.9 million as of May 29, 2022. See Note 13, "Pre-Tax Income and Income Taxes", to the Consolidated Financial Statements contained in this report for information related to income taxes.

As of May 29, 2022, we had an aggregate funded pension asset of $162.1 million and an aggregate unfunded postretirement benefit obligation totaling $61.4 million. We expect to make payments totaling approximately $12.4 million and $8.1 million in fiscal 2023 to fund our pension and postretirement plans, respectively. See Note 17, "Pension and Postretirement Benefits", to the Consolidated Financial Statements and "Critical Accounting Estimates – Employee-Related Benefits" contained in this report for further discussion of our pension obligation and factors that could affect estimates of these obligations.

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As of May 29, 2022, our unconditional purchase obligations (i.e., obligations to transfer funds in the future for fixed or minimum quantities of goods or services at fixed or minimum prices, such as "take-or-pay" contracts) totaled approximately $2.63 billion. Approximately $1.91 billion of this balance is due in fiscal 2023. Included in this amount are open purchase orders and other supply agreements totaling approximately $1.70 billion, which are generally settleable in the ordinary course of business in less than one year. Some are not legally binding and/or may be cancellable. Warehousing service agreements totaling approximately $375 million make up a majority of our remaining unconditional purchase obligations with various terms of up to 10 years.

Capital Expenditures

We continue to make investments in our business and operating facilities. Our preliminary estimate of capital expenditures for fiscal 2023 is approximately $500 million.

Supplier Arrangements

We offer certain suppliers access to a third-party service that allows them to view our scheduled payments online. The third-party service also allows suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party. We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third party, or any financial institutions concerning this service. All balances remain as obligations to our suppliers as stated in our supplier agreements and are reflected in accounts payable within our Consolidated Balance Sheets. The associated payments are included in net cash flows from operating activities within our Consolidated Statements of Cash Flows. As of May 29, 2022 and May 30, 2021, $378.3 million and $279.3 million, respectively, of our total accounts payable was payable to suppliers who utilize this third-party service.

The program commenced at about the same time that we began an initiative to negotiate extended payment terms with our suppliers. Although difficult to predict, we generally expect the incremental cash flow benefits associated with these extended payment terms to increase at a slower rate in the future. A number of factors may impact our future payment terms, including our relative creditworthiness, overall market liquidity, and changes in interest rates and other general economic conditions.

Cash Flows

In fiscal 2022, we generated $3.1 million of cash, which was the net result of $1.18 billion generated from operating activities, $434.9 million used in investing activities, $738.0 million used in financing activities, and a decrease of $1.3 million due to the effects of changes in foreign currency exchange rates.

Cash generated from operating activities totaled $1.18 billion in fiscal 2022, as compared to $1.47 billion generated in fiscal 2021. The decrease in operating cash flows for fiscal 2022 compared to fiscal 2021 was primarily driven by lower gross profits, which reflect the impact of realized input cost inflation and higher transportation costs. This was partially offset by decreased interest and pension contribution payments and increased equity method investment distributions received in fiscal 2022 compared to fiscal 2021. Operating cash flows in fiscal 2021 also benefited from the deferral of $33.9 million of employer payroll taxes under the Coronavirus Aid, Relief, and Economic Security Act. Payments totaling 50% of such amounts were made in the third quarter of fiscal 2022 and remaining payments will occur in the third quarter of fiscal 2023. Changes in working capital were negatively impacted by increased accounts receivables resulting from inflation-driven pricing actions, offset by a smaller degree of inventory build relative to prior year.

Cash used in investing activities totaled $434.9 million in fiscal 2022 compared to $340.3 million in fiscal 2021. Net cash outflows from investing activities in fiscal 2022 and 2021 consisted primarily of capital expenditures totaling $464.4 million and $506.4 million, respectively. Investing cash flows for fiscal 2021 also included proceeds totaling $160.9 million from the sale of our Egg Beaters^®, Peter Pan^® peanut butter, and H.K. Anderson^® businesses. 

Cash used in financing activities totaled $738.0 million in fiscal 2022 compared to $1.61 billion in fiscal 2021. Financing activities in fiscal 2022 principally reflect net proceeds of $499.1 million from the issuance of $500.0 million aggregate principal amount of long-term debt, net short-term borrowing repayments of $523.1 million, cash dividends paid of $581.8 million, and common stock repurchases of $50.0 million. Financing activities in fiscal 2021 reflect repayments of long-term debt of $2.51 billion, the issuance of long-term debt totaling $988.2 million, net short-term borrowings of $706.3 million, cash dividends paid of $474.6 million, and common stock repurchases of $298.1 million.

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Cash Held by International Subsidiaries

The Company had cash and cash equivalents of $83.3 million at May 29, 2022, and $79.2 million at May 30, 2021, of which $74.7 million at May 29, 2022, and $72.4 million at May 30, 2021, was held in foreign countries. A deferred tax liability is provided for certain undistributed foreign earnings in fiscal 2022 that are not considered to be indefinitely reinvested or cannot be remitted in a tax-neutral transaction. Other undistributed foreign earnings are invested indefinitely and therefore we have not provided deferred taxes on those earnings.

CRITICAL ACCOUNTING ESTIMATES

The process of preparing financial statements requires the use of estimates on the part of management. The estimates used by management are based on our historical experiences combined with management's understanding of current facts and circumstances. Certain of our accounting estimates are considered critical as they are both important to the portrayal of our financial condition and results and require significant or complex judgment on the part of management. The following is a summary of certain accounting estimates considered critical by management.

Our Audit/Finance Committee has reviewed management's development, selection, and disclosure of the critical accounting estimates.

Marketing Costs—We offer various forms of trade promotions which are mostly recorded as a reduction in revenue. 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 included activities such as in-store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized as a reduction of revenue 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.

We have recognized trade promotion liabilities of $125.9 million as of May 29, 2022. Changes in the assumptions used in estimating the cost of any individual customer marketing program would not result in a material change in our results of operations or cash flows.

Income Taxes—Our income tax expense is based on our income, statutory tax rates, and tax planning opportunities available in the various jurisdictions in which we operate. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining our income tax expense and in evaluating our tax positions, including evaluating uncertainties. Management reviews tax positions at least quarterly and adjusts the balances as new information becomes available. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Such assets arise because of temporary differences between the tax bases of assets and liabilities and their carrying amounts in our consolidated balance sheets, as well as from net operating loss and tax credit carryforwards. Management evaluates the recoverability of these future tax deductions by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings, and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. Management uses historical experience and short and long-range business forecasts to develop such estimates. Further, we employ various prudent and feasible tax planning strategies to facilitate the recoverability of future deductions. To the extent management does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established.

Further information on income taxes is provided in Note 13, "Pre-tax Income and Income Taxes", to the Consolidated Financial Statements contained in this report.

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Employee-Related Benefits—We incur certain employment-related expenses associated with our pension plans. In order to measure the annual expense associated with these pension benefits, management must make a variety of estimates including, but not limited to, discount rates used to measure the present value of certain liabilities, assumed rates of return on assets set aside to fund these expenses, employee turnover rates, and anticipated mortality rates. The estimates used by management are based on our historical experience as well as current facts and circumstances. We use third-party specialists to assist management in appropriately measuring the expense associated with these pension benefits. Different estimates used by management could result in us recognizing different amounts of expense over different periods of time.

The Company uses a split discount rate (the "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 have recognized a pension liability of $114.9 million and $135.4 million as of the end of fiscal 2022 and 2021, respectively. We also have recognized a pension asset of $277.0 million and $245.0 million as of the end of fiscal 2022 and 2021, respectively, as certain individual plans of the Company had a positive funded status.

We recognize cumulative changes in the fair value of pension plan assets and net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plan's projected benefit obligation ("the corridor") in current period expense annually as of our measurement date, which is our fiscal year-end, or when measurement is required otherwise under U.S. GAAP.

We recognized pension expense (benefit) from Company plans of $(54.4) million, $(38.3) million, and $5.9 million in fiscal 2022, 2021, and 2020, respectively. Such amounts reflect the year-end write-off of actuarial losses (gains) in excess of 10% of our pension liability of $(2.9) million, $0.8 million, and $44.8 million in fiscal 2022, 2021, and 2020, respectively. This also reflected expected returns on plan assets of $145.4 million, $140.0 million, and $170.2 million in fiscal 2022, 2021, and 2020, respectively. We contributed $11.5 million, $27.6 million, and $17.5 million to the pension plans of our continuing operations in fiscal 2022, 2021, and 2020, respectively. We anticipate contributing approximately $12.4 million to our pension plans in fiscal 2023.

One significant assumption for pension plan accounting is the discount rate. We use a spot-rate approach, discussed above. This approach focuses on measuring the service cost and interest cost components of net periodic benefit cost by using individual spot rates derived from a high-quality corporate bond yield curve and matched with separate cash flows for each future year instead of a single weighted-average discount rate approach.

Based on this information, the weighted-average discount rate selected by us for determination of the interest cost component of our pension expense was 2.29% for fiscal 2022, 2.30% for fiscal 2021, and 3.51% for fiscal 2020. The weighted-average discount rate selected by us for determination of the service cost component of our pension expense was 3.50% for fiscal 2022, 3.35% for fiscal 2021, and 4.04% for fiscal 2020. We selected a weighted-average discount rate of 4.74% and 4.09% for determination of service and interest expense, respectively, for fiscal 2023. A 25-basis point increase in our discount rate assumption as of the end of fiscal 2022 would increase our annual pension expense for our pension plans in fiscal 2022 by $3.6 million. A 25-basis point decrease in our discount rate assumption as of the end of fiscal 2022 would decrease our annual pension expense for our pension plans in fiscal 2022 by $3.6 million. For our year-end pension obligation determination, we selected discount rates of 4.48% and 3.04% for fiscal years 2022 and 2021, respectively.

Another significant assumption used to account for our pension plans is the expected long-term rate of return on plan assets. In developing the assumed long-term rate of return on plan assets for determining pension expense, we consider long-term historical returns (arithmetic average) of the plan's investments, the asset allocation among types of investments, estimated long-term returns by investment type from external sources, and the current economic environment. Based on this information, we selected 3.87% for the weighted-average expected long-term rate of return on plan assets for determining our fiscal 2022 pension expense. A 25-basis point increase/decrease in our weighted-average expected long-term rate of return assumption as of the beginning of fiscal 2022 would decrease/increase annual pension expense for our pension plans by $9.4 million. We selected a weighted-average expected rate of return on plan assets of 4.56% to be used to determine our pension expense for fiscal 2023. A 25-basis point increase/decrease in our expected long-term rate of return assumption as of the beginning of fiscal 2022 would decrease/increase annual pension expense for our pension plans by $8.0 million.

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Business Combinations, Impairment of Long-Lived Assets (including property, plant and equipment), Identifiable Intangible Assets, and Goodwill—We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the closing of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is often required in estimating the fair value of assets acquired, particularly intangible assets. As a result, in the case of significant acquisitions we normally obtain the assistance of a third-party valuation specialist in estimating fair values of tangible and intangible assets. The fair value estimates are based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions.

We reduce the carrying amounts of long-lived assets to their fair values when their carrying amount is determined to not be recoverable. We generally compare undiscounted estimated future cash flows of an asset or asset group to the carrying values of the asset or asset group for property, plant and equipment. If the undiscounted estimated future cash flows exceed the carrying values of the asset or asset group, no impairment is recognized. If the undiscounted estimated future cash flows are less than the carrying values of the asset or asset group, we write-down the asset or assets to their estimated fair values. The estimates of fair value are generally in the form of appraisal, or by discounting estimated future cash flows of the asset or asset group.

Determining the useful lives of intangible assets also requires management judgment. Certain brand intangibles are expected to have indefinite lives based on their history and our plans to continue to support and build the acquired brands, while other acquired intangible assets (e.g., customer relationships) are expected to have determinable useful lives. Our estimates of the useful lives of definite-lived intangible assets are primarily based upon historical experience, the competitive and macroeconomic environment, and our operating plans. The costs of definite-lived intangibles are amortized to expense over their estimated life.

We reduce the carrying amounts of indefinite-lived intangible assets, and goodwill to their fair values when the fair value of such assets is determined to be less than their carrying amounts (i.e., assets are deemed to be impaired). Fair value is typically estimated using a discounted cash flow analysis, which requires us to estimate the future cash flows anticipated to be generated by the particular asset being tested for impairment as well as to select a 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. Estimating future cash flows requires significant judgment by management in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows could produce different impairment amounts (or none at all) for long-lived assets and identifiable intangible assets.

In assessing indefinite-lived intangible assets not subject to amortization for impairment, we have the option to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of such an intangible asset is less than its carrying amount. If we determine that it is not more likely than not that the fair value of such an intangible asset is less than its carrying amount, then we are not required to perform any additional tests for assessing intangible assets for impairment. However, if we conclude otherwise or elect not to perform the qualitative assessment, then we are required to perform a quantitative impairment test that involves a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

If we perform a quantitative impairment test in evaluating impairment of our indefinite lived brands/trademarks, we utilize a "relief from royalty" methodology. The methodology determines the fair value of each brand through use of a discounted cash flow model that incorporates an estimated "royalty rate" we would be able to charge a third party for the use of the particular brand. When determining the future cash flow estimates, we estimate future net sales and a fair market royalty rate for each applicable brand and an appropriate discount rate to measure the present value of the anticipated cash flows. Estimating future net sales requires significant judgment by management in such areas as future economic conditions, product pricing, and consumer trends. In determining an appropriate discount rate to apply to the estimated future cash flows, we consider the current interest rate environment and our estimated cost of capital.

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Goodwill is tested annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill.

In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test.

Under the 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 quantitative impairment test, the evaluation involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. Fair value is typically estimated using a discounted cash flow analysis, which requires us to estimate the future cash flows anticipated to be generated by the reporting unit being tested for impairment 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 the reporting unit over a discrete period (typically five years) and the terminal period (considering expected long term growth rates and trends). Estimating future cash flows requires significant judgment by management in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows or significant changes in risk-adjusted discount rates due to changes in market conditions could produce substantially different estimates of the fair value of the reporting unit.

As of May 29, 2022, we have goodwill of $11.33 billion, indefinite-lived intangibles of $3.06 billion and definite-lived intangibles of $791.5 million. Historically, we have experienced impairments in brand intangibles and goodwill as a result of declining sales and other economic conditions. For instance, in fiscal 2022, 2021, and 2020, we recorded total intangibles impairments of $209.0 million, $90.9 million, and $165.5 million respectively, primarily related to our recently acquired Pinnacle brands.

With the addition of Pinnacle intangibles that were recorded at fair value in fiscal 2019, we continue to be more susceptible to impairment charges in the future if our long-term sales forecasts, royalty rates, and other assumptions change as a result of lower than expected performance or other economic conditions. We will monitor these assumptions as management continues to achieve gross margin improvement, and long-term sales growth on certain key brands acquired in the acquisition including, but not limited to, Birds Eye^®, Duncan Hines^®, Gardein^® and Vlasic^®.

During the first quarter of fiscal 2023 (on June 27, 2022), management reorganized its internal reporting structure for certain brands within two reporting units in our Refrigerated & Frozen segment. This change in management reporting requires us to reassign goodwill between the two reporting units and complete a goodwill impairment test both prior to and subsequent to the change. As outlined in Note 7, "Goodwill and Other Identifiable Intangible Assets", to the Consolidated Financial Statement contained in this report, our Sides, Components, Enhancers reporting unit had approximately 20% excess fair value over carrying value as of our most recent annual impairment test in the fourth quarter of fiscal 2022. A significant input in estimating the fair value of a reporting unit is the discount rate. We used a discount rate for our Sides, Components, Enhancers reporting unit of 6.50% in our most recent goodwill impairment test. A 100-basis point increase in our discount rate would result in less than 2% excess of fair value over carrying value in this reporting unit with all other assumptions unchanged from our most recent quantitative impairment test.

36

Assumptions used in impairment testing are made at a point in time and require significant judgment; therefore, they are subject to change based upon the facts and circumstances present at each impairment test date. We have not completed our goodwill impairment assessment necessitated by the change in internal reporting structure, but we believe it is likely that we will incur a material impairment charge in the first quarter of fiscal 2023 as a result of current economic conditions, including a significant increase in interest rates since our last quantitative goodwill impairment test. Any implied goodwill impairment would also trigger a reassessment of fair value for our indefinite-lived intangibles that are within the respective reporting unit and may also result in a material impairment charge.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The principal market risks affecting us during fiscal 2022 and 2021 were exposures to price fluctuations of commodity and energy inputs, interest rates, and foreign currencies.

Commodity Market Risk

We purchase commodity inputs such as wheat, corn, oats, soybean meal, soybean oil, meat, dairy products, nuts, sugar, natural gas, electricity, and packaging materials to be used in our operations. These commodities are subject to price fluctuations that may create price risk. We enter into commodity hedges to manage this price risk using physical forward contracts or derivative instruments. We have policies governing the hedging instruments our businesses may use. These policies include limiting the dollar risk exposure for each of our businesses. We also monitor the amount of associated counter-party credit risk for all non-exchange-traded transactions.

Interest Rate Risk

We may use interest rate swaps to manage the effect of interest rate changes on the fair value of our existing debt as well as the forecasted interest payments for the anticipated issuance of debt.

As of May 29, 2022 and May 30, 2021, the fair value of our long-term debt (including current installments) was estimated at $8.85 billion and $9.76 billion, respectively, based on current market rates. As of May 29, 2022 and May 30, 2021, a 1% increase in interest rates would decrease the fair value of our fixed rate debt by approximately $481.8 million and $682.2 million, respectively, while a 1% decrease in interest rates would increase the fair value of our fixed rate debt by approximately $543.4 million and $779.8 million, respectively.

Foreign Currency Risk

In order to reduce exposures for our processing activities related to changes in foreign currency exchange rates, we may enter into forward exchange or option contracts for transactions denominated in a currency other than the functional currency for certain of our operations. This activity primarily relates to economically hedging against foreign currency risk in purchasing inventory and capital equipment, sales of finished goods, and future settlement of foreign denominated assets and liabilities.

Effect of Hypothetical 10% Fluctuation

We changed the disclosure alternative for reporting our commodity and foreign exchange derivatives (inclusive of commodity and foreign exchange swaps, futures, forwards, and options) in the second quarter of fiscal 2022 from a value-at-risk ("VaR") model to a hypothetical sensitivity analysis. The change in the methodology was made to simplify and enhance the information presented about the sensitivities of our derivative positions.

The potential gain or loss on the fair value of our outstanding commodity and foreign exchange contracts, assuming a hypothetical 10% fluctuation in commodity prices and foreign currency exchange rates, would have been (in millions): 

	Fair Value Impact
In Millions	Average During the Fiscal Year Ended May 29, 2022		Average During the Fiscal Year Ended May 30, 2021
Energy commodities	$	0.9	$	3.5
Agriculture commodities		4.9		6.9
Foreign exchange		10.8		11.8

37

It should be noted that any change in the fair value of our derivative contracts, real or hypothetical, would be significantly offset by an inverse change in the value of the underlying hedged items. In relation to foreign currency contracts, this hypothetical calculation assumes that each exchange rate would change in the same direction relative to the U.S. dollar.

38

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Conagra Brands, Inc. and Subsidiaries

Consolidated Statements of Earnings

(in millions, except per share amounts)

	For the Fiscal Years Ended May
	2022			2021			2020
Net sales	$	11,535.9		$	11,184.7		$	11,054.4
Costs and expenses:
Cost of goods sold		8,697.1			8,005.5			7,984.8
Selling, general and administrative expenses		1,492.8			1,403.0			1,622.5
Pension and postretirement non-service income		(67.3	)		(54.5	)		(9.9	)
Interest expense, net		379.9			420.4			487.1
Income before income taxes and equity method investment earnings		1,033.4			1,410.3			969.9
Income tax expense		290.5			193.8			201.3
Equity method investment earnings		145.3			84.4			73.2
Net income	$	888.2		$	1,300.9		$	841.8
Less: Net income attributable to noncontrolling interests		—			2.1			1.7
Net income attributable to Conagra Brands, Inc.	$	888.2		$	1,298.8		$	840.1
Earnings per share — basic
Net income attributable to Conagra Brands, Inc. common stockholders	$	1.85		$	2.67		$	1.72
Earnings per share — diluted
Net income attributable to Conagra Brands, Inc. common stockholders	$	1.84		$	2.66		$	1.72

The accompanying Notes are an integral part of the consolidated financial statements.

39

Conagra Brands, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(in millions)

	For the Fiscal Years Ended May
	2022									2021									2020
	Pre-Tax Amount			Tax (Expense) Benefit			After -Tax Amount			Pre-Tax Amount			Tax (Expense) Benefit			After-Tax Amount			Pre-Tax Amount			Tax (Expense) Benefit			After- Tax Amount
Net income	$	1,178.7		$	(290.5	)	$	888.2		$	1,494.7		$	(193.8	)	$	1,300.9		$	1,043.1		$	(201.3	)	$	841.8
Other comprehensive income:
Derivative adjustments:
Unrealized derivative adjustments		8.5			(2.1	)		6.4			0.4			(1.8	)		(1.4	)		(7.1	)		1.8			(5.3	)
Reclassification for derivative adjustments included in net income		(1.3	)		0.4			(0.9	)		(1.6	)		1.0			(0.6	)		(3.3	)		0.9			(2.4	)
Unrealized currency translation gains (losses)		(23.5	)		—			(23.5	)		53.3			(1.5	)		51.8			(42.7	)		1.4			(41.3	)
Pension and postretirement benefit obligations:
Unrealized pension and postretirement benefit obligations		(3.1	)		1.1			(2.0	)		95.1			(23.6	)		71.5			63.2			(15.9	)		47.3
Reclassification for pension and postretirement benefit obligations included in net income		(3.5	)		1.0			(2.5	)		(3.6	)		0.9			(2.7	)		(5.5	)		1.4			(4.1	)
Comprehensive income		1,155.8			(290.1	)		865.7			1,638.3			(218.8	)		1,419.5			1,047.7			(211.7	)		836.0
Comprehensive income (loss) attributable to noncontrolling interests		(5.5	)		—			(5.5	)		6.1			(0.8	)		5.3			(3.9	)		(0.9	)		(4.8	)
Comprehensive income attributable to Conagra Brands, Inc.	$	1,161.3		$	(290.1	)	$	871.2		$	1,632.2		$	(218.0	)	$	1,414.2		$	1,051.6		$	(210.8	)	$	840.8

The accompanying Notes are an integral part of the consolidated financial statements.

40

Conagra Brands, Inc. and Subsidiaries

Consolidated Balance Sheets

(in millions, except share data)

	May 29, 2022			May 30, 2021
ASSETS
Current assets
Cash and cash equivalents	$	83.3		$	79.2
Receivables, less allowance for doubtful accounts of $3.9 and $3.2		867.4			793.9
Inventories		1,939.7			1,709.7
Prepaid expenses and other current assets		116.3			95.0
Current assets held for sale		27.0			24.3
Total current assets		3,033.7			2,702.1
Property, plant and equipment
Land and land improvements		173.0			154.6
Buildings, machinery and equipment		4,820.5			4,446.0
Furniture, fixtures, office equipment and other		676.1			664.5
Construction in progress		183.3			299.7
		5,852.9			5,564.8
Less accumulated depreciation		(3,139.0	)		(2,992.8	)
Property, plant and equipment, net		2,713.9			2,572.0
Goodwill		11,329.2			11,338.9
Brands, trademarks and other intangibles, net		3,853.1			4,124.6
Other assets		1,473.3			1,344.7
Noncurrent assets held for sale		31.9			113.3
	$	22,435.1		$	22,195.6
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Notes payable	$	184.3		$	707.4
Current installments of long-term debt		707.3			23.1
Accounts payable		1,864.6			1,655.9
Accrued payroll		151.7			175.2
Other accrued liabilities		609.2			743.0
Current liabilities held for sale		1.7			1.6
Total current liabilities		3,518.8			3,306.2
Senior long-term debt, excluding current installments		8,088.2			8,275.2
Other noncurrent liabilities		1,963.5			1,979.6
Noncurrent liabilities held for sale		2.4			3.2
Total liabilities		13,572.9			13,564.2
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		2,324.6			2,342.1
Retained earnings		6,550.7			6,262.6
Accumulated other comprehensive income (loss)		(11.2	)		5.8
Less treasury stock, at cost, 104,157,169 and 103,934,839 common shares		(2,997.6	)		(2,979.9	)
Total Conagra Brands, Inc. common stockholders' equity		8,787.7			8,551.8
Noncontrolling interests		74.5			79.6
Total stockholders' equity		8,862.2			8,631.4
	$	22,435.1		$	22,195.6

The accompanying Notes are an integral part of the consolidated financial statements.

41

Conagra Brands, Inc. and Subsidiaries

Consolidated Statements of Common Stockholders' Equity

(in millions)

	Conagra Brands, Inc. Stockholders' Equity
											Accumulated
					Additional						Other
	Common		Common		Paid-in			Retained			Comprehensive			Treasury			Noncontrolling			Total
	Shares		Stock		Capital			Earnings			Income (Loss)			Stock			Interests			Equity
Balance at May 26, 2019		584.2	$	2,921.2	$	2,286.0		$	5,047.9		$	(110.3	)	$	(2,760.2	)	$	79.1		$	7,463.7
Stock option and incentive plans						37.2			(2.9	)					30.3						64.6
Currency translation adjustments												(34.8	)					(6.5	)		(41.3	)
Derivative adjustments												(7.7	)								(7.7	)
Activities of noncontrolling interests																		2.0			2.0
Pension and postretirement healthcare benefits												43.2									43.2
Dividends declared on common stock; $0.85 per share									(413.9	)											(413.9	)
Net income attributable to Conagra Brands, Inc.									840.1												840.1
Balance at May 31, 2020		584.2		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
Adoption of ASU 2016-13									(1.1	)											(1.1	)
Currency translation adjustments												48.6						3.2			51.8
Repurchase of common shares															(298.1	)					(298.1	)
Derivative adjustments												(2.0	)								(2.0	)
Activities of noncontrolling interests																		1.6			1.6
Pension and postretirement healthcare benefits												68.8									68.8
Dividends declared on common stock; $1.0375 per share									(503.2	)											(503.2	)
Net income attributable to Conagra Brands, Inc.									1,298.8												1,298.8
Balance at May 30, 2021		584.2		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												(18.0	)					(5.5	)		(23.5	)
Repurchase of common shares															(50.0	)					(50.0	)
Derivative adjustments												5.5									5.5
Pension and postretirement healthcare benefits												(4.5	)								(4.5	)
Dividends declared on common stock; $1.25 per share									(599.8	)											(599.8	)
Net income attributable to Conagra Brands, Inc.									888.2												888.2
Balance at May 29, 2022		584.2	$	2,921.2	$	2,324.6		$	6,550.7		$	(11.2	)	$	(2,997.6	)	$	74.5		$	8,862.2

The accompanying Notes are an integral part of the consolidated financial statements.

42

Conagra Brands, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in millions)

	For the Fiscal Years Ended May
	2022			2021			2020
Cash flows from operating activities:
Net income	$	888.2		$	1,300.9		$	841.8
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:
Depreciation and amortization		375.4			387.7			388.9
Asset impairment charges		284.8			95.5			259.9
Loss (gain) on divestitures		—			(65.5	)		2.2
Loss on extinguishment of debt		—			68.7			1.0
Equity method investment earnings in excess of distributions		(66.3	)		(27.9	)		(21.8	)
Stock-settled share-based payments expense		26.1			63.9			59.2
Contributions to pension plans		(11.5	)		(27.6	)		(17.5	)
Pension expense (benefit)		(54.4	)		(38.3	)		5.9
Other items		(46.6	)		9.1			10.3
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
Receivables		(69.5	)		66.1			(43.8	)
Inventories		(232.8	)		(364.3	)		163.5
Deferred income taxes and income taxes payable, net		(8.7	)		(92.5	)		23.1
Prepaid expenses and other current assets		(10.1	)		(8.5	)		(13.6	)
Accounts payable		223.6			141.4			234.4
Accrued payroll		(23.5	)		(14.3	)		15.9
Other accrued liabilities		(71.9	)		(60.2	)		(66.8	)
Deferred employer payroll taxes		(25.5	)		33.9			—
Net cash flows from operating activities		1,177.3			1,468.1			1,842.6
Cash flows from investing activities:
Additions to property, plant and equipment		(464.4	)		(506.4	)		(369.5	)
Sale of property, plant and equipment		20.2			2.5			14.0
Proceeds from divestitures, net of cash divested		0.1			160.9			194.6
Purchase of marketable securities		(4.5	)		(11.8	)		(46.8	)
Sales of marketable securities		10.4			14.5			53.8
Other items		3.3			—			0.1
Net cash flows from investing activities		(434.9	)		(340.3	)		(153.8	)
Cash flows from financing activities:
Issuances of commercial paper, maturities greater than 90 days		392.6			298.6			—
Repayments of commercial paper, maturities greater than 90 days		(392.6	)		(298.6	)		—
Net issuances (repayments) of other short-term borrowings		(523.1	)		706.3			0.1
Issuance of long-term debt		499.1			988.2			—
Repayment of long-term debt		(48.5	)		(2,514.5	)		(947.5	)
Debt issuance costs		(2.5	)		(6.2	)		—
Payment of intangible asset financing arrangement		(12.6	)		(12.9	)		(13.6	)
Repurchase of Conagra Brands, Inc. common shares		(50.0	)		(298.1	)		—
Cash dividends paid		(581.8	)		(474.6	)		(413.6	)
Exercise of stock options and issuance of other stock awards, including tax withholdings		(11.3	)		(0.1	)		4.8
Other items		(7.3	)		2.3			(0.6	)
Net cash flows from financing activities		(738.0	)		(1,609.6	)		(1,370.4	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(1.3	)		7.7			(1.7	)
Net change in cash and cash equivalents and restricted cash		3.1			(474.1	)		316.7
Cash and cash equivalents and restricted cash at beginning of year		80.2			554.3			237.6
Cash and cash equivalents and restricted cash at end of year	$	83.3		$	80.2		$	554.3

The accompanying Notes are an integral part of the consolidated financial statements.

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Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fiscal Year — The fiscal year of Conagra Brands, Inc. ("Conagra Brands", "Company", "we", "us", or "our") ends the last Sunday in May. The fiscal years for the consolidated financial statements presented consist of a 52-week period for fiscal 2022, a 52-week period for fiscal 2021, and a 53-week period for fiscal year 2020.

Basis of Consolidation — The consolidated financial statements include the accounts of Conagra Brands, Inc. and all majority-owned subsidiaries. All significant intercompany investments, accounts, and transactions have been eliminated.

Investments in Unconsolidated Affiliates — The investments in, and the operating results of, 50%-or-less-owned entities not required to be consolidated are included in the consolidated financial statements on the basis of the equity method of accounting.

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 be fully recoverable. Evidence of a loss in value that is other than temporary includes, but is not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. Management's assessment as to whether any decline in value is other than temporary is based on our ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. Management generally considers our investments in equity method investees to be strategic long-term investments. Therefore, management completes its assessments with a long-term viewpoint. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment.

Cash and Cash Equivalents — Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition, including short-term time deposits and government agency and corporate obligations, are classified as cash and cash equivalents.

Receivables — Receivables from customers generally do not bear interest. Terms and collection vary by location and channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem them uncollectible.

The following table details the balances of our allowance for doubtful accounts and changes therein:

			Additions
	Balance at		Charged				Deductions		Balance at
	Beginning		to Costs and				from		Close of
	of Period		Expenses		Other1		Reserves2		Period
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
Year ended May 31, 2020	$	2.2		1.2		0.1		0.9	$	2.6

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.

Inventories — We use the lower of cost (determined using the first-in, first-out method) or net realizable value for valuing inventories.

44

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

Property, Plant and Equipment — Property, plant and equipment are carried at cost. Depreciation has been calculated using the straight-line method over the estimated useful lives of the respective classes of assets as follows:

	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 be fully recoverable. Recoverability of an asset considered "held-and-used" is determined by comparing the carrying amount of the asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying amount is greater than the undiscounted net cash flows expected to be generated by the asset, the asset's carrying amount is reduced to its estimated fair value. An asset considered "held-for-sale" is reported at the lower of the asset's carrying amount or fair value.

During fiscal 2022, 2021, and 2020 our capital expenditures totaled $464.4 million, $506.4 million, and $369.5 million, respectively. Accrued and unpaid capital expenditures as of May 29, 2022, May 30, 2021, May 31, 2020, and  May 26, 2019 totaled $108.8 million, $123.7 million, $112.9 million, and $64.4 million, respectively.

Goodwill and Other Identifiable Intangible Assets — Goodwill and other identifiable intangible assets with indefinite lives (e.g., brands or trademarks) are not amortized and are tested annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill and other intangible assets.

In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test.

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 inputs as defined by the fair value hierarchy. Refer to Note 18 for the definition of the levels in the fair value hierarchy. The inputs used to calculate the fair value include a number of subjective factors, such as estimates of future cash flows, estimates of our future cost structure, discount rates for our estimated cash flows, required level of working capital, assumed terminal value, and time horizon of cash flow forecasts.

In assessing indefinite-lived intangible assets not subject to amortization for impairment, we have the option to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of such an intangible asset is less than its carrying amount. If we determine that it is not more likely than not that the fair value of such an intangible asset is less than its carrying amount, then we are not required to perform any additional tests for assessing intangible assets for impairment. However, if we conclude otherwise or elect not to perform the qualitative assessment, then we are required to perform a quantitative impairment test that involves a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

45

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

In fiscal 2022, 2021, and 2020 we elected to perform a quantitative impairment test for indefinite-lived intangible assets not subject to amortization. The estimates of fair value of intangible assets not subject to amortization are determined using a "relief from royalty" methodology, which is used in estimating the fair value of our brands/trademarks. Discount rate assumptions are based on an assessment of the risk inherent in the projected future cash flows generated by the respective intangible assets. Also subject to judgment are assumptions about royalty rates.

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 be impaired. Identifiable intangible assets with definite lives are evaluated for impairment using a process similar to that used in evaluating elements of property, plant and equipment. If impaired, the asset is written down to its fair value.

Refer to Note 7 for discussion of the impairment charges related to goodwill and intangible assets in fiscal 2022, 2021, and 2020.

Fair Values of Financial Instruments — Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value.

Environmental Liabilities — Environmental liabilities are accrued when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. We use third-party specialists to assist management in appropriately measuring the obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. We do not discount our environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. Management's estimate of our potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements. We do not reduce our environmental liabilities for potential insurance recoveries.

Employment-Related Benefits — Employment-related benefits associated with pensions, postretirement health care benefits, and workers' compensation are expensed as such obligations are incurred. The recognition of expense is impacted by estimates made by management, such as discount rates used to value these liabilities, future health care costs, and employee accidents incurred but not yet reported. We use third-party specialists to assist management in appropriately measuring the obligations associated with employment-related benefits.

We recognize changes in the fair value of pension plan assets and net actuarial gains or losses in excess of 10% of the greater of the market-related value of plan assets or the plan's projected benefit obligation (the "corridor") in current period expense annually as of our measurement date, which is our fiscal year-end, or when measurement is required otherwise under U.S. generally accepted accounting principles ("GAAP").

Revenue Recognition — Our revenues primarily consist of the sale of food products that are sold to retailers and foodservice customers through direct sales forces, broker, and distributor arrangements. These revenue contracts generally have single performance obligations. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to our customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs. Amounts billed and due from our customers are classified as receivables and require payment on a short-term basis and, therefore, we do not have any significant financing components.

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.

46

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

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 — Advertising costs are expensed as incurred. Advertising and promotion expenses totaled $244.6 million, $258.0 million, and $230.7 million in fiscal 2022, 2021, and 2020, respectively, and are included in selling, general and administrative ("SG&A") expenses.

Research and Development — We incurred expenses of $53.4 million, $51.3 million, and $56.4 million for research and development activities in fiscal 2022, 2021, and 2020, respectively.

Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% "corridor") and postretirement health care plans. On foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. A deferred tax liability is recorded on currency translation adjustments related to undistributed foreign earnings that are not deemed to be permanently reinvested.

The following table details the accumulated balances for each component of other comprehensive income (loss), net of tax:

	2022			2021			2020
Currency translation losses, net of reclassification adjustments	$	(95.1	)	$	(77.1	)	$	(125.7	)
Derivative adjustments, net of reclassification adjustments		29.8			24.3			26.3
Pension and postretirement benefit obligations, net of reclassification adjustments		54.1			58.6			(10.2	)
Accumulated other comprehensive income (loss)	$	(11.2	)	$	5.8		$	(109.6	)

47

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:

										Affected Line Item in the Consolidated Statement of Earnings1
	2022			2021			2020
Net derivative adjustments:
Cash flow hedges	$	(3.1	)	$	(3.2	)	$	(3.3	)	Interest expense, net
Cash flow hedges		—			(0.5	)		—		Selling, general and administrative expenses
Cash flow hedges		1.8			2.1			—		Equity method investment earnings
		(1.3	)		(1.6	)		(3.3	)	Total before tax
		0.4			1.0			0.9		Income tax expense
	$	(0.9	)	$	(0.6	)	$	(2.4	)	Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost	$	0.1		$	0.2		$	0.6		Pension and postretirement non-service income
Net actuarial gain		(3.6	)		(3.5	)		(4.6	)	Pension and postretirement non-service income
Pension settlement		—			—			(2.1	)	Pension and postretirement non-service income
Postretirement healthcare settlement		—			(0.5	)		(0.2	)	Pension and postretirement non-service income
Curtailment		—			0.2			0.8		Pension and postretirement non-service income
		(3.5	)		(3.6	)		(5.5	)	Total before tax
		1.0			0.9			1.4		Income tax expense
	$	(2.5	)	$	(2.7	)	$	(4.1	)	Net of tax

¹ Amounts in parentheses indicate income recognized in the Consolidated Statements of Earnings.

Foreign Currency Transaction Gains and Losses — We recognized net foreign currency transaction losses of $2.5 million in fiscal 2022, net foreign currency transaction gains of $8.2 million in fiscal 2021, and net foreign currency transaction losses of $1.7 million in fiscal 2020 in SG&A expenses.

Business Combinations — We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

Reclassifications and other changes — Certain prior year amounts have been reclassified to conform with current year presentation.

Use of Estimates — Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets, liabilities, revenues, and expenses as reflected in the consolidated financial statements. Actual results could differ from these estimates.

48

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

2. RESTRUCTURING ACTIVITIES

Pinnacle Integration Restructuring Plan

In December 2018, our Board of Directors (the "Board") approved a restructuring and integration plan related to the ongoing integration of the operations of Pinnacle Foods, Inc. ("Pinnacle") (such plan the "Pinnacle Integration Restructuring Plan"), for the purpose of achieving significant cost synergies between the companies, as a result of which we expect to incur material charges for exit and disposal activities under U.S. GAAP. We expect to incur approximately $346.9 million ($284.3 million of cash charges and $62.6 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. The Board and/or our senior management have authorized incurrence of these charges. We recognized charges of $19.6 million, $31.7 million, and $73.8 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2022, 2021, and 2020, respectively. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a multi-year period.

We anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2022):

	Grocery & Snacks		Refrigerated & Frozen			International		Corporate		Total
Accelerated depreciation	$	5.4	$	4.6		$	—	$	—	$	10.0
Other cost of goods sold		3.7		5.7			0.7		—		10.1
Total cost of goods sold		9.1		10.3			0.7		—		20.1
Severance and related costs		1.4		4.3			1.5		112.2		119.4
Asset impairment (net of gains on disposal)		27.8		(1.7	)		—		2.5		28.6
Accelerated depreciation		—		—			—		7.4		7.4
Contract/lease termination		6.5		3.7			0.8		15.1		26.1
Consulting/professional fees		1.0		—			0.8		111.7		113.5
Other selling, general and administrative expenses		5.8		4.8			0.3		20.9		31.8
Total selling, general and administrative expenses		42.5		11.1			3.4		269.8		326.8
Consolidated total	$	51.6	$	21.4		$	4.1	$	269.8	$	346.9

During fiscal 2022, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:

	Grocery & Snacks		Refrigerated & Frozen			Corporate			Total
Other cost of goods sold	$	—	$	1.7		$	—		$	1.7
Total cost of goods sold		—		1.7			—			1.7
Severance and related costs		—		1.0			(0.2	)		0.8
Asset impairment (net of gains on disposal)		—		(5.7	)		(0.1	)		(5.8	)
Contract/lease termination		—		0.2			(0.8	)		(0.6	)
Consulting/professional fees		0.2		—			19.1			19.3
Other selling, general and administrative expenses		0.1		1.6			2.5			4.2
Total selling, general and administrative expenses		0.3		(2.9	)		20.5			17.9
Consolidated total	$	0.3	$	(1.2	)	$	20.5		$	19.6

Included in the above results are $24.0 million of charges that have resulted or will result in cash outflows and a non-cash net benefit of $4.4 million.

49

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

We recognized the following cumulative (plan inception to May 29, 2022) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen			International		Corporate		Total
Accelerated depreciation	$	0.6	$	4.6		$	—	$	—	$	5.2
Other cost of goods sold		2.3		4.6			0.7		—		7.6
Total cost of goods sold		2.9		9.2			0.7		—		12.8
Severance and related costs		—		4.4			1.5		112.2		118.1
Asset impairment (net of gains on disposal)		0.3		(1.7	)		—		2.5		1.1
Accelerated depreciation		—		—			—		7.4		7.4
Contract/lease termination		1.8		0.2			0.8		15.1		17.9
Consulting/professional fees		0.9		—			0.8		108.6		110.3
Other selling, general and administrative expenses		2.9		2.7			0.3		19.8		25.7
Total selling, general and administrative expenses		5.9		5.6			3.4		265.6		280.5
Consolidated total	$	8.8	$	14.8		$	4.1	$	265.6	$	293.3

Included in the above results are $264.9 million of charges that have resulted or will result in cash outflows and $28.4 million in non-cash charges.

Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for fiscal 2022 were as follows:

			Costs
	Balance at		Incurred		Costs Paid						Balance at
	May 30,		and Charged		or Otherwise			Changes in			May 29,
	2021		to Expense		Settled			Estimates			2022
Severance and related costs	$	5.1	$	0.3	$	(5.6	)	$	0.5		$	0.3
Contract/lease termination		—		—		0.6			(0.6	)		—
Consulting/professional fees		3.9		19.3		(18.6	)		—			4.6
Other costs		—		4.5		(4.5	)		—			—
Total	$	9.0	$	24.1	$	(28.1	)	$	(0.1	)	$	4.9

Conagra Restructuring Plan

In fiscal 2019, senior management initiated a restructuring plan for costs incurred in connection with actions taken to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network (the "Conagra Restructuring Plan"). Although we remain unable to make good faith estimates relating to the entire Conagra Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2022, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. As of May 29, 2022, we had approved the incurrence of $180.6 million ($53.8 million of cash charges and $126.8 million of non-cash charges) for several projects associated with the Conagra Restructuring Plan. We have incurred or expect to incur $148.4 million of charges ($46.4 million of cash charges and $102.0 million of non-cash charges) for actions identified to date under the Conagra Restructuring Plan. We recognized charges of $29.4 million, $46.2 million, and $64.4 million in connection with the Conagra Restructuring Plan in fiscal 2022, 2021, and 2020, respectively. We expect to incur costs related to the Conagra Restructuring Plan over a multi-year period.

50

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

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 2022):

	Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Corporate		Total
Accelerated depreciation	$	33.2	$	39.6	$	—	$	—	$	—	$	72.8
Other cost of goods sold		8.7		2.3		—		—		—		11.0
Total cost of goods sold		41.9		41.9		—		—		—		83.8
Severance and related costs		11.6		1.2		1.3		0.3		4.7		19.1
Asset impairment (net of gains on disposal)		21.9		0.8		0.1		—		—		22.8
Contract/lease termination		0.4		—		—		—		0.1		0.5
Consulting/professional fees		—		—		—		—		5.6		5.6
Other selling, general and administrative expenses		12.8		2.6		—		—		0.6		16.0
Total selling, general and administrative expenses		46.7		4.6		1.4		0.3		11.0		64.0
Total	$	88.6	$	46.5	$	1.4	$	0.3	$	11.0	$	147.8
Pension and postretirement non-service income												0.6
Consolidated total											$	148.4

During fiscal 2022, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

	Grocery & Snacks			Refrigerated & Frozen			International		Foodservice		Corporate		Total
Accelerated depreciation	$	1.2		$	12.9		$	—	$	—	$	—	$	14.1
Other cost of goods sold		3.9			2.1			—		—		—		6.0
Total cost of goods sold		5.1			15.0			—		—		—		20.1
Severance and related costs		1.2			(0.6	)		0.2		0.3		2.3		3.4
Asset impairment (net of gains on disposal)		(5.2	)		0.5			—		—		—		(4.7	)
Contract/lease termination		0.4			—			—		—		—		0.4
Consulting/professional fees		—			—			—		—		1.7		1.7
Other selling, general and administrative expenses		7.6			0.8			—		—		0.1		8.5
Total selling, general and administrative expenses		4.0			0.7			0.2		0.3		4.1		9.3
Total	$	9.1		$	15.7		$	0.2	$	0.3	$	4.1	$	29.4

Included in the above results are $16.0 million of charges that have resulted or will result in cash outflows and $13.4 million in non-cash charges.

51

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

We recognized the following cumulative (plan inception to May 29, 2022) pre-tax expenses for the Conagra Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Corporate		Total
Accelerated depreciation	$	33.2	$	39.6	$	—	$	—	$	—	$	72.8
Other cost of goods sold		8.7		2.3		—		—		—		11.0
Total cost of goods sold		41.9		41.9		—		—		—		83.8
Severance and related costs		11.6		1.2		1.3		0.3		4.4		18.8
Asset impairment (net of gains on disposal)		21.9		0.8		0.1		—		—		22.8
Contract/lease termination		0.4		—		—		—		0.1		0.5
Consulting/professional fees		—		—		—		—		1.7		1.7
Other selling, general and administrative expenses		12.6		1.1		—		—		0.3		14.0
Total selling, general and administrative expenses		46.5		3.1		1.4		0.3		6.5		57.8
Total	$	88.4	$	45.0	$	1.4	$	0.3	$	6.5	$	141.6
Pension and postretirement non-service income												0.6
Consolidated total											$	142.2

Included in the above results are $40.1 million of charges that have resulted or will result in cash outflows and $102.1 million in non-cash charges.

Liabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2022 were as follows:

			Costs
	Balance at		Incurred		Costs Paid						Balance at
	May 30,		and Charged		or Otherwise			Changes in			May 29,
	2021		to Expense		Settled			Estimates			2022
Severance and related costs	$	9.7	$	5.0	$	(9.9	)	$	(1.6	)	$	3.2
Contract/lease termination		—		0.4		(0.4	)		—			—
Consulting/professional fees		—		1.7		—			—			1.7
Other costs		—		10.5		(10.3	)		—			0.2
Total	$	9.7	$	17.6	$	(20.6	)	$	(1.6	)	$	5.1

52

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

3. LONG-TERM DEBT

	May 29, 2022			May 30, 2021
5.4% senior debt due November 2048	$	1,000.0		$	1,000.0
4.65% senior debt due January 2043		176.7			176.7
6.625% senior debt due August 2039		91.4			91.4
5.3% senior debt due November 2038		1,000.0			1,000.0
8.25% senior debt due September 2030		300.0			300.0
4.85% senior debt due November 2028		1,300.0			1,300.0
7.0% senior debt due October 2028		382.2			382.2
1.375% senior debt due November 2027		1,000.0			1,000.0
6.7% senior debt due August 2027		9.2			9.2
7.125% senior debt due October 2026		262.5			262.5
4.6% senior debt due November 2025		1,000.0			1,000.0
4.3% senior debt due May 2024		1,000.0			1,000.0
0.5% senior debt due August 2023		500.0			—
3.2% senior debt due January 2023		437.0			437.0
3.25% senior debt due September 2022		250.0			250.0
0.45% to 9.59% lease financing obligations due on various dates through 2036		131.3			139.1
Other indebtedness		0.1			0.1
Total face value of debt		8,840.4			8,348.2
Unamortized fair value adjustment	19.2				19.9
Unamortized discounts		(23.4	)		(25.8	)
Unamortized debt issuance costs		(40.7	)		(44.0	)
Less current installments		(707.3	)		(23.1	)
Total long-term debt	$	8,088.2		$	8,275.2

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 29, 2022, are as follows:

2023	$	707.6
2024		1,517.5
2025		14.7
2026		1,021.2
2027		268.1

   In the first quarter of fiscal 2022, we issued $500.0 million aggregate principal amount of 0.500% senior notes due August 11, 2023.

In the fourth quarter of fiscal 2021, we repaid the remaining outstanding $195.9 million aggregate principal amount of our 9.75% subordinated notes on the maturity date of March 1, 2021.

In the third quarter of fiscal 2021, we redeemed $400.0 million aggregate principal amount of our 3.20% senior notes due January 25, 2023, prior to maturity, resulting in a loss of $24.4 million within SG&A expenses as a cost of early extinguishment of debt.

In the second quarter of fiscal 2021, we issued $1.0 billion aggregate principal amount of 1.375% senior notes due November 1, 2027 (the "2027 Senior Notes"). We also redeemed the entire outstanding $1.20 billion aggregate principal amount of our 3.80% senior notes prior to their maturity date of October 22, 2021, resulting in a net loss of $44.3 million within SG&A expenses as a cost of early extinguishment of debt. This redemption was primarily funded using the net proceeds from the issuance of the 2027 Senior Notes.

53

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

In the second quarter of fiscal 2021, we also repaid the entire outstanding $500.0 million aggregate principal amount of our floating rate notes on the maturity date of October 9, 2020.

In the first quarter of fiscal 2021, we repaid the remaining outstanding $126.6 million aggregate principal amount of our 4.95% senior notes on their maturity date of August 15, 2020.

In fiscal 2020, we redeemed the entire outstanding $525.0 million aggregate principal amount of our floating rate notes due October 22, 2020 in two separate redemptions totaling $250.0 million and $275.0 million in the third and fourth quarters of fiscal 2020, respectively.

Net interest expense consists of:

	2022			2021			2020
Long-term debt	$	393.1		$	430.0		$	495.9
Short-term debt		2.3			2.5			0.9
Interest income		(2.1	)		(1.9	)		(3.1	)
Interest capitalized		(13.4	)		(10.2	)		(6.6	)
	$	379.9		$	420.4		$	487.1

In the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our anticipated issuance of long-term debt to help finance the Pinnacle acquisition. During the second quarter of fiscal 2019, we terminated the interest rate swap contracts and received proceeds of $47.5 million. This gain was deferred in accumulated other comprehensive income and is being amortized as a reduction of interest expense over the lives of the related debt instruments. Our net interest expense was reduced by $3.3 million, $3.3 million, and $3.5 million in fiscal 2022, 2021, and 2020, respectively, due to the impact of these interest rate swap contracts.

Interest paid from continuing operations was $393.9 million, $445.6 million, and $494.6 million in fiscal 2022, 2021, and 2020, respectively.

4. CREDIT FACILITIES AND BORROWINGS

At May 29, 2022, we had a revolving credit facility (the "Revolving Credit Facility") with a syndicate of financial institutions providing for a maximum aggregate principal amount outstanding at any one time of $1.6 billion (subject to increase to a maximum aggregate principal amount of $2.1 billion with the consent of the lenders). The Revolving Credit Facility matures on July 11, 2024 and is unsecured. The term of the Revolving Credit Facility may be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. As of May 29, 2022, there were no outstanding borrowings under the Revolving Credit Facility.

The Revolving Credit Facility contains events of default customary for unsecured investment grade credit facilities with corresponding grace periods. In the first quarter of fiscal 2022, we entered into an amendment to the Revolving Credit Facility (the "Amended Revolving Credit Facility"). The Amended Revolving Credit Facility generally requires our ratio of earnings before interest, taxes, depreciation, and amortization ("EBITDA") to interest expense not to be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed 4.5 to 1.0, with each ratio to be calculated on a rolling four-quarter basis. As of  May 29, 2022, we were in compliance with all financial covenants under the Amended Revolving Credit Facility.

We finance our short-term liquidity needs with existing cash balances, cash flows from operations, and commercial paper borrowings. As of May 29, 2022, we had $180.0 million outstanding under our commercial paper program at an average weighted interest rate of 1.41%. As of May 30, 2021, we had $705.7 million outstanding under our commercial paper program at an average weighted interest rate of 0.36%.

54

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

5. DIVESTITURES AND ASSETS HELD FOR SALE

Divestitures

During the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters^® business for net proceeds of $50.7 million. The business results were previously reported primarily within our Refrigerated & Frozen segment, and to a lesser extent within our International and Foodservice segments. We recognized a gain on the sale of $10.4 million, included within SG&A expenses. In connection with the sale of our Egg Beaters^® business, we also recognized a loss of $7.1 million within SG&A expenses related to the early exit of an unfavorable contract.

During the third quarter of fiscal 2021, we completed the sale of our Peter Pan^® peanut butter business for net proceeds of $101.5 million. The business results were previously reported primarily within our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments. We recognized a gain on the sale of $49.8 million, included within SG&A expenses.

During the second quarter of fiscal 2021, we completed the sale of our H.K. Anderson^® business for net proceeds of $8.7 million. The business results were previously reported in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We recognized a gain on the sale of $5.3 million, included within SG&A expenses.

During the third quarter of fiscal 2020, we completed the sale of our Lender's^® bagel business for net proceeds of $33.3 million. The business results were previously reported primarily in our Refrigerated & Frozen segment, and to a lesser extent within our Foodservice segment. In connection with the sale of our Lender's^® bagel business, we recognized an impairment charge of $27.6 million within SG&A expenses in the second quarter of fiscal 2020.

During the second quarter of fiscal 2020, we completed the sale of our Direct Store Delivery ("DSD") snacks business for net proceeds of $137.5 million. The business results were previously reported in our Grocery & Snacks segment. In connection with the sale of our DSD snacks business, we recognized an impairment charge of $31.4 million within SG&A expenses in the first quarter of fiscal 2020.

During the third quarter of fiscal 2020, we completed the sale of our peanut butter manufacturing facility in Streator, Illinois. The sale was part of a broader initiative to optimize the Company's peanut butter business, which also included the decision to exit the manufacture and sale of private label peanut butter. The business results were previously reported primarily in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We received net proceeds of $24.8 million. In connection with this divestiture, we recognized impairment charges of $23.0 million within SG&A expenses in the first half of fiscal 2020. These charges have been included in restructuring activities.

Other Assets Held for Sale

During the second quarter of fiscal 2022, we initiated a plan to sell businesses with operating results included within our Grocery & Snacks, Refrigerated & Frozen, and Foodservice segments. The assets and liabilities have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheets for all periods presented and are expected to be sold within twelve months of initiating our plan. In connection with this activity, we recognized impairment charges of $70.1 million within SG&A expenses in fiscal 2022. 

In addition, we actively market certain other assets from time to time. These assets have been reclassified as assets held for sale within our Consolidated Balance Sheets for periods prior to the disposal of the individual asset groups.

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets were as follows:

	May 29, 2022		May 30, 2021
Current assets	$	27.0	$	24.3
Noncurrent assets (including goodwill of $34.6 million at May 30, 2021)		31.9		113.3
Current liabilities		1.7		1.6
Noncurrent liabilities		2.4		3.2

55

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

6. INVESTMENTS IN JOINT VENTURES

The total carrying value of our equity method investments at the end of fiscal 2022 and 2021 was $918.3 million and $841.8 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and a 50% ownership interest in one other joint venture. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month.

In fiscal 2022, we had purchases from our equity method investees of $30.1 million. Total dividends received from equity method investments in fiscal 2022 were $79.0 million.

In fiscal 2021, we had purchases from our equity method investees of $28.7 million. Total dividends received from equity method investments in fiscal 2021 were $56.5 million.

In fiscal 2020, we had purchases from our equity method investees of $32.5 million. Total dividends received from equity method investments in fiscal 2020 were $51.4 million.

Summarized combined financial information for our equity method investments on a 100% basis is as follows:

	2022		2021		2020
Net sales:
Ardent Mills	$	4,258.5	$	3,407.6	$	3,393.9
Other		253.2		238.8		225.0
Total net sales	$	4,511.7	$	3,646.4	$	3,618.9
Gross margin:
Ardent Mills	$	516.5	$	360.6	$	313.1
Other		54.8		47.3		49.4
Total gross margin	$	571.3	$	407.9	$	362.5
Earnings after income taxes:
Ardent Mills	$	306.2	$	169.6	$	144.5
Other		21.1		19.5		19.3
Total earnings after income taxes	$	327.3	$	189.1	$	163.8

	May 29, 2022		May 30, 2021
Ardent Mills:
Current assets	$	1,470.1	$	1,101.5
Noncurrent assets		1,875.9		1,848.2
Current liabilities		720.5		524.1
Noncurrent liabilities		567.7		563.0
Other:
Current assets	$	103.4	$	95.0
Noncurrent assets		38.2		36.8
Current liabilities		35.1		39.9
Noncurrent liabilities		10.7		10.6

56

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

7. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The change in the carrying amount of goodwill for fiscal 2022 and 2021, excluding amounts classified as held for sale (see Note 5), was as follows:

	Grocery & Snacks		Refrigerated & Frozen		International			Foodservice		Total
Balance as of May 31, 2020	$	4,692.4	$	5,611.2	$	290.5		$	732.8	$	11,326.9
Currency translation		—		—		12.0			—		12.0
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

Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows:

	2022				2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets
Brands and trademarks	$	3,061.6	$	—	$	3,273.1	$	—
Amortizing intangible assets
Customer relationships and intellectual property		1,228.0		436.5		1,228.8		377.3
	$	4,289.6	$	436.5	$	4,501.9	$	377.3

In the fourth quarter of fiscal 2022, we performed our annual goodwill impairment assessment on all of our reporting units and found no indicators of impairment. We completed a qualitative assessment on all of our reporting units with the exception of our Sides, Components, Enhancers reporting unit which considered, among other things, an increase in our market capitalization from our previous testing date and continued sales growth which has had a positive impact on our financial results. While operating profits have been negatively impacted by recent input cost inflation in fiscal 2022, we believe that subsequent price increases and other productivity initiatives will eventually result in more normalized operating margins over time. However, we will continue to evaluate the impact of any significant changes in consumer purchasing behaviors, government restrictions, input cost inflation, or other macroeconomic conditions which could change certain assumptions that result in future impairments. For the Sides, Components, Enhancers reporting unit, based upon a quantitative impairment test, the excess fair value over the carrying value was approximately 20%, which remained relatively consistent with our prior year quantitative impairment test.

Fair value is typically estimated using a discounted cash flow analysis which requires 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 years) and a terminal period (considering expected long-term growth rates and trends). We used a discount rate for our Sides, Components, Enhancers reporting unit of 6.50% and a terminal growth rate of 1%. Estimating the fair value of individual reporting units requires us to make assumptions and estimates in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows, discount rates, or terminal growth rates could produce substantially different estimates of the fair value of the reporting units.

57

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

Amortizing intangible assets, carrying a remaining weighted-average life of approximately 18 years, are principally composed of customer relationships and acquired intellectual property. For fiscal 2022, 2021, and 2020, we recognized amortization expense of $59.3 million, $59.7 million, and $59.8 million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 29, 2022, amortization expense for the next five years is estimated to be as follows:

2023	$	56.9
2024		53.6
2025		53.5
2026		43.5
2027		43.3

For our non-amortizing intangible assets, which are comprised of brands and trademarks, we use a "relief from royalty" methodology in estimating fair value. During fiscal 2022, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $209.0 million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments. Duncan Hines^® and Gardein^® were the most notable brands with impairments largely due to lower than expected profit margins which resulted in a reduction to our assumed royalty rates along with increases in our discount rate in response to the current economic environment, including an increase in interest rates.

During fiscal 2021, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $90.9 million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments. Udi’s® was the most notable brand with impairment in fiscal 2021 largely due to lower than expected sales and profit margins which resulted in a reduction to our assumed royalty rate.

During the first quarter of fiscal 2020, we recorded impairment charges totaling $19.3 million within our Refrigerated & Frozen segment and Grocery & Snacks segment for certain brands for which management changed its business strategy and that continued to have lower than expected sales and profit margins. This impairment was included within SG&A expenses.

During fiscal 2020, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $146.2 million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments, largely associated with brands that were recorded at fair value in recent acquisitions. The more notable brands with impairments included Frontera^®, Gardein^®, Glutino^®, Hungry Man^®, and Udi’s^®.   

8. EARNINGS PER SHARE

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:

	2022		2021		2020
Net income attributable to Conagra Brands, Inc. common stockholders:	$	888.2	$	1,298.8	$	840.1
Weighted average shares outstanding:
Basic weighted average shares outstanding		480.3		485.8		487.3
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities		1.9		2.0		1.3
Diluted weighted average shares outstanding		482.2		487.8		488.6

For fiscal 2022, 2021, and 2020, there were 0.8 million, 0.4 million, and 1.9 million stock options outstanding, respectively, that were excluded from the computation of diluted weighted average shares because the effect was antidilutive.

58

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

9. INVENTORIES

The major classes of inventories were as follows:

	May 29, 2022		May 30, 2021
Raw materials and packaging	$	383.2	$	284.1
Work in process		164.8		125.1
Finished goods		1,305.9		1,221.8
Supplies and other		85.8		78.7
Total	$	1,939.7	$	1,709.7

10. OTHER NONCURRENT LIABILITIES

Other noncurrent liabilities consisted of:

	May 29, 2022		May 30, 2021
Postretirement health care and pension obligations (see Note 17)	$	161.2	$	197.3
Noncurrent income tax liabilities		1,344.5		1,271.4
Noncurrent lease liabilities (see Note 14)		197.0		185.1
Self-insurance liabilities		31.3		30.5
Asset retirement obligations		43.0		42.4
Environmental liabilities (see Note 15)		43.6		59.0
Legal settlement costs (see Note 15)		40.5		52.0
Other		102.4		141.9
	$	1,963.5	$	1,979.6

11. CAPITAL STOCK

The total number of shares we are authorized to issue is 1,218,050,000 shares, which shares may be issued as follows: 1,200,000,000 shares of common stock, par value $5.00 per share; 150,000 shares of Class B Preferred Stock, par value $50.00 per share; 250,000 shares of Class C Preferred Stock, par value $100.00 per share; 1,100,000 shares of Class D Preferred Stock, no par value per share; and 16,550,000 shares of Class E Preferred Stock, no par value per share. There were no preferred shares issued or outstanding as of May 29, 2022.

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 1.5 million shares of our common stock for approximately $50.0 million in fiscal 2022 and 8.8 million shares of our common stock for approximately $298.1 million in fiscal 2021. 

12. SHARE-BASED PAYMENTS

In accordance with stockholder-approved equity incentive plans, we grant stock-based compensation awards, including restricted stock units, cash-settled restricted stock units, performance shares, performance-based restricted stock units, stock options, and stock appreciation rights. The shares delivered upon vesting or lapse of restriction under any such arrangement may consist, in whole or part, of treasury stock or authorized but unissued stock, not reserved for any other purpose.

On September 19, 2014, our stockholders approved the Conagra Brands, Inc. 2014 Stock Plan (as amended effective December 11, 2017, the "Plan"). The Plan authorizes the issuance of up to 40.3 million shares of Conagra Brands common stock. In addition to the shares under the 2014 Stock Plan, certain shares of Conagra Brands common stock subject to outstanding awards under predecessor stock plans that expire, lapse, are cancelled, terminated, forfeited, otherwise become unexercisable, or are settled for cash are available for issuance. At May 29, 2022, approximately 38.5 million shares were reserved for granting new share-based awards.

59

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

Share Unit Awards

In accordance with stockholder-approved equity incentive plans, we grant awards of restricted stock units and cash-settled restricted stock units ("share units") to employees and directors. These awards generally have requisite service periods of three years. Under each such award, stock or cash (as applicable) is issued without direct cost to the employee. We estimate the fair value of the share units based upon the market price of our stock at the date of grant. Certain share unit grants do not provide for the payment of dividend equivalents to the participant during the requisite service period (the "vesting period"). For those grants, the value of the grants is reduced by the net present value of the foregone dividend equivalent payments.

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 $25.8 million, $28.1 million, and $24.5 million for fiscal 2022, 2021, and 2020, respectively. The tax benefit related to the stock-settled share unit award compensation expense for fiscal 2022, 2021, and 2020 was $5.3 million, $6.1 million, and $5.3 million, respectively. 

The following table summarizes the nonvested share units as of May 29, 2022 and changes during the fiscal year then ended:

	Stock-Settled
Share Units	Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested share units at May 30, 2021		2.49		$	33.00
Granted		1.09		$	34.26
Vested/Issued		(0.77	)	$	34.86
Forfeited		(0.31	)	$	33.28
Nonvested share units at May 29, 2022		2.50		$	32.94

During fiscal 2022, 2021, and 2020, we granted 1.1 million, 0.9 million, and 1.3 million stock-settled share units, respectively, with a weighted average grant date fair value of $34.26, $36.72, and $28.32 per share unit, respectively. No cash-settled share unit awards were granted in fiscal 2022, 2021, or 2020. 

The total intrinsic value of stock-settled share units vested was $26.9 million, $24.6 million, and $14.2 million during fiscal 2022, 2021, and 2020, respectively. The total intrinsic value of cash-settled share units vested was $4.3 million and $24.3 million during fiscal 2021 and 2020, respectively.

At May 29, 2022, we had $26.5 million of total unrecognized compensation expense that will be recognized over a weighted average period of 1.8 years related to stock-settled share unit awards.

Performance Share Awards

In accordance with stockholder-approved equity incentive plans, we grant performance shares to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goals for the three-year performance periods ending in fiscal 2022 (the "2022 performance period") and fiscal 2024 ("2024 performance period") are based on our diluted earnings per share ("EPS") compound annual growth rate ("CAGR"), subject to certain adjustments, measured over the defined performance periods. The performance goal for one-third of the target number of performance shares for the three-year performance period ending in fiscal 2023 (the "2023 performance period") is based on our fiscal 2021 diluted EPS CAGR, subject to certain adjustments. The performance goal for the final two-thirds of the target number of performance shares granted for the 2023 performance period is based on our diluted EPS CAGR, subject to certain adjustments, measured over the two-year period ending in fiscal 2023. For each of the 2022 performance period, 2023 performance period, and 2024 performance period, the awards actually earned will range from zero to two hundred percent of the targeted number of performance shares for such performance period. Dividend equivalents are paid on the portion of performance shares actually earned at our regular dividend rate in additional shares of common stock.

60

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

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 been certified, the value of the performance shares is adjusted based upon the market price of our common stock and current forecasted performance against the performance targets at the end of each reporting period and amortized as compensation expense over the vesting period. Forfeitures are accounted for as they occur.

A summary of the activity for performance share awards as of May 29, 2022 and changes during the fiscal year then ended is presented below:

Performance Shares	Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested performance shares at May 30, 2021		1.51		$	33.25
Granted		0.53		$	34.13
Adjustments for performance results attained and dividend equivalents		0.35		$	35.96
Vested/Issued		(0.79	)	$	35.96
Forfeited		(0.16	)	$	32.84
Nonvested performance shares at May 29, 2022		1.44		$	32.80

We recognized a benefit of $1.4 million for our performance share awards in fiscal 2022 and expense of $34.9 million and $31.8 million for fiscal 2021 and 2020, respectively. The tax expense related to the compensation benefit for fiscal 2022 was $0.7 million. The tax benefit related to the compensation expense for fiscal 2021 and 2020 was $3.6 million and $2.9 million, respectively.

The total intrinsic value of performance shares vested (including shares paid in lieu of dividends) during fiscal 2022, 2021, and 2020 was $27.0 million, $33.9 million, and $8.4 million, respectively.

Based on estimates at May 29, 2022, we had $10.8 million of total unrecognized compensation expense related to performance shares that will be recognized over a weighted average period of 1.7 years.

Performance-Based Restricted Stock Unit Awards

On April 15, 2019 (the "grant date"), we made grants of performance-based restricted stock unit ("PBRSU") awards to the Company's named executive officers and a limited group of other senior officers of the Company. A total of 0.2 million PBRSU awards were granted with a grant date fair value of $41.82 per PBRSU.

The PBRSU awards are awards of share units with vesting contingent on our achievement of certain absolute total shareholder return performance ("TSR") goals over a performance period beginning on the grant date and ending May 27, 2022 (the "PBRSU performance period"). If PBRSUs are earned based on absolute TSR and absolute TSR meets or exceeds a predetermined rate, they become eligible for an upward adjustment of 25% based on our relative TSR for the PBRSU performance period versus the median TSR of the S&P 500 Index ("RTSR"). Each PBRSU award payout can range from 0% to 500% of the initial target grant and will not exceed 8.6 times the grant value of each grantee's PBRSU award (including earned dividend equivalents).

Compensation expense for the awards is recognized over the PBRSU performance period based upon the grant date fair value. The grant date fair value was estimated using a Monte-Carlo simulation model with a risk-free rate of 2.35% and an expected volatility of 24.92%. The model includes no expected dividend yield as the PBRSUs earn dividend equivalents.

We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. The compensation expense for our PBRSU awards totaled $1.7 million, $2.4 million, and $2.7 million for fiscal 2022, 2021, and 2020 respectively. The tax expense (benefit) related to our PBRSU awards for fiscal 2022, 2021, and 2020 was $0.4 million, $(0.2) million, and $(0.2) million, respectively. As of May 27, 2022, the end of the PBRSU performance period, the awards did not achieve the absolute TSR goals and resulted in a 0% payout.

61

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

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 years) and generally expire seven to ten years after the date of grant. No stock options were granted in fiscal 2022, 2021, or 2020.

A summary of the option activity as of May 29, 2022 and changes during the fiscal year then ended is presented below:

Options	Number of Options (in Millions)			Weighted Average Exercise Price		Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in Millions)
Outstanding at May 30, 2021		3.0		$	30.70
Exercised		(0.3	)	$	28.34			$	2.0
Outstanding at May 29, 2022		2.7		$	30.87		3.27	$	8.6
Exercisable at May 29, 2022		2.7		$	30.87		3.27	$	8.6

We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. The total intrinsic value of stock options exercised was $2.0 million, $7.0 million, and $3.8 million for fiscal 2022, 2021, and 2020, respectively. The closing market price of our common stock on the last trading day of fiscal 2022 was $33.15 per share.

Compensation expense for stock option awards totaled $0.2 million for fiscal 2020. The tax benefit related to the stock option expense for fiscal 2020 was $0.1 million.

At May 29, 2022, we had no unrecognized compensation expense related to stock options.

Cash received from stock option exercises for fiscal 2022, 2021, and 2020 was $7.8 million, $20.5 million, and $11.0 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $0.5 million, $1.7 million, and $1.4 million for fiscal 2022, 2021, and 2020, respectively.

13. PRE-TAX INCOME AND INCOME TAXES

Pre-tax income from continuing operations (including equity method investment earnings) consisted of the following:

	2022		2021		2020
United States	$	1,106.0	$	1,426.5	$	978.3
Foreign		72.7		68.2		64.8
	$	1,178.7	$	1,494.7	$	1,043.1

62

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

The provision for income taxes included the following:

	2022			2021			2020
Current
Federal	$	186.6		$	232.6		$	188.2
State		48.2			31.8			25.5
Foreign		18.4			15.3			9.5
		253.2			279.7			223.2
Deferred
Federal		34.7			(63.5	)		37.6
State		3.9			(26.1	)		(62.3	)
Foreign		(1.3	)		3.7			2.8
		37.3			(85.9	)		(21.9	)
	$	290.5		$	193.8		$	201.3

Income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows:

	2022			2021			2020
Computed U.S. Federal income taxes	$	247.5		$	313.9		$	219.0
State income taxes, net of U.S. Federal tax impact		37.2			37.4			29.6
Goodwill and intangible impairments		6.1			13.6			11.2
Remeasurement of deferred taxes due to legal entity reorganization		—			35.8			(40.9	)
Tax elections under review by the IRS on capital loss utilization		25.0			—			—
Change of valuation allowance on capital loss carryforward		—			(188.5	)		—
Other		(25.3	)		(18.4	)		(17.6	)
	$	290.5		$	193.8		$	201.3

Income taxes paid, net of refunds, were $299.1 million, $286.3 million, and $178.0 million in fiscal 2022, 2021, and 2020, respectively.

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 29, 2022					May 30, 2021
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	327.2	$	—		$	281.7
Inventory	30.5				—		19.5			—
Goodwill, trademarks and other intangible assets		405.8			1,066.6		—			1,118.4
Right-of-use assets		—			47.9		—			45.5
Accrued expenses		12.7			—		12.0			—
Compensation related liabilities		29.3			—		36.5			—
Pension and other postretirement benefits		—			25.1		—			9.8
Investment in unconsolidated subsidiaries		—			9.4		—			2.6
Lease liabilities		56.1			—		54.4			—
Other liabilities that will give rise to future tax deductions		73.2			—		96.2			—
Net capital and operating loss carryforwards		46.4			—		53.8			—
Federal credits		12.0			—		16.1			—
Other		32.0			38.6		33.9			33.1
		698.0			1,514.8		322.4			1,491.1
Less: Valuation allowance		(455.5	)		—		(67.5	)		—
Net deferred taxes	$	242.5		$	1,514.8	$	254.9		$	1,491.1

63

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

The liability for gross unrecognized tax benefits at May 29, 2022 was $62.9 million, excluding a related liability of $6.7 million for gross interest and penalties. Included in the balance at May 29, 2022 are $0.2 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. Any associated interest and penalties imposed would affect the tax rate. As of May 30, 2021, our gross liability for unrecognized tax benefits was $33.0 million, excluding a related liability of $8.8 million for gross interest and penalties. Interest and penalties recognized in the Consolidated Statements of Earnings was a benefit of $2.1 million in fiscal 2022, an expense of $1.4 million in fiscal 2021, and a benefit of $4.3 million in fiscal 2020.

The net amount of unrecognized tax benefits at  May 29, 2022 and May 30, 2021 that, if recognized, would favorably impact our effective tax rate was $58.0 million and $28.2 million, respectively.

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. All resulting significant items for fiscal 2020 and prior years have been settled with the IRS, with the exception of fiscal 2016. Statutes of limitation for pre-acquisition tax years of Pinnacle generally remain open for calendar year 2003 and subsequent years principally related to net operating losses. Other major jurisdictions where we conduct business generally have statutes of limitations ranging from three to five years.

We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $3.0 million over the next twelve months due to various federal, state, and foreign audit settlements and the expiration of statutes of limitations.

The change in the unrecognized tax benefits for the year ended May 29, 2022 was as follows:

Beginning balance on May 30, 2021	$	33.0
Increases from positions established during prior periods		13.2
Decreases from positions established during prior periods		(3.2	)
Increases from positions established during the current period		31.7
Reductions resulting from lapse of applicable statute of limitation		(3.1	)
Decrease from audit settlements		(8.5	)
Other adjustments to liability		(0.2	)
Ending balance on May 29, 2022	$	62.9

We have approximately $14.3 million of foreign net operating loss carryforwards ($11.0 million will expire between fiscal 2027 and 2042 and $3.3 million have no expiration dates) and $87.9 million of federal net operating loss carryforwards which expire between fiscal 2025 and 2027. Included in net deferred tax liabilities are $28.4 million of tax effected state net operating loss carryforwards which expire in various years ranging from fiscal 2023 to 2042 and $1.7 million of tax effected state capital loss balances that expire in fiscal year 2034. Foreign tax credits of $10.3 million will expire between fiscal 2025 and 2032. State tax credits of approximately $5.2 million will expire in various years ranging from fiscal 2023 to 2030.

In fiscal 2022, we reflected additional tax expense of $25.0 million related to tax elections made in conjunction with filing our fiscal 2021 federal tax return.  These elections are still under review with the Internal Revenue Service. These elections may result in increases to the tax basis in those assets and if successful would result in tax benefits being realized in future periods.

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 more likely than not to be realized. The net change in the valuation allowance for fiscal 2022 was an increase of $388.0 million. For fiscal 2021 and 2020, changes in the valuation allowance were a decrease of $653.9 million and $9.8 million, respectively. The current year change principally relates to valuation allowances on increases to tax basis from tax elections made on our fiscal 2021 federal tax return that are still under review with the Internal Revenue Service.

64

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

During fiscal 2022, it was determined that the current earnings of certain foreign subsidiaries were not indefinitely reinvested or that we could not remit to the U.S. parent in a tax-neutral transaction. Accordingly, we recorded a deferred tax liability of $1.5 million on approximately $30.0 million of earnings at May 29, 2022. The deferred tax liability relates to local withholding taxes that will be owed when this cash is distributed. The undistributed historic earnings in our foreign subsidiaries through May 30, 2021 are considered to be indefinitely reinvested or can be remitted in a tax-neutral transaction. Accordingly, we have not recorded a deferred tax liability related to these undistributed historic earnings.

14. LEASES

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 provide an implicit interest rate, we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease.

We have elected not to separate lease and non-lease components of an agreement for all underlying asset classes prospectively from the ASU 2016-02, Leases, Topic 842 adoption date.

Any lease arrangements with an initial term of twelve months or less are not recorded on our Consolidated Balance Sheet. We recognize lease cost for these lease arrangements on a straight-line basis over the lease term.

Our lease terms may include options to extend or terminate the lease. We consider these options in determining the lease term used to establish our ROU asset and lease liabilities. A limited number of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Leases reported in our Consolidated Balance Sheets were as follows:

	Operating Leases
	Balance Sheet Location	May 29, 2022		May 30, 2021
ROU assets, net	Other assets	$	207.6	$	183.8
Lease liabilities (current)	Other accrued liabilities		43.6		35.0
Lease liabilities (noncurrent)	Other noncurrent liabilities		197.0		185.1

	Finance Leases
	Balance Sheet Location	May 29, 2022			May 30, 2021
ROU assets, at cost	Property, plant and equipment	$	208.0		$	217.6
Less accumulated depreciation	Less accumulated depreciation		(64.2	)		(60.2	)
ROU assets, net	Property, plant and equipment, net		143.8			157.4
Lease liabilities (current)	Current installments of long-term debt		20.6			23.1
Lease liabilities (noncurrent)	Senior long-term debt, excluding current installments		110.7			116.0

65

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

The components of total lease cost were as follows:

	2022		2021		2020
Operating lease cost	$	52.9	$	51.0	$	63.7
Finance lease cost
Depreciation of leased assets		16.4		19.0		15.4
Interest on lease liabilities		6.5		8.2		9.1
Short-term lease cost		7.3		5.1		3.8
Total lease cost	$	83.1	$	83.3	$	92.0

We recognized accelerated operating lease cost of $9.9 million and impairments of ROU assets of $2.9 million within SG&A expenses in fiscal 2020. These charges are included in the Pinnacle Integration Restructuring Plan.

The weighted-average remaining lease terms and weighted-average discount rate for our leases as of  May 29, 2022 and May 30, 2021 were as follows:

	Operating Leases						Finance Leases
	2022			2021			2022			2021
Weighted-average remaining lease term (in years)		6.9			8.1			7.3			7.7
Weighted-average discount rate		3.21	%		3.51	%		4.91	%		4.95	%

Cash flows arising from lease transactions were as follows:

	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	55.7	$	56.0	$	59.5
Operating cash outflows from finance leases		6.5		8.3		9.2
Financing cash outflows from finance leases		31.2		24.3		22.5
ROU assets obtained in exchange for new lease liabilities:
Operating leases		68.5		21.1		41.6
Finance leases		23.6		26.1		12.2

Maturities of lease liabilities by fiscal year as of May 29, 2022 were as follows:

	Operating Leases			Finance Leases			Total
2023	$	54.6		$	24.8		$	79.4
2024		45.3			22.1			67.4
2025		33.2			18.7			51.9
2026	29.9				15.5			45.4
2027		24.5			17.7			42.2
Later years		94.9			58.3			153.2
Total lease payments		282.4			157.1			439.5
Less: Imputed interest		(41.8	)		(25.8	)		(67.6	)
Total lease liabilities	$	240.6		$	131.3		$	371.9

We have entered into contracts that are or contain a lease that have not yet commenced with aggregate payments totaling $270.6 million as of May 29, 2022. This amount primarily relates to a warehouse facility with a future minimum lease commitment of $254.3 million over a term of 20 years. We expect to take control of this leased asset in fiscal 2024.

66

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

15. CONTINGENCIES

Litigation Matters

We are a party to certain litigation matters relating to our acquisition of Beatrice Company ("Beatrice") in fiscal 1991, including litigation proceedings related to businesses divested by Beatrice prior to our acquisition of the company. These proceedings have included suits against a number of lead paint and pigment manufacturers, including ConAgra Grocery Products Company, LLC, a wholly-owned subsidiary of the Company ("ConAgra Grocery Products") as alleged successor to W. P. Fuller & Co., a lead paint and pigment manufacturer owned and operated by a predecessor to Beatrice from 1962 until 1967. These lawsuits generally seek damages for personal injury, property damage, economic loss, and governmental expenditures allegedly caused by the use of lead-based paint, and/or injunctive relief for inspection and abatement. When such lawsuits have been brought, ConAgra Grocery Products has denied liability, both on the merits of the claims and on the basis that we do not believe it to be the successor to any liability attributable to W. P. Fuller & Co. Decisions favorable to us were rendered in Rhode Island, New Jersey, Wisconsin, and Ohio. ConAgra Grocery Products was held liable for the abatement of a public nuisance in California, and the case was dismissed pursuant to settlement in July 2019 as discussed in the following paragraph. We remain a defendant in one active suit in Illinois. The Illinois suit seeks class-wide relief for reimbursement of costs associated with the testing of lead levels in blood. We do not believe it is probable that we have incurred any liability with respect to the Illinois case, nor is it possible to estimate any potential exposure.

In California, a number of cities and counties joined in a consolidated action seeking abatement of an alleged public nuisance in the form of lead-based paint potentially present on the interior of residences, regardless of its condition. On September 23, 2013, a trial of the California case concluded in the Superior Court of California for the County of Santa Clara, and on January 27, 2014, the court entered a judgment (the "Judgment") against ConAgra Grocery Products and two other defendants ordering the creation of a California abatement fund in the amount of $1.15 billion. Liability was joint and several. The Company appealed the Judgment, and on November 14, 2017 the California Court of Appeal for the Sixth Appellate District reversed in part, holding that the defendants were not liable to pay for abatement of homes built after 1950, but affirmed the Judgment as to homes built before 1951. The Court of Appeal remanded the case to the trial court with directions to recalculate the amount of the abatement fund estimated to be necessary to cover the cost of remediating pre-1951 homes, and to hold an evidentiary hearing regarding appointment of a suitable receiver. ConAgra Grocery Products and the other defendants petitioned the California Supreme Court for review of the decision, which we believe to be an unprecedented expansion of current California law. On February 14, 2018, the California Supreme Court denied the petition and declined to review the merits of the case, and the case was remanded to the trial court for further proceedings. ConAgra Grocery Products and the other defendants sought further review of certain issues from the Supreme Court of the United States, but on October 15, 2018, the Supreme Court declined to review the case. On September 4, 2018, the trial court recalculated its estimate of the amount needed to remediate pre-1951 homes in the plaintiff jurisdictions to be $409.0 million. As of July 10, 2019, the parties reached an agreement in principle to resolve this matter, which agreement was approved by the trial court on July 24, 2019, and the action against ConAgra Grocery Products was dismissed with prejudice. Pursuant to the settlement, ConAgra Grocery Products will pay a total of $101.7 million in seven installments to be paid annually from fiscal 2020 through fiscal 2026 of which we have made payments through May 29, 2022 of $49.0 million. As part of the settlement, ConAgra Grocery Products has provided a guarantee of up to $15.0 million in the event co-defendant, NL Industries, Inc., defaults on its payment obligations. We have accrued $11.7 million and $40.5 million, within other accrued liabilities and other noncurrent liabilities, respectively, for this matter as of May 29, 2022. The extent of insurance coverage is uncertain and the Company's carriers are on notice; however, any possible insurance recovery has not been considered for purposes of determining our liability.

67

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

We are party to a number of putative class action lawsuits challenging various product claims made in the Company's product labeling. These matters include Briseno v. ConAgra Foods, Inc. in which it is alleged that the labeling for Wesson® oils as 100% natural is false and misleading because the oils contain genetically modified plants and organisms. In February 2015, the U.S. District Court for the Central District of California granted class certification to permit plaintiffs to pursue state law claims. The Company appealed to the United States Court of Appeals for the Ninth Circuit, which affirmed class certification in January 2017. The Supreme Court of the United States declined to review the decision and the case was remanded to the trial court for further proceedings. On April 4, 2019, the trial court granted preliminary approval of a settlement in this matter. In the second quarter of fiscal 2020, a single objecting class member appealed the court's decision approving the settlement to the United States Court of Appeals for the Ninth Circuit. On June 1, 2021, the appellate court rejected the settlement and remanded to the trial court for further proceedings. On December 22, 2021, the trial court denied plaintiffs’ motion for final approval of the settlement. While we cannot predict with certainty the results of this or any other legal proceeding challenging our product claims, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

We are party to matters challenging the Company's wage and hour practices. These matters include a number of class actions consolidated under the caption Negrete v. ConAgra Foods, Inc., et al, pending in the U.S. District Court for the Central District of California, in which the plaintiffs allege a pattern of violations of California and/or federal law at several current and former Company manufacturing facilities across the State of California. On June 21, 2021, the trial court granted preliminary approval of a settlement in this matter. Final approval of the settlement was granted on February 7, 2022 and the case was dismissed with prejudice. The Company fulfilled its settlement obligations by contributing a total of $9.4 million to the settlement fund as of February 18, 2022.

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, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

The Company, its directors, and several of its executive officers are defendants in several class actions alleging violations of federal securities laws. The lawsuits assert that the Company's officers made material misstatements and omissions that caused the market to have an unrealistically positive assessment of the Company's financial prospects in light of the acquisition of Pinnacle, thus causing the Company's securities to be overvalued prior to the release of the Company's consolidated financial results on December 20, 2018 for the second quarter of fiscal year 2019. The first of these lawsuits, captioned West Palm Beach Firefighters' Pension Fund v. Conagra Brands, Inc., et al., with which subsequent lawsuits alleging similar facts have been consolidated, was filed on February 22, 2019 in the U.S. District Court for the Northern District of Illinois. That consolidated lawsuit was dismissed with prejudice on December 23, 2020 for failure to state a claim. On January 22, 2021, the plaintiff filed a notice of appeal of the trial court’s decision to the U.S. Court of Appeals for the Seventh Circuit. On May 9, 2022, the appellate court affirmed the dismissal, and the matter is now closed. In addition, on May 9, 2019, a stockholder filed a derivative action on behalf of the Company against the Company's directors captioned Klein v. Arora, et al. in the U.S. District Court for the Northern District of Illinois asserting harm to the Company due to alleged breaches of fiduciary duty and mismanagement in connection with the Pinnacle acquisition. On July 9, 2019, September 20, 2019, and March 10, 2020, the Company received three separate demands from stockholders under Delaware law to inspect the Company's books and records related to the Board of Directors' review of the Pinnacle business, acquisition, and the Company's public statements related to them. On July 22, 2019 and August 6, 2019, respectively, two additional stockholder derivative lawsuits captioned Opperman v. Connolly, et al. and Dahl v. Connolly, et al. were filed in the U.S. District Court for the Northern District of Illinois asserting similar facts and claims as the Klein v. Arora, et al. matter. On October 21, 2019, the Company received an additional demand from a stockholder under Delaware law to appoint a special committee to investigate the conduct of certain officers and directors in connection with the Pinnacle acquisition and the Company's public statements. On March 9, 2020, the stockholder derivative lawsuits were consolidated in a single Consolidated Derivative Action under the caption Klein v. Arora, et al. On June 9, 2022, the Consolidated Derivative Action was dismissed without prejudice by stipulation of the parties, and the matter is now closed. 

68

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

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, the Minnesota Pollution Control Agency ("MPCA") initiated an odor complaint investigation at our Waseca, Minnesota vegetable processing facility. As a result of the investigation, the MPCA required implementation of a continuous monitoring system running from May 1 – October 31 to monitor hydrogen sulfide emissions at the wastewater treatment facility. As a result of the monitoring data findings, the MPCA has alleged violations of Minnesota Ambient Air Quality Standards based on our hydrogen sulfide emissions during calendar years 2020 and 2021. The MPCA’s current proposed penalty is $1.8 million for 2020 and $4.3 million for 2021; however, we are still in settlement negotiations with the MPCA to reduce the amount allegedly owed. To that end, Conagra is taking additional actions to improve wastewater treatment at the Waseca facility, which may be used to offset portions of the penalties ultimately agreed upon by the parties.

We are a party to certain environmental proceedings relating to our acquisition of Beatrice in fiscal 1991. Such proceedings include proceedings related to businesses divested by Beatrice prior to our acquisition of Beatrice. The current environmental proceedings associated with Beatrice include litigation and administrative proceedings involving Beatrice's possible status as a potentially responsible party at approximately 35 Superfund, proposed Superfund, or state-equivalent sites (the "Beatrice sites"). These sites involve locations previously owned or operated by predecessors of Beatrice that used or produced petroleum, pesticides, fertilizers, dyes, inks, solvents, polychlorinated biphenyls, acids, lead, sulfur, tannery wastes, and/or other contaminants. Reserves for these Beatrice environmental proceedings have been established based on our best estimate of the undiscounted remediation liabilities, which estimates include evaluation of investigatory studies, extent of required clean-up, the known volumetric contribution of Beatrice and other potentially responsible parties, and its experience in remediating sites. The accrual for Beatrice-related environmental matters totaled $39.9 million ($2.0 million within other accrued liabilities and $37.9 million within other noncurrent liabilities) as of May 29, 2022, a majority of which relates to the Superfund and state-equivalent sites referenced above. During the third quarter of fiscal 2017, a final Remedial Investigation/Feasibility Study was submitted for the Southwest Properties portion ("Operating Unit 4") of the Wells G&H Superfund site, which is one of the Beatrice sites. The U.S. Environmental Protection Agency ("EPA") issued a Record of Decision ("ROD") for the Southwest Properties portion of the site on September 29, 2017 and entered into negotiations with potentially responsible parties to determine final responsibility for implementing the ROD. On September 14, 2020, the district court entered a consent decree among EPA and the settling defendants, including the Company. On May 24, 2022, BFEL Indemnitor, Inc. ("BFEL"), a Conagra subsidiary, entered a settlement agreement with a third party with whom BFEL shared certain environmental liabilities of past owners and/or operators, which resulted in a $6.5 million benefit within SG&A expenses due to a reduction in our environmental reserves.

Guarantees and Other Contingencies

In certain limited situations, we will guarantee an obligation of an unconsolidated entity. We guarantee an obligation of the Lamb Weston business pursuant to a guarantee arrangement that existed prior to the spinoff of the Lamb Weston business (the "Spinoff"). The guarantee remained in place following completion of the Spinoff, and it will remain in place until such guarantee obligation is substituted for guarantees issued by Lamb Weston. Pursuant to the separation and distribution agreement, dated as of November 8, 2016 (the "Separation Agreement"), between us and Lamb Weston, this guarantee arrangement is deemed a liability of Lamb Weston that was transferred to Lamb Weston as part of the Spinoff. Accordingly, in the event that we are required to make any payments as a result of this guarantee arrangement, Lamb Weston is obligated to indemnify us for any such liability, reduced by any insurance proceeds received by us, in accordance with the terms of the indemnification provisions under the Separation Agreement. Lamb Weston is a party to an agricultural sublease agreement with a third party for certain farmland through 2025 (subject, at Lamb Weston's option, to extension for one additional five-year period). Under the terms of the sublease agreement, Lamb Weston is required to make certain rental payments to the sublessor. We have guaranteed the sublessor Lamb Weston's performance and the payment of all amounts (including indemnification obligations) owed by Lamb Weston under the sublease agreement, up to a maximum of $75.0 million. We believe the farmland associated with this sublease agreement is readily marketable for lease to other area farming operators. As such, we believe that any financial exposure to the Company, in the event that we were required to perform under the guarantee, would be largely mitigated.

69

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

We also guarantee a lease resulting from an exited facility. As of May 29, 2022, the remaining term of this arrangement did not exceed five years and the maximum amount of future payments we have guaranteed was $11.3 million.

General

After taking into account liabilities recognized for all of the foregoing matters, management believes the ultimate resolution of such matters should not have a material adverse effect on our financial condition, results of operations, or liquidity; however, it is reasonably possible that a change of the estimates of any of the foregoing matters may occur in the future which could have a material adverse effect on our financial condition, results of operations, or liquidity.

Costs of legal services associated with the foregoing matters are recognized in earnings as services are provided.

16. DERIVATIVE FINANCIAL INSTRUMENTS

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 months. We may enter into longer-term economic hedges on particular commodities, if deemed appropriate. As of May 29, 2022, we had economically hedged certain portions of our anticipated consumption of commodity inputs using derivative instruments with expiration dates through January 2023.

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 limited to, hedging against foreign currency risk in purchasing inventory and capital equipment, sales of finished goods, and future settlement of foreign-denominated assets and liabilities. As of May 29, 2022, we had economically hedged certain portions of our foreign currency risk in anticipated transactions using derivative instruments with expiration dates through February 2023.

From time to time, we may use derivative instruments, including interest rate swaps, to reduce risk related to changes in interest rates. This includes, but is not limited to, hedging against increasing interest rates prior to the issuance of long-term debt and hedging the fair value of our senior long-term debt.

Derivatives Designated as Cash Flow Hedges

During the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our issuance of long-term debt to help finance the acquisition of Pinnacle. We settled these contracts during the second quarter of fiscal 2019 and deferred a $47.5 million gain in accumulated other comprehensive income that is being amortized as a reduction of interest expense over the lives of the related debt instruments. In the second quarter of fiscal 2021, $0.5 million was written off in connection with the early extinguishment of debt (see Note 3). The unamortized amount at May 29, 2022 was $34.9 million.

70

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

Economic Hedges of Forecasted Cash Flows

Many of our derivatives do not qualify for, and we do not currently designate certain commodity or foreign currency derivatives to achieve, hedge accounting treatment. We reflect realized and unrealized gains and losses from derivatives used to economically hedge anticipated commodity consumption and to mitigate foreign currency cash flow risk in earnings immediately within general corporate expense (within cost of goods sold). The gains and losses are reclassified to segment operating results in the period in which the underlying item being economically hedged is recognized in cost of goods sold. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results immediately.

Economic Hedges of Fair Values — Foreign Currency Exchange Rate Risk

We may use options and cross currency swaps to economically hedge the fair value of certain monetary assets and liabilities (including intercompany balances) denominated in a currency other than the functional currency. These derivatives are marked-to-market with gains and losses immediately recognized in SG&A expenses. These substantially offset the foreign currency transaction gains or losses recognized as values of the monetary assets or liabilities being economically hedged change.

All derivative instruments are recognized on the Consolidated Balance Sheets at fair value (refer to Note 18 for additional information related to fair value measurements). The fair value of derivative assets is recognized within prepaid expenses and other current assets, while the fair value of derivative liabilities is recognized within other accrued liabilities. In accordance with U.S. GAAP, we offset certain derivative asset and liability balances, as well as certain amounts representing rights to reclaim cash collateral and obligations to return cash collateral, where master netting agreements provide for legal right of setoff. At May 29, 2022 and May 30, 2021, amounts representing an obligation to return cash collateral of $4.0 and $2.0 million, respectively, were included in prepaid expenses and other current assets in our Consolidated Balance Sheets.

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 29, 2022		May 30, 2021
Prepaid expenses and other current assets	$	7.0	$	15.5
Other accrued liabilities		2.2		6.9

The following table presents our derivative assets and liabilities at May 29, 2022, on a gross basis, prior to the setoff of $20.1 million to total derivative assets and $16.1 million to total derivative liabilities where legal right of setoff existed:

	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

71

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

The following table presents our derivative assets and liabilities, at May 30, 2021, on a gross basis, prior to the setoff of $7.4 million to total derivative assets and $5.4 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	22.9	Other accrued liabilities	$	5.4
Foreign exchange contracts	Prepaid expenses and other current assets		—	Other accrued liabilities		6.9
Total derivatives not designated as hedging instruments		$	22.9		$	12.3

The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Consolidated Statements of Earnings were as follows:

	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

	For the Fiscal Year Ended May 31, 2020
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	$	(18.4	)
Foreign exchange contracts	Cost of goods sold		5.5
Total losses from derivative instruments not designated as hedging instruments		$	(12.9	)

72

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

As of May 29, 2022, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $115.3 million and $96.7 million for purchase and sales contracts, respectively. As of May 30, 2021, our open commodity contracts had a notional value of $148.8 million and $159.4 million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward and cross currency swap contracts as of  May 29, 2022 and May 30, 2021 was $106.6 million and $111.4 million, respectively.

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 party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties. We have not incurred a material loss due to nonperformance in any period presented and do not expect to incur any such material loss. We also enter into futures and options transactions through various regulated exchanges.

At May 29, 2022, the maximum amount of loss due to the credit risk of the counterparties, had the counterparties failed to perform according to the terms of the contracts, was $1.3 million.

17. PENSION AND POSTRETIREMENT BENEFITS

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, our defined benefit pension plan for eligible salaried employees was closed to new hire salaried employees. New hire salaried employees will generally be eligible to participate in our defined contribution plan.

During the third quarter of fiscal 2020, we amended a certain hourly pension plan that froze future compensation and service periods. As a result, we remeasured the Company's hourly pension plan liability as of January 31, 2020 and recorded a pension curtailment loss of $0.2 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan from 3.86% to 2.96%. The remeasurement increased the underfunded status of the pension plan by $4.3 million with a corresponding loss within other comprehensive income (loss).

During the second quarter of fiscal 2020, the Company provided a voluntary lump-sum settlement offer to certain terminated vested participants in the salaried pension plan in order to reduce a portion of the pension obligation. During the third quarter of fiscal 2020, lump-sum settlement payments totaling $154.6 million were distributed from pension plan assets to such participants. As a result of the settlement, we were required to remeasure our pension plan liability. In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.89% to 3.37%, as of December 31, 2019. The settlement and related remeasurement resulted in the recognition of a settlement gain of $2.1 million, reflected in pension and postretirement non-service income, as well as a benefit to other comprehensive income (loss) totaling $79.8 million in the third quarter of fiscal 2020.

As a result of the anticipated exit of certain facilities, during the first quarter of fiscal 2020, we remeasured the Company's hourly pension plan as of August 25, 2019 and recorded a pension curtailment loss of $0.6 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.90% to 3.13%. The curtailment loss and related remeasurement increased the underfunded status of the pension plan by $12.3 million with a corresponding loss within other comprehensive income (loss).

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 recognized in net periodic benefit cost. For our postretirement plans, we also recognize as a component of accumulated other comprehensive income (loss), the net of tax results of the gains or losses and prior service costs or credits that arise during the period but are not recognized in net periodic benefit cost. These amounts will be adjusted out of accumulated other comprehensive income (loss) as they are subsequently recognized as components of net periodic benefit cost. For our pension plans, we have elected to immediately recognize actuarial gains and losses in our operating results in the year in which they occur, to the extent they exceed the corridor, eliminating amortization. Amounts are included in the components of pension and postretirement plan costs, below, as recognized net actuarial loss.

73

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

The changes in benefit obligations and plan assets at  May 29, 2022 and May 30, 2021 are presented in the following table.

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,739.2		$	3,872.5		$	81.5		$	89.8
Service cost		8.7			11.6			0.2			0.2
Interest cost		83.3			86.8			1.3			1.5
Amendments		3.7			—			—			—
Actuarial gain		(503.1	)		(37.4	)		(9.5	)		(2.3	)
Plan settlements		—			—			—			(0.3	)
Curtailments		—			—			—			—
Benefits paid		(198.3	)		(196.8	)		(8.2	)		(8.5	)
Currency		(0.9	)		2.5			(0.5	)		1.1
Benefit obligation at end of year	$	3,132.6		$	3,739.2		$	64.8		$	81.5
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,848.8		$	3,820.4		$	3.3		$	3.4
Actual return on plan assets		(366.1	)		194.6			0.1			0.2
Employer contributions		11.5			27.6			8.2			8.5
Plan settlements		—			—			—			(0.3	)
Benefits paid		(198.4	)		(196.8	)		(8.2	)		(8.5	)
Currency		(1.1	)		3.0			—			—
Fair value of plan assets at end of year	$	3,294.7		$	3,848.8		$	3.4		$	3.3

The $503.1 million actuarial gain reducing our projected benefit obligation at the end of fiscal 2022 is principally related to the increase in the discount rate from 3.04% to 4.48%. This change in interest rates also impacted the fair value of our portfolio of fixed income securities which contributed to the $366.1 million lower return on plan assets in fiscal 2022.

The funded status and amounts recognized in our Consolidated Balance Sheets at  May 29, 2022 and May 30, 2021 were as follows:

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Funded Status	$	162.1		$	109.6		$	(61.4	)	$	(78.2	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	277.0		$	245.0		$	3.2		$	3.0
Other accrued liabilities		(10.2	)		(10.3	)		(8.1	)		(9.0	)
Other noncurrent liabilities		(104.7	)		(125.1	)		(56.5	)		(72.2	)
Net Amount Recognized	$	162.1		$	109.6		$	(61.4	)	$	(78.2	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	$	(30.2	)	$	(41.5	)	$	(44.5	)	$	(38.4	)
Net prior service cost (benefit)		8.0			6.2			(11.0	)		(12.9	)
Total	$	(22.2	)	$	(35.3	)	$	(55.5	)	$	(51.3	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2022 and May 30, 2021
Discount rate		4.48	%		3.04	%		4.24	%		2.51	%
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 $3.13 billion and $3.74 billion at May 29, 2022 and May 30, 2021, respectively.

74

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

The projected benefit obligation and accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets at  May 29, 2022 and May 30, 2021 were as follows:

	2022		2021
Projected benefit obligation	$	114.9	$	135.4
Accumulated benefit obligation		114.9		135.4

Components of pension and postretirement plan costs included:

	Pension Plans									Postretirement Plans
	2022			2021			2020			2022			2021			2020
Service cost	$	8.7		$	11.6		$	11.5		$	0.2		$	0.2		$	0.1
Interest cost		83.3			86.8			118.4			1.3			1.5			2.6
Expected return on plan assets		(145.4	)		(140.0	)		(170.2	)		—			—			—
Amortization of prior service cost (benefit)		1.9			2.3			2.7			(2.0	)		(2.1	)		(2.1	)
Recognized net actuarial loss (gain)		(2.9	)		0.8			44.8			(3.5	)		(3.5	)		(4.6	)
Settlement gain		—			—			(2.1	)		—			(0.5	)		(0.2	)
Curtailment loss (gain)		—			0.2			0.8			—			—			—
Pension and postretirement cost (benefit) — Company plans		(54.4	)		(38.3	)		5.9			(4.0	)		(4.4	)		(4.2	)
Pension cost (benefit) — multi-employer plans		8.1			7.4			6.5			—			—			—
Total pension and postretirement cost (benefit)	$	(46.3	)	$	(30.9	)	$	12.4		$	(4.0	)	$	(4.4	)	$	(4.2	)

In fiscal 2022, 2021, and 2020, the Company recorded a gain of $2.9 million and charges of $0.8 million and $44.8 million, respectively, reflecting the year-end write-off of actuarial gains and losses in excess of 10% of our pension liability. In fiscal 2020, the higher actuarial losses outside of the 10% corridor were principally related to a reduction in the discount rate used to recognize at present value our pension obligations and a decline in market value of certain plan assets associated with our non-qualified and hourly plans.

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Net actuarial gain (loss)	$	(8.5	)	$	92.0		$	9.6		$	2.5
Amendments		(3.7	)		—			—			—
Amortization of prior service cost (benefit)		1.9			2.3			(2.0	)		(2.1	)
Settlement and curtailment loss (gain)		—			0.2			—			(0.5	)
Recognized net actuarial loss (gain)		(2.9	)		0.8			(3.5	)		(3.5	)
Currency		0.1			(0.2	)		0.1			(0.2	)
Net amount recognized	$	(13.1	)	$	95.1		$	4.2		$	(3.8	)

Weighted-Average Actuarial Assumptions Used to Determine Net Expense

	Pension Plans									Postretirement Plans
	2022			2021			2020			2022			2021			2020
Discount rate - interest cost		2.29	%		2.30	%		3.51	%		1.69	%		1.74	%		3.09	%
Discount rate - service cost		3.50	%		3.35	%		4.04	%		3.55	%		3.03	%		3.47	%
Long-term rate of return on plan assets		3.87	%		3.74	%		4.77	%		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.

75

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

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 active participants, average life expectancy is used instead of average expected useful service.

Plan Assets

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 18, as of May 29, 2022, was as follows:

	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
Real estate funds		—			—		—		—
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

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 18, as of May 30, 2021, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	7.5	$	85.0	$	—	$	92.5
Equity securities:
U.S. equity securities		78.0		94.6		—		172.6
International equity securities		121.9		0.5		—		122.4
Fixed income securities:
Government bonds		—		772.6		—		772.6
Corporate bonds		—		2,407.2		—		2,407.2
Mortgage-backed bonds		—		12.4		—		12.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		5.7		—		—		5.7
Fair value measurement of pension plan assets in the fair value hierarchy	$	213.1	$	3,372.3	$	—	$	3,585.4
Investments measured at net asset value								263.4
Total pension plan assets							$	3,848.8

Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.

Level 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.

Level 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.

76

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $29.4 million as of May 29, 2022, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 29, 2022, no such gates were imposed.

As of May 29, 2022, we have unfunded commitments for additional investments of $35.0 million in private equity funds and $10.4 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.

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 29, 2022			May 30, 2021
Equity securities		4	%		8	%
Debt securities		87	%		83	%
Real estate funds		1	%		1	%
Private equity		4	%		3	%
Other		4	%		5	%
Total		100	%		100	%

Due to the salaried pension plan freeze that occurred in fiscal 2018, the Company's pension asset strategy is now designed to align our pension plan assets with our projected benefit obligation to reduce volatility by targeting an investment strategy of approximately 90% in fixed-income securities and approximately 10% in return seeking assets, primarily equity securities, real estate, and private assets.

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 29, 2022			May 30, 2021
Initial health care cost trend rate		6.32	%		6.53	%
Ultimate health care cost trend rate		4.44	%		4.44	%
Year that the rate reaches the ultimate trend rate	2029			2029

We currently anticipate making contributions of approximately $12.4 million to our pension plans in fiscal 2023. We anticipate making contributions of $8.1 million to our other postretirement plans in fiscal 2023. These estimates are based on ERISA guidelines, current tax laws, plan asset performance, and liability assumptions, which are subject to change.

The following table presents estimated future gross benefit payments for our plans:

	Pension		Postretirement
	Plans		Plans
2023	$	202.6	$	8.1
2024		203.7		7.5
2025		205.5		6.9
2026		206.8		6.3
2027		207.5		5.8
Succeeding 5 years		1,027.7		22.5

77

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

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 employer may be used to provide benefits to employees of other participating employers.

b. If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

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 be required to pay to the plan an amount based on the underfunded status of the plan and on the history of the Company's participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability.

The Company's participation in multiemployer plans for the fiscal year ended May 29, 2022 is outlined in the table below. For each plan that is individually significant to the Company the following information is provided:

• The "EIN / PN" column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service.

• The most recent Pension Protection Act Zone Status available for 2021 and 2020 is for plan years that ended in calendar years 2021 and 2020, respectively. The zone status is based on information provided to the Company by each plan. A plan in the "red" zone has been determined to be in "critical status", based on criteria established under the Internal Revenue Code ("Code"), and is generally less than 65% funded. A plan in the "yellow" zone has been determined to be in "endangered status", based on criteria established under the Code, and is generally less than 80% funded. A plan in the "green" zone has been determined to be neither in "critical status" nor in "endangered status", and is generally at least 80% funded.

• 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 2021.

• 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 29, 2022 included an amount in addition to the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in "critical status", in accordance with the requirements of the Code.

• 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 individually significant to Conagra Brands the total amount of contributions is presented in the aggregate.

78

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

Pension Protection Act Zone Status

FIP / RP Status

Contributions by the Company (millions)

Expiration Dates of Collective

Pension Fund

EIN / PN

2021

2020

Pending / Implemented

FY22

FY21

FY20

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

2.5

2.2

2.0

No

5/31/2025

Western Conference of Teamsters Pension Plan

91-6145047/ 001

Green

Green

N/A

3.8

3.8

3.2

No

6/30/2022

Other Plans

1.8

1.4

1.3

Total Contributions

$

8.1

$

7.4

$

6.5

The Company was not listed in the Forms 5500 filed by any of the other plans or for any of the other years as providing more than 5% of the plan's total contributions. At the date our financial statements were issued, Forms 5500 were not available for plan years ending in calendar year 2021.

Certain of our employees are covered under defined contribution plans. The expense related to these plans was $57.9 million, $47.6 million, and $49.9 million in fiscal 2022, 2021, and 2020, respectively.

18. FAIR VALUE MEASUREMENTS

Financial Accounting Standards Board guidance establishes a three-level fair value hierarchy based upon the assumptions (inputs) used to price assets or liabilities. The three levels of inputs used to measure fair value are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities,

Level 2 — Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets, and

Level 3 — Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability.

The fair values of our Level 2 derivative instruments were determined using valuation models that use market observable inputs including both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity and foreign currency option and forward contracts.

Our Level 3 available-for-sale debt securities consist of a convertible note receivable acquired in the second quarter of fiscal 2022.  The convertible note receivable is not traded in active markets and the fair value was determined using a discounted cash flow valuation model.

79

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

The following table presents our financial assets and liabilities measured at fair value on a recurring basis for which, 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
Marketable securities		—		—		—		—
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

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 30, 2021:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	13.0	$	2.5	$	—	$	15.5
Marketable securities		6.6		—		—		6.6
Deferred compensation assets		8.8		—		—		8.8
Total assets	$	28.4	$	2.5	$	—	$	30.9
Liabilities:
Derivative liabilities	$	—	$	6.9	$	—	$	6.9
Deferred compensation liabilities		81.0		—		—		81.0
Total liabilities	$	81.0	$	6.9	$	—	$	87.9

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 inputs.

During fiscal 2021, we updated our cost estimates associated with certain asset retirement obligations at several manufacturing facilities largely due to recent experience of physically closing a wastewater lagoon. This change in estimate resulted in a non-cash increase to our long-lived assets in the amount of $27.4 million and will result in additional depreciation in future periods generally ranging from 15-25 years. The fair value of our asset retirement obligations was measured using cost estimates to settle our future obligations (including an estimate of inflation) and discounted to present value using a credit-adjusted risk-free rate.

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). Impairments in our Grocery & Snacks segment totaled $90.7 million, $13.0 million, and $46.4 million for fiscal 2022, 2021, and 2020, respectively. Impairments in our Refrigerated & Frozen segment totaled $103.9 million, $76.9 million, and $110.8 million for fiscal 2022, 2021, and 2020, respectively. Impairments in our International segment totaled $14.4 million, $1.0 million, and $8.3 million for fiscal 2022, 2021, and 2020, respectively.

During fiscal 2022, we recognized impairment charges totaling $26.3 million in our Grocery & Snacks segment, $28.9 million in our Refrigerated & Frozen segment, and $14.9 million in our Foodservice segment. The impairments were measured based upon the estimated sales price of the disposal group (see Note 5).

During fiscal 2020, we recognized impairment charges totaling $54.4 million in our Grocery & Snacks segment and $27.6 million in our Refrigerated & Frozen segment. The impairments were measured based upon the estimated sales price of the disposal group (see Note 5).

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Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

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 and $3.8 million in our Refrigerated & Frozen segment in fiscal 2020.

During fiscal 2020, we recognized charges of $2.9 million in general corporate expenses related to the impairments of ROU assets. The impairments were measured based upon a discounted cash flow approach.

The carrying amount of long-term debt (including current installments) was $8.80 billion as of May 29, 2022 and $8.30 billion as of May 30, 2021. Based on current market rates, the fair value of this debt (level 2 liabilities) at  May 29, 2022 and May 30, 2021 was estimated at $8.85 billion and $9.76 billion, respectively.

19. BUSINESS SEGMENTS AND RELATED INFORMATION

We reflect our results of operations in four reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.

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 aggregate operating segments when determining our reporting segments.

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.

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Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

	2022		2021		2020
Net sales
Grocery & Snacks	$	4,697.4	$	4,624.7	$	4,600.6
Refrigerated & Frozen		4,859.3		4,774.6		4,559.6
International		970.8		938.6		925.3
Foodservice		1,008.4		846.8		968.9
Total net sales	$	11,535.9	$	11,184.7	$	11,054.4
Operating profit
Grocery & Snacks	$	859.5	$	1,092.7	$	914.3
Refrigerated & Frozen		561.1		836.5		702.2
International		106.7		131.8		100.6
Foodservice		60.3		80.0		98.5
Total operating profit	$	1,587.6	$	2,141.0	$	1,815.6
Equity method investment earnings		145.3		84.4		73.2
General corporate expenses		241.6		364.8		368.5
Pension and postretirement non-service income		67.3		54.5		9.9
Interest expense, net		379.9		420.4		487.1
Income tax expense		290.5		193.8		201.3
Net income	$	888.2	$	1,300.9	$	841.8
Less: Net income attributable to noncontrolling interests		—		2.1		1.7
Net income attributable to Conagra Brands, Inc.	$	888.2	$	1,298.8	$	840.1

The following table presents further disaggregation of our net sales:

	2022		2021		2020
Frozen	$	4,091.1	$	3,948.0	$	3,735.5
Staples
Other shelf-stable		2,729.5		2,830.2		2,892.4
Refrigerated		768.2		826.6		824.1
Snacks		1,967.9		1,794.5		1,708.2
International		970.8		938.6		925.3
Foodservice		1,008.4		846.8		968.9
Total net sales	$	11,535.9	$	11,184.7	$	11,054.4

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 reporting segments outlined above.

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 designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately.

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Notes to Consolidated Financial Statements

Fiscal Years Ended May 29,2022, May 30, 2021, and May 31, 2020

(columnar dollars in millions except per share amounts)

 

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:

	2022			2021			2020
Net derivative gains (losses) incurred	$	37.1		$	9.5		$	(12.9	)
Less: Net derivative gains (losses) allocated to reporting segments		32.7			(6.1	)		(7.4	)
Net derivative gains (losses) recognized in general corporate expenses	$	4.4		$	15.6		$	(5.5	)
Net derivative gains (losses) allocated to Grocery & Snacks	$	17.3		$	(2.3	)	$	(4.7	)
Net derivative gains (losses) allocated to Refrigerated & Frozen		17.4			(1.7	)		(2.5	)
Net derivative gains (losses) allocated to International		(3.6	)		(1.7	)		0.1
Net derivative gains (losses) allocated to Foodservice		1.6			(0.4	)		(0.3	)
Net derivative gains (losses) included in segment operating profit	$	32.7		$	(6.1	)	$	(7.4	)

As of May 29, 2022, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $15.9 million. This amount reflected net gains of $16.0 million incurred during the fiscal year ended May 29, 2022, as well as net losses of $0.1 million incurred prior to fiscal 2022. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results net gains of $15.4 million in fiscal 2023 and $0.5 million in fiscal 2024 and thereafter.

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 tracked by reporting segment. Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets by segment. Total depreciation expense for fiscal 2022, 2021, and 2020 was $316.1 million, $328.0 million, and $329.1 million, respectively.

Other Information

Our operations are principally in the United States. With respect to operations outside of the United States, no single foreign country or geographic region was significant with respect to consolidated operations for fiscal 2022, 2021, and 2020. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $1.00 billion, $960.5 million, and $946.8 million in fiscal 2022, 2021, and 2020, respectively. Our long-lived assets located outside of the United States are not significant.

Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 27% of consolidated net sales for fiscal 2022 and 26% of consolidated net sales for each of fiscal 2021 and 2020, significantly impacting the Grocery & Snacks and Refrigerated & Frozen segments.

Walmart, Inc. and its affiliates accounted for approximately 30% and 31% of consolidated net receivables as of May 29, 2022 and May 30, 2021, respectively. The Kroger Co. and its affiliates accounted for approximately 9% and 11% of consolidated net receivables as of May 29, 2022 and May 30, 2021, respectively.

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors
Conagra Brands, Inc.:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of Conagra Brands, Inc. and subsidiaries (the Company) as of May 29, 2022 and May 30, 2021, the related consolidated statements of earnings, comprehensive income, common stockholders’ equity, and cash flows for each of the fiscal years in the three-year period ended May 29, 2022, and the related notes (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of May 29, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of May 29, 2022 and May 30, 2021, and the results of its operations and its cash flows for each of the fiscal years in the three-year period ended May 29, 2022, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of May 29, 2022 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of the recoverability of the carrying value of certain indefinite-lived intangible assets and goodwill

As described in Notes 1 and 7 to the consolidated financial statements, indefinite-lived intangible assets (consisting primarily of brand names and trademarks) and goodwill as of May 29, 2022 were $3.06 billion and $11.33 billion, respectively. For the fiscal year ended May 29, 2022, the Company recorded impairment charges totaling $209.0 million on indefinite-lived intangible assets. In assessing indefinite-lived intangible assets and goodwill for impairment, the Company performs either a qualitative or quantitative assessment at least annually or whenever circumstances indicate a potential impairment exists. When a quantitative assessment is performed for indefinite-lived intangible assets, the Company estimates the fair value of the intangibles by utilizing a discounted cash flow model that incorporates an estimated royalty rate that would be charged to a third party for the use of the brand. When a quantitative assessment is performed for goodwill, the Company estimates the fair value of the reporting unit by utilizing a discounted cash flow model. Impairment charges are recorded for any intangible assets or goodwill with carrying values in excess of their respective estimated fair values.

We identified the evaluation of the recoverability of the carrying value of certain indefinite-lived intangible assets and the goodwill assigned to the Sides, Components, Enhancers reporting unit as a critical audit matter. In evaluating the recoverability of the carrying value of certain identified-lived intangible assets and the goodwill assigned to the Sides, Components, Enhancers reporting unit the Company performed a quantitative impairment on its annual impairment testing date. Subjective and challenging auditor judgment was required to evaluate certain assumptions used in determining the fair value of these assets. These assumptions included the forecasted revenue growth rates including the terminal growth rates and forecasted margins, royalty rates, and discount rates.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of internal controls over the quantitative impairment assessments, including controls over the development of the assumptions described above. To assess the Company’s ability to forecast, we compared historical forecasts to actual results. We evaluated the forecasted revenue growth rates including the terminal growth rates and forecasted margins, which were also used to support the royalty rates used in the indefinite-lived asset impairment testing, by considering current and past performance, as well as external market and industry outlook data. We also involved valuation professionals with specialized skills and knowledge, who assisted in:

• evaluating the terminal growth rates by comparing them with publicly available market data;

• evaluating the royalty rates by determining that the selected royalty rates are supported by the associated brand name’s margin;

• evaluating the discount rates used by the Company by comparing the Company’s inputs to the discount rates to publicly available data for comparable entities and assessing the resulting discount rate; and

• testing the estimated brand names’ fair values and fair value of the Sides, Components, Enhancers reporting unit using the Company’s assumptions and comparing the results to the Company’s fair value estimate.

/s/ KPMG LLP

We have served as the Company’s auditor since 2005.

Omaha, Nebraska
July 21, 2022

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company's management carried out an evaluation, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, as of May 29, 2022. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were effective.

Internal Control Over Financial Reporting

The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, evaluated any change in the Company's internal control over financial reporting that occurred during the quarter covered by this report and determined that there was no change in our internal control over financial reporting during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Management's Annual Report on Internal Control Over Financial Reporting

Conagra Brands' management is responsible for establishing and maintaining adequate internal control over financial reporting of Conagra Brands (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended). Conagra Brands' internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Conagra Brands' internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of Conagra Brands; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of Conagra Brands are being made only in accordance with the authorization of management and directors of Conagra Brands; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Conagra Brands' assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluations of effectiveness to future periods are subject to the risk that controls may become inadequate because of the changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

With the participation of Conagra Brands' Chief Executive Officer and Chief Financial Officer, management assessed the effectiveness of Conagra Brands' internal control over financial reporting as of May 29, 2022. In making this assessment, management used criteria established in Internal Control-Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). As a result of this assessment, management concluded that, as of May 29, 2022, its internal control over financial reporting was effective.

The effectiveness of Conagra Brands' internal control over financial reporting as of May 29, 2022 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report, a copy of which is included in this annual report on Form 10-K.

/s/ SEAN M. CONNOLLY	/s/ DAVID S. MARBERGER
Sean M. Connolly	David S. Marberger
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer
July 21, 2022	July 21, 2022

ITEM 9B. OTHER INFORMATION

None.

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ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information with respect to our directors will be set forth in the 2022 Proxy Statement under the heading "Voting Item #1: Election of Director Nominees," and the information is incorporated herein by reference. There were no material changes to the procedures by which security holders may recommend nominees to our Board during fiscal 2022.

Information regarding our executive officers is included in Part I of this Form 10-K under the heading "Information About Our Executive Officers," as permitted by the Instruction to Item 401 of Regulation S-K.

If applicable, information with respect to compliance with Section 16(a) of the Securities Exchange Act of 1934, as amended, by our directors, executive officers, and holders of more than ten percent of our equity securities will be set forth in the 2022 Proxy Statement under the heading "Information on Stock Ownership—Delinquent Section 16(a) Reports," and the information is incorporated herein by reference.

Information with respect to the Audit / Finance Committee and its financial experts will be set forth in the 2022 Proxy Statement under the heading "Voting Item #1: Election of Director Nominees—How We Govern—The Audit / Finance Committee" and "Voting Item #1: Election of Director Nominees—How We Govern—Board Committees," and the information is incorporated herein by reference.

We have adopted a code of ethics that applies to our Chief Executive Officer, Chief Financial Officer, and Controller. This code of ethics is available on our website at www.conagrabrands.com through the "Investors—Corporate Governance" link. If we make any amendments to this code other than technical, administrative, or other non-substantive amendments, or grant any waivers, including implicit waivers, from a provision of this code of conduct to our Chief Executive Officer, Chief Financial Officer, or Controller, we will disclose the nature of the amendment or waiver, its effective date, and to whom it applies on our website at www.conagrabrands.com through the "Investors—Corporate Governance" link.

ITEM 11. EXECUTIVE COMPENSATION

Information with respect to director and executive compensation and our Human Resources Committee will be set forth in the 2022 Proxy Statement under the headings "Voting Item #1: Election of Director Nominees—How We Are Compensated," "Voting Item #1: Election of Director Nominees—How We Govern—Human Resources Committee," "Compensation Discussion and Analysis," "Compensation Committee Report," "Executive Compensation," "Potential Payments Upon Termination or Change of Control," and "CEO Pay Ratio" and the information is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information with respect to security ownership of certain beneficial owners, directors and management will be set forth in the 2022 Proxy Statement under the heading "Information on Stock Ownership," and the information is incorporated herein by reference.

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Equity Compensation Plan Information

The following table provides information about shares of our common stock that may be issued under existing equity compensation plans as of our most recent fiscal year-end, May 29, 2022.

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights (1)		Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights (2)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (1)) (3)
Equity compensation plans approved by security holders		6,933,877	$	30.87		38,493,230
Equity compensation plans not approved by security holders		—		—		—
Total		6,933,877	$	30.87		38,493,230

(1) Represents shares underlying awards that have been granted under the terms of the Conagra Brands, Inc. 2014 Stock Plan (as amended effective December 11, 2017) (the "Plan"). Table amounts are comprised of 1,443,023 shares that could be issued under outstanding performance shares (assuming target achievement); 2,496,735 restricted stock units; 268,876 deferral interests in deferred compensation plans; and 2,725,243 shares issuable pursuant to outstanding stock options.

The performance shares are earned and common stock issued if pre-set financial objectives are met. Actual shares issued may be equal to, less than, or greater than the number of outstanding performance shares included in column (1), depending on actual performance. The restricted stock units vest and are payable in common stock after expiration of the time periods set forth in the related agreements. The interests in the deferred compensation plans are settled in common stock on the schedules selected by the participants.

(2) Reflects the weighted-average exercise price of stock options, and does not take into account performance shares, restricted stock units, or deferral interests, as such awards have no exercise price.

(3) This number reflects securities available for future awards under the Plan.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information with respect to director independence and certain relationships and related transactions will be set forth in the 2022 Proxy Statement under the headings "Voting Item #1: Election of Directors—How We are Selected," "Voting Item #1: Election of Directors—How We Govern—The Board's Audit / Finance Committee," and "Voting Item #1: Election of Directors—How We Govern—The Board's Human Resources Committee" and the information is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our independent registered public accounting firm is KPMG LLP, PCAOB ID: 185.

Information with respect to this item will be set forth in the 2022 Proxy Statement under the heading "Voting Item #2: Ratification of the Appointment of KPMG LLP as Our Independent Auditor for Fiscal 2023," and the information is incorporated herein by reference.

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PART IV

ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

a) List of documents filed as part of this report:

1. Financial Statements

All financial statements of the Company as set forth under Item 8 of this Annual Report on Form 10-K.

2. Financial Statement Schedules

All financial statement schedules are omitted because they are not applicable, not required, or because the required information is included in the consolidated financial statements, notes thereto.

3. Exhibits

All documents referenced below were filed pursuant to the Securities Exchange Act of 1934, as amended, by Conagra Brands, Inc. (file number 001-07275), unless otherwise noted.

EXHIBIT	DESCRIPTION
*2.1	Master Agreement, dated as of March 4, 2013, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, CHS Inc., and HM Luxembourg S.A R.L., incorporated herein by reference to Exhibit 2.2 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2013
*2.1.1	Amendment No. 1 to Master Agreement, dated April 30, 2013, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, CHS Inc., and HM Luxembourg S.A R.L., incorporated herein by reference to Exhibit 2.2.1 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2013
*2.1.2	Acknowledgment and Amendment No. 2 to Master Agreement, dated May 31, 2013, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, CHS Inc., and HM Luxembourg S.A R.L., incorporated herein by reference to Exhibit 2.2.2 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2013
*2.1.3	Acknowledgment and Amendment No. 3 to Master Agreement, dated as of July 24, 2013, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, and CHS Inc., incorporated herein by reference to Exhibit 2.1 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 23, 2014
*2.1.4	Acknowledgment and Amendment No. 4 to Master Agreement, dated as of March 27, 2014, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, and CHS Inc., incorporated herein by reference to Exhibit 2.2.4 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 25, 2014
*2.1.5	Acknowledgment and Amendment No. 5 to Master Agreement, dated as of May 25, 2014, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, and CHS Inc., incorporated herein by reference to Exhibit 2.2.5 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 25, 2014
*2.2	Separation and Distribution Agreement, dated as of November 8, 2016, by and between Conagra Brands, Inc. (formerly known as ConAgra Foods, Inc.) and Lamb Weston Holdings, Inc., incorporated herein by reference to Exhibit 2.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on November 10, 2016
*2.3	Agreement and Plan of Merger, dated June 26, 2018, by and among Conagra Brands, Inc., Pinnacle Foods Inc. and Patriot Merger Sub Inc., incorporated herein by reference to Exhibit 2.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on June 27, 2018

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3.1	Amended and Restated Certificate of Incorporation of Conagra Brands, Inc., incorporated herein by reference to Exhibit 3.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on November 10, 2016
3.2	Amended and Restated Bylaws of Conagra Brands, Inc., incorporated herein by reference to Exhibit 3.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on July 28, 2020
4.1	Indenture, dated as of October 8, 1990, between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. and The Chase Manhattan Bank (National Association)), as trustee, incorporated by reference to Exhibit 4.1 of Conagra Brands’ Registration Statement on Form S-3 (Registration No. 033-36967)
4.2	Indenture, dated as of October 12, 2017, between Conagra Brands, Inc. and Wells Fargo Bank, National Association, as trustee, incorporated herein by reference to Exhibit 4.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on October 12, 2017
4.2.1	Second Supplemental Indenture, dated October 22, 2018, by and between Conagra Brands, Inc. and Wells Fargo Bank, National Association, as Trustee (including Forms of Notes), incorporated herein by reference to Exhibit 4.2 to Conagra Brands' Current Report on Form 8-K filed with the SEC on October 22, 2018
4.2.2	Third Supplemental Indenture, dated October 16, 2020, by and between Conagra Brands, Inc. and Wells Fargo Bank, National Association as Trustee (including Form of Note), incorporated herein by reference to Exhibit 4.2 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on October 16, 2020
4.3	Indenture, dated August 12, 2021, by and between the Company and U.S. Bank National Association, as Trustee, incorporated herein by reference to Exhibit 4.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on August 12, 2021
4.3.1	First Supplemental Indenture, dated August 12, 2021, by and between the Company and U.S. Bank National Association as Trustee (including Form of Note), incorporated herein by reference to Exhibit 4.2 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on August 12, 2021
4.4	Description of Securities, incorporated herein by reference to Exhibit 4.3 to Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2019
**10.1	ConAgra Foods, Inc. Non-Qualified Pension Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended November 23, 2008
**10.1.1	Amendment One dated December 3, 2009 to ConAgra Foods, Inc. Nonqualified Pension Plan, incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 28, 2010
**10.1.2	Amendment Two dated November 29, 2010 to the ConAgra Foods, Inc. Non-Qualified Pension Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 27, 2011
**10.1.3	Amendment Three to ConAgra Foods, Inc. Nonqualified Pension Plan (January 1, 2009 Restatement), dated December 22, 2016, incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 26, 2017
**10.1.4	Amendment Four to Conagra Brands, Inc. Nonqualified Pension Plan (January 1, 2009 Restatement), dated December 19, 2017, incorporated herein by reference to Exhibit 10.2.4 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended November 26, 2017
**10.2	Conagra Brands, Inc. Directors’ Deferred Compensation Plan (2018 Restatement), effective as of May 1, 2018, incorporated herein by reference to Exhibit 10.3.2 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 27, 2018

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**10.3	Conagra Brands, Inc. Voluntary Deferred Compensation Plan (Effective January 1, 2017), incorporated herein by reference to Exhibit 10.4.7 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 27, 2017
**10.3.1	First Amendment to Conagra Brands, Inc. Voluntary Deferred Compensation Plan (January 1, 2017 Restatement), incorporated herein by reference to Exhibit 10.4.8 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended November 26, 2017
**10.3.2	Second Amendment, dated as of December 5, 2018, to the Conagra Brands, Inc. Voluntary Deferred Compensation Plan, incorporated herein by reference to Exhibit 10.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on December 7, 2018
**10.3.3	Third Amendment, dated as of May 14, 2020, to the Conagra Brands, Inc. Voluntary Deferred Compensation Plan (January 1, 2017 Restatement), incorporated herein by reference to Exhibit 10.2 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on May 19, 2020
**10.4	ConAgra Foods 2009 Stock Plan, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on September 28, 2009
**10.4.1	Form of Stock Option Agreement (ConAgra Foods 2009 Stock Plan) for Non-Employee Directors under the ConAgra Foods 2009 Stock Plan, incorporated herein by reference to Exhibit 10.5 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 30, 2009
**10.4.2	Form of Stock Option Agreement (ConAgra Foods 2009 Stock Plan) for Employees, incorporated herein by reference to Exhibit 10.4 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 30, 2009
**10.4.3	Form of Stock Option Agreement (ConAgra Foods 2009 Stock Plan) for certain named executive officers, incorporated herein by reference to Exhibit 10.6 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 30, 2009
**10.5	ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on September 22, 2014
**10.5.1	First Amendment to ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on December 15, 2017
**10.5.2	Form of Restricted Stock Unit Agreement for Non-Employee Directors under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.10.1 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.5.3	Form of Restricted Stock Unit Agreement (Cash-Settled) under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.10.2 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.5.4	Form of Restricted Stock Unit Agreement (Stock-Settled) under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.10.3 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.5.5	Form of Nonqualified Stock Option Agreement for Employees under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.10.4 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.5.6	Form of Retention Restricted Stock Unit Agreement (Stock Settled) under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.3 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 30, 2015

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**10.5.7	Form of Restricted Stock Unit Agreement (Cash or Stock Settled) under ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.7.6 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 27, 2017
**10.5.8	Form of Restricted Stock Unit Agreement under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.4 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarterly period ended August 26, 2018
**10.5.9	Form of Performance-Based Restricted Stock Units Agreement (for non-CEO participants), incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on April 16, 2019
**10.5.10	Form of CEO Performance-Based Restricted Stock Units Agreement, incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on April 16, 2019
**10.5.11	Form of CEO Restricted Stock Unit Agreement, incorporated herein by reference to Exhibit 10.5.11 to Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2019
**10.6	Form of Director Indemnification Agreement, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on May 19, 2020
**10.7	Form of Senior Officer Indemnification Agreement, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on July 28, 2020
**10.8	ConAgra Foods, Inc. 2014 Executive Incentive Plan incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on September 22, 2014
**10.9	ConAgra Foods, Inc. 2008 Performance Share Plan, effective July 16, 2008, incorporated herein by reference to Exhibit 10.3 of Conagra Brands’ Quarterly Report on Form 10-Q for quarter ended August 24, 2008
**10.9.1	First Amendment to ConAgra Foods, Inc. 2008 Performance Share Plan, dated July 19, 2017, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on July 25, 2017
**10.10	Form of Amended and Restated Change of Control Agreement between ConAgra Foods and its executives (pre September 2011), incorporated herein by reference to Exhibit 10.14 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended November 23, 2008
**10.11	Form of Change of Control Agreement between ConAgra Foods and its executives (post September 2011), as amended and restated on February 18, 2015, incorporated herein by reference to Exhibit 10.16.1 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.12	Change of Control Agreement, dated as of February 12, 2015, between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and Sean Connolly, incorporated herein by reference to Exhibit 10.3 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on February 12, 2015
**10.13	Employment Agreement, dated as of February 12, 2015, between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and Sean Connolly, incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on February 12, 2015
**10.13.1	Amendment to Employment Agreement dated December 31, 2015, effective January 1, 2016, by and between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and Sean Connolly, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 28, 2016
**10.13.2	Letter of Agreement, dated as of August 2, 2018, between Conagra Brands, Inc. and Sean M. Connolly, incorporated herein by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on August 8, 2018
**10.14	Form of Executive Time Sharing Agreement, as adopted on February 18, 2015, incorporated herein by reference to Exhibit 10.17 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015

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**10.15	Letter Agreement, by and between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and David Marberger, dated as of July 13, 2016, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Quarterly Report on Form 10-Q for the Quarter Ended August 28, 2016
**10.16	Letter Agreement, dated September 10, 2015, by and between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and David Biegger, incorporated herein by reference to Exhibit 10.22 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 28, 2017
10.17	Term Loan Agreement, dated May 21, 2020, by and among Conagra Brands, Inc. and Farm Credit Services of America, PCA, as administrative agent and a lender, and the other financial institutions party thereto, incorporated herein by reference to Exhibit 10.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on May 21, 2020
10.18	Amended and Restated Revolving Credit Agreement, dated July 11, 2018, by and among Conagra Brands, Inc. and Bank of America, N.A., as administrative agent and a lender, JPMorgan Chase Bank, N.A., as syndication agent and a lender, and the other financial institutions party thereto, incorporated herein by reference to Exhibit 10.2 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on July 17, 2018
10.19	Amendment No. 1, dated as of July 13, 2021, to Amended and Restated Revolving Credit Agreement by and among Conagra Brands, Inc., the banks, financial institutions and other institutional lenders party thereto, as lenders, and Bank of America, N.A., as administrative agent, incorporated herein by reference to Exhibit 10.19 to Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021
10.20	Tax Matters Agreement, dated as of November 8, 2016, by and between Conagra Brands, Inc. and Lamb Weston Holdings, Inc., incorporated herein by reference to Exhibit 10.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on November 10, 2016
10.21	Trademark License Agreement, dated as of November 8, 2016, by and between ConAgra Foods RDM, Inc. and ConAgra Foods Lamb Weston, Inc., incorporated herein by reference to Exhibit 10.4 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on November 10, 2016
10.21.1	First Amendment to Trademark License Agreement, dated March 20, 2017, by and between ConAgra Foods RDM, Inc. and Lamb Weston, Inc. (formerly known as ConAgra Foods Lamb Weston, Inc.), incorporated herein by reference to Exhibit 10.32.1 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 28, 2017
21	Subsidiaries of Conagra Brands, Inc.
23	Consent of KPMG LLP
24	Powers of Attorney
31.1	Section 302 Certificate
31.2	Section 302 Certificate
32	Section 906 Certificates
101	The following materials from Conagra Brands' Annual Report on Form 10-K for the year ended May 29, 2022, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Earnings, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Common Stockholders' Equity, (v) the Consolidated Statements of Cash Flows, (vi) Notes to Consolidated Financial Statements, and (vii) document and entity information.

94

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
	* Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Conagra Brands agrees to furnish supplementally to the Securities and Exchange Commission a copy of any omitted schedule upon request.
	** Management contract or compensatory plan.
	Pursuant to Item 601(b)(4) of Regulation S-K, certain instruments with respect to Conagra Brands' long-term debt are not filed with this Form 10-K. Conagra Brands will furnish a copy of any such long-term debt agreement to the Securities and Exchange Commission upon request.

ITEM 16. FORM 10-K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Conagra Brands, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CONAGRA BRANDS, INC.
By:	/s/ SEAN M. CONNOLLY
	Sean M. Connolly
	President and Chief Executive Officer
	July 21, 2022
By:	/s/ DAVID S. MARBERGER
	David S. Marberger
	Executive Vice President and Chief Financial Officer
	July 21, 2022
By:	/s/ ROBERT G. WISE
	Robert G. Wise
	Senior Vice President and Corporate Controller
	July 21, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the 21st day of July, 2022.

Sean M. Connolly*	Director
Anil Arora*	Director
Thomas K. Brown*	Director
Emanuel Chirico*	Director
George Dowdie*	Director
Joie A. Gregor*	Director
Fran Horowitz*	Director
Rajive Johri*	Director
Richard H. Lenny*	Director
Melissa Lora*	Director
Ruth Ann Marshall*	Director
Craig P. Omtvedt*	Director

* David S. Marberger, by signing his name hereto, signs this annual report on Form 10-K on behalf of each person indicated. Powers-of-Attorney authorizing David S. Marberger to sign this annual report on Form 10-K on behalf of each of the indicated Directors of Conagra Brands, Inc. have been filed herewith as Exhibit 24.

By:	/s/ DAVID S. MARBERGER
	David S. Marberger
	Attorney-In-Fact

96

EX-21

Exhibit 21

SUBSIDIARIES OF CONAGRA BRANDS, INC.

Conagra Brands, Inc. is the parent corporation owning, directly or indirectly, 100% of the voting securities of the following subsidiaries principally engaged in the production and distribution of food products as of May 29, 2022:

Subsidiary	Jurisdiction of Formation
Angie's Artisan Treats, LLC	Delaware
Conagra G&S (CAG), LLC	Delaware
Conagra G&S (PF), LLC	Delaware
Conagra R&F (PF), LLC	Delaware
ConAgra Foods AM Holdings LP	Delaware
Conagra Brands Canada Inc. / Marques Conagra Canada Inc.	Canada
ConAgra Foods Enterprise Services, Inc.	Delaware
ConAgra Foods Packaged Foods, LLC	Delaware
ConAgra Foods RDM, LLC	Delaware
ConAgra Foods Sales, LLC	Delaware
ConAgra Funding, LLC	Delaware

The corporations listed above are included in the consolidated financial statements, which are a part of this report.

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors

Conagra Brands, Inc.:

We consent to the incorporation by reference in the registration statement (No. 333-258608) on Form S-3 and registration statements (Nos. 333-70476, 333-46962, 333-46960, 333-44426, 333-78063, 333-64633, 333-17549, 33-63061, 333-00997, 333-162180, 333-162137, 333-162136, and 333-199109) on Form S-8 of Conagra Brands, Inc. of our report dated July 21, 2022, with respect to the consolidated financial statements of Conagra Brands, Inc. and subsidiaries and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Omaha, Nebraska

July 21, 2022

EX-24

Exhibit 24

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as her Attorney-in-Fact in her name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in her capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ MELISSA LORA

Melissa Lora

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ ANIL ARORA

Anil Arora

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ EMANUEL CHIRICO

Emanuel Chirico

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ GEORGE DOWDIE

George Dowdie

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as her Attorney-in-Fact in her name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in her capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ JOIE A. GREGOR

Joie A. Gregor

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ RAJIVE JOHRI

Rajive Johri

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ RICHARD H. LENNY

Richard H. Lenny

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as her Attorney-in-Fact in her name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in her capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ RUTH ANN MARSHALL

Ruth Ann Marshall

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ CRAIG P. OMTVEDT

Craig P. Omtvedt

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ THOMAS K. BROWN

Thomas K. Brown

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as her Attorney-in-Fact in her name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in her capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ FRAN HOROWITZ

Fran Horowitz

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Carey L. Bartell as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 29, 2022, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 21st day of July, 2022.

/s/ SEAM M. CONNOLLY

Sean M. Connolly

EX-31.1

Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

I, Sean M. Connolly, certify that:

1. I have reviewed this annual report on Form 10-K for the year ended May 29, 2022 of Conagra Brands, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 21, 2022

/s/  SEAN M. CONNOLLY

Sean M. Connolly

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

I, David S. Marberger, certify that:

1. I have reviewed this annual report on Form 10-K for the year ended May 29, 2022 of Conagra Brands, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 21, 2022

/s/ DAVID S. MARBERGER

David S. Marberger

Executive Vice President and Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002:

I, Sean M. Connolly, Chief Executive Officer of Conagra Brands, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge that Conagra Brands, Inc.'s Annual Report on Form 10-K for the fiscal year ended May 29, 2022 (the "Annual Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of Conagra Brands, Inc. as of the dates and for the periods presented therein.

July 21, 2022

/s/ SEAN M. CONNOLLY

Sean M. Connolly

Chief Executive Officer

I, David S. Marberger, Executive Vice President and Chief Financial Officer of Conagra Brands, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge that Conagra Brands, Inc.'s Annual Report on Form 10-K for the fiscal year ended May 29, 2022 (the "Annual Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of Conagra Brands, Inc. as of the dates and for the periods presented therein.

July 21, 2022

/s/ DAVID S. MARBERGER

David S. Marberger

Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Conagra Brands, Inc. and will be retained by Conagra Brands, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Document And Entity Information - USD ($)	12 Months Ended
	May 29, 2022	Jun. 26, 2022	Nov. 26, 2021
Document Information [Line Items]
Entity Central Index Key	0000023217
Entity Registrant Name	CONAGRA BRANDS INC.
Amendment Flag	false
Current Fiscal Year End Date	--05-29
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	May 29, 2022
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
Entity Shell Company	false
Entity Public Float			$ 15,158,448,300
Entity Common Stock, Shares Outstanding		480,091,813
Auditor Name	KPMG LLP
Auditor Location	Omaha, Nebraska
Auditor Firm ID	185

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Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Net sales	$ 11,535.9	$ 11,184.7	$ 11,054.4
Costs and expenses:
Cost of goods sold	8,697.1	8,005.5	7,984.8
Selling, general and administrative expenses	1,492.8	1,403.0	1,622.5
Pension and postretirement non-service income	(67.3)	(54.5)	(9.9)
Interest expense, net	379.9	420.4	487.1
Income before income taxes and equity method investment earnings	1,033.4	1,410.3	969.9
Income tax expense	290.5	193.8	201.3
Equity method investment earnings	145.3	84.4	73.2
Net income	888.2	1,300.9	841.8
Less: Net income attributable to noncontrolling interests	0.0	2.1	1.7
Net income attributable to Conagra Brands, Inc.	$ 888.2	$ 1,298.8	$ 840.1
Earnings per share — basic
Net income attributable to Conagra Brands, Inc. common stockholders (in dollars per share)	$ 1.85	$ 2.67	$ 1.72
Earnings per share — diluted
Net income attributable to Conagra Brands, Inc. common stockholders (in dollars per share)	$ 1.84	$ 2.66	$ 1.72

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Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Net income, pre-tax amount	$ 1,178.7	$ 1,494.7	$ 1,043.1
Net income, tax (expense) benefit	(290.5)	(193.8)	(201.3)
Profit (Loss)	888.2	1,300.9	841.8
Unrealized derivative adjustments, pre-tax amount	8.5	0.4	(7.1)
Unrealized derivative adjustments, tax (expense) benefit	(2.1)	(1.8)	1.8
Unrealized derivative adjustments, after-tax amount	6.4	(1.4)	(5.3)
Reclassification for derivative adjustments included in net income, pre-tax amount	(1.3)	(1.6)	(3.3)
Reclassification for derivative adjustments included in net income, tax (expense) benefit	0.4	1.0	0.9
Reclassification for derivative adjustments included in net income, after-tax amount	(0.9)	(0.6)	(2.4)
Unrealized currency translation gains (losses), pre-tax amount	(23.5)	53.3	(42.7)
Unrealized currency translation gains (losses), tax (expense) benefit	0.0	(1.5)	1.4
Unrealized currency translation gains (losses), after-tax amount	(23.5)	51.8	(41.3)
Unrealized pension and postretirement benefit obligation, pre-tax amount	(3.1)	95.1	63.2
Unrealized pension and postretirement benefit obligations, tax (expense) benefit	1.1	(23.6)	(15.9)
Unrealized pension and postretirement benefit obligations, after-tax amount	(2.0)	71.5	47.3
Reclassification for pension and postretirement benefit obligations included in net income, pre-tax amount	(3.5)	(3.6)	(5.5)
Reclassification for pension and postretirement benefit obligations included in net income, tax (expense) benefit	1.0	0.9	1.4
Reclassification for pension and postretirement benefit obligations included in net income, after-tax amount	(2.5)	(2.7)	(4.1)
Comprehensive income, pre-tax amount	1,155.8	1,638.3	1,047.7
Comprehensive income, tax (expense) benefit	(290.1)	(218.8)	(211.7)
Comprehensive income, after-tax amount	865.7	1,419.5	836.0
Comprehensive income (loss) attributable to noncontrolling interests	(5.5)	6.1	(3.9)
Comprehensive income (loss) attributable to noncontrolling interests, tax (expense) benefit	0.0	(0.8)	(0.9)
Comprehensive income (loss) attributable to noncontrolling interests, after-tax amount	(5.5)	5.3	(4.8)
Comprehensive income attributable to Conagra Brands, Inc., pre-tax amount	1,161.3	1,632.2	1,051.6
Comprehensive income attributable to Conagra Brands, Inc., tax (expense) benefit	(290.1)	(218.0)	(210.8)
Comprehensive income attributable to Conagra Brands, Inc., after-tax amount	$ 871.2	$ 1,414.2	$ 840.8

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Consolidated Balance Sheets - USD ($) $ in Millions	May 29, 2022	May 30, 2021
ASSETS
Cash and cash equivalents	$ 83.3	$ 79.2
Receivables, less allowance for doubtful accounts of $3.9 and $3.2	867.4	793.9
Inventories	1,939.7	1,709.7
Prepaid expenses and other current assets	116.3	95.0
Current assets held for sale	27.0	24.3
Total current assets	3,033.7	2,702.1
Property, plant and equipment
Land and land improvements	173.0	154.6
Buildings, machinery and equipment	4,820.5	4,446.0
Furniture, fixtures, office equipment and other	676.1	664.5
Construction in progress	183.3	299.7
Property, Plant and Equipment, Gross, Ending Balance	5,852.9	5,564.8
Less accumulated depreciation	(3,139.0)	(2,992.8)
Property, plant and equipment, net	2,713.9	2,572.0
Goodwill	11,329.2	11,338.9
Brands, trademarks and other intangibles, net	3,853.1	4,124.6
Other assets	1,473.3	1,344.7
Noncurrent assets held for sale	31.9	113.3
Assets, Total	22,435.1	22,195.6
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable	184.3	707.4
Current installments of long-term debt	707.3	23.1
Accounts payable	1,864.6	1,655.9
Accrued payroll	151.7	175.2
Other accrued liabilities	609.2	743.0
Current liabilities held for sale	1.7	1.6
Total current liabilities	3,518.8	3,306.2
Senior long-term debt, excluding current installments	8,088.2	8,275.2
Other noncurrent liabilities	1,963.5	1,979.6
Noncurrent liabilities held for sale	2.4	3.2
Total liabilities	13,572.9	13,564.2
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	2,324.6	2,342.1
Retained earnings	6,550.7	6,262.6
Accumulated other comprehensive income (loss)	(11.2)	5.8
Less treasury stock, at cost, 104,157,169 and 103,934,839 common shares	(2,997.6)	(2,979.9)
Total Conagra Brands, Inc. common stockholders' equity	8,787.7	8,551.8
Noncontrolling interests	74.5	79.6
Total stockholders' equity	8,862.2	8,631.4
Liabilities and Equity, Total	$ 22,435.1	$ 22,195.6

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Consolidated Balance Sheets (Parentheticals) - $ / shares	May 29, 2022	May 30, 2021
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)	104,157,169	103,934,839

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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 [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at May. 26, 2019	584.2
Balance at May. 26, 2019	$ 2,921.2	$ 2,286.0	$ 5,047.9	$ (110.3)	$ (2,760.2)	$ 79.1	$ 7,463.7
Stock option and incentive plans		37.2	(2.9)		30.3		64.6
Currency translation adjustments				(34.8)		(6.5)	(41.3)
Derivative adjustments				(7.7)			(7.7)
Activities of noncontrolling interests						2.0	2.0
Pension and postretirement healthcare benefits				43.2			43.2
Dividends declared on common stock			(413.9)				(413.9)
Net income attributable to Conagra Brands, Inc. common stockholders:			840.1				840.1
Pension and postretirement healthcare benefits				(43.2)			(43.2)
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
Derivative adjustments				(2.0)			(2.0)
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
Repurchase of common shares					(298.1)		(298.1)
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				(18.0)		(5.5)	(23.5)
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
Repurchase of common shares					(50.0)		(50.0)
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

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Cash flows from operating activities:
Net income	$ 888.2	$ 1,300.9	$ 841.8
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:
Depreciation and amortization	375.4	387.7	388.9
Asset impairment charges	284.8	95.5	259.9
Loss (gain) on divestitures	0.0	(65.5)	2.2
Loss on extinguishment of debt	0.0	68.7	1.0
Equity method investment earnings in excess of distributions	(66.3)	(27.9)	(21.8)
Stock-settled share-based payments expense	26.1	63.9	59.2
Contributions to pension plans	(11.5)	(27.6)	(17.5)
Other items	(46.6)	9.1	10.3
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
Receivables	(69.5)	66.1	(43.8)
Inventories	(232.8)	(364.3)	163.5
Deferred income taxes and income taxes payable, net	(8.7)	(92.5)	23.1
Prepaid expenses and other current assets	(10.1)	(8.5)	(13.6)
Accounts payable	223.6	141.4	234.4
Accrued payroll	(23.5)	(14.3)	15.9
Other accrued liabilities	(71.9)	(60.2)	(66.8)
Deferred employer payroll taxes	(25.5)	33.9	0.0
Net cash flows from operating activities	1,177.3	1,468.1	1,842.6
Cash flows from investing activities:
Additions to property, plant and equipment	(464.4)	(506.4)	(369.5)
Sale of property, plant and equipment	20.2	2.5	14.0
Proceeds from divestitures, net of cash divested	0.1	160.9	194.6
Purchase of marketable securities	(4.5)	(11.8)	(46.8)
Sales of marketable securities	10.4	14.5	53.8
Other items	3.3	0.0	0.1
Net cash flows from investing activities	(434.9)	(340.3)	(153.8)
Cash flows from financing activities:
Issuances of commercial paper, maturities greater than 90 days	392.6	298.6	0.0
Repayments of commercial paper, maturities greater than 90 days	(392.6)	(298.6)	0.0
Net issuances (repayments) of other short-term borrowings	(523.1)	706.3	0.1
Issuance of long-term debt	499.1	988.2	0.0
Repayment of long-term debt	(48.5)	(2,514.5)	(947.5)
Debt issuance costs	(2.5)	(6.2)	0.0
Payment of intangible asset financing arrangement	(12.6)	(12.9)	(13.6)
Repurchase of Conagra Brands, Inc. common shares	(50.0)	(298.1)	0.0
Cash dividends paid	(581.8)	(474.6)	(413.6)
Exercise of stock options and issuance of other stock awards, including tax withholdings	(11.3)	(0.1)	4.8
Other items	(7.3)	2.3	(0.6)
Net cash flows from financing activities	(738.0)	(1,609.6)	(1,370.4)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1.3)	7.7	(1.7)
Net change in cash and cash equivalents and restricted cash	3.1	(474.1)	316.7
Cash and cash equivalents and restricted cash at beginning of year	80.2	554.3	237.6
Cash and cash equivalents and restricted cash at end of year	83.3	80.2	554.3
Company Plans [Member]
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:
Pension expense (benefit)	$ (54.4)	$ (38.3)	$ 5.9

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Note 1 - Summary of Significant Accounting Policies

12 Months Ended

May 29, 2022

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Fiscal Year — The fiscal year of Conagra Brands, Inc. ("Conagra Brands", "Company", "we", "us", or "our") ends the last Sunday in May. The fiscal years for the consolidated financial statements presented consist of a 52-week period for fiscal 2022, a 52-week period for fiscal 2021, and a 53-week period for fiscal year 2020.

Basis of Consolidation — The consolidated financial statements include the accounts of Conagra Brands, Inc. and all majority-owned subsidiaries. All significant intercompany investments, accounts, and transactions have been eliminated.

Investments in Unconsolidated Affiliates — The investments in, and the operating results of, 50%-or-less-owned entities not required to be consolidated are included in the consolidated financial statements on the basis of the equity method of accounting.

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 be fully recoverable. Evidence of a loss in value that is other than temporary includes, but is not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. Management's assessment as to whether any decline in value is other than temporary is based on our ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. Management generally considers our investments in equity method investees to be strategic long-term investments. Therefore, management completes its assessments with a long-term viewpoint. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment.

Cash and Cash Equivalents — Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition, including short-term time deposits and government agency and corporate obligations, are classified as cash and cash equivalents.

Receivables — Receivables from customers generally do not bear interest. Terms and collection vary by location and channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem them uncollectible.

The following table details the balances of our allowance for doubtful accounts and changes therein:

			Additions
	Balance at		Charged				Deductions		Balance at
	Beginning		to Costs and				from		Close of
	of Period		Expenses		Other1		Reserves2		Period
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
Year ended May 31, 2020	$	2.2		1.2		0.1		0.9	$	2.6

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.

Inventories — We use the lower of cost (determined using the first-in, first-out method) or net realizable value for valuing inventories.

Property, Plant and Equipment — Property, plant and equipment are carried at cost. Depreciation has been calculated using the straight-line method over the estimated useful lives of the respective classes of assets as follows:

	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 be fully recoverable. Recoverability of an asset considered "held-and-used" is determined by comparing the carrying amount of the asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying amount is greater than the undiscounted net cash flows expected to be generated by the asset, the asset's carrying amount is reduced to its estimated fair value. An asset considered "held-for-sale" is reported at the lower of the asset's carrying amount or fair value.

During fiscal 2022, 2021, and 2020 our capital expenditures totaled $464.4 million, $506.4 million, and $369.5 million, respectively. Accrued and unpaid capital expenditures as of May 29, 2022, May 30, 2021, May 31, 2020, and  May 26, 2019 totaled $108.8 million, $123.7 million, $112.9 million, and $64.4 million, respectively.

Goodwill and Other Identifiable Intangible Assets — Goodwill and other identifiable intangible assets with indefinite lives (e.g., brands or trademarks) are not amortized and are tested annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill and other intangible assets.

In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test.

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 inputs as defined by the fair value hierarchy. Refer to Note 18 for the definition of the levels in the fair value hierarchy. The inputs used to calculate the fair value include a number of subjective factors, such as estimates of future cash flows, estimates of our future cost structure, discount rates for our estimated cash flows, required level of working capital, assumed terminal value, and time horizon of cash flow forecasts.

In assessing indefinite-lived intangible assets not subject to amortization for impairment, we have the option to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of such an intangible asset is less than its carrying amount. If we determine that it is not more likely than not that the fair value of such an intangible asset is less than its carrying amount, then we are not required to perform any additional tests for assessing intangible assets for impairment. However, if we conclude otherwise or elect not to perform the qualitative assessment, then we are required to perform a quantitative impairment test that involves a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

In fiscal 2022, 2021, and 2020 we elected to perform a quantitative impairment test for indefinite-lived intangible assets not subject to amortization. The estimates of fair value of intangible assets not subject to amortization are determined using a "relief from royalty" methodology, which is used in estimating the fair value of our brands/trademarks. Discount rate assumptions are based on an assessment of the risk inherent in the projected future cash flows generated by the respective intangible assets. Also subject to judgment are assumptions about royalty rates.

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 be impaired. Identifiable intangible assets with definite lives are evaluated for impairment using a process similar to that used in evaluating elements of property, plant and equipment. If impaired, the asset is written down to its fair value.

Refer to Note 7 for discussion of the impairment charges related to goodwill and intangible assets in fiscal 2022, 2021, and 2020.

Fair Values of Financial Instruments — Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value.

Environmental Liabilities — Environmental liabilities are accrued when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. We use third-party specialists to assist management in appropriately measuring the obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. We do not discount our environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. Management's estimate of our potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements. We do not reduce our environmental liabilities for potential insurance recoveries.

Employment-Related Benefits — Employment-related benefits associated with pensions, postretirement health care benefits, and workers' compensation are expensed as such obligations are incurred. The recognition of expense is impacted by estimates made by management, such as discount rates used to value these liabilities, future health care costs, and employee accidents incurred but not yet reported. We use third-party specialists to assist management in appropriately measuring the obligations associated with employment-related benefits.

We recognize changes in the fair value of pension plan assets and net actuarial gains or losses in excess of 10% of the greater of the market-related value of plan assets or the plan's projected benefit obligation (the "corridor") in current period expense annually as of our measurement date, which is our fiscal year-end, or when measurement is required otherwise under U.S. generally accepted accounting principles ("GAAP").

Revenue Recognition — Our revenues primarily consist of the sale of food products that are sold to retailers and foodservice customers through direct sales forces, broker, and distributor arrangements. These revenue contracts generally have single performance obligations. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to our customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs. Amounts billed and due from our customers are classified as receivables and require payment on a short-term basis and, therefore, we do not have any significant financing components.

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 — Advertising costs are expensed as incurred. Advertising and promotion expenses totaled $244.6 million, $258.0 million, and $230.7 million in fiscal 2022, 2021, and 2020, respectively, and are included in selling, general and administrative ("SG&A") expenses.

Research and Development — We incurred expenses of $53.4 million, $51.3 million, and $56.4 million for research and development activities in fiscal 2022, 2021, and 2020, respectively.

Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% "corridor") and postretirement health care plans. On foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. A deferred tax liability is recorded on currency translation adjustments related to undistributed foreign earnings that are not deemed to be permanently reinvested.

The following table details the accumulated balances for each component of other comprehensive income (loss), net of tax:

	2022			2021			2020
Currency translation losses, net of reclassification adjustments	$	(95.1	)	$	(77.1	)	$	(125.7	)
Derivative adjustments, net of reclassification adjustments		29.8			24.3			26.3
Pension and postretirement benefit obligations, net of reclassification adjustments		54.1			58.6			(10.2	)
Accumulated other comprehensive income (loss)	$	(11.2	)	$	5.8		$	(109.6	)

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:

										Affected Line Item in the Consolidated Statement of Earnings1
	2022			2021			2020
Net derivative adjustments:
Cash flow hedges	$	(3.1	)	$	(3.2	)	$	(3.3	)	Interest expense, net
Cash flow hedges		—			(0.5	)		—		Selling, general and administrative expenses
Cash flow hedges		1.8			2.1			—		Equity method investment earnings
		(1.3	)		(1.6	)		(3.3	)	Total before tax
		0.4			1.0			0.9		Income tax expense
	$	(0.9	)	$	(0.6	)	$	(2.4	)	Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost	$	0.1		$	0.2		$	0.6		Pension and postretirement non-service income
Net actuarial gain		(3.6	)		(3.5	)		(4.6	)	Pension and postretirement non-service income
Pension settlement		—			—			(2.1	)	Pension and postretirement non-service income
Postretirement healthcare settlement		—			(0.5	)		(0.2	)	Pension and postretirement non-service income
Curtailment		—			0.2			0.8		Pension and postretirement non-service income
		(3.5	)		(3.6	)		(5.5	)	Total before tax
		1.0			0.9			1.4		Income tax expense
	$	(2.5	)	$	(2.7	)	$	(4.1	)	Net of tax

¹ Amounts in parentheses indicate income recognized in the Consolidated Statements of Earnings.

Foreign Currency Transaction Gains and Losses — We recognized net foreign currency transaction losses of $2.5 million in fiscal 2022, net foreign currency transaction gains of $8.2 million in fiscal 2021, and net foreign currency transaction losses of $1.7 million in fiscal 2020 in SG&A expenses.

Business Combinations — We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

Reclassifications and other changes — Certain prior year amounts have been reclassified to conform with current year presentation.

Use of Estimates — Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets, liabilities, revenues, and expenses as reflected in the consolidated financial statements. Actual results could differ from these estimates.

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Note 2 - Restructuring Activities

12 Months Ended

May 29, 2022

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

2. RESTRUCTURING ACTIVITIES

Pinnacle Integration Restructuring Plan

In December 2018, our Board of Directors (the "Board") approved a restructuring and integration plan related to the ongoing integration of the operations of Pinnacle Foods, Inc. ("Pinnacle") (such plan the "Pinnacle Integration Restructuring Plan"), for the purpose of achieving significant cost synergies between the companies, as a result of which we expect to incur material charges for exit and disposal activities under U.S. GAAP. We expect to incur approximately $346.9 million ($284.3 million of cash charges and $62.6 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. The Board and/or our senior management have authorized incurrence of these charges. We recognized charges of $19.6 million, $31.7 million, and $73.8 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2022, 2021, and 2020, respectively. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a multi-year period.

We anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2022):

	Grocery & Snacks		Refrigerated & Frozen			International		Corporate		Total
Accelerated depreciation	$	5.4	$	4.6		$	—	$	—	$	10.0
Other cost of goods sold		3.7		5.7			0.7		—		10.1
Total cost of goods sold		9.1		10.3			0.7		—		20.1
Severance and related costs		1.4		4.3			1.5		112.2		119.4
Asset impairment (net of gains on disposal)		27.8		(1.7	)		—		2.5		28.6
Accelerated depreciation		—		—			—		7.4		7.4
Contract/lease termination		6.5		3.7			0.8		15.1		26.1
Consulting/professional fees		1.0		—			0.8		111.7		113.5
Other selling, general and administrative expenses		5.8		4.8			0.3		20.9		31.8
Total selling, general and administrative expenses		42.5		11.1			3.4		269.8		326.8
Consolidated total	$	51.6	$	21.4		$	4.1	$	269.8	$	346.9

During fiscal 2022, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:

	Grocery & Snacks		Refrigerated & Frozen			Corporate			Total
Other cost of goods sold	$	—	$	1.7		$	—		$	1.7
Total cost of goods sold		—		1.7			—			1.7
Severance and related costs		—		1.0			(0.2	)		0.8
Asset impairment (net of gains on disposal)		—		(5.7	)		(0.1	)		(5.8	)
Contract/lease termination		—		0.2			(0.8	)		(0.6	)
Consulting/professional fees		0.2		—			19.1			19.3
Other selling, general and administrative expenses		0.1		1.6			2.5			4.2
Total selling, general and administrative expenses		0.3		(2.9	)		20.5			17.9
Consolidated total	$	0.3	$	(1.2	)	$	20.5		$	19.6

Included in the above results are $24.0 million of charges that have resulted or will result in cash outflows and a non-cash net benefit of $4.4 million.

We recognized the following cumulative (plan inception to May 29, 2022) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen			International		Corporate		Total
Accelerated depreciation	$	0.6	$	4.6		$	—	$	—	$	5.2
Other cost of goods sold		2.3		4.6			0.7		—		7.6
Total cost of goods sold		2.9		9.2			0.7		—		12.8
Severance and related costs		—		4.4			1.5		112.2		118.1
Asset impairment (net of gains on disposal)		0.3		(1.7	)		—		2.5		1.1
Accelerated depreciation		—		—			—		7.4		7.4
Contract/lease termination		1.8		0.2			0.8		15.1		17.9
Consulting/professional fees		0.9		—			0.8		108.6		110.3
Other selling, general and administrative expenses		2.9		2.7			0.3		19.8		25.7
Total selling, general and administrative expenses		5.9		5.6			3.4		265.6		280.5
Consolidated total	$	8.8	$	14.8		$	4.1	$	265.6	$	293.3

Included in the above results are $264.9 million of charges that have resulted or will result in cash outflows and $28.4 million in non-cash charges.

Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for fiscal 2022 were as follows:

			Costs
	Balance at		Incurred		Costs Paid						Balance at
	May 30,		and Charged		or Otherwise			Changes in			May 29,
	2021		to Expense		Settled			Estimates			2022
Severance and related costs	$	5.1	$	0.3	$	(5.6	)	$	0.5		$	0.3
Contract/lease termination		—		—		0.6			(0.6	)		—
Consulting/professional fees		3.9		19.3		(18.6	)		—			4.6
Other costs		—		4.5		(4.5	)		—			—
Total	$	9.0	$	24.1	$	(28.1	)	$	(0.1	)	$	4.9

Conagra Restructuring Plan

In fiscal 2019, senior management initiated a restructuring plan for costs incurred in connection with actions taken to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network (the "Conagra Restructuring Plan"). Although we remain unable to make good faith estimates relating to the entire Conagra Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2022, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. As of May 29, 2022, we had approved the incurrence of $180.6 million ($53.8 million of cash charges and $126.8 million of non-cash charges) for several projects associated with the Conagra Restructuring Plan. We have incurred or expect to incur $148.4 million of charges ($46.4 million of cash charges and $102.0 million of non-cash charges) for actions identified to date under the Conagra Restructuring Plan. We recognized charges of $29.4 million, $46.2 million, and $64.4 million in connection with the Conagra Restructuring Plan in fiscal 2022, 2021, and 2020, respectively. We expect to incur costs related to the Conagra Restructuring Plan over a multi-year period.

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 2022):

	Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Corporate		Total
Accelerated depreciation	$	33.2	$	39.6	$	—	$	—	$	—	$	72.8
Other cost of goods sold		8.7		2.3		—		—		—		11.0
Total cost of goods sold		41.9		41.9		—		—		—		83.8
Severance and related costs		11.6		1.2		1.3		0.3		4.7		19.1
Asset impairment (net of gains on disposal)		21.9		0.8		0.1		—		—		22.8
Contract/lease termination		0.4		—		—		—		0.1		0.5
Consulting/professional fees		—		—		—		—		5.6		5.6
Other selling, general and administrative expenses		12.8		2.6		—		—		0.6		16.0
Total selling, general and administrative expenses		46.7		4.6		1.4		0.3		11.0		64.0
Total	$	88.6	$	46.5	$	1.4	$	0.3	$	11.0	$	147.8
Pension and postretirement non-service income												0.6
Consolidated total											$	148.4

During fiscal 2022, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

	Grocery & Snacks			Refrigerated & Frozen			International		Foodservice		Corporate		Total
Accelerated depreciation	$	1.2		$	12.9		$	—	$	—	$	—	$	14.1
Other cost of goods sold		3.9			2.1			—		—		—		6.0
Total cost of goods sold		5.1			15.0			—		—		—		20.1
Severance and related costs		1.2			(0.6	)		0.2		0.3		2.3		3.4
Asset impairment (net of gains on disposal)		(5.2	)		0.5			—		—		—		(4.7	)
Contract/lease termination		0.4			—			—		—		—		0.4
Consulting/professional fees		—			—			—		—		1.7		1.7
Other selling, general and administrative expenses		7.6			0.8			—		—		0.1		8.5
Total selling, general and administrative expenses		4.0			0.7			0.2		0.3		4.1		9.3
Total	$	9.1		$	15.7		$	0.2	$	0.3	$	4.1	$	29.4

Included in the above results are $16.0 million of charges that have resulted or will result in cash outflows and $13.4 million in non-cash charges.

We recognized the following cumulative (plan inception to May 29, 2022) pre-tax expenses for the Conagra Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Corporate		Total
Accelerated depreciation	$	33.2	$	39.6	$	—	$	—	$	—	$	72.8
Other cost of goods sold		8.7		2.3		—		—		—		11.0
Total cost of goods sold		41.9		41.9		—		—		—		83.8
Severance and related costs		11.6		1.2		1.3		0.3		4.4		18.8
Asset impairment (net of gains on disposal)		21.9		0.8		0.1		—		—		22.8
Contract/lease termination		0.4		—		—		—		0.1		0.5
Consulting/professional fees		—		—		—		—		1.7		1.7
Other selling, general and administrative expenses		12.6		1.1		—		—		0.3		14.0
Total selling, general and administrative expenses		46.5		3.1		1.4		0.3		6.5		57.8
Total	$	88.4	$	45.0	$	1.4	$	0.3	$	6.5	$	141.6
Pension and postretirement non-service income												0.6
Consolidated total											$	142.2

Included in the above results are $40.1 million of charges that have resulted or will result in cash outflows and $102.1 million in non-cash charges.

Liabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2022 were as follows:

			Costs
	Balance at		Incurred		Costs Paid						Balance at
	May 30,		and Charged		or Otherwise			Changes in			May 29,
	2021		to Expense		Settled			Estimates			2022
Severance and related costs	$	9.7	$	5.0	$	(9.9	)	$	(1.6	)	$	3.2
Contract/lease termination		—		0.4		(0.4	)		—			—
Consulting/professional fees		—		1.7		—			—			1.7
Other costs		—		10.5		(10.3	)		—			0.2
Total	$	9.7	$	17.6	$	(20.6	)	$	(1.6	)	$	5.1

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Note 3 - Long-term Debt

12 Months Ended

May 29, 2022

Notes to Financial Statements

Long-Term Debt [Text Block]

3. LONG-TERM DEBT

	May 29, 2022			May 30, 2021
5.4% senior debt due November 2048	$	1,000.0		$	1,000.0
4.65% senior debt due January 2043		176.7			176.7
6.625% senior debt due August 2039		91.4			91.4
5.3% senior debt due November 2038		1,000.0			1,000.0
8.25% senior debt due September 2030		300.0			300.0
4.85% senior debt due November 2028		1,300.0			1,300.0
7.0% senior debt due October 2028		382.2			382.2
1.375% senior debt due November 2027		1,000.0			1,000.0
6.7% senior debt due August 2027		9.2			9.2
7.125% senior debt due October 2026		262.5			262.5
4.6% senior debt due November 2025		1,000.0			1,000.0
4.3% senior debt due May 2024		1,000.0			1,000.0
0.5% senior debt due August 2023		500.0			—
3.2% senior debt due January 2023		437.0			437.0
3.25% senior debt due September 2022		250.0			250.0
0.45% to 9.59% lease financing obligations due on various dates through 2036		131.3			139.1
Other indebtedness		0.1			0.1
Total face value of debt		8,840.4			8,348.2
Unamortized fair value adjustment	19.2				19.9
Unamortized discounts		(23.4	)		(25.8	)
Unamortized debt issuance costs		(40.7	)		(44.0	)
Less current installments		(707.3	)		(23.1	)
Total long-term debt	$	8,088.2		$	8,275.2

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 29, 2022, are as follows:

2023	$	707.6
2024		1,517.5
2025		14.7
2026		1,021.2
2027		268.1

   In the first quarter of fiscal 2022, we issued $500.0 million aggregate principal amount of 0.500% senior notes due August 11, 2023.

In the fourth quarter of fiscal 2021, we repaid the remaining outstanding $195.9 million aggregate principal amount of our 9.75% subordinated notes on the maturity date of March 1, 2021.

In the third quarter of fiscal 2021, we redeemed $400.0 million aggregate principal amount of our 3.20% senior notes due January 25, 2023, prior to maturity, resulting in a loss of $24.4 million within SG&A expenses as a cost of early extinguishment of debt.

In the second quarter of fiscal 2021, we issued $1.0 billion aggregate principal amount of 1.375% senior notes due November 1, 2027 (the "2027 Senior Notes"). We also redeemed the entire outstanding $1.20 billion aggregate principal amount of our 3.80% senior notes prior to their maturity date of October 22, 2021, resulting in a net loss of $44.3 million within SG&A expenses as a cost of early extinguishment of debt. This redemption was primarily funded using the net proceeds from the issuance of the 2027 Senior Notes.

In the second quarter of fiscal 2021, we also repaid the entire outstanding $500.0 million aggregate principal amount of our floating rate notes on the maturity date of October 9, 2020.

In the first quarter of fiscal 2021, we repaid the remaining outstanding $126.6 million aggregate principal amount of our 4.95% senior notes on their maturity date of August 15, 2020.

In fiscal 2020, we redeemed the entire outstanding $525.0 million aggregate principal amount of our floating rate notes due October 22, 2020 in two separate redemptions totaling $250.0 million and $275.0 million in the third and fourth quarters of fiscal 2020, respectively.

Net interest expense consists of:

	2022			2021			2020
Long-term debt	$	393.1		$	430.0		$	495.9
Short-term debt		2.3			2.5			0.9
Interest income		(2.1	)		(1.9	)		(3.1	)
Interest capitalized		(13.4	)		(10.2	)		(6.6	)
	$	379.9		$	420.4		$	487.1

In the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our anticipated issuance of long-term debt to help finance the Pinnacle acquisition. During the second quarter of fiscal 2019, we terminated the interest rate swap contracts and received proceeds of $47.5 million. This gain was deferred in accumulated other comprehensive income and is being amortized as a reduction of interest expense over the lives of the related debt instruments. Our net interest expense was reduced by $3.3 million, $3.3 million, and $3.5 million in fiscal 2022, 2021, and 2020, respectively, due to the impact of these interest rate swap contracts.

Interest paid from continuing operations was $393.9 million, $445.6 million, and $494.6 million in fiscal 2022, 2021, and 2020, respectively.

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Note 4 - Credit Facilities and Borrowings

12 Months Ended

May 29, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

4. CREDIT FACILITIES AND BORROWINGS

At May 29, 2022, we had a revolving credit facility (the "Revolving Credit Facility") with a syndicate of financial institutions providing for a maximum aggregate principal amount outstanding at any one time of $1.6 billion (subject to increase to a maximum aggregate principal amount of $2.1 billion with the consent of the lenders). The Revolving Credit Facility matures on July 11, 2024 and is unsecured. The term of the Revolving Credit Facility may be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. As of May 29, 2022, there were no outstanding borrowings under the Revolving Credit Facility.

The Revolving Credit Facility contains events of default customary for unsecured investment grade credit facilities with corresponding grace periods. In the first quarter of fiscal 2022, we entered into an amendment to the Revolving Credit Facility (the "Amended Revolving Credit Facility"). The Amended Revolving Credit Facility generally requires our ratio of earnings before interest, taxes, depreciation, and amortization ("EBITDA") to interest expense not to be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed 4.5 to 1.0, with each ratio to be calculated on a rolling four-quarter basis. As of  May 29, 2022, we were in compliance with all financial covenants under the Amended Revolving Credit Facility.

We finance our short-term liquidity needs with existing cash balances, cash flows from operations, and commercial paper borrowings. As of May 29, 2022, we had $180.0 million outstanding under our commercial paper program at an average weighted interest rate of 1.41%. As of May 30, 2021, we had $705.7 million outstanding under our commercial paper program at an average weighted interest rate of 0.36%.

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Note 5 - Divestitures and Assets Held for Sale

12 Months Ended

May 29, 2022

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

5. DIVESTITURES AND ASSETS HELD FOR SALE

Divestitures

During the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters^® business for net proceeds of $50.7 million. The business results were previously reported primarily within our Refrigerated & Frozen segment, and to a lesser extent within our International and Foodservice segments. We recognized a gain on the sale of $10.4 million, included within SG&A expenses. In connection with the sale of our Egg Beaters^® business, we also recognized a loss of $7.1 million within SG&A expenses related to the early exit of an unfavorable contract.

During the third quarter of fiscal 2021, we completed the sale of our Peter Pan^® peanut butter business for net proceeds of $101.5 million. The business results were previously reported primarily within our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments. We recognized a gain on the sale of $49.8 million, included within SG&A expenses.

During the second quarter of fiscal 2021, we completed the sale of our H.K. Anderson^® business for net proceeds of $8.7 million. The business results were previously reported in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We recognized a gain on the sale of $5.3 million, included within SG&A expenses.

During the third quarter of fiscal 2020, we completed the sale of our Lender's^® bagel business for net proceeds of $33.3 million. The business results were previously reported primarily in our Refrigerated & Frozen segment, and to a lesser extent within our Foodservice segment. In connection with the sale of our Lender's^® bagel business, we recognized an impairment charge of $27.6 million within SG&A expenses in the second quarter of fiscal 2020.

During the second quarter of fiscal 2020, we completed the sale of our Direct Store Delivery ("DSD") snacks business for net proceeds of $137.5 million. The business results were previously reported in our Grocery & Snacks segment. In connection with the sale of our DSD snacks business, we recognized an impairment charge of $31.4 million within SG&A expenses in the first quarter of fiscal 2020.

During the third quarter of fiscal 2020, we completed the sale of our peanut butter manufacturing facility in Streator, Illinois. The sale was part of a broader initiative to optimize the Company's peanut butter business, which also included the decision to exit the manufacture and sale of private label peanut butter. The business results were previously reported primarily in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We received net proceeds of $24.8 million. In connection with this divestiture, we recognized impairment charges of $23.0 million within SG&A expenses in the first half of fiscal 2020. These charges have been included in restructuring activities.

Other Assets Held for Sale

During the second quarter of fiscal 2022, we initiated a plan to sell businesses with operating results included within our Grocery & Snacks, Refrigerated & Frozen, and Foodservice segments. The assets and liabilities have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheets for all periods presented and are expected to be sold within twelve months of initiating our plan. In connection with this activity, we recognized impairment charges of $70.1 million within SG&A expenses in fiscal 2022. 

In addition, we actively market certain other assets from time to time. These assets have been reclassified as assets held for sale within our Consolidated Balance Sheets for periods prior to the disposal of the individual asset groups.

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets were as follows:

	May 29, 2022		May 30, 2021
Current assets	$	27.0	$	24.3
Noncurrent assets (including goodwill of $34.6 million at May 30, 2021)		31.9		113.3
Current liabilities		1.7		1.6
Noncurrent liabilities		2.4		3.2

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Note 6 - Investments in Joint Ventures

12 Months Ended

May 29, 2022

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

6. INVESTMENTS IN JOINT VENTURES

The total carrying value of our equity method investments at the end of fiscal 2022 and 2021 was $918.3 million and $841.8 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and a 50% ownership interest in one other joint venture. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month.

In fiscal 2022, we had purchases from our equity method investees of $30.1 million. Total dividends received from equity method investments in fiscal 2022 were $79.0 million.

In fiscal 2021, we had purchases from our equity method investees of $28.7 million. Total dividends received from equity method investments in fiscal 2021 were $56.5 million.

In fiscal 2020, we had purchases from our equity method investees of $32.5 million. Total dividends received from equity method investments in fiscal 2020 were $51.4 million.

Summarized combined financial information for our equity method investments on a 100% basis is as follows:

	2022		2021		2020
Net sales:
Ardent Mills	$	4,258.5	$	3,407.6	$	3,393.9
Other		253.2		238.8		225.0
Total net sales	$	4,511.7	$	3,646.4	$	3,618.9
Gross margin:
Ardent Mills	$	516.5	$	360.6	$	313.1
Other		54.8		47.3		49.4
Total gross margin	$	571.3	$	407.9	$	362.5
Earnings after income taxes:
Ardent Mills	$	306.2	$	169.6	$	144.5
Other		21.1		19.5		19.3
Total earnings after income taxes	$	327.3	$	189.1	$	163.8

	May 29, 2022		May 30, 2021
Ardent Mills:
Current assets	$	1,470.1	$	1,101.5
Noncurrent assets		1,875.9		1,848.2
Current liabilities		720.5		524.1
Noncurrent liabilities		567.7		563.0
Other:
Current assets	$	103.4	$	95.0
Noncurrent assets		38.2		36.8
Current liabilities		35.1		39.9
Noncurrent liabilities		10.7		10.6

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Note 7 - Goodwill and Other Identifiable Intangible Assets

12 Months Ended

May 29, 2022

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

7. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The change in the carrying amount of goodwill for fiscal 2022 and 2021, excluding amounts classified as held for sale (see Note 5), was as follows:

	Grocery & Snacks		Refrigerated & Frozen		International			Foodservice		Total
Balance as of May 31, 2020	$	4,692.4	$	5,611.2	$	290.5		$	732.8	$	11,326.9
Currency translation		—		—		12.0			—		12.0
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

Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows:

	2022				2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets
Brands and trademarks	$	3,061.6	$	—	$	3,273.1	$	—
Amortizing intangible assets
Customer relationships and intellectual property		1,228.0		436.5		1,228.8		377.3
	$	4,289.6	$	436.5	$	4,501.9	$	377.3

In the fourth quarter of fiscal 2022, we performed our annual goodwill impairment assessment on all of our reporting units and found no indicators of impairment. We completed a qualitative assessment on all of our reporting units with the exception of our Sides, Components, Enhancers reporting unit which considered, among other things, an increase in our market capitalization from our previous testing date and continued sales growth which has had a positive impact on our financial results. While operating profits have been negatively impacted by recent input cost inflation in fiscal 2022, we believe that subsequent price increases and other productivity initiatives will eventually result in more normalized operating margins over time. However, we will continue to evaluate the impact of any significant changes in consumer purchasing behaviors, government restrictions, input cost inflation, or other macroeconomic conditions which could change certain assumptions that result in future impairments. For the Sides, Components, Enhancers reporting unit, based upon a quantitative impairment test, the excess fair value over the carrying value was approximately 20%, which remained relatively consistent with our prior year quantitative impairment test.

Fair value is typically estimated using a discounted cash flow analysis which requires 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 years) and a terminal period (considering expected long-term growth rates and trends). We used a discount rate for our Sides, Components, Enhancers reporting unit of 6.50% and a terminal growth rate of 1%. Estimating the fair value of individual reporting units requires us to make assumptions and estimates in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows, discount rates, or terminal growth rates could produce substantially different estimates of the fair value of the reporting units.

Amortizing intangible assets, carrying a remaining weighted-average life of approximately 18 years, are principally composed of customer relationships and acquired intellectual property. For fiscal 2022, 2021, and 2020, we recognized amortization expense of $59.3 million, $59.7 million, and $59.8 million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 29, 2022, amortization expense for the next five years is estimated to be as follows:

2023	$	56.9
2024		53.6
2025		53.5
2026		43.5
2027		43.3

For our non-amortizing intangible assets, which are comprised of brands and trademarks, we use a "relief from royalty" methodology in estimating fair value. During fiscal 2022, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $209.0 million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments. Duncan Hines^® and Gardein^® were the most notable brands with impairments largely due to lower than expected profit margins which resulted in a reduction to our assumed royalty rates along with increases in our discount rate in response to the current economic environment, including an increase in interest rates.

During fiscal 2021, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $90.9 million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments. Udi’s® was the most notable brand with impairment in fiscal 2021 largely due to lower than expected sales and profit margins which resulted in a reduction to our assumed royalty rate.

During the first quarter of fiscal 2020, we recorded impairment charges totaling $19.3 million within our Refrigerated & Frozen segment and Grocery & Snacks segment for certain brands for which management changed its business strategy and that continued to have lower than expected sales and profit margins. This impairment was included within SG&A expenses.

During fiscal 2020, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $146.2 million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments, largely associated with brands that were recorded at fair value in recent acquisitions. The more notable brands with impairments included Frontera^®, Gardein^®, Glutino^®, Hungry Man^®, and Udi’s^®.   

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Note 8 - Earnings Per Share

12 Months Ended

May 29, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

8. EARNINGS PER SHARE

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:

	2022		2021		2020
Net income attributable to Conagra Brands, Inc. common stockholders:	$	888.2	$	1,298.8	$	840.1
Weighted average shares outstanding:
Basic weighted average shares outstanding		480.3		485.8		487.3
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities		1.9		2.0		1.3
Diluted weighted average shares outstanding		482.2		487.8		488.6

For fiscal 2022, 2021, and 2020, there were 0.8 million, 0.4 million, and 1.9 million stock options outstanding, respectively, that were excluded from the computation of diluted weighted average shares because the effect was antidilutive.

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Note 9 - Inventories

12 Months Ended

May 29, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

9. INVENTORIES

The major classes of inventories were as follows:

	May 29, 2022		May 30, 2021
Raw materials and packaging	$	383.2	$	284.1
Work in process		164.8		125.1
Finished goods		1,305.9		1,221.8
Supplies and other		85.8		78.7
Total	$	1,939.7	$	1,709.7

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Note 10 - Other Noncurrent Liabilities

12 Months Ended

May 29, 2022

Notes to Financial Statements

Other Liabilities Disclosure [Text Block]

10. OTHER NONCURRENT LIABILITIES

Other noncurrent liabilities consisted of:

	May 29, 2022		May 30, 2021
Postretirement health care and pension obligations (see Note 17)	$	161.2	$	197.3
Noncurrent income tax liabilities		1,344.5		1,271.4
Noncurrent lease liabilities (see Note 14)		197.0		185.1
Self-insurance liabilities		31.3		30.5
Asset retirement obligations		43.0		42.4
Environmental liabilities (see Note 15)		43.6		59.0
Legal settlement costs (see Note 15)		40.5		52.0
Other		102.4		141.9
	$	1,963.5	$	1,979.6

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Note 11 - Capital Stock

12 Months Ended

May 29, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

11. CAPITAL STOCK

The total number of shares we are authorized to issue is 1,218,050,000 shares, which shares may be issued as follows: 1,200,000,000 shares of common stock, par value $5.00 per share; 150,000 shares of Class B Preferred Stock, par value $50.00 per share; 250,000 shares of Class C Preferred Stock, par value $100.00 per share; 1,100,000 shares of Class D Preferred Stock, no par value per share; and 16,550,000 shares of Class E Preferred Stock, no par value per share. There were no preferred shares issued or outstanding as of May 29, 2022.

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 1.5 million shares of our common stock for approximately $50.0 million in fiscal 2022 and 8.8 million shares of our common stock for approximately $298.1 million in fiscal 2021. 

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Note 12 - Share-based Payments

12 Months Ended

May 29, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

12. SHARE-BASED PAYMENTS

In accordance with stockholder-approved equity incentive plans, we grant stock-based compensation awards, including restricted stock units, cash-settled restricted stock units, performance shares, performance-based restricted stock units, stock options, and stock appreciation rights. The shares delivered upon vesting or lapse of restriction under any such arrangement may consist, in whole or part, of treasury stock or authorized but unissued stock, not reserved for any other purpose.

On September 19, 2014, our stockholders approved the Conagra Brands, Inc. 2014 Stock Plan (as amended effective December 11, 2017, the "Plan"). The Plan authorizes the issuance of up to 40.3 million shares of Conagra Brands common stock. In addition to the shares under the 2014 Stock Plan, certain shares of Conagra Brands common stock subject to outstanding awards under predecessor stock plans that expire, lapse, are cancelled, terminated, forfeited, otherwise become unexercisable, or are settled for cash are available for issuance. At May 29, 2022, approximately 38.5 million shares were reserved for granting new share-based awards.

Share Unit Awards

In accordance with stockholder-approved equity incentive plans, we grant awards of restricted stock units and cash-settled restricted stock units ("share units") to employees and directors. These awards generally have requisite service periods of three years. Under each such award, stock or cash (as applicable) is issued without direct cost to the employee. We estimate the fair value of the share units based upon the market price of our stock at the date of grant. Certain share unit grants do not provide for the payment of dividend equivalents to the participant during the requisite service period (the "vesting period"). For those grants, the value of the grants is reduced by the net present value of the foregone dividend equivalent payments.

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 $25.8 million, $28.1 million, and $24.5 million for fiscal 2022, 2021, and 2020, respectively. The tax benefit related to the stock-settled share unit award compensation expense for fiscal 2022, 2021, and 2020 was $5.3 million, $6.1 million, and $5.3 million, respectively. 

The following table summarizes the nonvested share units as of May 29, 2022 and changes during the fiscal year then ended:

	Stock-Settled
Share Units	Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested share units at May 30, 2021		2.49		$	33.00
Granted		1.09		$	34.26
Vested/Issued		(0.77	)	$	34.86
Forfeited		(0.31	)	$	33.28
Nonvested share units at May 29, 2022		2.50		$	32.94

During fiscal 2022, 2021, and 2020, we granted 1.1 million, 0.9 million, and 1.3 million stock-settled share units, respectively, with a weighted average grant date fair value of $34.26, $36.72, and $28.32 per share unit, respectively. No cash-settled share unit awards were granted in fiscal 2022, 2021, or 2020. 

The total intrinsic value of stock-settled share units vested was $26.9 million, $24.6 million, and $14.2 million during fiscal 2022, 2021, and 2020, respectively. The total intrinsic value of cash-settled share units vested was $4.3 million and $24.3 million during fiscal 2021 and 2020, respectively.

At May 29, 2022, we had $26.5 million of total unrecognized compensation expense that will be recognized over a weighted average period of 1.8 years related to stock-settled share unit awards.

Performance Share Awards

In accordance with stockholder-approved equity incentive plans, we grant performance shares to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goals for the three-year performance periods ending in fiscal 2022 (the "2022 performance period") and fiscal 2024 ("2024 performance period") are based on our diluted earnings per share ("EPS") compound annual growth rate ("CAGR"), subject to certain adjustments, measured over the defined performance periods. The performance goal for one-third of the target number of performance shares for the three-year performance period ending in fiscal 2023 (the "2023 performance period") is based on our fiscal 2021 diluted EPS CAGR, subject to certain adjustments. The performance goal for the final two-thirds of the target number of performance shares granted for the 2023 performance period is based on our diluted EPS CAGR, subject to certain adjustments, measured over the two-year period ending in fiscal 2023. For each of the 2022 performance period, 2023 performance period, and 2024 performance period, the awards actually earned will range from zero to two hundred percent of the targeted number of performance shares for such performance period. Dividend equivalents are paid on the portion of performance shares actually earned at our regular dividend rate in additional shares of common stock.

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 been certified, the value of the performance shares is adjusted based upon the market price of our common stock and current forecasted performance against the performance targets at the end of each reporting period and amortized as compensation expense over the vesting period. Forfeitures are accounted for as they occur.

A summary of the activity for performance share awards as of May 29, 2022 and changes during the fiscal year then ended is presented below:

Performance Shares	Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested performance shares at May 30, 2021		1.51		$	33.25
Granted		0.53		$	34.13
Adjustments for performance results attained and dividend equivalents		0.35		$	35.96
Vested/Issued		(0.79	)	$	35.96
Forfeited		(0.16	)	$	32.84
Nonvested performance shares at May 29, 2022		1.44		$	32.80

We recognized a benefit of $1.4 million for our performance share awards in fiscal 2022 and expense of $34.9 million and $31.8 million for fiscal 2021 and 2020, respectively. The tax expense related to the compensation benefit for fiscal 2022 was $0.7 million. The tax benefit related to the compensation expense for fiscal 2021 and 2020 was $3.6 million and $2.9 million, respectively.

The total intrinsic value of performance shares vested (including shares paid in lieu of dividends) during fiscal 2022, 2021, and 2020 was $27.0 million, $33.9 million, and $8.4 million, respectively.

Based on estimates at May 29, 2022, we had $10.8 million of total unrecognized compensation expense related to performance shares that will be recognized over a weighted average period of 1.7 years.

Performance-Based Restricted Stock Unit Awards

On April 15, 2019 (the "grant date"), we made grants of performance-based restricted stock unit ("PBRSU") awards to the Company's named executive officers and a limited group of other senior officers of the Company. A total of 0.2 million PBRSU awards were granted with a grant date fair value of $41.82 per PBRSU.

The PBRSU awards are awards of share units with vesting contingent on our achievement of certain absolute total shareholder return performance ("TSR") goals over a performance period beginning on the grant date and ending May 27, 2022 (the "PBRSU performance period"). If PBRSUs are earned based on absolute TSR and absolute TSR meets or exceeds a predetermined rate, they become eligible for an upward adjustment of 25% based on our relative TSR for the PBRSU performance period versus the median TSR of the S&P 500 Index ("RTSR"). Each PBRSU award payout can range from 0% to 500% of the initial target grant and will not exceed 8.6 times the grant value of each grantee's PBRSU award (including earned dividend equivalents).

Compensation expense for the awards is recognized over the PBRSU performance period based upon the grant date fair value. The grant date fair value was estimated using a Monte-Carlo simulation model with a risk-free rate of 2.35% and an expected volatility of 24.92%. The model includes no expected dividend yield as the PBRSUs earn dividend equivalents.

We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. The compensation expense for our PBRSU awards totaled $1.7 million, $2.4 million, and $2.7 million for fiscal 2022, 2021, and 2020 respectively. The tax expense (benefit) related to our PBRSU awards for fiscal 2022, 2021, and 2020 was $0.4 million, $(0.2) million, and $(0.2) million, respectively. As of May 27, 2022, the end of the PBRSU performance period, the awards did not achieve the absolute TSR goals and resulted in a 0% payout.

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 years) and generally expire seven to ten years after the date of grant. No stock options were granted in fiscal 2022, 2021, or 2020.

A summary of the option activity as of May 29, 2022 and changes during the fiscal year then ended is presented below:

Options	Number of Options (in Millions)			Weighted Average Exercise Price		Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in Millions)
Outstanding at May 30, 2021		3.0		$	30.70
Exercised		(0.3	)	$	28.34			$	2.0
Outstanding at May 29, 2022		2.7		$	30.87		3.27	$	8.6
Exercisable at May 29, 2022		2.7		$	30.87		3.27	$	8.6

We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. The total intrinsic value of stock options exercised was $2.0 million, $7.0 million, and $3.8 million for fiscal 2022, 2021, and 2020, respectively. The closing market price of our common stock on the last trading day of fiscal 2022 was $33.15 per share.

Compensation expense for stock option awards totaled $0.2 million for fiscal 2020. The tax benefit related to the stock option expense for fiscal 2020 was $0.1 million.

At May 29, 2022, we had no unrecognized compensation expense related to stock options.

Cash received from stock option exercises for fiscal 2022, 2021, and 2020 was $7.8 million, $20.5 million, and $11.0 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $0.5 million, $1.7 million, and $1.4 million for fiscal 2022, 2021, and 2020, respectively.

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Note 13 - Pre-tax Income and Income Taxes

12 Months Ended

May 29, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

13. PRE-TAX INCOME AND INCOME TAXES

Pre-tax income from continuing operations (including equity method investment earnings) consisted of the following:

	2022		2021		2020
United States	$	1,106.0	$	1,426.5	$	978.3
Foreign		72.7		68.2		64.8
	$	1,178.7	$	1,494.7	$	1,043.1

The provision for income taxes included the following:

	2022			2021			2020
Current
Federal	$	186.6		$	232.6		$	188.2
State		48.2			31.8			25.5
Foreign		18.4			15.3			9.5
		253.2			279.7			223.2
Deferred
Federal		34.7			(63.5	)		37.6
State		3.9			(26.1	)		(62.3	)
Foreign		(1.3	)		3.7			2.8
		37.3			(85.9	)		(21.9	)
	$	290.5		$	193.8		$	201.3

Income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows:

	2022			2021			2020
Computed U.S. Federal income taxes	$	247.5		$	313.9		$	219.0
State income taxes, net of U.S. Federal tax impact		37.2			37.4			29.6
Goodwill and intangible impairments		6.1			13.6			11.2
Remeasurement of deferred taxes due to legal entity reorganization		—			35.8			(40.9	)
Tax elections under review by the IRS on capital loss utilization		25.0			—			—
Change of valuation allowance on capital loss carryforward		—			(188.5	)		—
Other		(25.3	)		(18.4	)		(17.6	)
	$	290.5		$	193.8		$	201.3

Income taxes paid, net of refunds, were $299.1 million, $286.3 million, and $178.0 million in fiscal 2022, 2021, and 2020, respectively.

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 29, 2022					May 30, 2021
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	327.2	$	—		$	281.7
Inventory	30.5				—		19.5			—
Goodwill, trademarks and other intangible assets		405.8			1,066.6		—			1,118.4
Right-of-use assets		—			47.9		—			45.5
Accrued expenses		12.7			—		12.0			—
Compensation related liabilities		29.3			—		36.5			—
Pension and other postretirement benefits		—			25.1		—			9.8
Investment in unconsolidated subsidiaries		—			9.4		—			2.6
Lease liabilities		56.1			—		54.4			—
Other liabilities that will give rise to future tax deductions		73.2			—		96.2			—
Net capital and operating loss carryforwards		46.4			—		53.8			—
Federal credits		12.0			—		16.1			—
Other		32.0			38.6		33.9			33.1
		698.0			1,514.8		322.4			1,491.1
Less: Valuation allowance		(455.5	)		—		(67.5	)		—
Net deferred taxes	$	242.5		$	1,514.8	$	254.9		$	1,491.1

The liability for gross unrecognized tax benefits at May 29, 2022 was $62.9 million, excluding a related liability of $6.7 million for gross interest and penalties. Included in the balance at May 29, 2022 are $0.2 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. Any associated interest and penalties imposed would affect the tax rate. As of May 30, 2021, our gross liability for unrecognized tax benefits was $33.0 million, excluding a related liability of $8.8 million for gross interest and penalties. Interest and penalties recognized in the Consolidated Statements of Earnings was a benefit of $2.1 million in fiscal 2022, an expense of $1.4 million in fiscal 2021, and a benefit of $4.3 million in fiscal 2020.

The net amount of unrecognized tax benefits at  May 29, 2022 and May 30, 2021 that, if recognized, would favorably impact our effective tax rate was $58.0 million and $28.2 million, respectively.

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. All resulting significant items for fiscal 2020 and prior years have been settled with the IRS, with the exception of fiscal 2016. Statutes of limitation for pre-acquisition tax years of Pinnacle generally remain open for calendar year 2003 and subsequent years principally related to net operating losses. Other major jurisdictions where we conduct business generally have statutes of limitations ranging from three to five years.

We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $3.0 million over the next twelve months due to various federal, state, and foreign audit settlements and the expiration of statutes of limitations.

The change in the unrecognized tax benefits for the year ended May 29, 2022 was as follows:

Beginning balance on May 30, 2021	$	33.0
Increases from positions established during prior periods		13.2
Decreases from positions established during prior periods		(3.2	)
Increases from positions established during the current period		31.7
Reductions resulting from lapse of applicable statute of limitation		(3.1	)
Decrease from audit settlements		(8.5	)
Other adjustments to liability		(0.2	)
Ending balance on May 29, 2022	$	62.9

We have approximately $14.3 million of foreign net operating loss carryforwards ($11.0 million will expire between fiscal 2027 and 2042 and $3.3 million have no expiration dates) and $87.9 million of federal net operating loss carryforwards which expire between fiscal 2025 and 2027. Included in net deferred tax liabilities are $28.4 million of tax effected state net operating loss carryforwards which expire in various years ranging from fiscal 2023 to 2042 and $1.7 million of tax effected state capital loss balances that expire in fiscal year 2034. Foreign tax credits of $10.3 million will expire between fiscal 2025 and 2032. State tax credits of approximately $5.2 million will expire in various years ranging from fiscal 2023 to 2030.

In fiscal 2022, we reflected additional tax expense of $25.0 million related to tax elections made in conjunction with filing our fiscal 2021 federal tax return.  These elections are still under review with the Internal Revenue Service. These elections may result in increases to the tax basis in those assets and if successful would result in tax benefits being realized in future periods.

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 more likely than not to be realized. The net change in the valuation allowance for fiscal 2022 was an increase of $388.0 million. For fiscal 2021 and 2020, changes in the valuation allowance were a decrease of $653.9 million and $9.8 million, respectively. The current year change principally relates to valuation allowances on increases to tax basis from tax elections made on our fiscal 2021 federal tax return that are still under review with the Internal Revenue Service.

During fiscal 2022, it was determined that the current earnings of certain foreign subsidiaries were not indefinitely reinvested or that we could not remit to the U.S. parent in a tax-neutral transaction. Accordingly, we recorded a deferred tax liability of $1.5 million on approximately $30.0 million of earnings at May 29, 2022. The deferred tax liability relates to local withholding taxes that will be owed when this cash is distributed. The undistributed historic earnings in our foreign subsidiaries through May 30, 2021 are considered to be indefinitely reinvested or can be remitted in a tax-neutral transaction. Accordingly, we have not recorded a deferred tax liability related to these undistributed historic earnings.

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Note 14 - Leases

12 Months Ended

May 29, 2022

Notes to Financial Statements

Lessee Operating and Finance Leases [Text Block]

14. LEASES

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 provide an implicit interest rate, we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease.

We have elected not to separate lease and non-lease components of an agreement for all underlying asset classes prospectively from the ASU 2016-02, Leases, Topic 842 adoption date.

Any lease arrangements with an initial term of twelve months or less are not recorded on our Consolidated Balance Sheet. We recognize lease cost for these lease arrangements on a straight-line basis over the lease term.

Our lease terms may include options to extend or terminate the lease. We consider these options in determining the lease term used to establish our ROU asset and lease liabilities. A limited number of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Leases reported in our Consolidated Balance Sheets were as follows:

	Operating Leases
	Balance Sheet Location	May 29, 2022		May 30, 2021
ROU assets, net	Other assets	$	207.6	$	183.8
Lease liabilities (current)	Other accrued liabilities		43.6		35.0
Lease liabilities (noncurrent)	Other noncurrent liabilities		197.0		185.1

	Finance Leases
	Balance Sheet Location	May 29, 2022			May 30, 2021
ROU assets, at cost	Property, plant and equipment	$	208.0		$	217.6
Less accumulated depreciation	Less accumulated depreciation		(64.2	)		(60.2	)
ROU assets, net	Property, plant and equipment, net		143.8			157.4
Lease liabilities (current)	Current installments of long-term debt		20.6			23.1
Lease liabilities (noncurrent)	Senior long-term debt, excluding current installments		110.7			116.0

The components of total lease cost were as follows:

	2022		2021		2020
Operating lease cost	$	52.9	$	51.0	$	63.7
Finance lease cost
Depreciation of leased assets		16.4		19.0		15.4
Interest on lease liabilities		6.5		8.2		9.1
Short-term lease cost		7.3		5.1		3.8
Total lease cost	$	83.1	$	83.3	$	92.0

We recognized accelerated operating lease cost of $9.9 million and impairments of ROU assets of $2.9 million within SG&A expenses in fiscal 2020. These charges are included in the Pinnacle Integration Restructuring Plan.

The weighted-average remaining lease terms and weighted-average discount rate for our leases as of  May 29, 2022 and May 30, 2021 were as follows:

	Operating Leases						Finance Leases
	2022			2021			2022			2021
Weighted-average remaining lease term (in years)		6.9			8.1			7.3			7.7
Weighted-average discount rate		3.21	%		3.51	%		4.91	%		4.95	%

Cash flows arising from lease transactions were as follows:

	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	55.7	$	56.0	$	59.5
Operating cash outflows from finance leases		6.5		8.3		9.2
Financing cash outflows from finance leases		31.2		24.3		22.5
ROU assets obtained in exchange for new lease liabilities:
Operating leases		68.5		21.1		41.6
Finance leases		23.6		26.1		12.2

Maturities of lease liabilities by fiscal year as of May 29, 2022 were as follows:

	Operating Leases			Finance Leases			Total
2023	$	54.6		$	24.8		$	79.4
2024		45.3			22.1			67.4
2025		33.2			18.7			51.9
2026	29.9				15.5			45.4
2027		24.5			17.7			42.2
Later years		94.9			58.3			153.2
Total lease payments		282.4			157.1			439.5
Less: Imputed interest		(41.8	)		(25.8	)		(67.6	)
Total lease liabilities	$	240.6		$	131.3		$	371.9

We have entered into contracts that are or contain a lease that have not yet commenced with aggregate payments totaling $270.6 million as of May 29, 2022. This amount primarily relates to a warehouse facility with a future minimum lease commitment of $254.3 million over a term of 20 years. We expect to take control of this leased asset in fiscal 2024.

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Note 15 - Contingencies

12 Months Ended

May 29, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

15. CONTINGENCIES

Litigation Matters

We are a party to certain litigation matters relating to our acquisition of Beatrice Company ("Beatrice") in fiscal 1991, including litigation proceedings related to businesses divested by Beatrice prior to our acquisition of the company. These proceedings have included suits against a number of lead paint and pigment manufacturers, including ConAgra Grocery Products Company, LLC, a wholly-owned subsidiary of the Company ("ConAgra Grocery Products") as alleged successor to W. P. Fuller & Co., a lead paint and pigment manufacturer owned and operated by a predecessor to Beatrice from 1962 until 1967. These lawsuits generally seek damages for personal injury, property damage, economic loss, and governmental expenditures allegedly caused by the use of lead-based paint, and/or injunctive relief for inspection and abatement. When such lawsuits have been brought, ConAgra Grocery Products has denied liability, both on the merits of the claims and on the basis that we do not believe it to be the successor to any liability attributable to W. P. Fuller & Co. Decisions favorable to us were rendered in Rhode Island, New Jersey, Wisconsin, and Ohio. ConAgra Grocery Products was held liable for the abatement of a public nuisance in California, and the case was dismissed pursuant to settlement in July 2019 as discussed in the following paragraph. We remain a defendant in one active suit in Illinois. The Illinois suit seeks class-wide relief for reimbursement of costs associated with the testing of lead levels in blood. We do not believe it is probable that we have incurred any liability with respect to the Illinois case, nor is it possible to estimate any potential exposure.

In California, a number of cities and counties joined in a consolidated action seeking abatement of an alleged public nuisance in the form of lead-based paint potentially present on the interior of residences, regardless of its condition. On September 23, 2013, a trial of the California case concluded in the Superior Court of California for the County of Santa Clara, and on January 27, 2014, the court entered a judgment (the "Judgment") against ConAgra Grocery Products and two other defendants ordering the creation of a California abatement fund in the amount of $1.15 billion. Liability was joint and several. The Company appealed the Judgment, and on November 14, 2017 the California Court of Appeal for the Sixth Appellate District reversed in part, holding that the defendants were not liable to pay for abatement of homes built after 1950, but affirmed the Judgment as to homes built before 1951. The Court of Appeal remanded the case to the trial court with directions to recalculate the amount of the abatement fund estimated to be necessary to cover the cost of remediating pre-1951 homes, and to hold an evidentiary hearing regarding appointment of a suitable receiver. ConAgra Grocery Products and the other defendants petitioned the California Supreme Court for review of the decision, which we believe to be an unprecedented expansion of current California law. On February 14, 2018, the California Supreme Court denied the petition and declined to review the merits of the case, and the case was remanded to the trial court for further proceedings. ConAgra Grocery Products and the other defendants sought further review of certain issues from the Supreme Court of the United States, but on October 15, 2018, the Supreme Court declined to review the case. On September 4, 2018, the trial court recalculated its estimate of the amount needed to remediate pre-1951 homes in the plaintiff jurisdictions to be $409.0 million. As of July 10, 2019, the parties reached an agreement in principle to resolve this matter, which agreement was approved by the trial court on July 24, 2019, and the action against ConAgra Grocery Products was dismissed with prejudice. Pursuant to the settlement, ConAgra Grocery Products will pay a total of $101.7 million in seven installments to be paid annually from fiscal 2020 through fiscal 2026 of which we have made payments through May 29, 2022 of $49.0 million. As part of the settlement, ConAgra Grocery Products has provided a guarantee of up to $15.0 million in the event co-defendant, NL Industries, Inc., defaults on its payment obligations. We have accrued $11.7 million and $40.5 million, within other accrued liabilities and other noncurrent liabilities, respectively, for this matter as of May 29, 2022. The extent of insurance coverage is uncertain and the Company's carriers are on notice; however, any possible insurance recovery has not been considered for purposes of determining our liability.

We are party to a number of putative class action lawsuits challenging various product claims made in the Company's product labeling. These matters include Briseno v. ConAgra Foods, Inc. in which it is alleged that the labeling for Wesson® oils as 100% natural is false and misleading because the oils contain genetically modified plants and organisms. In February 2015, the U.S. District Court for the Central District of California granted class certification to permit plaintiffs to pursue state law claims. The Company appealed to the United States Court of Appeals for the Ninth Circuit, which affirmed class certification in January 2017. The Supreme Court of the United States declined to review the decision and the case was remanded to the trial court for further proceedings. On April 4, 2019, the trial court granted preliminary approval of a settlement in this matter. In the second quarter of fiscal 2020, a single objecting class member appealed the court's decision approving the settlement to the United States Court of Appeals for the Ninth Circuit. On June 1, 2021, the appellate court rejected the settlement and remanded to the trial court for further proceedings. On December 22, 2021, the trial court denied plaintiffs’ motion for final approval of the settlement. While we cannot predict with certainty the results of this or any other legal proceeding challenging our product claims, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

We are party to matters challenging the Company's wage and hour practices. These matters include a number of class actions consolidated under the caption Negrete v. ConAgra Foods, Inc., et al, pending in the U.S. District Court for the Central District of California, in which the plaintiffs allege a pattern of violations of California and/or federal law at several current and former Company manufacturing facilities across the State of California. On June 21, 2021, the trial court granted preliminary approval of a settlement in this matter. Final approval of the settlement was granted on February 7, 2022 and the case was dismissed with prejudice. The Company fulfilled its settlement obligations by contributing a total of $9.4 million to the settlement fund as of February 18, 2022.

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, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

The Company, its directors, and several of its executive officers are defendants in several class actions alleging violations of federal securities laws. The lawsuits assert that the Company's officers made material misstatements and omissions that caused the market to have an unrealistically positive assessment of the Company's financial prospects in light of the acquisition of Pinnacle, thus causing the Company's securities to be overvalued prior to the release of the Company's consolidated financial results on December 20, 2018 for the second quarter of fiscal year 2019. The first of these lawsuits, captioned West Palm Beach Firefighters' Pension Fund v. Conagra Brands, Inc., et al., with which subsequent lawsuits alleging similar facts have been consolidated, was filed on February 22, 2019 in the U.S. District Court for the Northern District of Illinois. That consolidated lawsuit was dismissed with prejudice on December 23, 2020 for failure to state a claim. On January 22, 2021, the plaintiff filed a notice of appeal of the trial court’s decision to the U.S. Court of Appeals for the Seventh Circuit. On May 9, 2022, the appellate court affirmed the dismissal, and the matter is now closed. In addition, on May 9, 2019, a stockholder filed a derivative action on behalf of the Company against the Company's directors captioned Klein v. Arora, et al. in the U.S. District Court for the Northern District of Illinois asserting harm to the Company due to alleged breaches of fiduciary duty and mismanagement in connection with the Pinnacle acquisition. On July 9, 2019, September 20, 2019, and March 10, 2020, the Company received three separate demands from stockholders under Delaware law to inspect the Company's books and records related to the Board of Directors' review of the Pinnacle business, acquisition, and the Company's public statements related to them. On July 22, 2019 and August 6, 2019, respectively, two additional stockholder derivative lawsuits captioned Opperman v. Connolly, et al. and Dahl v. Connolly, et al. were filed in the U.S. District Court for the Northern District of Illinois asserting similar facts and claims as the Klein v. Arora, et al. matter. On October 21, 2019, the Company received an additional demand from a stockholder under Delaware law to appoint a special committee to investigate the conduct of certain officers and directors in connection with the Pinnacle acquisition and the Company's public statements. On March 9, 2020, the stockholder derivative lawsuits were consolidated in a single Consolidated Derivative Action under the caption Klein v. Arora, et al. On June 9, 2022, the Consolidated Derivative Action was dismissed without prejudice by stipulation of the parties, and the matter is now closed. 

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, the Minnesota Pollution Control Agency ("MPCA") initiated an odor complaint investigation at our Waseca, Minnesota vegetable processing facility. As a result of the investigation, the MPCA required implementation of a continuous monitoring system running from May 1 – October 31 to monitor hydrogen sulfide emissions at the wastewater treatment facility. As a result of the monitoring data findings, the MPCA has alleged violations of Minnesota Ambient Air Quality Standards based on our hydrogen sulfide emissions during calendar years 2020 and 2021. The MPCA’s current proposed penalty is $1.8 million for 2020 and $4.3 million for 2021; however, we are still in settlement negotiations with the MPCA to reduce the amount allegedly owed. To that end, Conagra is taking additional actions to improve wastewater treatment at the Waseca facility, which may be used to offset portions of the penalties ultimately agreed upon by the parties.

We are a party to certain environmental proceedings relating to our acquisition of Beatrice in fiscal 1991. Such proceedings include proceedings related to businesses divested by Beatrice prior to our acquisition of Beatrice. The current environmental proceedings associated with Beatrice include litigation and administrative proceedings involving Beatrice's possible status as a potentially responsible party at approximately 35 Superfund, proposed Superfund, or state-equivalent sites (the "Beatrice sites"). These sites involve locations previously owned or operated by predecessors of Beatrice that used or produced petroleum, pesticides, fertilizers, dyes, inks, solvents, polychlorinated biphenyls, acids, lead, sulfur, tannery wastes, and/or other contaminants. Reserves for these Beatrice environmental proceedings have been established based on our best estimate of the undiscounted remediation liabilities, which estimates include evaluation of investigatory studies, extent of required clean-up, the known volumetric contribution of Beatrice and other potentially responsible parties, and its experience in remediating sites. The accrual for Beatrice-related environmental matters totaled $39.9 million ($2.0 million within other accrued liabilities and $37.9 million within other noncurrent liabilities) as of May 29, 2022, a majority of which relates to the Superfund and state-equivalent sites referenced above. During the third quarter of fiscal 2017, a final Remedial Investigation/Feasibility Study was submitted for the Southwest Properties portion ("Operating Unit 4") of the Wells G&H Superfund site, which is one of the Beatrice sites. The U.S. Environmental Protection Agency ("EPA") issued a Record of Decision ("ROD") for the Southwest Properties portion of the site on September 29, 2017 and entered into negotiations with potentially responsible parties to determine final responsibility for implementing the ROD. On September 14, 2020, the district court entered a consent decree among EPA and the settling defendants, including the Company. On May 24, 2022, BFEL Indemnitor, Inc. ("BFEL"), a Conagra subsidiary, entered a settlement agreement with a third party with whom BFEL shared certain environmental liabilities of past owners and/or operators, which resulted in a $6.5 million benefit within SG&A expenses due to a reduction in our environmental reserves.

Guarantees and Other Contingencies

In certain limited situations, we will guarantee an obligation of an unconsolidated entity. We guarantee an obligation of the Lamb Weston business pursuant to a guarantee arrangement that existed prior to the spinoff of the Lamb Weston business (the "Spinoff"). The guarantee remained in place following completion of the Spinoff, and it will remain in place until such guarantee obligation is substituted for guarantees issued by Lamb Weston. Pursuant to the separation and distribution agreement, dated as of November 8, 2016 (the "Separation Agreement"), between us and Lamb Weston, this guarantee arrangement is deemed a liability of Lamb Weston that was transferred to Lamb Weston as part of the Spinoff. Accordingly, in the event that we are required to make any payments as a result of this guarantee arrangement, Lamb Weston is obligated to indemnify us for any such liability, reduced by any insurance proceeds received by us, in accordance with the terms of the indemnification provisions under the Separation Agreement. Lamb Weston is a party to an agricultural sublease agreement with a third party for certain farmland through 2025 (subject, at Lamb Weston's option, to extension for one additional five-year period). Under the terms of the sublease agreement, Lamb Weston is required to make certain rental payments to the sublessor. We have guaranteed the sublessor Lamb Weston's performance and the payment of all amounts (including indemnification obligations) owed by Lamb Weston under the sublease agreement, up to a maximum of $75.0 million. We believe the farmland associated with this sublease agreement is readily marketable for lease to other area farming operators. As such, we believe that any financial exposure to the Company, in the event that we were required to perform under the guarantee, would be largely mitigated.

We also guarantee a lease resulting from an exited facility. As of May 29, 2022, the remaining term of this arrangement did not exceed five years and the maximum amount of future payments we have guaranteed was $11.3 million.

General

After taking into account liabilities recognized for all of the foregoing matters, management believes the ultimate resolution of such matters should not have a material adverse effect on our financial condition, results of operations, or liquidity; however, it is reasonably possible that a change of the estimates of any of the foregoing matters may occur in the future which could have a material adverse effect on our financial condition, results of operations, or liquidity.

Costs of legal services associated with the foregoing matters are recognized in earnings as services are provided.

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Note 16 - Derivative Financial Instruments

12 Months Ended

May 29, 2022

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

16. DERIVATIVE FINANCIAL INSTRUMENTS

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 months. We may enter into longer-term economic hedges on particular commodities, if deemed appropriate. As of May 29, 2022, we had economically hedged certain portions of our anticipated consumption of commodity inputs using derivative instruments with expiration dates through January 2023.

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 limited to, hedging against foreign currency risk in purchasing inventory and capital equipment, sales of finished goods, and future settlement of foreign-denominated assets and liabilities. As of May 29, 2022, we had economically hedged certain portions of our foreign currency risk in anticipated transactions using derivative instruments with expiration dates through February 2023.

From time to time, we may use derivative instruments, including interest rate swaps, to reduce risk related to changes in interest rates. This includes, but is not limited to, hedging against increasing interest rates prior to the issuance of long-term debt and hedging the fair value of our senior long-term debt.

Derivatives Designated as Cash Flow Hedges

During the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our issuance of long-term debt to help finance the acquisition of Pinnacle. We settled these contracts during the second quarter of fiscal 2019 and deferred a $47.5 million gain in accumulated other comprehensive income that is being amortized as a reduction of interest expense over the lives of the related debt instruments. In the second quarter of fiscal 2021, $0.5 million was written off in connection with the early extinguishment of debt (see Note 3). The unamortized amount at May 29, 2022 was $34.9 million.

Economic Hedges of Forecasted Cash Flows

Many of our derivatives do not qualify for, and we do not currently designate certain commodity or foreign currency derivatives to achieve, hedge accounting treatment. We reflect realized and unrealized gains and losses from derivatives used to economically hedge anticipated commodity consumption and to mitigate foreign currency cash flow risk in earnings immediately within general corporate expense (within cost of goods sold). The gains and losses are reclassified to segment operating results in the period in which the underlying item being economically hedged is recognized in cost of goods sold. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results immediately.

Economic Hedges of Fair Values — Foreign Currency Exchange Rate Risk

We may use options and cross currency swaps to economically hedge the fair value of certain monetary assets and liabilities (including intercompany balances) denominated in a currency other than the functional currency. These derivatives are marked-to-market with gains and losses immediately recognized in SG&A expenses. These substantially offset the foreign currency transaction gains or losses recognized as values of the monetary assets or liabilities being economically hedged change.

All derivative instruments are recognized on the Consolidated Balance Sheets at fair value (refer to Note 18 for additional information related to fair value measurements). The fair value of derivative assets is recognized within prepaid expenses and other current assets, while the fair value of derivative liabilities is recognized within other accrued liabilities. In accordance with U.S. GAAP, we offset certain derivative asset and liability balances, as well as certain amounts representing rights to reclaim cash collateral and obligations to return cash collateral, where master netting agreements provide for legal right of setoff. At May 29, 2022 and May 30, 2021, amounts representing an obligation to return cash collateral of $4.0 and $2.0 million, respectively, were included in prepaid expenses and other current assets in our Consolidated Balance Sheets.

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 29, 2022		May 30, 2021
Prepaid expenses and other current assets	$	7.0	$	15.5
Other accrued liabilities		2.2		6.9

The following table presents our derivative assets and liabilities at May 29, 2022, on a gross basis, prior to the setoff of $20.1 million to total derivative assets and $16.1 million to total derivative liabilities where legal right of setoff existed:

	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 following table presents our derivative assets and liabilities, at May 30, 2021, on a gross basis, prior to the setoff of $7.4 million to total derivative assets and $5.4 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	22.9	Other accrued liabilities	$	5.4
Foreign exchange contracts	Prepaid expenses and other current assets		—	Other accrued liabilities		6.9
Total derivatives not designated as hedging instruments		$	22.9		$	12.3

The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Consolidated Statements of Earnings were as follows:

	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

	For the Fiscal Year Ended May 31, 2020
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	$	(18.4	)
Foreign exchange contracts	Cost of goods sold		5.5
Total losses from derivative instruments not designated as hedging instruments		$	(12.9	)

As of May 29, 2022, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $115.3 million and $96.7 million for purchase and sales contracts, respectively. As of May 30, 2021, our open commodity contracts had a notional value of $148.8 million and $159.4 million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward and cross currency swap contracts as of  May 29, 2022 and May 30, 2021 was $106.6 million and $111.4 million, respectively.

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 party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties. We have not incurred a material loss due to nonperformance in any period presented and do not expect to incur any such material loss. We also enter into futures and options transactions through various regulated exchanges.

At May 29, 2022, the maximum amount of loss due to the credit risk of the counterparties, had the counterparties failed to perform according to the terms of the contracts, was $1.3 million.

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Note 17 - Pension and Postretirement Benefits

12 Months Ended

May 29, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

17. PENSION AND POSTRETIREMENT BENEFITS

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, our defined benefit pension plan for eligible salaried employees was closed to new hire salaried employees. New hire salaried employees will generally be eligible to participate in our defined contribution plan.

During the third quarter of fiscal 2020, we amended a certain hourly pension plan that froze future compensation and service periods. As a result, we remeasured the Company's hourly pension plan liability as of January 31, 2020 and recorded a pension curtailment loss of $0.2 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan from 3.86% to 2.96%. The remeasurement increased the underfunded status of the pension plan by $4.3 million with a corresponding loss within other comprehensive income (loss).

During the second quarter of fiscal 2020, the Company provided a voluntary lump-sum settlement offer to certain terminated vested participants in the salaried pension plan in order to reduce a portion of the pension obligation. During the third quarter of fiscal 2020, lump-sum settlement payments totaling $154.6 million were distributed from pension plan assets to such participants. As a result of the settlement, we were required to remeasure our pension plan liability. In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.89% to 3.37%, as of December 31, 2019. The settlement and related remeasurement resulted in the recognition of a settlement gain of $2.1 million, reflected in pension and postretirement non-service income, as well as a benefit to other comprehensive income (loss) totaling $79.8 million in the third quarter of fiscal 2020.

As a result of the anticipated exit of certain facilities, during the first quarter of fiscal 2020, we remeasured the Company's hourly pension plan as of August 25, 2019 and recorded a pension curtailment loss of $0.6 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.90% to 3.13%. The curtailment loss and related remeasurement increased the underfunded status of the pension plan by $12.3 million with a corresponding loss within other comprehensive income (loss).

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 recognized in net periodic benefit cost. For our postretirement plans, we also recognize as a component of accumulated other comprehensive income (loss), the net of tax results of the gains or losses and prior service costs or credits that arise during the period but are not recognized in net periodic benefit cost. These amounts will be adjusted out of accumulated other comprehensive income (loss) as they are subsequently recognized as components of net periodic benefit cost. For our pension plans, we have elected to immediately recognize actuarial gains and losses in our operating results in the year in which they occur, to the extent they exceed the corridor, eliminating amortization. Amounts are included in the components of pension and postretirement plan costs, below, as recognized net actuarial loss.

The changes in benefit obligations and plan assets at  May 29, 2022 and May 30, 2021 are presented in the following table.

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,739.2		$	3,872.5		$	81.5		$	89.8
Service cost		8.7			11.6			0.2			0.2
Interest cost		83.3			86.8			1.3			1.5
Amendments		3.7			—			—			—
Actuarial gain		(503.1	)		(37.4	)		(9.5	)		(2.3	)
Plan settlements		—			—			—			(0.3	)
Curtailments		—			—			—			—
Benefits paid		(198.3	)		(196.8	)		(8.2	)		(8.5	)
Currency		(0.9	)		2.5			(0.5	)		1.1
Benefit obligation at end of year	$	3,132.6		$	3,739.2		$	64.8		$	81.5
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,848.8		$	3,820.4		$	3.3		$	3.4
Actual return on plan assets		(366.1	)		194.6			0.1			0.2
Employer contributions		11.5			27.6			8.2			8.5
Plan settlements		—			—			—			(0.3	)
Benefits paid		(198.4	)		(196.8	)		(8.2	)		(8.5	)
Currency		(1.1	)		3.0			—			—
Fair value of plan assets at end of year	$	3,294.7		$	3,848.8		$	3.4		$	3.3

The $503.1 million actuarial gain reducing our projected benefit obligation at the end of fiscal 2022 is principally related to the increase in the discount rate from 3.04% to 4.48%. This change in interest rates also impacted the fair value of our portfolio of fixed income securities which contributed to the $366.1 million lower return on plan assets in fiscal 2022.

The funded status and amounts recognized in our Consolidated Balance Sheets at  May 29, 2022 and May 30, 2021 were as follows:

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Funded Status	$	162.1		$	109.6		$	(61.4	)	$	(78.2	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	277.0		$	245.0		$	3.2		$	3.0
Other accrued liabilities		(10.2	)		(10.3	)		(8.1	)		(9.0	)
Other noncurrent liabilities		(104.7	)		(125.1	)		(56.5	)		(72.2	)
Net Amount Recognized	$	162.1		$	109.6		$	(61.4	)	$	(78.2	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	$	(30.2	)	$	(41.5	)	$	(44.5	)	$	(38.4	)
Net prior service cost (benefit)		8.0			6.2			(11.0	)		(12.9	)
Total	$	(22.2	)	$	(35.3	)	$	(55.5	)	$	(51.3	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2022 and May 30, 2021
Discount rate		4.48	%		3.04	%		4.24	%		2.51	%
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 $3.13 billion and $3.74 billion at May 29, 2022 and May 30, 2021, respectively.

The projected benefit obligation and accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets at  May 29, 2022 and May 30, 2021 were as follows:

	2022		2021
Projected benefit obligation	$	114.9	$	135.4
Accumulated benefit obligation		114.9		135.4

Components of pension and postretirement plan costs included:

	Pension Plans									Postretirement Plans
	2022			2021			2020			2022			2021			2020
Service cost	$	8.7		$	11.6		$	11.5		$	0.2		$	0.2		$	0.1
Interest cost		83.3			86.8			118.4			1.3			1.5			2.6
Expected return on plan assets		(145.4	)		(140.0	)		(170.2	)		—			—			—
Amortization of prior service cost (benefit)		1.9			2.3			2.7			(2.0	)		(2.1	)		(2.1	)
Recognized net actuarial loss (gain)		(2.9	)		0.8			44.8			(3.5	)		(3.5	)		(4.6	)
Settlement gain		—			—			(2.1	)		—			(0.5	)		(0.2	)
Curtailment loss (gain)		—			0.2			0.8			—			—			—
Pension and postretirement cost (benefit) — Company plans		(54.4	)		(38.3	)		5.9			(4.0	)		(4.4	)		(4.2	)
Pension cost (benefit) — multi-employer plans		8.1			7.4			6.5			—			—			—
Total pension and postretirement cost (benefit)	$	(46.3	)	$	(30.9	)	$	12.4		$	(4.0	)	$	(4.4	)	$	(4.2	)

In fiscal 2022, 2021, and 2020, the Company recorded a gain of $2.9 million and charges of $0.8 million and $44.8 million, respectively, reflecting the year-end write-off of actuarial gains and losses in excess of 10% of our pension liability. In fiscal 2020, the higher actuarial losses outside of the 10% corridor were principally related to a reduction in the discount rate used to recognize at present value our pension obligations and a decline in market value of certain plan assets associated with our non-qualified and hourly plans.

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Net actuarial gain (loss)	$	(8.5	)	$	92.0		$	9.6		$	2.5
Amendments		(3.7	)		—			—			—
Amortization of prior service cost (benefit)		1.9			2.3			(2.0	)		(2.1	)
Settlement and curtailment loss (gain)		—			0.2			—			(0.5	)
Recognized net actuarial loss (gain)		(2.9	)		0.8			(3.5	)		(3.5	)
Currency		0.1			(0.2	)		0.1			(0.2	)
Net amount recognized	$	(13.1	)	$	95.1		$	4.2		$	(3.8	)

Weighted-Average Actuarial Assumptions Used to Determine Net Expense

	Pension Plans									Postretirement Plans
	2022			2021			2020			2022			2021			2020
Discount rate - interest cost		2.29	%		2.30	%		3.51	%		1.69	%		1.74	%		3.09	%
Discount rate - service cost		3.50	%		3.35	%		4.04	%		3.55	%		3.03	%		3.47	%
Long-term rate of return on plan assets		3.87	%		3.74	%		4.77	%		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 active participants, average life expectancy is used instead of average expected useful service.

Plan Assets

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 18, as of May 29, 2022, was as follows:

	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
Real estate funds		—			—		—		—
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

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 18, as of May 30, 2021, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	7.5	$	85.0	$	—	$	92.5
Equity securities:
U.S. equity securities		78.0		94.6		—		172.6
International equity securities		121.9		0.5		—		122.4
Fixed income securities:
Government bonds		—		772.6		—		772.6
Corporate bonds		—		2,407.2		—		2,407.2
Mortgage-backed bonds		—		12.4		—		12.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		5.7		—		—		5.7
Fair value measurement of pension plan assets in the fair value hierarchy	$	213.1	$	3,372.3	$	—	$	3,585.4
Investments measured at net asset value								263.4
Total pension plan assets							$	3,848.8

Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.

Level 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.

Level 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.

Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $29.4 million as of May 29, 2022, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 29, 2022, no such gates were imposed.

As of May 29, 2022, we have unfunded commitments for additional investments of $35.0 million in private equity funds and $10.4 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.

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 29, 2022			May 30, 2021
Equity securities		4	%		8	%
Debt securities		87	%		83	%
Real estate funds		1	%		1	%
Private equity		4	%		3	%
Other		4	%		5	%
Total		100	%		100	%

Due to the salaried pension plan freeze that occurred in fiscal 2018, the Company's pension asset strategy is now designed to align our pension plan assets with our projected benefit obligation to reduce volatility by targeting an investment strategy of approximately 90% in fixed-income securities and approximately 10% in return seeking assets, primarily equity securities, real estate, and private assets.

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 29, 2022			May 30, 2021
Initial health care cost trend rate		6.32	%		6.53	%
Ultimate health care cost trend rate		4.44	%		4.44	%
Year that the rate reaches the ultimate trend rate	2029			2029

We currently anticipate making contributions of approximately $12.4 million to our pension plans in fiscal 2023. We anticipate making contributions of $8.1 million to our other postretirement plans in fiscal 2023. These estimates are based on ERISA guidelines, current tax laws, plan asset performance, and liability assumptions, which are subject to change.

The following table presents estimated future gross benefit payments for our plans:

	Pension		Postretirement
	Plans		Plans
2023	$	202.6	$	8.1
2024		203.7		7.5
2025		205.5		6.9
2026		206.8		6.3
2027		207.5		5.8
Succeeding 5 years		1,027.7		22.5

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 employer may be used to provide benefits to employees of other participating employers.

b. If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

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 be required to pay to the plan an amount based on the underfunded status of the plan and on the history of the Company's participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability.

The Company's participation in multiemployer plans for the fiscal year ended May 29, 2022 is outlined in the table below. For each plan that is individually significant to the Company the following information is provided:

• The "EIN / PN" column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service.

• The most recent Pension Protection Act Zone Status available for 2021 and 2020 is for plan years that ended in calendar years 2021 and 2020, respectively. The zone status is based on information provided to the Company by each plan. A plan in the "red" zone has been determined to be in "critical status", based on criteria established under the Internal Revenue Code ("Code"), and is generally less than 65% funded. A plan in the "yellow" zone has been determined to be in "endangered status", based on criteria established under the Code, and is generally less than 80% funded. A plan in the "green" zone has been determined to be neither in "critical status" nor in "endangered status", and is generally at least 80% funded.

• 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 2021.

• 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 29, 2022 included an amount in addition to the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in "critical status", in accordance with the requirements of the Code.

• 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 individually significant to Conagra Brands the total amount of contributions is presented in the aggregate.

Pension Protection Act Zone Status

FIP / RP Status

Contributions by the Company (millions)

Expiration Dates of Collective

Pension Fund

EIN / PN

2021

2020

Pending / Implemented

FY22

FY21

FY20

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

2.5

2.2

2.0

No

5/31/2025

Western Conference of Teamsters Pension Plan

91-6145047/ 001

Green

Green

N/A

3.8

3.8

3.2

No

6/30/2022

Other Plans

1.8

1.4

1.3

Total Contributions

$

8.1

$

7.4

$

6.5

The Company was not listed in the Forms 5500 filed by any of the other plans or for any of the other years as providing more than 5% of the plan's total contributions. At the date our financial statements were issued, Forms 5500 were not available for plan years ending in calendar year 2021.

Certain of our employees are covered under defined contribution plans. The expense related to these plans was $57.9 million, $47.6 million, and $49.9 million in fiscal 2022, 2021, and 2020, respectively.

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Note 18 - Fair Value Measurements

12 Months Ended

May 29, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

18. FAIR VALUE MEASUREMENTS

Financial Accounting Standards Board guidance establishes a three-level fair value hierarchy based upon the assumptions (inputs) used to price assets or liabilities. The three levels of inputs used to measure fair value are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities,

Level 2 — Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets, and

Level 3 — Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability.

The fair values of our Level 2 derivative instruments were determined using valuation models that use market observable inputs including both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity and foreign currency option and forward contracts.

Our Level 3 available-for-sale debt securities consist of a convertible note receivable acquired in the second quarter of fiscal 2022.  The convertible note receivable is not traded in active markets and the fair value was determined using a discounted cash flow valuation model.

The following table presents our financial assets and liabilities measured at fair value on a recurring basis for which, 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
Marketable securities		—		—		—		—
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

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 30, 2021:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	13.0	$	2.5	$	—	$	15.5
Marketable securities		6.6		—		—		6.6
Deferred compensation assets		8.8		—		—		8.8
Total assets	$	28.4	$	2.5	$	—	$	30.9
Liabilities:
Derivative liabilities	$	—	$	6.9	$	—	$	6.9
Deferred compensation liabilities		81.0		—		—		81.0
Total liabilities	$	81.0	$	6.9	$	—	$	87.9

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 inputs.

During fiscal 2021, we updated our cost estimates associated with certain asset retirement obligations at several manufacturing facilities largely due to recent experience of physically closing a wastewater lagoon. This change in estimate resulted in a non-cash increase to our long-lived assets in the amount of $27.4 million and will result in additional depreciation in future periods generally ranging from 15-25 years. The fair value of our asset retirement obligations was measured using cost estimates to settle our future obligations (including an estimate of inflation) and discounted to present value using a credit-adjusted risk-free rate.

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). Impairments in our Grocery & Snacks segment totaled $90.7 million, $13.0 million, and $46.4 million for fiscal 2022, 2021, and 2020, respectively. Impairments in our Refrigerated & Frozen segment totaled $103.9 million, $76.9 million, and $110.8 million for fiscal 2022, 2021, and 2020, respectively. Impairments in our International segment totaled $14.4 million, $1.0 million, and $8.3 million for fiscal 2022, 2021, and 2020, respectively.

During fiscal 2022, we recognized impairment charges totaling $26.3 million in our Grocery & Snacks segment, $28.9 million in our Refrigerated & Frozen segment, and $14.9 million in our Foodservice segment. The impairments were measured based upon the estimated sales price of the disposal group (see Note 5).

During fiscal 2020, we recognized impairment charges totaling $54.4 million in our Grocery & Snacks segment and $27.6 million in our Refrigerated & Frozen segment. The impairments were measured based upon the estimated sales price of the disposal group (see Note 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 and $3.8 million in our Refrigerated & Frozen segment in fiscal 2020.

During fiscal 2020, we recognized charges of $2.9 million in general corporate expenses related to the impairments of ROU assets. The impairments were measured based upon a discounted cash flow approach.

The carrying amount of long-term debt (including current installments) was $8.80 billion as of May 29, 2022 and $8.30 billion as of May 30, 2021. Based on current market rates, the fair value of this debt (level 2 liabilities) at  May 29, 2022 and May 30, 2021 was estimated at $8.85 billion and $9.76 billion, respectively.

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Note 19 - Business Segments and Related Information

12 Months Ended

May 29, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

19. BUSINESS SEGMENTS AND RELATED INFORMATION

We reflect our results of operations in four reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.

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 aggregate operating segments when determining our reporting segments.

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.

	2022		2021		2020
Net sales
Grocery & Snacks	$	4,697.4	$	4,624.7	$	4,600.6
Refrigerated & Frozen		4,859.3		4,774.6		4,559.6
International		970.8		938.6		925.3
Foodservice		1,008.4		846.8		968.9
Total net sales	$	11,535.9	$	11,184.7	$	11,054.4
Operating profit
Grocery & Snacks	$	859.5	$	1,092.7	$	914.3
Refrigerated & Frozen		561.1		836.5		702.2
International		106.7		131.8		100.6
Foodservice		60.3		80.0		98.5
Total operating profit	$	1,587.6	$	2,141.0	$	1,815.6
Equity method investment earnings		145.3		84.4		73.2
General corporate expenses		241.6		364.8		368.5
Pension and postretirement non-service income		67.3		54.5		9.9
Interest expense, net		379.9		420.4		487.1
Income tax expense		290.5		193.8		201.3
Net income	$	888.2	$	1,300.9	$	841.8
Less: Net income attributable to noncontrolling interests		—		2.1		1.7
Net income attributable to Conagra Brands, Inc.	$	888.2	$	1,298.8	$	840.1

The following table presents further disaggregation of our net sales:

	2022		2021		2020
Frozen	$	4,091.1	$	3,948.0	$	3,735.5
Staples
Other shelf-stable		2,729.5		2,830.2		2,892.4
Refrigerated		768.2		826.6		824.1
Snacks		1,967.9		1,794.5		1,708.2
International		970.8		938.6		925.3
Foodservice		1,008.4		846.8		968.9
Total net sales	$	11,535.9	$	11,184.7	$	11,054.4

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 reporting segments outlined above.

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 designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately.

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:

	2022			2021			2020
Net derivative gains (losses) incurred	$	37.1		$	9.5		$	(12.9	)
Less: Net derivative gains (losses) allocated to reporting segments		32.7			(6.1	)		(7.4	)
Net derivative gains (losses) recognized in general corporate expenses	$	4.4		$	15.6		$	(5.5	)
Net derivative gains (losses) allocated to Grocery & Snacks	$	17.3		$	(2.3	)	$	(4.7	)
Net derivative gains (losses) allocated to Refrigerated & Frozen		17.4			(1.7	)		(2.5	)
Net derivative gains (losses) allocated to International		(3.6	)		(1.7	)		0.1
Net derivative gains (losses) allocated to Foodservice		1.6			(0.4	)		(0.3	)
Net derivative gains (losses) included in segment operating profit	$	32.7		$	(6.1	)	$	(7.4	)

As of May 29, 2022, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $15.9 million. This amount reflected net gains of $16.0 million incurred during the fiscal year ended May 29, 2022, as well as net losses of $0.1 million incurred prior to fiscal 2022. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results net gains of $15.4 million in fiscal 2023 and $0.5 million in fiscal 2024 and thereafter.

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 tracked by reporting segment. Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets by segment. Total depreciation expense for fiscal 2022, 2021, and 2020 was $316.1 million, $328.0 million, and $329.1 million, respectively.

Other Information

Our operations are principally in the United States. With respect to operations outside of the United States, no single foreign country or geographic region was significant with respect to consolidated operations for fiscal 2022, 2021, and 2020. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $1.00 billion, $960.5 million, and $946.8 million in fiscal 2022, 2021, and 2020, respectively. Our long-lived assets located outside of the United States are not significant.

Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 27% of consolidated net sales for fiscal 2022 and 26% of consolidated net sales for each of fiscal 2021 and 2020, significantly impacting the Grocery & Snacks and Refrigerated & Frozen segments.

Walmart, Inc. and its affiliates accounted for approximately 30% and 31% of consolidated net receivables as of May 29, 2022 and May 30, 2021, respectively. The Kroger Co. and its affiliates accounted for approximately 9% and 11% of consolidated net receivables as of May 29, 2022 and May 30, 2021, respectively.

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Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Financing Receivable, Allowance for Credit Loss [Table Text Block]

			Additions
	Balance at		Charged				Deductions		Balance at
	Beginning		to Costs and				from		Close of
	of Period		Expenses		Other1		Reserves2		Period
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
Year ended May 31, 2020	$	2.2		1.2		0.1		0.9	$	2.6

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]

	2022			2021			2020
Currency translation losses, net of reclassification adjustments	$	(95.1	)	$	(77.1	)	$	(125.7	)
Derivative adjustments, net of reclassification adjustments		29.8			24.3			26.3
Pension and postretirement benefit obligations, net of reclassification adjustments		54.1			58.6			(10.2	)
Accumulated other comprehensive income (loss)	$	(11.2	)	$	5.8		$	(109.6	)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

										Affected Line Item in the Consolidated Statement of Earnings1
	2022			2021			2020
Net derivative adjustments:
Cash flow hedges	$	(3.1	)	$	(3.2	)	$	(3.3	)	Interest expense, net
Cash flow hedges		—			(0.5	)		—		Selling, general and administrative expenses
Cash flow hedges		1.8			2.1			—		Equity method investment earnings
		(1.3	)		(1.6	)		(3.3	)	Total before tax
		0.4			1.0			0.9		Income tax expense
	$	(0.9	)	$	(0.6	)	$	(2.4	)	Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost	$	0.1		$	0.2		$	0.6		Pension and postretirement non-service income
Net actuarial gain		(3.6	)		(3.5	)		(4.6	)	Pension and postretirement non-service income
Pension settlement		—			—			(2.1	)	Pension and postretirement non-service income
Postretirement healthcare settlement		—			(0.5	)		(0.2	)	Pension and postretirement non-service income
Curtailment		—			0.2			0.8		Pension and postretirement non-service income
		(3.5	)		(3.6	)		(5.5	)	Total before tax
		1.0			0.9			1.4		Income tax expense
	$	(2.5	)	$	(2.7	)	$	(4.1	)	Net of tax

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Note 2 - Restructuring Activities (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Restructuring and Related Costs [Table Text Block]

	Grocery & Snacks		Refrigerated & Frozen			International		Corporate		Total
Accelerated depreciation	$	5.4	$	4.6		$	—	$	—	$	10.0
Other cost of goods sold		3.7		5.7			0.7		—		10.1
Total cost of goods sold		9.1		10.3			0.7		—		20.1
Severance and related costs		1.4		4.3			1.5		112.2		119.4
Asset impairment (net of gains on disposal)		27.8		(1.7	)		—		2.5		28.6
Accelerated depreciation		—		—			—		7.4		7.4
Contract/lease termination		6.5		3.7			0.8		15.1		26.1
Consulting/professional fees		1.0		—			0.8		111.7		113.5
Other selling, general and administrative expenses		5.8		4.8			0.3		20.9		31.8
Total selling, general and administrative expenses		42.5		11.1			3.4		269.8		326.8
Consolidated total	$	51.6	$	21.4		$	4.1	$	269.8	$	346.9

	Grocery & Snacks		Refrigerated & Frozen			Corporate			Total
Other cost of goods sold	$	—	$	1.7		$	—		$	1.7
Total cost of goods sold		—		1.7			—			1.7
Severance and related costs		—		1.0			(0.2	)		0.8
Asset impairment (net of gains on disposal)		—		(5.7	)		(0.1	)		(5.8	)
Contract/lease termination		—		0.2			(0.8	)		(0.6	)
Consulting/professional fees		0.2		—			19.1			19.3
Other selling, general and administrative expenses		0.1		1.6			2.5			4.2
Total selling, general and administrative expenses		0.3		(2.9	)		20.5			17.9
Consolidated total	$	0.3	$	(1.2	)	$	20.5		$	19.6

	Grocery & Snacks		Refrigerated & Frozen			International		Corporate		Total
Accelerated depreciation	$	0.6	$	4.6		$	—	$	—	$	5.2
Other cost of goods sold		2.3		4.6			0.7		—		7.6
Total cost of goods sold		2.9		9.2			0.7		—		12.8
Severance and related costs		—		4.4			1.5		112.2		118.1
Asset impairment (net of gains on disposal)		0.3		(1.7	)		—		2.5		1.1
Accelerated depreciation		—		—			—		7.4		7.4
Contract/lease termination		1.8		0.2			0.8		15.1		17.9
Consulting/professional fees		0.9		—			0.8		108.6		110.3
Other selling, general and administrative expenses		2.9		2.7			0.3		19.8		25.7
Total selling, general and administrative expenses		5.9		5.6			3.4		265.6		280.5
Consolidated total	$	8.8	$	14.8		$	4.1	$	265.6	$	293.3

	Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Corporate		Total
Accelerated depreciation	$	33.2	$	39.6	$	—	$	—	$	—	$	72.8
Other cost of goods sold		8.7		2.3		—		—		—		11.0
Total cost of goods sold		41.9		41.9		—		—		—		83.8
Severance and related costs		11.6		1.2		1.3		0.3		4.7		19.1
Asset impairment (net of gains on disposal)		21.9		0.8		0.1		—		—		22.8
Contract/lease termination		0.4		—		—		—		0.1		0.5
Consulting/professional fees		—		—		—		—		5.6		5.6
Other selling, general and administrative expenses		12.8		2.6		—		—		0.6		16.0
Total selling, general and administrative expenses		46.7		4.6		1.4		0.3		11.0		64.0
Total	$	88.6	$	46.5	$	1.4	$	0.3	$	11.0	$	147.8
Pension and postretirement non-service income												0.6
Consolidated total											$	148.4

	Grocery & Snacks			Refrigerated & Frozen			International		Foodservice		Corporate		Total
Accelerated depreciation	$	1.2		$	12.9		$	—	$	—	$	—	$	14.1
Other cost of goods sold		3.9			2.1			—		—		—		6.0
Total cost of goods sold		5.1			15.0			—		—		—		20.1
Severance and related costs		1.2			(0.6	)		0.2		0.3		2.3		3.4
Asset impairment (net of gains on disposal)		(5.2	)		0.5			—		—		—		(4.7	)
Contract/lease termination		0.4			—			—		—		—		0.4
Consulting/professional fees		—			—			—		—		1.7		1.7
Other selling, general and administrative expenses		7.6			0.8			—		—		0.1		8.5
Total selling, general and administrative expenses		4.0			0.7			0.2		0.3		4.1		9.3
Total	$	9.1		$	15.7		$	0.2	$	0.3	$	4.1	$	29.4

	Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Corporate		Total
Accelerated depreciation	$	33.2	$	39.6	$	—	$	—	$	—	$	72.8
Other cost of goods sold		8.7		2.3		—		—		—		11.0
Total cost of goods sold		41.9		41.9		—		—		—		83.8
Severance and related costs		11.6		1.2		1.3		0.3		4.4		18.8
Asset impairment (net of gains on disposal)		21.9		0.8		0.1		—		—		22.8
Contract/lease termination		0.4		—		—		—		0.1		0.5
Consulting/professional fees		—		—		—		—		1.7		1.7
Other selling, general and administrative expenses		12.6		1.1		—		—		0.3		14.0
Total selling, general and administrative expenses		46.5		3.1		1.4		0.3		6.5		57.8
Total	$	88.4	$	45.0	$	1.4	$	0.3	$	6.5	$	141.6
Pension and postretirement non-service income												0.6
Consolidated total											$	142.2

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

			Costs
	Balance at		Incurred		Costs Paid						Balance at
	May 30,		and Charged		or Otherwise			Changes in			May 29,
	2021		to Expense		Settled			Estimates			2022
Severance and related costs	$	5.1	$	0.3	$	(5.6	)	$	0.5		$	0.3
Contract/lease termination		—		—		0.6			(0.6	)		—
Consulting/professional fees		3.9		19.3		(18.6	)		—			4.6
Other costs		—		4.5		(4.5	)		—			—
Total	$	9.0	$	24.1	$	(28.1	)	$	(0.1	)	$	4.9

			Costs
	Balance at		Incurred		Costs Paid						Balance at
	May 30,		and Charged		or Otherwise			Changes in			May 29,
	2021		to Expense		Settled			Estimates			2022
Severance and related costs	$	9.7	$	5.0	$	(9.9	)	$	(1.6	)	$	3.2
Contract/lease termination		—		0.4		(0.4	)		—			—
Consulting/professional fees		—		1.7		—			—			1.7
Other costs		—		10.5		(10.3	)		—			0.2
Total	$	9.7	$	17.6	$	(20.6	)	$	(1.6	)	$	5.1

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Note 3 - Long-term Debt (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Schedule of Long-Term Debt Instruments [Table Text Block]

	May 29, 2022			May 30, 2021
5.4% senior debt due November 2048	$	1,000.0		$	1,000.0
4.65% senior debt due January 2043		176.7			176.7
6.625% senior debt due August 2039		91.4			91.4
5.3% senior debt due November 2038		1,000.0			1,000.0
8.25% senior debt due September 2030		300.0			300.0
4.85% senior debt due November 2028		1,300.0			1,300.0
7.0% senior debt due October 2028		382.2			382.2
1.375% senior debt due November 2027		1,000.0			1,000.0
6.7% senior debt due August 2027		9.2			9.2
7.125% senior debt due October 2026		262.5			262.5
4.6% senior debt due November 2025		1,000.0			1,000.0
4.3% senior debt due May 2024		1,000.0			1,000.0
0.5% senior debt due August 2023		500.0			—
3.2% senior debt due January 2023		437.0			437.0
3.25% senior debt due September 2022		250.0			250.0
0.45% to 9.59% lease financing obligations due on various dates through 2036		131.3			139.1
Other indebtedness		0.1			0.1
Total face value of debt		8,840.4			8,348.2
Unamortized fair value adjustment	19.2				19.9
Unamortized discounts		(23.4	)		(25.8	)
Unamortized debt issuance costs		(40.7	)		(44.0	)
Less current installments		(707.3	)		(23.1	)
Total long-term debt	$	8,088.2		$	8,275.2

Schedule of Maturities of Long-Term Debt [Table Text Block]

2023	$	707.6
2024		1,517.5
2025		14.7
2026		1,021.2
2027		268.1

   In the first quarter of fiscal 2022, we issued $500.0 million aggregate principal amount of 0.500% senior notes due August 11, 2023.

Interest Income and Interest Expense Disclosure [Table Text Block]

	2022			2021			2020
Long-term debt	$	393.1		$	430.0		$	495.9
Short-term debt		2.3			2.5			0.9
Interest income		(2.1	)		(1.9	)		(3.1	)
Interest capitalized		(13.4	)		(10.2	)		(6.6	)
	$	379.9		$	420.4		$	487.1

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Note 5 - Divestitures and Assets Held for Sale (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Disclosure of Long-Lived Assets Held-for-sale [Table Text Block]

	May 29, 2022		May 30, 2021
Current assets	$	27.0	$	24.3
Noncurrent assets (including goodwill of $34.6 million at May 30, 2021)		31.9		113.3
Current liabilities		1.7		1.6
Noncurrent liabilities		2.4		3.2

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Note 6 - Investments in Joint Ventures (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Equity Method Investments [Table Text Block]

	2022		2021		2020
Net sales:
Ardent Mills	$	4,258.5	$	3,407.6	$	3,393.9
Other		253.2		238.8		225.0
Total net sales	$	4,511.7	$	3,646.4	$	3,618.9
Gross margin:
Ardent Mills	$	516.5	$	360.6	$	313.1
Other		54.8		47.3		49.4
Total gross margin	$	571.3	$	407.9	$	362.5
Earnings after income taxes:
Ardent Mills	$	306.2	$	169.6	$	144.5
Other		21.1		19.5		19.3
Total earnings after income taxes	$	327.3	$	189.1	$	163.8

	May 29, 2022		May 30, 2021
Ardent Mills:
Current assets	$	1,470.1	$	1,101.5
Noncurrent assets		1,875.9		1,848.2
Current liabilities		720.5		524.1
Noncurrent liabilities		567.7		563.0
Other:
Current assets	$	103.4	$	95.0
Noncurrent assets		38.2		36.8
Current liabilities		35.1		39.9
Noncurrent liabilities		10.7		10.6

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Note 7 - Goodwill and Other Identifiable Intangible Assets (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Schedule of Goodwill [Table Text Block]

	Grocery & Snacks		Refrigerated & Frozen		International			Foodservice		Total
Balance as of May 31, 2020	$	4,692.4	$	5,611.2	$	290.5		$	732.8	$	11,326.9
Currency translation		—		—		12.0			—		12.0
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

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

	2022				2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets
Brands and trademarks	$	3,061.6	$	—	$	3,273.1	$	—
Amortizing intangible assets
Customer relationships and intellectual property		1,228.0		436.5		1,228.8		377.3
	$	4,289.6	$	436.5	$	4,501.9	$	377.3

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2023	$	56.9
2024		53.6
2025		53.5
2026		43.5
2027		43.3

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Note 8 - Earnings Per Share (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	2022		2021		2020
Net income attributable to Conagra Brands, Inc. common stockholders:	$	888.2	$	1,298.8	$	840.1
Weighted average shares outstanding:
Basic weighted average shares outstanding		480.3		485.8		487.3
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities		1.9		2.0		1.3
Diluted weighted average shares outstanding		482.2		487.8		488.6

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Note 9 - Inventories (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	May 29, 2022		May 30, 2021
Raw materials and packaging	$	383.2	$	284.1
Work in process		164.8		125.1
Finished goods		1,305.9		1,221.8
Supplies and other		85.8		78.7
Total	$	1,939.7	$	1,709.7

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Note 10 - Other Noncurrent Liabilities (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Other Noncurrent Liabilities [Table Text Block]

	May 29, 2022		May 30, 2021
Postretirement health care and pension obligations (see Note 17)	$	161.2	$	197.3
Noncurrent income tax liabilities		1,344.5		1,271.4
Noncurrent lease liabilities (see Note 14)		197.0		185.1
Self-insurance liabilities		31.3		30.5
Asset retirement obligations		43.0		42.4
Environmental liabilities (see Note 15)		43.6		59.0
Legal settlement costs (see Note 15)		40.5		52.0
Other		102.4		141.9
	$	1,963.5	$	1,979.6

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Note 12 - Share-based Payments (Tables)

12 Months Ended

May 29, 2022

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 30, 2021		2.49		$	33.00
Granted		1.09		$	34.26
Vested/Issued		(0.77	)	$	34.86
Forfeited		(0.31	)	$	33.28
Nonvested share units at May 29, 2022		2.50		$	32.94

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 30, 2021		1.51		$	33.25
Granted		0.53		$	34.13
Adjustments for performance results attained and dividend equivalents		0.35		$	35.96
Vested/Issued		(0.79	)	$	35.96
Forfeited		(0.16	)	$	32.84
Nonvested performance shares at May 29, 2022		1.44		$	32.80

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 30, 2021		3.0		$	30.70
Exercised		(0.3	)	$	28.34			$	2.0
Outstanding at May 29, 2022		2.7		$	30.87		3.27	$	8.6
Exercisable at May 29, 2022		2.7		$	30.87		3.27	$	8.6

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Note 13 - Pre-tax Income and Income Taxes (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	2022		2021		2020
United States	$	1,106.0	$	1,426.5	$	978.3
Foreign		72.7		68.2		64.8
	$	1,178.7	$	1,494.7	$	1,043.1

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2022			2021			2020
Current
Federal	$	186.6		$	232.6		$	188.2
State		48.2			31.8			25.5
Foreign		18.4			15.3			9.5
		253.2			279.7			223.2
Deferred
Federal		34.7			(63.5	)		37.6
State		3.9			(26.1	)		(62.3	)
Foreign		(1.3	)		3.7			2.8
		37.3			(85.9	)		(21.9	)
	$	290.5		$	193.8		$	201.3

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2022			2021			2020
Computed U.S. Federal income taxes	$	247.5		$	313.9		$	219.0
State income taxes, net of U.S. Federal tax impact		37.2			37.4			29.6
Goodwill and intangible impairments		6.1			13.6			11.2
Remeasurement of deferred taxes due to legal entity reorganization		—			35.8			(40.9	)
Tax elections under review by the IRS on capital loss utilization		25.0			—			—
Change of valuation allowance on capital loss carryforward		—			(188.5	)		—
Other		(25.3	)		(18.4	)		(17.6	)
	$	290.5		$	193.8		$	201.3

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	May 29, 2022					May 30, 2021
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	327.2	$	—		$	281.7
Inventory	30.5				—		19.5			—
Goodwill, trademarks and other intangible assets		405.8			1,066.6		—			1,118.4
Right-of-use assets		—			47.9		—			45.5
Accrued expenses		12.7			—		12.0			—
Compensation related liabilities		29.3			—		36.5			—
Pension and other postretirement benefits		—			25.1		—			9.8
Investment in unconsolidated subsidiaries		—			9.4		—			2.6
Lease liabilities		56.1			—		54.4			—
Other liabilities that will give rise to future tax deductions		73.2			—		96.2			—
Net capital and operating loss carryforwards		46.4			—		53.8			—
Federal credits		12.0			—		16.1			—
Other		32.0			38.6		33.9			33.1
		698.0			1,514.8		322.4			1,491.1
Less: Valuation allowance		(455.5	)		—		(67.5	)		—
Net deferred taxes	$	242.5		$	1,514.8	$	254.9		$	1,491.1

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Beginning balance on May 30, 2021	$	33.0
Increases from positions established during prior periods		13.2
Decreases from positions established during prior periods		(3.2	)
Increases from positions established during the current period		31.7
Reductions resulting from lapse of applicable statute of limitation		(3.1	)
Decrease from audit settlements		(8.5	)
Other adjustments to liability		(0.2	)
Ending balance on May 29, 2022	$	62.9

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Note 14 - Leases (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Schedule of Operating and Finance Leases Reported In Balance Sheet [Table Text Block]

	Operating Leases
	Balance Sheet Location	May 29, 2022		May 30, 2021
ROU assets, net	Other assets	$	207.6	$	183.8
Lease liabilities (current)	Other accrued liabilities		43.6		35.0
Lease liabilities (noncurrent)	Other noncurrent liabilities		197.0		185.1

	Finance Leases
	Balance Sheet Location	May 29, 2022			May 30, 2021
ROU assets, at cost	Property, plant and equipment	$	208.0		$	217.6
Less accumulated depreciation	Less accumulated depreciation		(64.2	)		(60.2	)
ROU assets, net	Property, plant and equipment, net		143.8			157.4
Lease liabilities (current)	Current installments of long-term debt		20.6			23.1
Lease liabilities (noncurrent)	Senior long-term debt, excluding current installments		110.7			116.0

	2022		2021		2020
Operating lease cost	$	52.9	$	51.0	$	63.7
Finance lease cost
Depreciation of leased assets		16.4		19.0		15.4
Interest on lease liabilities		6.5		8.2		9.1
Short-term lease cost		7.3		5.1		3.8
Total lease cost	$	83.1	$	83.3	$	92.0

Schedule O fWeighted Average Remaining Lease Terms and Weighted Average Discount Rate For Leases [Table Text Block]

	Operating Leases						Finance Leases
	2022			2021			2022			2021
Weighted-average remaining lease term (in years)		6.9			8.1			7.3			7.7
Weighted-average discount rate		3.21	%		3.51	%		4.91	%		4.95	%

Schedule of Cash Flows Arising From Lease Transactions [Table Text Block]

	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	55.7	$	56.0	$	59.5
Operating cash outflows from finance leases		6.5		8.3		9.2
Financing cash outflows from finance leases		31.2		24.3		22.5
ROU assets obtained in exchange for new lease liabilities:
Operating leases		68.5		21.1		41.6
Finance leases		23.6		26.1		12.2

Schedule of Operating and Finance Lease Liabilities Maturities [Table Text Block]

	Operating Leases			Finance Leases			Total
2023	$	54.6		$	24.8		$	79.4
2024		45.3			22.1			67.4
2025		33.2			18.7			51.9
2026	29.9				15.5			45.4
2027		24.5			17.7			42.2
Later years		94.9			58.3			153.2
Total lease payments		282.4			157.1			439.5
Less: Imputed interest		(41.8	)		(25.8	)		(67.6	)
Total lease liabilities	$	240.6		$	131.3		$	371.9

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Note 16 - Derivative Financial Instruments (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	May 29, 2022		May 30, 2021
Prepaid expenses and other current assets	$	7.0	$	15.5
Other accrued liabilities		2.2		6.9

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	$	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 Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	22.9	Other accrued liabilities	$	5.4
Foreign exchange contracts	Prepaid expenses and other current assets		—	Other accrued liabilities		6.9
Total derivatives not designated as hedging instruments		$	22.9		$	12.3

Derivative Instruments, Gain (Loss) [Table Text Block]

	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

	For the Fiscal Year Ended May 31, 2020
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	$	(18.4	)
Foreign exchange contracts	Cost of goods sold		5.5
Total losses from derivative instruments not designated as hedging instruments		$	(12.9	)

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Note 17 - Pension and Postretirement Benefits (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,739.2		$	3,872.5		$	81.5		$	89.8
Service cost		8.7			11.6			0.2			0.2
Interest cost		83.3			86.8			1.3			1.5
Amendments		3.7			—			—			—
Actuarial gain		(503.1	)		(37.4	)		(9.5	)		(2.3	)
Plan settlements		—			—			—			(0.3	)
Curtailments		—			—			—			—
Benefits paid		(198.3	)		(196.8	)		(8.2	)		(8.5	)
Currency		(0.9	)		2.5			(0.5	)		1.1
Benefit obligation at end of year	$	3,132.6		$	3,739.2		$	64.8		$	81.5
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,848.8		$	3,820.4		$	3.3		$	3.4
Actual return on plan assets		(366.1	)		194.6			0.1			0.2
Employer contributions		11.5			27.6			8.2			8.5
Plan settlements		—			—			—			(0.3	)
Benefits paid		(198.4	)		(196.8	)		(8.2	)		(8.5	)
Currency		(1.1	)		3.0			—			—
Fair value of plan assets at end of year	$	3,294.7		$	3,848.8		$	3.4		$	3.3

Schedule of Net Funded Status [Table Text Block]

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Funded Status	$	162.1		$	109.6		$	(61.4	)	$	(78.2	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	277.0		$	245.0		$	3.2		$	3.0
Other accrued liabilities		(10.2	)		(10.3	)		(8.1	)		(9.0	)
Other noncurrent liabilities		(104.7	)		(125.1	)		(56.5	)		(72.2	)
Net Amount Recognized	$	162.1		$	109.6		$	(61.4	)	$	(78.2	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	$	(30.2	)	$	(41.5	)	$	(44.5	)	$	(38.4	)
Net prior service cost (benefit)		8.0			6.2			(11.0	)		(12.9	)
Total	$	(22.2	)	$	(35.3	)	$	(55.5	)	$	(51.3	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2022 and May 30, 2021
Discount rate		4.48	%		3.04	%		4.24	%		2.51	%
Long-term rate of compensation increase		N/A			N/A			N/A			N/A

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

	2022		2021
Projected benefit obligation	$	114.9	$	135.4
Accumulated benefit obligation		114.9		135.4

	Pension Plans									Postretirement Plans
	2022			2021			2020			2022			2021			2020
Service cost	$	8.7		$	11.6		$	11.5		$	0.2		$	0.2		$	0.1
Interest cost		83.3			86.8			118.4			1.3			1.5			2.6
Expected return on plan assets		(145.4	)		(140.0	)		(170.2	)		—			—			—
Amortization of prior service cost (benefit)		1.9			2.3			2.7			(2.0	)		(2.1	)		(2.1	)
Recognized net actuarial loss (gain)		(2.9	)		0.8			44.8			(3.5	)		(3.5	)		(4.6	)
Settlement gain		—			—			(2.1	)		—			(0.5	)		(0.2	)
Curtailment loss (gain)		—			0.2			0.8			—			—			—
Pension and postretirement cost (benefit) — Company plans		(54.4	)		(38.3	)		5.9			(4.0	)		(4.4	)		(4.2	)
Pension cost (benefit) — multi-employer plans		8.1			7.4			6.5			—			—			—
Total pension and postretirement cost (benefit)	$	(46.3	)	$	(30.9	)	$	12.4		$	(4.0	)	$	(4.4	)	$	(4.2	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

	Pension Plans						Postretirement Plans
	2022			2021			2022			2021
Net actuarial gain (loss)	$	(8.5	)	$	92.0		$	9.6		$	2.5
Amendments		(3.7	)		—			—			—
Amortization of prior service cost (benefit)		1.9			2.3			(2.0	)		(2.1	)
Settlement and curtailment loss (gain)		—			0.2			—			(0.5	)
Recognized net actuarial loss (gain)		(2.9	)		0.8			(3.5	)		(3.5	)
Currency		0.1			(0.2	)		0.1			(0.2	)
Net amount recognized	$	(13.1	)	$	95.1		$	4.2		$	(3.8	)

Defined Benefit Plan, Assumptions [Table Text Block]

	Pension Plans									Postretirement Plans
	2022			2021			2020			2022			2021			2020
Discount rate - interest cost		2.29	%		2.30	%		3.51	%		1.69	%		1.74	%		3.09	%
Discount rate - service cost		3.50	%		3.35	%		4.04	%		3.55	%		3.03	%		3.47	%
Long-term rate of return on plan assets		3.87	%		3.74	%		4.77	%		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	$	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
Real estate funds		—			—		—		—
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		Level 2		Level 3		Total
Cash and cash equivalents	$	7.5	$	85.0	$	—	$	92.5
Equity securities:
U.S. equity securities		78.0		94.6		—		172.6
International equity securities		121.9		0.5		—		122.4
Fixed income securities:
Government bonds		—		772.6		—		772.6
Corporate bonds		—		2,407.2		—		2,407.2
Mortgage-backed bonds		—		12.4		—		12.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		5.7		—		—		5.7
Fair value measurement of pension plan assets in the fair value hierarchy	$	213.1	$	3,372.3	$	—	$	3,585.4
Investments measured at net asset value								263.4
Total pension plan assets							$	3,848.8

	May 29, 2022			May 30, 2021
Equity securities		4	%		8	%
Debt securities		87	%		83	%
Real estate funds		1	%		1	%
Private equity		4	%		3	%
Other		4	%		5	%
Total		100	%		100	%

Schedule of Health Care Cost Trend Rates [Table Text Block]

Assumed Health Care Cost Trend Rates at:	May 29, 2022			May 30, 2021
Initial health care cost trend rate		6.32	%		6.53	%
Ultimate health care cost trend rate		4.44	%		4.44	%
Year that the rate reaches the ultimate trend rate	2029			2029

Schedule of Expected Benefit Payments [Table Text Block]

	Pension		Postretirement
	Plans		Plans
2023	$	202.6	$	8.1
2024		203.7		7.5
2025		205.5		6.9
2026		206.8		6.3
2027		207.5		5.8
Succeeding 5 years		1,027.7		22.5

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

2021

2020

Pending / Implemented

FY22

FY21

FY20

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

2.5

2.2

2.0

No

5/31/2025

Western Conference of Teamsters Pension Plan

91-6145047/ 001

Green

Green

N/A

3.8

3.8

3.2

No

6/30/2022

Other Plans

1.8

1.4

1.3

Total Contributions

$

8.1

$

7.4

$

6.5

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Note 18 - Fair Value Measurements (Tables)

12 Months Ended

May 29, 2022

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	$	5.7	$	1.3	$	—	$	7.0
Marketable securities		—		—		—		—
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

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	13.0	$	2.5	$	—	$	15.5
Marketable securities		6.6		—		—		6.6
Deferred compensation assets		8.8		—		—		8.8
Total assets	$	28.4	$	2.5	$	—	$	30.9
Liabilities:
Derivative liabilities	$	—	$	6.9	$	—	$	6.9
Deferred compensation liabilities		81.0		—		—		81.0
Total liabilities	$	81.0	$	6.9	$	—	$	87.9

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Note 19 - Business Segments and Related Information (Tables)

12 Months Ended

May 29, 2022

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	2022		2021		2020
Net sales
Grocery & Snacks	$	4,697.4	$	4,624.7	$	4,600.6
Refrigerated & Frozen		4,859.3		4,774.6		4,559.6
International		970.8		938.6		925.3
Foodservice		1,008.4		846.8		968.9
Total net sales	$	11,535.9	$	11,184.7	$	11,054.4
Operating profit
Grocery & Snacks	$	859.5	$	1,092.7	$	914.3
Refrigerated & Frozen		561.1		836.5		702.2
International		106.7		131.8		100.6
Foodservice		60.3		80.0		98.5
Total operating profit	$	1,587.6	$	2,141.0	$	1,815.6
Equity method investment earnings		145.3		84.4		73.2
General corporate expenses		241.6		364.8		368.5
Pension and postretirement non-service income		67.3		54.5		9.9
Interest expense, net		379.9		420.4		487.1
Income tax expense		290.5		193.8		201.3
Net income	$	888.2	$	1,300.9	$	841.8
Less: Net income attributable to noncontrolling interests		—		2.1		1.7
Net income attributable to Conagra Brands, Inc.	$	888.2	$	1,298.8	$	840.1

	2022		2021		2020
Frozen	$	4,091.1	$	3,948.0	$	3,735.5
Staples
Other shelf-stable		2,729.5		2,830.2		2,892.4
Refrigerated		768.2		826.6		824.1
Snacks		1,967.9		1,794.5		1,708.2
International		970.8		938.6		925.3
Foodservice		1,008.4		846.8		968.9
Total net sales	$	11,535.9	$	11,184.7	$	11,054.4

Allocation of Net Derivative Gains (Losses) from Economic Hedges to Operating Results of Reporting Segments [Table Text Block]

	2022			2021			2020
Net derivative gains (losses) incurred	$	37.1		$	9.5		$	(12.9	)
Less: Net derivative gains (losses) allocated to reporting segments		32.7			(6.1	)		(7.4	)
Net derivative gains (losses) recognized in general corporate expenses	$	4.4		$	15.6		$	(5.5	)
Net derivative gains (losses) allocated to Grocery & Snacks	$	17.3		$	(2.3	)	$	(4.7	)
Net derivative gains (losses) allocated to Refrigerated & Frozen		17.4			(1.7	)		(2.5	)
Net derivative gains (losses) allocated to International		(3.6	)		(1.7	)		0.1
Net derivative gains (losses) allocated to Foodservice		1.6			(0.4	)		(0.3	)
Net derivative gains (losses) included in segment operating profit	$	32.7		$	(6.1	)	$	(7.4	)

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Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020	May 26, 2019
Payments to Acquire Property, Plant, and Equipment, Total	$ 464.4	$ 506.4	$ 369.5
Capital Expenditures Incurred but Not yet Paid	108.8	123.7	112.9	$ 64.4
Marketing and Advertising Expense, Total	244.6	258.0	230.7
Research and Development Expense, Total	53.4	51.3	56.4
Foreign Currency Transaction Gain (Loss), before Tax, Total	$ 2.5	$ 8.2	$ 1.7

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Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions		12 Months Ended
		May 29, 2022	May 30, 2021	May 31, 2020
Balance, beginning		$ 3.2	$ 2.6	$ 2.2
Additions charged to costs and expenses		1.4	0.6	1.2
Other (1)	[1]	0.0	0.7	0.1
Deductions from reserves (2)	[2]	0.7	0.7	0.9
Balance, ending		$ 3.9	$ 3.2	$ 2.6

[1] Primarily relates to translation, the adoption of Accounting Standards Update ("ASU") 2016-13, and the acquisition of Pinnacle Foods Inc. ("Pinnacle").

[2] Bad debts charged off and adjustments to previous reserves, less recoveries.

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Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details)	12 Months Ended
	May 29, 2022
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

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Note 1 - Summary of Significant Accounting Policies - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021	May 31, 2020
Accumulated other comprehensive income (loss)	$ (11.2)	$ 5.8
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive income (loss)	(95.1)	(77.1)	$ (125.7)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated other comprehensive income (loss)	29.8	24.3	26.3
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated other comprehensive income (loss)	54.1	58.6	(10.2)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive income (loss)	$ (11.2)	$ 5.8	$ (109.6)

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Note 1 - Summary of Significant Accounting Policies - Reclassification from Other Comprehensive Income (Loss) to Income (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Interest expense, net, cash flow hedges	$ (379.9)	$ (420.4)	$ (487.1)
Selling, general and administrative expenses	1,492.8	1,403.0	1,622.5
Equity method investment earnings	145.3	84.4	73.2
Total before tax	1,033.4	1,410.3	969.9
Income tax expense	290.5	193.8	201.3
Net of tax	888.2	1,298.8	840.1
Pension and postretirement non-service income	(67.3)	(54.5)	(9.9)
Total before tax	1,033.4	1,410.3	969.9
Income tax expense	290.5	193.8	201.3
Net income attributable to Conagra Brands, Inc.	888.2	1,298.8	840.1
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Interest expense, net, cash flow hedges	(3.1)	(3.2)	(3.3)
Selling, general and administrative expenses	0.0	(0.5)	0.0
Equity method investment earnings	1.8	2.1	0.0
Total before tax	(1.3)	(1.6)	(3.3)
Income tax expense	0.4	1.0	0.9
Net of tax	(0.9)	(0.6)	(2.4)
Total before tax	(1.3)	(1.6)	(3.3)
Income tax expense	0.4	1.0	0.9
Net income attributable to Conagra Brands, Inc.	(0.9)	(0.6)	(2.4)
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	0.2	0.6
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	(3.6)	(3.5)	(4.6)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans, Adjustment Settlement, Attributable to Parent [Member] | Pension Plan [Member]
Pension and postretirement non-service income	0.0	0.0	(2.1)
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)	(0.2)
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	0.8
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Total before tax	(3.5)	(3.6)	(5.5)
Income tax expense	1.0	0.9	1.4
Net of tax	(2.5)	(2.7)	(4.1)
Total before tax	(3.5)	(3.6)	(5.5)
Income tax expense	1.0	0.9	1.4
Net income attributable to Conagra Brands, Inc.	$ (2.5)	$ (2.7)	$ (4.1)

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Note 2 - Restructuring Activities (Details Textual) - USD ($) $ in Millions	12 Months Ended			42 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020	May 29, 2022
Restructuring and Related Cost, Expected Cost, Total	$ 147.8			$ 147.8
Restructuring and Related Cost, Incurred Cost	0.6
Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	346.9			346.9
Restructuring And Related Cost Incurred Or Expected, Cash Outflows From Inception	284.3
Restructuring And Related Cost Incurred Or Expected, Non-cash Charges From Inception	62.6
Restructuring and Related Cost, Incurred Cost	19.6	$ 31.7	$ 73.8	293.3
Restructuring And Related Cost Expected. Cash Outflows	24.0
Restructuring And Related Cost Expected, Noncash Benefit	4.4
Restructuring And Related Cost Incurred, Cash Outflows From Inception	264.9
Restructuring And Related Cost Incurred, Noncash Charges From Inception	28.4
Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	148.4			148.4
Restructuring and Related Cost, Incurred Cost	29.4	$ 46.2	$ 64.4	142.2
Restructuring And Related Cost Expected. Cash Outflows	16.0
Restructuring And Related Cost Incurred, Cash Outflows From Inception	40.1
Restructuring And Related Cost Incurred, Noncash Charges From Inception	102.1
Restructuring And Related Cost, Approved For Incurrence	180.6
Restructuring And Related Cost, Approved For Incurrence, Cash	53.8
Restructuring And Related Cost, Approved For Incurrence, Noncash	126.8
Restructuring and Related Cost, Expected Cost, Cash	46.4			46.4
Restructuring and Related Cost, Expected Cost, Noncash	102.0			$ 102.0
Restructuring And Related Cost Expected, Noncash Charges	$ 13.4

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Note 2 - Restructuring Activities - Restructuring Plan Expenses (Details) - USD ($) $ in Millions	12 Months Ended			42 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020	May 29, 2022
Restructuring and Related Cost, Expected Cost, Total	$ 147.8			$ 147.8
Restructuring and Related Cost, Incurred Cost	0.6
Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	11.0			11.0
Restructuring and Related Cost, Incurred Cost
Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	148.4			148.4
Restructuring and Related Cost, Incurred Cost	29.4	$ 46.2	$ 64.4	142.2
Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total
Restructuring and Related Cost, Incurred Cost
Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	346.9			346.9
Restructuring and Related Cost, Incurred Cost	19.6	$ 31.7	$ 73.8	293.3
Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	269.8			269.8
Restructuring and Related Cost, Incurred Cost	19.6			265.6
Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	72.8			72.8
Restructuring and Related Cost, Incurred Cost	14.1			72.8
Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	10.0			10.0
Restructuring and Related Cost, Incurred Cost				5.2
Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost				0.0
Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	11.0			11.0
Restructuring and Related Cost, Incurred Cost				11.0
Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost				0.0
Other Cost of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	10.1			10.1
Restructuring and Related Cost, Incurred Cost				7.6
Other Cost of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	1.7			0.0
Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	83.8			83.8
Restructuring and Related Cost, Incurred Cost	20.1			83.8
Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Costs Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	20.1			20.1
Restructuring and Related Cost, Incurred Cost				12.8
Costs Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	1.7			0.0
Severance And Related Costs [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	19.1			19.1
Restructuring and Related Cost, Incurred Cost	3.4			18.8
Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	4.7			4.7
Restructuring and Related Cost, Incurred Cost	2.3			4.4
Severance And Related Costs [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	119.4			119.4
Restructuring and Related Cost, Incurred Cost				118.1
Severance And Related Costs [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	112.2			112.2
Restructuring and Related Cost, Incurred Cost	0.8			112.2
Asset Impairment Net Of Gains On Disposal [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	22.8			22.8
Restructuring and Related Cost, Incurred Cost	(4.7)			22.8
Asset Impairment Net Of Gains On Disposal [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Asset Impairment Net Of Gains On Disposal [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	28.6			28.6
Restructuring and Related Cost, Incurred Cost				1.1
Asset Impairment Net Of Gains On Disposal [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	2.5			2.5
Restructuring and Related Cost, Incurred Cost	(5.8)			2.5
Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	0.5			0.5
Restructuring and Related Cost, Incurred Cost	0.4			0.5
Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	0.1			0.1
Restructuring and Related Cost, Incurred Cost	0.0			0.1
Contract And Lease Termination Expenses [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	26.1			26.1
Restructuring and Related Cost, Incurred Cost				17.9
Contract And Lease Termination Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	15.1			15.1
Restructuring and Related Cost, Incurred Cost	(0.6)			15.1
Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	5.6			5.6
Restructuring and Related Cost, Incurred Cost	1.7			1.7
Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	5.6			5.6
Restructuring and Related Cost, Incurred Cost	1.7			1.7
Consulting And Professional Fees [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	113.5			113.5
Restructuring and Related Cost, Incurred Cost				110.3
Consulting And Professional Fees [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	111.7			111.7
Restructuring and Related Cost, Incurred Cost	19.3			108.6
Other Net [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	16.0			16.0
Restructuring and Related Cost, Incurred Cost	8.5			14.0
Other Net [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	0.6			0.6
Restructuring and Related Cost, Incurred Cost	0.1			0.3
Other Net [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	31.8			31.8
Restructuring and Related Cost, Incurred Cost				25.7
Other Net [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	20.9			20.9
Restructuring and Related Cost, Incurred Cost	4.2			19.8
Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	64.0			64.0
Restructuring and Related Cost, Incurred Cost	9.3			57.8
Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	11.0			11.0
Restructuring and Related Cost, Incurred Cost	4.1			6.5
Other Selling, General and Administrative Expenses [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	326.8			326.8
Restructuring and Related Cost, Incurred Cost				280.5
Other Selling, General and Administrative Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	269.8			269.8
Restructuring and Related Cost, Incurred Cost	17.9			265.6
Cost Of Goods Sold And Selling General And Administrative Expenses Member | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Incurred Cost	29.4			141.6
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	4.1			6.5
Pension And Postretirement Nonservice Cost Income Member | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Incurred Cost				0.6
Pension And Postretirement Nonservice Cost Income Member | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Incurred Cost
Accelerated Depreciation [Member] | Pinnacle Integration Restructuring Plan [Member]
Restructuring and Related Cost, Expected Cost, Total	7.4			7.4
Restructuring and Related Cost, Incurred Cost				7.4
Accelerated Depreciation [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Expected Cost, Total	7.4			7.4
Restructuring and Related Cost, Incurred Cost				7.4
Grocery And Snacks [Member]
Restructuring and Related Cost, Expected Cost, Total	88.6			88.6
Restructuring and Related Cost, Incurred Cost
Grocery And Snacks [Member] | Conagra Restructuring Plan [Member]
Restructuring and Related Cost, Incurred Cost	6.0
Grocery And Snacks [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total
Restructuring and Related Cost, Incurred Cost
Grocery And Snacks [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member]
Restructuring and Related Cost, Incurred Cost	0.0
Grocery And Snacks [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	51.6			51.6
Restructuring and Related Cost, Incurred Cost	0.3			8.8
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, Total	33.2			33.2
Restructuring and Related Cost, Incurred Cost	1.2			33.2
Grocery And Snacks [Member] | Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	5.4			5.4
Restructuring and Related Cost, Incurred Cost				0.6
Grocery And Snacks [Member] | Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	8.7			8.7
Restructuring and Related Cost, Incurred Cost	3.9			8.7
Grocery And Snacks [Member] | Other Cost of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	3.7			3.7
Restructuring and Related Cost, Incurred Cost	0.0			2.3
Grocery And Snacks [Member] | Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	41.9			41.9
Restructuring and Related Cost, Incurred Cost	5.1			41.9
Grocery And Snacks [Member] | Costs Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	9.1			9.1
Restructuring and Related Cost, Incurred Cost	0.0			2.9
Grocery And Snacks [Member] | Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	11.6			11.6
Restructuring and Related Cost, Incurred Cost	1.2			11.6
Grocery And Snacks [Member] | Severance And Related Costs [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	1.4			1.4
Restructuring and Related Cost, Incurred Cost	0.0			0.0
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, Total	21.9			21.9
Restructuring and Related Cost, Incurred Cost	(5.2)			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, Expected Cost, Total	27.8			27.8
Restructuring and Related Cost, Incurred Cost	0.0			0.3
Grocery And Snacks [Member] | Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.4			0.4
Restructuring and Related Cost, Incurred Cost	0.4			0.4
Grocery And Snacks [Member] | Contract And Lease Termination Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	6.5			6.5
Restructuring and Related Cost, Incurred Cost	0.0			1.8
Grocery And Snacks [Member] | Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Grocery And Snacks [Member] | Consulting And Professional Fees [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	1.0			1.0
Restructuring and Related Cost, Incurred Cost	0.2			0.9
Grocery And Snacks [Member] | Other Net [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	12.8			12.8
Restructuring and Related Cost, Incurred Cost	7.6			12.6
Grocery And Snacks [Member] | Other Net [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	5.8			5.8
Restructuring and Related Cost, Incurred Cost	0.1			2.9
Grocery And Snacks [Member] | Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	46.7			46.7
Restructuring and Related Cost, Incurred Cost	4.0			46.5
Grocery And Snacks [Member] | Other Selling, General and Administrative Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	42.5			42.5
Restructuring and Related Cost, Incurred Cost	0.3			5.9
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	9.1			88.4
Grocery And Snacks [Member] | Pension And Postretirement Nonservice Cost Income Member | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Incurred Cost
Grocery And Snacks [Member] | Accelerated Depreciation [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost				0.0
Refrigerated And Frozen [Member]
Restructuring and Related Cost, Expected Cost, Total	46.5			46.5
Restructuring and Related Cost, Incurred Cost
Refrigerated And Frozen [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total
Restructuring and Related Cost, Incurred Cost
Refrigerated And Frozen [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	21.4			21.4
Restructuring and Related Cost, Incurred Cost	(1.2)			14.8
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, Total	39.6			39.6
Restructuring and Related Cost, Incurred Cost	12.9			39.6
Refrigerated And Frozen [Member] | Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	4.6			4.6
Restructuring and Related Cost, Incurred Cost				4.6
Refrigerated And Frozen [Member] | Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	2.3			2.3
Restructuring and Related Cost, Incurred Cost	2.1			2.3
Refrigerated And Frozen [Member] | Other Cost of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	5.7			5.7
Restructuring and Related Cost, Incurred Cost	1.7			4.6
Refrigerated And Frozen [Member] | Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	41.9			41.9
Restructuring and Related Cost, Incurred Cost	15.0			41.9
Refrigerated And Frozen [Member] | Costs Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	10.3			10.3
Restructuring and Related Cost, Incurred Cost	1.7			9.2
Refrigerated And Frozen [Member] | Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	1.2			1.2
Restructuring and Related Cost, Incurred Cost	(0.6)			1.2
Refrigerated And Frozen [Member] | Severance And Related Costs [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	4.3			4.3
Restructuring and Related Cost, Incurred Cost	1.0			4.4
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, Total	0.8			0.8
Restructuring and Related Cost, Incurred Cost	0.5			0.8
Refrigerated And Frozen [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	(1.7)			(1.7)
Restructuring and Related Cost, Incurred Cost	(5.7)			(1.7)
Refrigerated And Frozen [Member] | Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Refrigerated And Frozen [Member] | Contract And Lease Termination Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	3.7			3.7
Restructuring and Related Cost, Incurred Cost	0.2			0.2
Refrigerated And Frozen [Member] | Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Refrigerated And Frozen [Member] | Consulting And Professional Fees [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Refrigerated And Frozen [Member] | Other Net [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	2.6			2.6
Restructuring and Related Cost, Incurred Cost	0.8			1.1
Refrigerated And Frozen [Member] | Other Net [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	4.8			4.8
Restructuring and Related Cost, Incurred Cost	1.6			2.7
Refrigerated And Frozen [Member] | Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	4.6			4.6
Restructuring and Related Cost, Incurred Cost	0.7			3.1
Refrigerated And Frozen [Member] | Other Selling, General and Administrative Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	11.1			11.1
Restructuring and Related Cost, Incurred Cost	(2.9)			5.6
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	15.7			45.0
Refrigerated And Frozen [Member] | Pension And Postretirement Nonservice Cost Income Member | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Incurred Cost
Refrigerated And Frozen [Member] | Accelerated Depreciation [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost				0.0
International [Member]
Restructuring and Related Cost, Expected Cost, Total	1.4			1.4
Restructuring and Related Cost, Incurred Cost
International [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total
Restructuring and Related Cost, Incurred Cost
International [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	4.1			4.1
Restructuring and Related Cost, Incurred Cost	20.5			4.1
International [Member] | Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
International [Member] | Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			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, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
International [Member] | Other Cost of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.7			0.7
Restructuring and Related Cost, Incurred Cost	0.0			0.7
International [Member] | Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
International [Member] | Costs Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.7			0.7
Restructuring and Related Cost, Incurred Cost	0.0			0.7
International [Member] | Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	1.3			1.3
Restructuring and Related Cost, Incurred Cost	0.2			1.3
International [Member] | Severance And Related Costs [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	1.5			1.5
Restructuring and Related Cost, Incurred Cost	(0.2)			1.5
International [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.1			0.1
Restructuring and Related Cost, Incurred Cost	0.0			0.1
International [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	(0.1)			0.0
International [Member] | Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
International [Member] | Contract And Lease Termination Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.8			0.8
Restructuring and Related Cost, Incurred Cost	(0.8)			0.8
International [Member] | Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
International [Member] | Consulting And Professional Fees [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.8			0.8
Restructuring and Related Cost, Incurred Cost	19.1			0.8
International [Member] | Other Net [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
International [Member] | Other Net [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.3			0.3
Restructuring and Related Cost, Incurred Cost	2.5			0.3
International [Member] | Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	1.4			1.4
Restructuring and Related Cost, Incurred Cost	0.2			1.4
International [Member] | Other Selling, General and Administrative Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	3.4			3.4
Restructuring and Related Cost, Incurred Cost	20.5			3.4
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	0.2			1.4
International [Member] | Pension And Postretirement Nonservice Cost Income Member | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Incurred Cost
International [Member] | Accelerated Depreciation [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost				0.0
Foodservice [Member]
Restructuring and Related Cost, Expected Cost, Total	0.3			0.3
Restructuring and Related Cost, Incurred Cost
Foodservice [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total
Restructuring and Related Cost, Incurred Cost
Foodservice [Member] | Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Foodservice [Member] | Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Foodservice [Member] | Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Foodservice [Member] | Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.3			0.3
Restructuring and Related Cost, Incurred Cost	0.3			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, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Foodservice [Member] | Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Foodservice [Member] | Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Foodservice [Member] | Other Net [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.0			0.0
Restructuring and Related Cost, Incurred Cost	0.0			0.0
Foodservice [Member] | Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Expected Cost, Total	0.3			0.3
Restructuring and Related Cost, Incurred Cost	0.3			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			0.3
Foodservice [Member] | Pension And Postretirement Nonservice Cost Income Member | Conagra Restructuring Plan [Member] | Operating Segments [Member]
Restructuring and Related Cost, Incurred Cost

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Note 2 - Restructuring Activities - Restructuring Plan Liabilities Recorded (Details) $ in Millions	12 Months Ended
	May 29, 2022 USD ($)
Pinnacle Integration Restructuring Plan [Member]
Balance	$ 9.0
Costs incurred and charged to expense	24.1
Costs paid or otherwise settled	(28.1)
Changed in estimates	(0.1)
Balance	4.9
Pinnacle Integration Restructuring Plan [Member] | Severance And Related Costs [Member]
Balance	5.1
Costs incurred and charged to expense	0.3
Costs paid or otherwise settled	(5.6)
Changed in estimates	0.5
Balance	0.3
Pinnacle Integration Restructuring Plan [Member] | Contract And Lease Termination Expenses [Member]
Balance	0.0
Costs incurred and charged to expense	0.0
Changed in estimates	(0.6)
Balance	0.0
Costs paid or otherwise settled	0.6
Pinnacle Integration Restructuring Plan [Member] | Consulting And Professional Fees [Member]
Balance	3.9
Costs incurred and charged to expense	19.3
Costs paid or otherwise settled	(18.6)
Changed in estimates	0.0
Balance	4.6
Pinnacle Integration Restructuring Plan [Member] | Other Net [Member]
Balance	0.0
Costs incurred and charged to expense	4.5
Costs paid or otherwise settled	(4.5)
Changed in estimates	0.0
Balance	0.0
Conagra Restructuring Plan [Member]
Balance	9.7
Costs incurred and charged to expense	17.6
Costs paid or otherwise settled	(20.6)
Changed in estimates	(1.6)
Balance	5.1
Conagra Restructuring Plan [Member] | Severance And Related Costs [Member]
Balance	9.7
Costs incurred and charged to expense	5.0
Costs paid or otherwise settled	(9.9)
Changed in estimates	(1.6)
Balance	3.2
Conagra Restructuring Plan [Member] | Contract And Lease Termination Expenses [Member]
Balance	0.0
Costs incurred and charged to expense	0.4
Costs paid or otherwise settled	(0.4)
Changed in estimates	0.0
Balance	0.0
Conagra Restructuring Plan [Member] | Consulting And Professional Fees [Member]
Balance	0.0
Costs incurred and charged to expense	1.7
Costs paid or otherwise settled	0.0
Changed in estimates	0.0
Balance	1.7
Conagra Restructuring Plan [Member] | Other Net [Member]
Balance	0.0
Costs incurred and charged to expense	10.5
Costs paid or otherwise settled	(10.3)
Changed in estimates	0.0
Balance	$ 0.2

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Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions	3 Months Ended							12 Months Ended
	May 30, 2021	Feb. 28, 2021	Nov. 29, 2020	Aug. 30, 2020	May 31, 2020	Feb. 23, 2020	Nov. 25, 2018	May 29, 2022	May 30, 2021	May 31, 2020
Repayments of Long-Term Debt, Total								$ 48.5	$ 2,514.5	$ 947.5
Gain (Loss) on Extinguishment of Debt, Total								(0.0)	(68.7)	(1.0)
Debt Instrument, Face Amount	$ 8,348.2							8,840.4	8,348.2
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax								1.3	1.6	3.3
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total								393.9	445.6	494.6
Interest Rate Swap [Member]
Gain (Loss) on Sale of Derivatives							$ 47.5
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax								$ 3.3	$ 3.3	3.5
Subordinated Debt [Member] | Nine Point Seven Five Percent Subordinated Debt Due March 1 2021 [Member]
Repayments of Long-Term Debt, Total	$ 195.9
Debt Instrument, Interest Rate, Stated Percentage	9.75%								9.75%
Senior Notes [Member] | Three Point Two Percent Senior Notes Due January 25, 2023 [Member]
Repayments of Long-Term Debt, Total		$ 400.0
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] | 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			$ 1,000.0
Senior Notes [Member] | Three Point Eight Percent Senior Notes Due October 22, 2021 [Member]
Repayments of Long-Term Debt, Total			$ 1,200.0
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, Total			$ 500.0
Senior Notes [Member] | Four Point Nine Five Percent Senior Notes Due August 15 2020 [Member]
Repayments of Long-Term Debt, Total				$ 126.6
Debt Instrument, Interest Rate, Stated Percentage				4.95%
Senior Notes [Member] | Floating Rate Notes Due October 22 2020 [Member]
Repayments of Long-Term Debt, Total					$ 275.0	$ 250.0				$ 525.0

XML

Note 3 - Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Debt instrument, face amount	$ 8,840.4	$ 8,348.2
Unamortized fair value adjustment	19.2	19.9
Unamortized discounts	(23.4)	(25.8)
Unamortized debt issuance costs	(40.7)	(44.0)
Less current installments	(707.3)	(23.1)
Total long-term debt	8,088.2	8,275.2
Senior Notes [Member] | Five Point Four Percent Senior Debt Due November 2048 [Member]
Debt instrument, face amount	1,000.0	1,000.0
Senior Notes [Member] | Four Point Six Five Percent Senior Debt Due January 2043 [Member]
Debt instrument, face amount	176.7	176.7
Senior Notes [Member] | Six Point Six Two Five Percent Senior Debt Due August 2039 [Member]
Debt instrument, face amount	91.4	91.4
Senior Notes [Member] | Five Point Three Percent Senior Debt Due November 2038 [Member]
Debt instrument, face amount	1,000.0	1,000.0
Senior Notes [Member] | Eight Point Two Five Percent Senior Debt Due September 2030 [Member]
Debt instrument, face amount	300.0	300.0
Senior Notes [Member] | Four Point Eight Five Percent Senior Debt Due November 2028 [Member]
Debt instrument, face amount	1,300.0	1,300.0
Senior Notes [Member] | Seven Point Zero Percent Senior Debt Due October 2028 [Member]
Debt instrument, face amount	382.2	382.2
Senior Notes [Member] | One Point Three Seven Five Percent Senior Debt Due November 2027 [Member]
Debt instrument, face amount	1,000.0	1,000.0
Senior Notes [Member] | Six Point Seven Percent Senior Debt Due August 2027 [Member]
Debt instrument, face amount	9.2	9.2
Senior Notes [Member] | Seven Point One Two Five Percent Senior Debt Due October 2026 [Member]
Debt instrument, face amount	262.5	262.5
Senior Notes [Member] | Four Point Six Percent Senior Debt Due November 2025 [Member]
Debt instrument, face amount	1,000.0	1,000.0
Senior Notes [Member] | Four Point Three Percent Senior Debt Due May 2024 [Member]
Debt instrument, face amount	1,000.0	1,000.0
Senior Notes [Member] | Three Point Two Percent Senior Debt Due January 2023 [Member]
Debt instrument, face amount	500.0
Senior Notes [Member] | Three Point Two Five Percent Senior Debt Due September 2022 [Member]
Debt instrument, face amount	437.0	437.0
Senior Notes [Member] | Three Point Eight Percent Senior Debt Due October 2021 [Member]
Debt instrument, face amount	250.0	250.0
Capital Lease Obligations [Member] | Zero Point Four Five Percent To Nine Point Five Nine Percent Lease Financing Obligations Due Through 2035 [Member]
Debt instrument, face amount	131.3	139.1
Other Debt Obligations [Member] | Other Indebtedness [Member]
Debt instrument, face amount	$ 0.1	$ 0.1

XML

Note 3 - Long-term Debt - Long Term Debt Maturities (Details) $ in Millions	May 29, 2022 USD ($)
2022	$ 707.6
2023	1,517.5
2024	14.7
2025	1,021.2
2026	$ 268.1

XML

Note 3 - Long-term Debt - Schedule of Net Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Long-term debt	$ 393.1	$ 430.0	$ 495.9
Short-term debt	2.3	2.5	0.9
Interest income	(2.1)	(1.9)	(3.1)
Interest capitalized	(13.4)	(10.2)	(6.6)
Interest Income (Expense), Net, Total	$ 379.9	$ 420.4	$ 487.1

XML

Note 4 - Credit Facilities and Borrowings (Details Textual) $ in Thousands	12 Months Ended
	May 30, 2021 USD ($)	May 29, 2022 USD ($)	Jul. 13, 2021
Debt Instrument, Required Minimum Ratio Of EBITDA To Interest Expense	3.0
Debt Instrument, Covenants Funded Debt To EBITDA			4.5
Short-Term Debt, Total	$ 707,400	$ 184,300
Commercial Paper [Member]
Short-Term Debt, Total	$ 705,700	$ 180,000
Short-Term Debt, Weighted Average Interest Rate, at Point in Time	0.36%	1.41%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,600,000
Line Of Credit Facility, Maximum Borrowing Capacity After Increase With Consent Of Lenders		$ 2,100,000
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

XML

Note 5 - Divestitures and Assets Held for Sale (Details Textual) - USD ($) $ in Millions	3 Months Ended						6 Months Ended	12 Months Ended
	May 30, 2021	Feb. 28, 2021	Nov. 29, 2020	Feb. 23, 2020	Nov. 24, 2019	Aug. 25, 2019	Nov. 24, 2019	May 29, 2022	May 30, 2021	May 31, 2020
Proceeds from Divestiture of Businesses								$ 0.1	$ 160.9	$ 194.6
Gain (Loss) on Disposition of Business								(0.0)	65.5	(2.2)
Asset Impairment Charges, Total								284.8	$ 95.5	259.9
Grocery And Snacks [Member]
Asset Impairment Charges, Total								26.3		$ 54.4
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
Lender Bagel Business [Member]
Proceeds from Divestiture of Businesses				$ 33.3
Lender Bagel Business [Member] | Selling, General and Administrative Expenses [Member]
Asset Impairment Charges, Total					$ 27.6
Direct Store Delivery Snacks Business [Member] | Grocery And Snacks [Member]
Proceeds from Divestiture of Businesses					$ 137.5
Direct Store Delivery Snacks Business [Member] | Selling, General and Administrative Expenses [Member]
Asset Impairment Charges, Total						$ 31.4		$ 70.1
Peanut Butter Manufacturing Facility [Member]
Proceeds from Divestiture of Businesses				$ 24.8
Peanut Butter Manufacturing Facility [Member] | Selling, General and Administrative Expenses [Member]
Asset Impairment Charges, Total							$ 23.0

XML

Note 5 - Divestitures and Assets Held for Sale - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Current assets	$ 27.0	$ 24.3
Noncurrent assets held for sale	31.9	113.3
Current liabilities	1.7	1.6
Noncurrent liabilities	$ 2.4	$ 3.2

XML

Note 5 - Divestitures and Assets Held for Sale - Assets and Liabilities Held for Sale (Details) (Parentheticals) $ in Millions	May 30, 2021 USD ($)
Goodwill	$ 34.6

XML

Note 6 - Investments in Joint Ventures (Details Textual) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Related Party Transaction, Purchases from Related Party	$ 30.1	$ 28.7	$ 32.5
Proceeds from Equity Method Investment, Distribution	$ 79.0	$ 56.5	$ 51.4
Ardent Mills [Member]
Equity Method Investment, Ownership Percentage	44.00%	44.00%
Other Joint Ventures [Member]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Other Assets [Member]
Equity Method Investments	$ 918.3	$ 841.8

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Note 6 - Investments in Joint Ventures - Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Profit (Loss)	$ 888.2	$ 1,300.9	$ 841.8
Current assets	3,033.7	2,702.1
Current liabilities	3,518.8	3,306.2
Ardent Mills [Member]
Revenues	4,258.5	3,407.6	3,393.9
Gross profit	516.5	360.6	313.1
Profit (Loss)	306.2	169.6	144.5
Current assets	1,470.1	1,101.5
Noncurrent assets	1,875.9	1,848.2
Current liabilities	720.5	524.1
Noncurrent liabilities	567.7	563.0
Other Joint Ventures [Member]
Revenues	253.2	238.8	225.0
Gross profit	54.8	47.3	49.4
Profit (Loss)	21.1	19.5	19.3
Current assets	103.4	95.0
Noncurrent assets	38.2	36.8
Current liabilities	35.1	39.9
Noncurrent liabilities	10.7	10.6
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Revenues	4,511.7	3,646.4	3,618.9
Gross profit	571.3	407.9	362.5
Profit (Loss)	$ 327.3	$ 189.1	$ 163.8

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Note 7 - Goodwill and Other Identifiable Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Aug. 30, 2020	Aug. 25, 2019	May 29, 2022	May 30, 2021	May 31, 2020
Fair Value Measurements, Discounted Cash Flow, Period (Year)	5 years
Fair Value Measurement, Inputs, Terminal Growth Rate	1.00%
Amortization of Intangible Assets			$ 59.3	$ 59.7	$ 59.8
Sides Components And Enhancers Reporting Unit [Member]
Fair Value Measurement, Inputs, Discount Rate	6.50%
Refrigerated And Frozen [Member]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)			103.9	76.9	110.8
Refrigerated And Frozen [Member] | Sides Components And Enhancers Reporting Unit [Member]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	20.00%
Grocery Snacks and Refrigerated Frozen [Member] | Trademarks and Trade Names [Member]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)		$ 19.3	$ 209.0	$ 90.9	$ 146.2

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Note 7 - Goodwill and Other Identifiable Intangible Assets - Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021
Balance	$ 11,338.9	$ 11,326.9
Currency translation	(9.7)	12.0
Balance	11,329.2	11,338.9
Grocery And Snacks [Member]
Balance	4,692.4	4,692.4
Currency translation	0.0	0.0
Balance	4,692.4	4,692.4
Refrigerated And Frozen [Member]
Balance	5,611.2	5,611.2
Currency translation	0.0	0.0
Balance	5,611.2	5,611.2
International [Member]
Balance	302.5	290.5
Currency translation	(9.7)	12.0
Balance	292.8	302.5
Foodservice [Member]
Balance	732.8	732.8
Currency translation	0.0	0.0
Balance	$ 732.8	$ 732.8

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Note 7 - Goodwill and Other Identifiable Intangible Assets - Other Identifiable Intangible Assets (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Brands and trademarks	$ 3,061.6	$ 3,273.1
Customer relationships and intellectual property	1,228.0	1,228.8
Customer relationships and intellectual property	436.5	377.3
Intangible Assets, Gross (Excluding Goodwill), Total	$ 4,289.6	$ 4,501.9

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Note 7 - Goodwill and Other Identifiable Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Millions	May 29, 2022 USD ($)
2023, amortization expense	$ 56.9
2024, amortization expense	53.6
2025, amortization expense	53.5
2026, amortization expense	43.5
2027, amortization expense	$ 43.3

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Note 8 - Earnings Per Share (Details Textual) - shares shares in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0.8	0.4	1.9

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Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Net income attributable to Conagra Brands, Inc. common stockholders:	$ 888.2	$ 1,298.8	$ 840.1
Basic weighted average shares outstanding (in shares)	480.3	485.8	487.3
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities (in shares)	1.9	2.0	1.3
Diluted weighted average shares outstanding (in shares)	482.2	487.8	488.6

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Note 9 - Inventories - Inventory by Major Class (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Raw materials and packaging	$ 383.2	$ 284.1
Work in process	164.8	125.1
Finished goods	1,305.9	1,221.8
Supplies and other	85.8	78.7
Total	$ 1,939.7	$ 1,709.7

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Note 10 - Other Noncurrent Liabilities - Composition of Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Postretirement health care and pension obligations (see Note 17)	$ 161.2	$ 197.3
Noncurrent income tax liabilities	1,344.5	1,271.4
Self-insurance liabilities	31.3	30.5
Asset retirement obligations	43.0	42.4
Environmental liabilities (see Note 15)	43.6	59.0
Legal settlement costs (see Note 15)	40.5	52.0
Other	102.4	141.9
Other Liabilities, Noncurrent	1,963.5	1,979.6
Other Noncurrent Liabilities [Member]
Noncurrent lease liabilities (see Note 14)	$ 197.0	$ 185.1

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Note 11 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	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)	$ 50.00
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)	$ 100.00
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)	1,500,000	8,800,000
Stock Repurchased During Period, Value	$ 50.0	$ 298.1

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Note 12 - Share-based Payments (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands			12 Months Ended
	May 27, 2022	Apr. 15, 2019 $ / shares shares	May 29, 2022 USD ($) $ / shares shares	May 30, 2021 USD ($) $ / shares shares	May 31, 2020 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	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 2,000	$ 7,000	$ 3,800
Share Price (in dollars per share) | $ / shares			$ 33.15
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 0
Proceeds from Stock Options Exercised			7,800	20,500	11,000
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit			500	1,700	1,400
Performance Shares [Member]
Share-Based Payment Arrangement, Expense			1,400	34,900	31,800
Share-Based Payment Arrangement, Expense, Tax Benefit			$ 700	3,600	2,900
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares			530
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			$ 34.13
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested			$ 27,000	33,900	8,400
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 10,800
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 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			3 years
Performance Shares [Member] | Fiscal 2024 [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	2,700
Share-Based Payment Arrangement, Expense, Tax Benefit			$ (400)	200	200
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares		200
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		$ 41.82
Share Based Compensation Arrangement, By Share Based Payment Award, Vesting Rights Payout, Percentage	0
Share based Compensation Arrangement by Share based Payment Award, Equity Instruments Other than Options, Eligibility Adjustment		25
Share based Compensation Arrangement by Share based Payment Award, Vesting Rights Ratio in Relation to Value of Grantees Award, Maximum		8.6
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		2.35%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate		24.92%
Performance Based Restricted Stock Units [Member] | Minimum [Member]
Share Based Compensation Arrangement, By Share Based Payment Award, Vesting Rights Payout, Percentage		0
Performance Based Restricted Stock Units [Member] | Maximum [Member]
Share Based Compensation Arrangement, By Share Based Payment Award, Vesting Rights Payout, Percentage		500
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense					200
Share-Based Payment Arrangement, Expense, Tax Benefit					100
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			38,500
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	24,300
Share Unit Awards [Member] | Stock Settled Share Unit Awards [Member]
Share-Based Payment Arrangement, Expense			$ 25,800	28,100	24,500
Share-Based Payment Arrangement, Expense, Tax Benefit			$ 5,300	$ 6,100	$ 5,300
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares			1,090	900	1,300
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			$ 34.26	$ 36.72	$ 28.32
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested			$ 26,900	$ 24,600	$ 14,200
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 26,500
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 9 months 18 days
Share Unit Awards [Member] | Cash Settled Share Unit Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares			0	0	0

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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 29, 2022	May 30, 2021	May 31, 2020
Nonvested, performance shares, share units (in shares)	2,490
Nonvested, performance units, weighted average grant-date fair value (in dollars per share)	$ 33.00
Granted, performance shares, share units (in shares)	1,090	900	1,300
Granted, performance units, weighted average grant-date fair value (in dollars per share)	$ 34.26	$ 36.72	$ 28.32
Vested/Issued, performance shares, share units (in shares)	(770)
Vested/Issued, performance units, weighted average grant-date fair value (in dollars per share)	$ 34.86
Forfeited, performance shares, share units (in shares)	(310)
Forfeited, performance units, weighted average grant-date fair value (in dollars per share)	$ 33.28
Nonvested, performance shares, share units (in shares)	2,500	2,490
Nonvested, performance units, weighted average grant-date fair value (in dollars per share)	$ 32.94	$ 33.00

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Note 12 - Share-based Payments - Schedule of Performance Share Awards Activity (Details) - Performance Shares [Member] shares in Thousands	12 Months Ended
	May 29, 2022 $ / shares shares
Nonvested, performance shares, share units (in shares) | shares	1,510
Nonvested, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 33.25
Granted, performance shares, share units (in shares) | shares	530
Granted, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 34.13
Adjustments for performance results attained and dividend equivalents, performance shares, share units (in shares) | shares	350
Adjustments for performance results attained and dividend equivalents, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 35.96
Vested/Issued, performance shares, share units (in shares) | shares	(790)
Vested/Issued, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 35.96
Forfeited, performance shares, share units (in shares) | shares	(160)
Forfeited, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 32.84
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

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Note 12 - Share-based Payments - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Outstanding, number of options (in shares)	3.0
Outstanding, weighted average exercise price, stock options (in dollars per share)	$ 30.70
Exercised, number of options (in shares)	(0.3)
Exercised, weighted average exercise price, stock options (in dollars per share)	$ 28.34
Exercised, aggregate intrinsic value, stock options	$ 2.0	$ 7.0	$ 3.8
Outstanding, number of options (in shares)	2.7	3.0
Outstanding, weighted average exercise price, stock options (in dollars per share)	$ 30.87	$ 30.70
Outstanding, average remaining contractual term, stock options (Year)	3 years 3 months 7 days
Outstanding, aggregate intrinsic value, stock options	$ 8.6
Exercisable, number of options (in shares)	2.7
Exercisable, weighted average exercise price, stock options (in dollars per share)	$ 30.87
Exercisable, average remaining contractual term, stock options (Year)	3 years 3 months 7 days
Exercisable, aggregate intrinsic value, stock options	$ 8.6

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Note 13 - Pre-tax Income and Income Taxes (Details Textual) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Income Taxes Paid, Net, Total	$ 299.1	$ 286.3	$ 178.0
Unrecognized Tax Benefits, Ending Balance	62.9	33.0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	6.7	8.8
Unrecognized Tax Benefits, Deductibility Is Highly Certain	0.2
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	2.1	1.4	4.3
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	58.0	28.2
Decrease in Unrecognized Tax Benefits is Reasonably Possible	3.0
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	14.3
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	28.4
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	10.3
Effective Income Tax Rate Reconciliation, Tax Election for Prior Year Federal Tax Return	25.0	0.0	0.0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	388.0	$ (653.9)	$ (9.8)
Deferred Tax Liabilities, Foreign Subsidiaries Earnings	1.5
Income (Loss) from Continuing Operations before Income Taxes, Foreign	30.0
Capital Loss Carryforward [Member]
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	1.7
Foreign Tax Authority [Member]
Operating Loss Carryforwards, Subject to Expiration	11.0
Operating Loss Carryforwards, Not Subject to Expiration	3.3
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Subject to Expiration	87.9
State and Local Jurisdiction [Member]
Tax Credit Carryforward, Subject to Expiration	$ 5.2
Minimum [Member]
Statutes Of Limitations In Other Major Jurisdictions (Year)	3 years
Maximum [Member]
Statutes Of Limitations In Other Major Jurisdictions (Year)	5 years

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Note 13 - Pre-tax Income and Income Taxes - Schedule of Pre-Tax Income from Continuing Operation (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Total before tax	$ 1,178.7	$ 1,494.7	$ 1,043.1
Domestic Tax Authority [Member]
Total before tax	1,106.0	1,426.5	978.3
Foreign Tax Authority [Member]
Total before tax	$ 72.7	$ 68.2	$ 64.8

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Note 13 - Pre-tax Income and Income Taxes - Schedule of the Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Federal	$ 186.6	$ 232.6	$ 188.2
State	48.2	31.8	25.5
Foreign	18.4	15.3	9.5
Current Income Tax Expense (Benefit), Total	253.2	279.7	223.2
Federal	34.7	(63.5)	37.6
State	3.9	(26.1)	(62.3)
Foreign	(1.3)	3.7	2.8
Deferred Income Tax Expense (Benefit), Total	37.3	(85.9)	(21.9)
Income Tax Expense (Benefit), Total	$ 290.5	$ 193.8	$ 201.3

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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 29, 2022	May 30, 2021	May 31, 2020
Computed U.S. Federal income taxes	$ 247.5	$ 313.9	$ 219.0
State income taxes, net of U.S. Federal tax impact	37.2	37.4	29.6
Goodwill and intangible impairments	6.1	13.6	11.2
Remeasurement of deferred taxes due to legal entity reorganization	0.0	35.8	(40.9)
Effective Income Tax Rate Reconciliation, Tax Election for Prior Year Federal Tax Return	25.0	0.0	0.0
Change of valuation allowance on capital loss carryforward	0.0	(188.5)	0.0
Other	(25.3)	(18.4)	(17.6)
Income Tax Expense (Benefit), Total	$ 290.5	$ 193.8	$ 201.3

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Note 13 - Pre-tax Income and Income Taxes - Schedule of the Tax Effect of Temporary Differences and Carryforwards (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Property, plant and equipment	$ 327.2	$ 281.7
Inventory	30.5	19.5
Goodwill, trademarks and other intangible assets	405.8	0.0
Goodwill, trademarks and other intangible assets	1,066.6	1,118.4
Right-of-use assets	47.9	45.5
Accrued expenses	12.7	12.0
Compensation related liabilities	29.3	36.5
Pension and other postretirement benefits	0.0	0.0
Pension and other postretirement benefits	25.1	9.8
Investment in unconsolidated subsidiaries	9.4	2.6
Lease liabilities	56.1	54.4
Other liabilities that will give rise to future tax deductions	73.2	96.2
Net capital and operating loss carryforwards	46.4	53.8
Federal credits	12.0	16.1
Other	32.0	33.9
Other	38.6	33.1
Deferred Tax Assets, Gross, Total	698.0	322.4
Deferred Tax Liabilities, Gross, Total	1,514.8	1,491.1
Less: Valuation allowance	(455.5)	(67.5)
Net deferred taxes	242.5	254.9
Net deferred taxes	$ 1,514.8	$ 1,491.1

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Note 13 - Pre-Tax Income and Income Taxes - Schedule of Change in Unrecognized Tax Benefits (Details) $ in Millions	12 Months Ended
	May 29, 2022 USD ($)
Beginning balance on May 30, 2021	$ 33.0
Increases from positions established during prior periods	13.2
Decreases from positions established during prior periods	(3.2)
Increases from positions established during the current period	31.7
Reductions resulting from lapse of applicable statute of limitation	(3.1)
Decrease from audit settlements	(8.5)
Other adjustments to liability	(0.2)
Ending balance on May 29, 2022	$ 62.9

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Note 14 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Operating Cost, Accelerated Amount			$ 9.9
Operating Lease, Impairment Loss		$ 2.9	$ 2.9
Warehouse Facility [Member]
Lessee, Lease Payment Not Yet Commenced	$ 270.6
Future Minimum Lease Commitment.	$ 254.3
Lessee, Term of Contract (Year)	20 years

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Note 14 - Leases - Schedule of Operating and Finance Leases Reported in Balance Sheet (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Less accumulated depreciation	$ (64.2)	$ (60.2)
Operating lease cost	52.9	51.0	$ 63.7
Depreciation of leased assets	16.4	19.0	15.4
Interest on lease liabilities	6.5	8.2	9.1
Short-term lease cost	7.3	5.1	3.8
Total lease cost	83.1	83.3	$ 92.0
Other Assets [Member]
ROU assets, net	207.6	183.8
Property, Plant and Equipment [Member]
ROU assets, at cost	208.0	217.6
ROU assets, net	143.8	157.4
Other Accrued Liabilities [Member]
Lease liabilities (current)	43.6	35.0
Other Noncurrent Liabilities [Member]
Lease liabilities (noncurrent)	197.0	185.1
Current Installments of Long-term Debt [Member]
Lease liabilities (current)	20.6	23.1
Senior Long-term Debt, Excluding Current Installments [Member]
Lease liabilities (noncurrent)	$ 110.7	$ 116.0

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Note 14 - Leases - Schedule of Weighted-Average Remaining Lease Terms and Weighted-Average Discount Rat (Details)	May 29, 2022	May 30, 2021
Weighted-average remaining lease term (in years) (Year)	6 years 10 months 24 days	8 years 1 month 6 days
Finance Leases, Weighted-average remaining lease term (in years) 7 (Year)	7 years 3 months 18 days	7 years 8 months 12 days
Weighted-average discount rate	3.21%	3.51%
Finance Leases, Weighted-average discount rate	4.91%	4.95%

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Note 14 - Leases - Schedule of Cash Flows Arising from Lease Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Operating cash outflows from operating leases	$ 55.7	$ 56.0	$ 59.5
Operating cash outflows from finance leases	6.5	8.3	9.2
Financing cash outflows from finance leases	31.2	24.3	22.5
Operating leases	68.5	21.1	41.6
Finance leases	$ 23.6	$ 26.1	$ 12.2

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Note 14 - Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	May 29, 2022 USD ($)
Operating Leases, 2023	$ 54.6
Finance Leases, 2023	24.8
2023	79.4
Operating Leases, 2024	45.3
Finance Leases, 2024	22.1
2024	67.4
Operating Leases, 2025	33.2
Finance Leases, 2025	18.7
2025	51.9
Operating Leases, 2026	29.9
Finance Leases, 2026	15.5
2026	45.4
Operating Leases, 2027	24.5
Finance Leases, 2027	17.7
2027	42.2
Operating Leases, Later years	94.9
Finance Leases, Later years	58.3
Later years	153.2
Operating Leases, Total lease payments	282.4
Total lease payments	157.1
Total lease payments	439.5
Less: Operating Leases, Imputed interest	(41.8)
Less: Finance Leases, Imputed interest	(25.8)
Less: Imputed interest	(67.6)
Operating Leases, Total lease liabilities	240.6
Finance Leases, Total lease liabilities	131.3
Total lease liabilities	$ 371.9

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Note 15 - Contingencies (Details Textual) $ in Millions			12 Months Ended			35 Months Ended
	May 24, 2022 USD ($)	Feb. 18, 2022 USD ($)	May 29, 2022 USD ($)	May 30, 2021 USD ($)	May 31, 2020 USD ($)	May 29, 2022 USD ($)	Sep. 04, 2018 USD ($)	Jan. 27, 2014 USD ($)
Threshold Amount For Environmental Matters			$ 1.0
Lamb Weston Holdings Inc [Member]
Lessee, Operating Lease, Renewal Term (Year)			5 years			5 years
Beatrice [Member]
Accrual for Environmental Loss Contingencies, Ending Balance			$ 39.9			$ 39.9
Accrual for Environmental Loss Contingencies, Decrease from Settlement Agreement With Third Party	$ 6.5
Beatrice [Member] | Other Accrued Liabilities [Member]
Accrual for Environmental Loss Contingencies, Ending Balance			2.0			2.0
Beatrice [Member] | Other Noncurrent Liabilities [Member]
Accrual for Environmental Loss Contingencies, Ending Balance			37.9			37.9
MPCA [Member]
Accrued Environmental Loss Contingencies, Proposed Penalty Amount				$ 4.3	$ 1.8
Performance And Payment Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted			75.0			75.0
Property Lease Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted			$ 11.3			11.3
Lease Remaining Lease Terms (Year)			5 years
ILLINOIS
Loss Contingency Number Of Suits			1
Litigation Settlement, Expense		$ 9.4
CANADA | Beatrice [Member]
Loss Contingency, Estimate of Possible Loss							$ 409.0	$ 1,150.0
Litigation Settlement, Amount Awarded to Other Party				$ 101.7
Loss Contingency Settlement Agreement Terms Number Of Installments				7
Loss Contingency Accrual, Payments						49.0
CANADA | Beatrice [Member] | Maximum [Member]
Litigation Settlement Amount Of Guarantee				$ 15.0
CANADA | Beatrice [Member] | Maximum [Member] | Other Current Liabilities [Member]
Loss Contingency Accrual, Ending Balance			$ 40.5			40.5
CANADA | Beatrice [Member] | Minimum [Member] | Other Current Liabilities [Member]
Loss Contingency Accrual, Ending Balance			$ 11.7			$ 11.7

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Note 16 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Nov. 24, 2020	Nov. 24, 2019	May 29, 2022	May 30, 2021	May 31, 2020	May 26, 2019
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			$ 8.5	$ 0.4	$ (7.1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance			8,862.2	8,631.4	$ 7,950.7	$ 7,463.7
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset			20.1	7.4
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset			16.1	5.4
Fair Value, Inputs, Level 2 [Member]
Credit Derivative, Maximum Exposure, Undiscounted			1.3
Prepaid Expenses and Other Current Assets [Member]
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset			4.0	2.0
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]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance			34.9
Commodity Contract [Member] | Long [Member]
Derivative, Notional Amount			115.3	148.8
Commodity Contract [Member] | Short [Member]
Derivative, Notional Amount			96.7	159.4
Foreign Exchange Contract [Member]
Derivative, Notional Amount			$ 106.6	$ 111.4

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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 29, 2022	May 30, 2021
Prepaid expenses and other current assets	$ 7.0	$ 15.5
Other accrued liabilities	$ 2.2	$ 6.9

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Note 16 - Derivative Financial Instruments - Schedule of Derivative Assets and Liabilities on a Gross Basis (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Derivative Assets	$ 27.1	$ 22.9
Derivative Liabilities	18.3	12.3
Prepaid Expenses and Other Current Assets [Member] | Commodity Contract [Member]
Derivative Assets	26.8	22.9
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [Member]
Derivative Assets	0.3	0.0
Other Accrued Liabilities [Member] | Commodity Contract [Member]
Derivative Liabilities	16.1	5.4
Other Accrued Liabilities [Member] | Foreign Exchange Contract [Member]
Derivative Liabilities	$ 2.2	$ 6.9

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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 29, 2022	May 30, 2021	May 31, 2020
Total losses from derivative instruments not designated as hedging instruments	$ 37.1	$ 9.5	$ (12.9)
Commodity Contract [Member] | Cost of Sales [Member]
Total losses from derivative instruments not designated as hedging instruments	33.4	26.6	(18.4)
Foreign Exchange Contract [Member] | Cost of Sales [Member]
Total losses from derivative instruments not designated as hedging instruments	$ 3.7	$ (17.1)	$ 5.5

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Note 17 - Pension and Postretirement Benefits (Details Textual) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2020	Feb. 23, 2020	Aug. 25, 2019	May 29, 2022	May 30, 2021	May 31, 2020	Dec. 31, 2019	May 26, 2019
Defined Benefit Plan, Recognized Net Actuarial Gain (Loss), Percentage				10.00%
Fair Value Investments Ability To Impose Customary Redemption Gates				$ 29,400
Fair Value Investments Impose Customary Redemption Gates				0
Defined Contribution Plan, Cost				$ 57,900	$ 47,600	$ 49,900
Maximum [Member]
Red Zone Multiemployer Plans Funded Percentage				65.00%
Yellow Zone Multiemployer Plans Funded Percentage				80.00%
Green Zone Multiemployer Plan Funded Percentage				80.00%
Minimum [Member]
Percentage Providing More Than Plans Contribution				5.00%
Private Equity Funds [Member]
Unfunded Commitment For Additional Investment				$ 35,000
Natural Resources Funds [Member]
Unfunded Commitment For Additional Investment				$ 10,400
Fixed Income Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage				90.00%
Defined Benefit Plan, Equity Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage				10.00%
Pension Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment				$ (0)	$ (200)	(800)
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate				4.48%	3.04%
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax				$ 0	$ 200
Defined Benefit Plan, Plan Assets, Payment for Settlement				(0)	(0)
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment		$ 79,800
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment				0	0
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)				503,100	37,400
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)				(366,100)	194,600
Defined Benefit Plan, Accumulated Benefit Obligation				3,130,000	3,740,000
Defined Benefit Plan Recognized Net Actuarial Gain Loss				2,900	800	44,800
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year				12,400
Pension Plan [Member] | Facility Closing [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment			$ 600
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate			3.13%					3.90%
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment			$ 12,300
Pension Plan [Member] | Hourly Pension Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	$ 200
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	2.96%							3.86%
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	$ 4,300
Pension Plan [Member] | Salaried Pension Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate							3.37%	3.89%
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax		2,100
Defined Benefit Plan, Plan Assets, Payment for Settlement		$ 154,600
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment				$ (0)	$ (0)	$ (0)
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate				4.24%	2.51%
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax				$ 0	$ (500)
Defined Benefit Plan, Plan Assets, Payment for Settlement				(0)	300
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment				0	0
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)				9,500	2,300
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)				100	$ 200
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year				$ 8,100

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Note 17 - Pension and Postretirement Benefits - Schedule of Changes in Benefit Obligations and Plan Asset (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Fair value of plan assets at end of year	$ 3,294.7
Pension Plan [Member]
Benefit obligation at beginning of year	3,739.2	$ 3,872.5
Service cost	8.7	11.6	$ 11.5
Interest cost	83.3	86.8	118.4
Amendments	3.7	0.0
Actuarial gain	(503.1)	(37.4)
Plan settlements	0.0	0.0
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	0.0	0.0
Benefits paid	(198.3)	(196.8)
Currency	(0.9)	2.5
Benefit obligation at end of year	3,132.6	3,739.2	3,872.5
Fair value of plan assets at beginning of year	3,848.8	3,820.4
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)	(366.1)	194.6
Employer contributions	11.5	27.6
Plan settlements	0.0	0.0
Benefits paid	(198.4)	(196.8)
Currency	(1.1)	3.0
Fair value of plan assets at end of year	3,294.7	3,848.8	3,820.4
Other Postretirement Benefits Plan [Member]
Benefit obligation at beginning of year	81.5	89.8
Service cost	0.2	0.2	0.1
Interest cost	1.3	1.5	2.6
Amendments	0.0	0.0
Actuarial gain	(9.5)	(2.3)
Plan settlements	0.0	(0.3)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	0.0	0.0
Benefits paid	(8.2)	(8.5)
Currency	(0.5)	1.1
Benefit obligation at end of year	64.8	81.5	89.8
Fair value of plan assets at beginning of year	3.3	3.4
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)	0.1	0.2
Employer contributions	8.2	8.5
Plan settlements	0.0	(0.3)
Benefits paid	(8.2)	(8.5)
Currency	0.0	0.0
Fair value of plan assets at end of year	$ 3.4	$ 3.3	$ 3.4

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Note 17 - Pension and Postretirement Benefits - Schedule of Funded Status and Amounts Recognized (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Pension Plan [Member]
Funded Status	$ 162.1	$ 109.6
Other assets	277.0	245.0
Other accrued liabilities	(10.2)	(10.3)
Other noncurrent liabilities	(104.7)	(125.1)
Net Amount Recognized	162.1	109.6
Actuarial net loss (gain)	(30.2)	(41.5)
Net prior service cost (benefit)	8.0	6.2
Total	$ (22.2)	$ (35.3)
Discount rate	4.48%	3.04%
Other Postretirement Benefits Plan [Member]
Funded Status	$ (61.4)	$ (78.2)
Other assets	3.2	3.0
Other accrued liabilities	(8.1)	(9.0)
Other noncurrent liabilities	(56.5)	(72.2)
Net Amount Recognized	(61.4)	(78.2)
Actuarial net loss (gain)	(44.5)	(38.4)
Net prior service cost (benefit)	(11.0)	(12.9)
Total	$ (55.5)	$ (51.3)
Discount rate	4.24%	2.51%

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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 29, 2022	May 30, 2021	May 31, 2020
Projected benefit obligation	$ 114.9	$ 135.4
Accumulated benefit obligation	114.9	135.4
Pension Plan [Member]
Service cost	8.7	11.6	$ 11.5
Interest cost	83.3	86.8	118.4
Expected return on plan assets	(145.4)	(140.0)	(170.2)
Amortization of prior service cost (benefit)	1.9	2.3	2.7
Recognized net actuarial loss (gain)	(2.9)	0.8	44.8
Settlement gain	0.0	0.0	(2.1)
Curtailment loss (gain)	0.0	0.2	0.8
Total pension and postretirement cost (benefit)	(46.3)	(30.9)	12.4
Total pension and postretirement cost (benefit)	(46.3)	(30.9)	12.4
Pension Plan [Member] | Company Plans [Member]
Total pension and postretirement cost (benefit)	(54.4)	(38.3)	5.9
Total pension and postretirement cost (benefit)	(54.4)	(38.3)	5.9
Pension Plan [Member] | Multi Employer Plans [Member]
Total pension and postretirement cost (benefit)	8.1	7.4	6.5
Total pension and postretirement cost (benefit)	8.1	7.4	6.5
Other Postretirement Benefits Plan [Member]
Service cost	0.2	0.2	0.1
Interest cost	1.3	1.5	2.6
Expected return on plan assets	0.0	0.0	0.0
Amortization of prior service cost (benefit)	(2.0)	(2.1)	(2.1)
Recognized net actuarial loss (gain)	(3.5)	(3.5)	(4.6)
Settlement gain	0.0	(0.5)	(0.2)
Curtailment loss (gain)	0.0	0.0	0.0
Total pension and postretirement cost (benefit)	(4.0)	(4.4)	(4.2)
Total pension and postretirement cost (benefit)	(4.0)	(4.4)	(4.2)
Other Postretirement Benefits Plan [Member] | Company Plans [Member]
Total pension and postretirement cost (benefit)	(4.0)	(4.4)	(4.2)
Total pension and postretirement cost (benefit)	(4.0)	(4.4)	(4.2)
Other Postretirement Benefits Plan [Member] | Multi Employer Plans [Member]
Total pension and postretirement cost (benefit)	0.0	0.0	0.0
Total pension and postretirement cost (benefit)	$ 0.0	$ 0.0	$ 0.0

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Note 17 - Pension and Postretirement Benefits - Other Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021
Pension Plan [Member]
Net actuarial gain (loss)	$ (8.5)	$ 92.0
Amendments	(3.7)	0.0
Amortization of prior service cost (benefit)	1.9	2.3
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	0.0	0.2
Recognized net actuarial loss (gain)	(2.9)	0.8
Currency	0.1	(0.2)
Net amount recognized	(13.1)	95.1
Other Postretirement Benefits Plan [Member]
Net actuarial gain (loss)	9.6	2.5
Amendments	0.0	0.0
Amortization of prior service cost (benefit)	(2.0)	(2.1)
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	0.0	(0.5)
Recognized net actuarial loss (gain)	(3.5)	(3.5)
Currency	0.1	(0.2)
Net amount recognized	$ 4.2	$ (3.8)

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Note 17 - Pension and Postretirement Benefits - Weighted Average Actuarial Assumption Used to Determine Net Expense (Details)	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Pension Plan [Member]
Long-term rate of return on plan assets	3.87%	3.74%	4.77%
Interest Cost [Member] | Pension Plan [Member]
Discount rate - interest cost	2.29%	2.30%	3.51%
Interest Cost [Member] | Other Postretirement Benefits Plan [Member]
Discount rate - interest cost	1.69%	1.74%	3.09%
Service Cost [Member] | Pension Plan [Member]
Discount rate - interest cost	3.50%	3.35%	4.04%
Service Cost [Member] | Other Postretirement Benefits Plan [Member]
Discount rate - interest cost	3.55%	3.03%	3.47%

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Note 17 - Pension and Postretirement Benefits- Schedule of Pension Plan Weighted-Average Asset Allocations and Target Asset Allocations (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Fair value measurement of pension plan assets in the fair value hierarchy	$ 3,294.7
Weighted-average Asset Allocations	100.00%	100.00%
Defined Benefit Plan, Equity Securities [Member]
Weighted-average Asset Allocations	4.00%	8.00%
Defined Benefit Plan, Debt Security [Member]
Weighted-average Asset Allocations	87.00%	83.00%
Defined Benefit Plan, Real Estate [Member]
Weighted-average Asset Allocations	1.00%	1.00%
Private Equity Funds [Member]
Weighted-average Asset Allocations	4.00%	3.00%
Other Plan Asset Category [Member]
Weighted-average Asset Allocations	4.00%	5.00%
Receivable For Unsettled Transactions [Member]
Net payables for unsettled transactions	$ (9.6)
Pension Plan Assets [Member]
Total pension plan assets		$ 3,848.8
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member]
Total pension plan assets	19.8	7.5
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US [Member]
Total pension plan assets	65.6	78.0
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member]
Total pension plan assets	34.4	121.9
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Real Estate [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage-Backed Securities [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 1 [Member] | Receivable For Unsettled Transactions [Member]
Total pension plan assets		5.7
Net payables for unsettled transactions	(9.6)
Fair Value, Inputs, Level 1 [Member] | Pension Plan Assets [Member]
Total pension plan assets		213.1
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	93.2	85.0
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, US [Member]
Total pension plan assets	19.5	94.6
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member]
Total pension plan assets	0.0	0.5
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Real Estate [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member]
Total pension plan assets	653.1	772.6
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Total pension plan assets	2,179.3	2,407.2
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member]
Total pension plan assets	8.6	12.4
Fair Value, Inputs, Level 2 [Member] | Receivable For Unsettled Transactions [Member]
Total pension plan assets		0.0
Net payables for unsettled transactions	0.0
Fair Value, Inputs, Level 2 [Member] | Pension Plan Assets [Member]
Total pension plan assets		3,372.3
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	0.0
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, US [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Real Estate [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | US Treasury and Government [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 3 [Member] | Receivable For Unsettled Transactions [Member]
Total pension plan assets		0.0
Net payables for unsettled transactions	0.0
Fair Value, Inputs, Level 3 [Member] | Pension Plan Assets [Member]
Total pension plan assets		0.0
Fair value measurement of pension plan assets in the fair value hierarchy	0.0
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member]
Total pension plan assets	113.0	92.5
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Equity Securities, US [Member]
Total pension plan assets	85.1	172.6
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	122.4
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Real Estate [Member]
Total pension plan assets	0.0	0.0
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | US Treasury and Government [Member]
Total pension plan assets	653.1	772.6
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Corporate Debt Securities [Member]
Total pension plan assets	2,179.3	2,407.2
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member]
Total pension plan assets	8.6	12.4
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Receivable For Unsettled Transactions [Member]
Total pension plan assets		5.7
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Pension Plan Assets [Member]
Total pension plan assets		3,585.4
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		$ 263.4

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Note 17 - Pension and Postretirement Benefits- Schedule of Assumed Health Care Cost Trend Rates (Details)	12 Months Ended
	May 29, 2022	May 30, 2021
Initial health care cost trend rate	6.32%	6.53%
Ultimate health care cost trend rate	4.44%	4.44%
Year that the rate reaches the ultimate trend rate	2029	2029

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Note 17 - Pension and Postretirement Benefits - Schedule of Estimated Future Gross Benefit Payments (Details) $ in Millions	May 29, 2022 USD ($)
Pension Plan [Member]
2023	$ 202.6
2024	203.7
2025	205.5
2026	206.8
2027	207.5
Succeeding 5 years	1,027.7
Other Postretirement Benefits Plan [Member]
2023	8.1
2024	7.5
2025	6.9
2026	6.3
2027	5.8
Succeeding 5 years	$ 22.5

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Note 17 - Pension and Postretirement Benefits - Schedule of Contributions for Plans That Are Not Individually Significant (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Total Contributions	$ 8.1	$ 7.4	$ 6.5
Central States Southeast and Southwest Areas Pension Fund [Member]
Total Contributions	2.5	2.2	2.0
Western Conference Of Teamsters Pension Plan [Member]
Total Contributions	3.8	3.8	3.2
Retirement Plan Name, Other [Member]
Total Contributions	$ 1.8	$ 1.4	$ 1.3

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Note 18 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Asset Impairment Charges, Total	$ 284.8	$ 95.5	$ 259.9
Operating Lease, Impairment Loss		2.9	2.9
Long-Term Debt, Total	8,800.0	8,300.0
Long-Term Debt, Fair Value	8,850.0	9,760.0
Grocery And Snacks [Member]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)	90.7	13.0	46.4
Asset Impairment Charges, Total	26.3		54.4
Impairment, Long-Lived Asset, Held-for-Use, Total	3.0
Refrigerated And Frozen [Member]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)	103.9	76.9	110.8
Asset Impairment Charges, Total		28.9	27.6
Impairment, Long-Lived Asset, Held-for-Use, Total		3.8
International [Member]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)	$ 14.4	$ 1.0	8.3
Foodservice [Member]
Asset Impairment Charges, Total			$ 14.9
Asset Retirement Obligations [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Asset Retirement Obligations [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	25 years
Changes Measurement [Member]
Asset Retirement Obligation, Legally Restricted Assets, Fair Value	$ 27.4

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Note 18 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	May 29, 2022	May 30, 2021
Derivative assets	$ 7.0	$ 15.5
Deferred compensation assets	7.5	8.8
Available-for-sale debt securities	7.6	6.6
Total assets	22.1	30.9
Derivative liabilities	2.2	6.9
Deferred compensation liabilities	72.6	81.0
Total liabilities	74.8	87.9
Fair Value, Inputs, Level 1 [Member]
Derivative assets	5.7	13.0
Deferred compensation assets	7.5	8.8
Available-for-sale debt securities	0.0	6.6
Total assets	13.2	28.4
Derivative liabilities	0.0	0.0
Deferred compensation liabilities	72.6	81.0
Total liabilities	72.6	81.0
Fair Value, Inputs, Level 2 [Member]
Derivative assets	1.3	2.5
Deferred compensation assets	0.0	0.0
Available-for-sale debt securities	0.0	0.0
Total assets	1.3	2.5
Derivative liabilities	2.2	6.9
Deferred compensation liabilities	0.0	0.0
Total liabilities	2.2	6.9
Fair Value, Inputs, Level 3 [Member]
Derivative assets	0.0	0.0
Deferred compensation assets	0.0	0.0
Available-for-sale debt securities	7.6	0.0
Total assets	7.6	0.0
Derivative liabilities	0.0	0.0
Deferred compensation liabilities	0.0	0.0
Total liabilities	$ 0.0	$ 0.0

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Note 19 - Business Segments and Related Information (Details Textual) $ in Millions	12 Months Ended
	May 29, 2022 USD ($)	May 30, 2021 USD ($)	May 31, 2020 USD ($)
Number of Reportable Segments	4
Depreciation, Total	$ 316.1	$ 328.0	$ 329.1
Revenue from Contract with Customer, Excluding Assessed Tax	$ 11,535.9	$ 11,184.7	$ 11,054.4
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Walmart, Inc. and Its Affiliates [Member]
Concentration Risk, Percentage	27.00%	26.00%	26.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Walmart, Inc. and Its Affiliates [Member]
Concentration Risk, Percentage	30.00%	31.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Kroger Co and Affiliates [Member]
Concentration Risk, Percentage	9.00%	11.00%
Non-US [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1.0	$ 960.5	$ 946.8
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Cumulative Derivative Gains (Losses) Recognized Not Yet Reclassified To Segment Operating Results	15.9	$ (0.1)
Derivative Gains (Losses) To Be Reclassified To Segment Operating Results Next Fiscal Year	15.4
Derivative Gain (Loss) To Be Reclassified To Segment Operating Results Thereafter	0.5
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	$ 16.0

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Note 19 - Business Segments and Related Information - Segment Reporting Information by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020
Net sales	$ 11,535.9	$ 11,184.7	$ 11,054.4
Operating profit	1,587.6	2,141.0	1,815.6
Equity method investment earnings	145.3	84.4	73.2
General corporate expenses	241.6	364.8	368.5
Pension and postretirement non-service income	(67.3)	(54.5)	(9.9)
Interest expense, net	(379.9)	(420.4)	(487.1)
Income tax expense	290.5	193.8	201.3
Net income	888.2	1,300.9	841.8
Less: Net income attributable to noncontrolling interests	0.0	2.1	1.7
Net income attributable to Conagra Brands, Inc.	888.2	1,298.8	840.1
Grocery And Snacks [Member]
Net sales	4,697.4	4,624.7	4,600.6
Operating profit	859.5	1,092.7	914.3
Refrigerated And Frozen [Member]
Net sales	4,859.3	4,774.6	4,559.6
Operating profit	561.1	836.5	702.2
International [Member]
Net sales	970.8	938.6	925.3
Operating profit	106.7	131.8	100.6
Foodservice [Member]
Net sales	1,008.4	846.8	968.9
Operating profit	60.3	80.0	98.5
Frozen [Member]
Net sales	4,091.1	3,948.0	3,735.5
Other Shelf-stable [Member]
Net sales	2,729.5	2,830.2	2,892.4
Refrigerated [Member]
Net sales	768.2	826.6	824.1
Snacks [Member]
Net sales	1,967.9	1,794.5	1,708.2
International [Member]
Net sales	970.8	938.6	925.3
Foodservice [Member]
Net sales	$ 1,008.4	$ 846.8	$ 968.9

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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 29, 2022	May 30, 2021	May 31, 2020
Net derivative gains (losses)	$ 37.1	$ 9.5	$ (12.9)
Operating Segments [Member]
Net derivative gains (losses)	32.7	(6.1)	(7.4)
Operating Segments [Member] | Grocery And Snacks [Member]
Net derivative gains (losses)	17.3	(2.3)	(4.7)
Operating Segments [Member] | Refrigerated And Frozen [Member]
Net derivative gains (losses)	17.4	(1.7)	(2.5)
Operating Segments [Member] | International [Member]
Net derivative gains (losses)	(3.6)	(1.7)	0.1
Operating Segments [Member] | Foodservice [Member]
Net derivative gains (losses)	1.6	(0.4)	(0.3)
Segment Reconciling Items [Member]
Net derivative gains (losses)	$ 4.4	$ 15.6	$ (5.5)