\u00a0
\nFiscal Year \u2014 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.
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\nBasis of Consolidation \u2014 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.
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\nInvestments in Unconsolidated Affiliates \u2014 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.
\n\u00a0
\nWe 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.
\n\u00a0
\nCash and Cash Equivalents \u2014 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.
\n\u00a0
\nReceivables \u2014 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.
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\nThe following table details the balances of our allowance for doubtful accounts and changes therein:
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\n \n| \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n Additions | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n|
| \u00a0 | \n\u00a0 | \n Balance at | \n \u00a0 | \n\u00a0 | \n Charged | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n Deductions | \n \u00a0 | \n\u00a0 | \n Balance at | \n \u00a0 | \n||||
| \u00a0 | \n\u00a0 | \n Beginning | \n \u00a0 | \n\u00a0 | \n to Costs and | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n from | \n \u00a0 | \n\u00a0 | \n Close of | \n \u00a0 | \n||||
| \u00a0 | \n\u00a0 | \n of Period | \n \u00a0 | \n\u00a0 | \n Expenses | \n \u00a0 | \n\u00a0 | \n Other1 | \n \u00a0 | \n\u00a0 | \n Reserves2 | \n \u00a0 | \n\u00a0 | \n Period | \n \u00a0 | \n|||||
| Year ended May 29, 2022 | \n \u00a0 | \n$ | \n3.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n$ | \n3.9 | \n\u00a0 | \n
| Year ended May 30, 2021 | \n \u00a0 | \n$ | \n2.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n$ | \n3.2 | \n\u00a0 | \n
| Year ended May 31, 2020 | \n \u00a0 | \n$ | \n2.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n\u00a0 | \n$ | \n2.6 | \n\u00a0 | \n
\u00a0
\n1 Primarily relates to translation and the adoption of Accounting Standards Update (\"ASU\") 2016-13.
\n2 Bad debts charged off and adjustments to previous reserves, less recoveries.
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\nInventories \u2014 We use the lower of cost (determined using the first-in, first-out method) or net realizable value for valuing inventories.
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\n \n \nProperty, Plant and Equipment \u2014 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:
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\n \n| \u00a0 | \n\u00a0 | \n Years | \n \u00a0 | \n|
| Land improvements | \n \u00a0 | \n\u00a0 | \n1 - 40 | \n\u00a0 | \n
| Buildings | \n \u00a0 | \n\u00a0 | \n15 - 40 | \n\u00a0 | \n
| Machinery and equipment | \n \u00a0 | \n\u00a0 | \n3 - 20 | \n\u00a0 | \n
| Furniture, fixtures, office equipment and other | \n \u00a0 | \n\u00a0 | \n5 - 15 | \n\u00a0 | \n
\u00a0
\nWe 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.
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\nDuring fiscal 2022, 2021, and 2020 our capital expenditures totaled $464.4 million, $506.4\u00a0million, and $369.5\u00a0million, respectively. Accrued and unpaid capital expenditures as of May 29, 2022, May 30, 2021, May 31, 2020, and\u00a0 May 26, 2019 totaled $108.8 million, $123.7\u00a0million, $112.9\u00a0million, and $64.4\u00a0million, respectively.
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\nGoodwill and Other Identifiable Intangible Assets \u2014 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.
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\nIn 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.
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\nUnder 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.
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\nUnder 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.
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\nIn 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.
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\n \n \nIn 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.
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\nIdentifiable 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.
\n\u00a0
\nRefer to Note 7\u00a0for discussion of the impairment charges related to goodwill and intangible assets in fiscal 2022, 2021, and 2020.
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\nFair Values of Financial Instruments \u2014 Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value.
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\nEnvironmental Liabilities \u2014 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.
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\nEmployment-Related Benefits \u2014 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.
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\nWe 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\").
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\nRevenue Recognition \u2014 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.
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\nWe 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.
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\n \n \nWe 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.
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\nAdvertising Costs \u2014 Advertising costs are expensed as incurred. Advertising and promotion expenses totaled $244.6 million, $258.0\u00a0million, and $230.7\u00a0million in fiscal 2022, 2021, and 2020, respectively, and are included in selling, general and administrative (\"SG&A\") expenses.
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\nResearch and Development \u2014 We incurred expenses of $53.4 million, $51.3\u00a0million, and $56.4\u00a0million for research and development activities in fiscal 2022, 2021, and 2020, respectively.
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\nComprehensive Income \u2014 Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% \"corridor\") and postretirement health care plans. On foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. A\u00a0deferred tax liability is recorded on currency translation adjustments related to undistributed foreign earnings that are not deemed to be permanently reinvested.
\n\u00a0
\nThe following table details the accumulated balances for each component of other comprehensive income (loss), net of tax:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Currency translation losses, net of reclassification adjustments | \n \u00a0 | \n$ | \n(95.1 | \n) | \n\u00a0 | \n$ | \n(77.1 | \n) | \n\u00a0 | \n$ | \n(125.7 | \n) | \n
| Derivative adjustments, net of reclassification adjustments | \n \u00a0 | \n\u00a0 | \n29.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n24.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n26.3 | \n\u00a0 | \n
| Pension and postretirement benefit obligations, net of reclassification adjustments | \n \u00a0 | \n\u00a0 | \n54.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n58.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(10.2 | \n) | \n
| Accumulated other comprehensive income (loss) | \n \u00a0 | \n$ | \n(11.2 | \n) | \n\u00a0 | \n$ | \n5.8 | \n\u00a0 | \n\u00a0 | \n$ | \n(109.6 | \n) | \n
\u00a0
\n \n \nThe following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n Affected Line Item in the Consolidated Statement of Earnings1 | \n
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n|||
| Net derivative adjustments: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Cash flow hedges | \n \u00a0 | \n$ | \n(3.1 | \n) | \n\u00a0 | \n$ | \n(3.2 | \n) | \n\u00a0 | \n$ | \n(3.3 | \n) | \n\u00a0 | \n Interest expense, net | \n
| Cash flow hedges | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.5 | \n) | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n Selling, general and administrative expenses | \n
| Cash flow hedges | \n \u00a0 | \n\u00a0 | \n1.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n Equity method investment earnings | \n
| \u00a0 | \n\u00a0 | \n\u00a0 | \n(1.3 | \n) | \n\u00a0 | \n\u00a0 | \n(1.6 | \n) | \n\u00a0 | \n\u00a0 | \n(3.3 | \n) | \n\u00a0 | \n Total before tax | \n
| \u00a0 | \n\u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n\u00a0 | \n Income tax expense | \n
| \u00a0 | \n\u00a0 | \n$ | \n(0.9 | \n) | \n\u00a0 | \n$ | \n(0.6 | \n) | \n\u00a0 | \n$ | \n(2.4 | \n) | \n\u00a0 | \n Net of tax | \n
| Amortization of pension and postretirement benefit obligations: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Net prior service cost | \n \u00a0 | \n$ | \n0.1 | \n\u00a0 | \n\u00a0 | \n$ | \n0.2 | \n\u00a0 | \n\u00a0 | \n$ | \n0.6 | \n\u00a0 | \n\u00a0 | \n Pension and postretirement non-service income | \n
| Net actuarial gain | \n \u00a0 | \n\u00a0 | \n(3.6 | \n) | \n\u00a0 | \n\u00a0 | \n(3.5 | \n) | \n\u00a0 | \n\u00a0 | \n(4.6 | \n) | \n\u00a0 | \n Pension and postretirement non-service income | \n
| Pension settlement | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(2.1 | \n) | \n\u00a0 | \n Pension and postretirement non-service income | \n
| Postretirement healthcare settlement | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.5 | \n) | \n\u00a0 | \n\u00a0 | \n(0.2 | \n) | \n\u00a0 | \n Pension and postretirement non-service income | \n
| Curtailment | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n Pension and postretirement non-service income | \n
| \u00a0 | \n\u00a0 | \n\u00a0 | \n(3.5 | \n) | \n\u00a0 | \n\u00a0 | \n(3.6 | \n) | \n\u00a0 | \n\u00a0 | \n(5.5 | \n) | \n\u00a0 | \n Total before tax | \n
| \u00a0 | \n\u00a0 | \n\u00a0 | \n1.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n Income tax expense | \n
| \u00a0 | \n\u00a0 | \n$ | \n(2.5 | \n) | \n\u00a0 | \n$ | \n(2.7 | \n) | \n\u00a0 | \n$ | \n(4.1 | \n) | \n\u00a0 | \n Net of tax | \n
\u00a0
\n1 Amounts in parentheses indicate income recognized in the Consolidated Statements of Earnings.
\n\u00a0
\nForeign Currency Transaction Gains and Losses \u2014 We recognized net foreign currency transaction losses\u00a0of $2.5\u00a0million 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\u00a02020\u00a0in SG&A expenses.
\n\u00a0
\nBusiness Combinations \u2014 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.
\n\u00a0
\nReclassifications and other changes \u2014 Certain prior year amounts have been reclassified to conform with current year presentation.
\n\u00a0
\nUse of Estimates \u2014 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.
\n\u00a0
\n \n \n "}]},{"name":"rpt:f-590","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n Additions | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n|
| \u00a0 | \n\u00a0 | \n Balance at | \n \u00a0 | \n\u00a0 | \n Charged | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n Deductions | \n \u00a0 | \n\u00a0 | \n Balance at | \n \u00a0 | \n||||
| \u00a0 | \n\u00a0 | \n Beginning | \n \u00a0 | \n\u00a0 | \n to Costs and | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n from | \n \u00a0 | \n\u00a0 | \n Close of | \n \u00a0 | \n||||
| \u00a0 | \n\u00a0 | \n of Period | \n \u00a0 | \n\u00a0 | \n Expenses | \n \u00a0 | \n\u00a0 | \n Other1 | \n \u00a0 | \n\u00a0 | \n Reserves2 | \n \u00a0 | \n\u00a0 | \n Period | \n \u00a0 | \n|||||
| Year ended May 29, 2022 | \n \u00a0 | \n$ | \n3.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n$ | \n3.9 | \n\u00a0 | \n
| Year ended May 30, 2021 | \n \u00a0 | \n$ | \n2.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n$ | \n3.2 | \n\u00a0 | \n
| Year ended May 31, 2020 | \n \u00a0 | \n$ | \n2.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n\u00a0 | \n$ | \n2.6 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Years | \n \u00a0 | \n|
| Land improvements | \n \u00a0 | \n\u00a0 | \n1 - 40 | \n\u00a0 | \n
| Buildings | \n \u00a0 | \n\u00a0 | \n15 - 40 | \n\u00a0 | \n
| Machinery and equipment | \n \u00a0 | \n\u00a0 | \n3 - 20 | \n\u00a0 | \n
| Furniture, fixtures, office equipment and other | \n \u00a0 | \n\u00a0 | \n5 - 15 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Currency translation losses, net of reclassification adjustments | \n \u00a0 | \n$ | \n(95.1 | \n) | \n\u00a0 | \n$ | \n(77.1 | \n) | \n\u00a0 | \n$ | \n(125.7 | \n) | \n
| Derivative adjustments, net of reclassification adjustments | \n \u00a0 | \n\u00a0 | \n29.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n24.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n26.3 | \n\u00a0 | \n
| Pension and postretirement benefit obligations, net of reclassification adjustments | \n \u00a0 | \n\u00a0 | \n54.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n58.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(10.2 | \n) | \n
| Accumulated other comprehensive income (loss) | \n \u00a0 | \n$ | \n(11.2 | \n) | \n\u00a0 | \n$ | \n5.8 | \n\u00a0 | \n\u00a0 | \n$ | \n(109.6 | \n) | \n
| \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n Affected Line Item in the Consolidated Statement of Earnings1 | \n
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n|||
| Net derivative adjustments: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Cash flow hedges | \n \u00a0 | \n$ | \n(3.1 | \n) | \n\u00a0 | \n$ | \n(3.2 | \n) | \n\u00a0 | \n$ | \n(3.3 | \n) | \n\u00a0 | \n Interest expense, net | \n
| Cash flow hedges | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.5 | \n) | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n Selling, general and administrative expenses | \n
| Cash flow hedges | \n \u00a0 | \n\u00a0 | \n1.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n Equity method investment earnings | \n
| \u00a0 | \n\u00a0 | \n\u00a0 | \n(1.3 | \n) | \n\u00a0 | \n\u00a0 | \n(1.6 | \n) | \n\u00a0 | \n\u00a0 | \n(3.3 | \n) | \n\u00a0 | \n Total before tax | \n
| \u00a0 | \n\u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n\u00a0 | \n Income tax expense | \n
| \u00a0 | \n\u00a0 | \n$ | \n(0.9 | \n) | \n\u00a0 | \n$ | \n(0.6 | \n) | \n\u00a0 | \n$ | \n(2.4 | \n) | \n\u00a0 | \n Net of tax | \n
| Amortization of pension and postretirement benefit obligations: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Net prior service cost | \n \u00a0 | \n$ | \n0.1 | \n\u00a0 | \n\u00a0 | \n$ | \n0.2 | \n\u00a0 | \n\u00a0 | \n$ | \n0.6 | \n\u00a0 | \n\u00a0 | \n Pension and postretirement non-service income | \n
| Net actuarial gain | \n \u00a0 | \n\u00a0 | \n(3.6 | \n) | \n\u00a0 | \n\u00a0 | \n(3.5 | \n) | \n\u00a0 | \n\u00a0 | \n(4.6 | \n) | \n\u00a0 | \n Pension and postretirement non-service income | \n
| Pension settlement | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(2.1 | \n) | \n\u00a0 | \n Pension and postretirement non-service income | \n
| Postretirement healthcare settlement | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.5 | \n) | \n\u00a0 | \n\u00a0 | \n(0.2 | \n) | \n\u00a0 | \n Pension and postretirement non-service income | \n
| Curtailment | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n Pension and postretirement non-service income | \n
| \u00a0 | \n\u00a0 | \n\u00a0 | \n(3.5 | \n) | \n\u00a0 | \n\u00a0 | \n(3.6 | \n) | \n\u00a0 | \n\u00a0 | \n(5.5 | \n) | \n\u00a0 | \n Total before tax | \n
| \u00a0 | \n\u00a0 | \n\u00a0 | \n1.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n Income tax expense | \n
| \u00a0 | \n\u00a0 | \n$ | \n(2.5 | \n) | \n\u00a0 | \n$ | \n(2.7 | \n) | \n\u00a0 | \n$ | \n(4.1 | \n) | \n\u00a0 | \n Net of tax | \n
2. RESTRUCTURING ACTIVITIES
\n\u00a0
\nPinnacle Integration Restructuring Plan
\n\u00a0
\nIn 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\u00a0million ($284.3\u00a0million of cash charges and $62.6\u00a0million 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\u00a0million, $31.7 million, and $73.8 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2022, 2021, and 2020, respectively. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a multi-year period.
\n\u00a0
\nWe anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2022):
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n|||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n5.4 | \n\u00a0 | \n\u00a0 | \n$ | \n4.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n10.0 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n3.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n10.1 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n9.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n10.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n20.1 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n112.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n119.4 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n27.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(1.7 | \n) | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n28.6 | \n\u00a0 | \n
| Accelerated depreciation | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.4 | \n\u00a0 | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n26.1 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n1.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n111.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n113.5 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n5.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n20.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n31.8 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n42.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n269.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n326.8 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n$ | \n51.6 | \n\u00a0 | \n\u00a0 | \n$ | \n21.4 | \n\u00a0 | \n\u00a0 | \n$ | \n4.1 | \n\u00a0 | \n\u00a0 | \n$ | \n269.8 | \n\u00a0 | \n\u00a0 | \n$ | \n346.9 | \n\u00a0 | \n
\u00a0
\nDuring fiscal 2022, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||
| Other cost of goods sold | \n \u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n1.7 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n1.7 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.2 | \n) | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(5.7 | \n) | \n\u00a0 | \n\u00a0 | \n(0.1 | \n) | \n\u00a0 | \n\u00a0 | \n(5.8 | \n) | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.8 | \n) | \n\u00a0 | \n\u00a0 | \n(0.6 | \n) | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.3 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.2 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(2.9 | \n) | \n\u00a0 | \n\u00a0 | \n20.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n17.9 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n$ | \n0.3 | \n\u00a0 | \n\u00a0 | \n$ | \n(1.2 | \n) | \n\u00a0 | \n$ | \n20.5 | \n\u00a0 | \n\u00a0 | \n$ | \n19.6 | \n\u00a0 | \n
\u00a0
\nIncluded in the above results are $24.0\u00a0million of charges that have resulted or will result in cash outflows and a non-cash net benefit of $4.4 million.
\n\u00a0
\n \n \nWe recognized the following cumulative (plan inception to May 29, 2022) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Consolidated Statements of Earnings:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n|||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n0.6 | \n\u00a0 | \n\u00a0 | \n$ | \n4.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n5.2 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.6 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n2.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.8 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n112.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n118.1 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(1.7 | \n) | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.1 | \n\u00a0 | \n
| Accelerated depreciation | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.4 | \n\u00a0 | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n1.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n17.9 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n108.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n110.3 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n2.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n25.7 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n5.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n265.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n280.5 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n$ | \n8.8 | \n\u00a0 | \n\u00a0 | \n$ | \n14.8 | \n\u00a0 | \n\u00a0 | \n$ | \n4.1 | \n\u00a0 | \n\u00a0 | \n$ | \n265.6 | \n\u00a0 | \n\u00a0 | \n$ | \n293.3 | \n\u00a0 | \n
\u00a0
\nIncluded in the above results are $264.9\u00a0million of charges that have resulted or will result in cash outflows and $28.4\u00a0million in non-cash charges.
\n\u00a0
\nLiabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for fiscal 2022 were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| \u00a0 | \u00a0 | Balance at | \u00a0 | \u00a0 | Incurred | \u00a0 | \u00a0 | Costs Paid | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Balance at | \u00a0 | ||||
| \u00a0 | \u00a0 | May 30, | \u00a0 | \u00a0 | and Charged | \u00a0 | \u00a0 | or Otherwise | \u00a0 | \u00a0 | Changes in | \u00a0 | \u00a0 | May 29, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | to Expense | \u00a0 | \u00a0 | Settled | \u00a0 | \u00a0 | Estimates | \u00a0 | \u00a0 | 2022 | \u00a0 | |||||
| Severance and related costs | \u00a0 | $ | 5.1 | \u00a0 | \u00a0 | $ | 0.3 | \u00a0 | \u00a0 | $ | (5.6 | ) | \u00a0 | $ | 0.5 | \u00a0 | \u00a0 | $ | 0.3 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | \u00a0 | (0.6 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 3.9 | \u00a0 | \u00a0 | \u00a0 | 19.3 | \u00a0 | \u00a0 | \u00a0 | (18.6 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 4.6 | \u00a0 |
| Other costs | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 4.5 | \u00a0 | \u00a0 | \u00a0 | (4.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Total | \u00a0 | $ | 9.0 | \u00a0 | \u00a0 | $ | 24.1 | \u00a0 | \u00a0 | $ | (28.1 | ) | \u00a0 | $ | (0.1 | ) | \u00a0 | $ | 4.9 | \u00a0 |
\u00a0
\nConagra Restructuring Plan
\n\u00a0
\nIn 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\u00a0million ($53.8\u00a0million of cash charges and $126.8\u00a0million of non-cash charges) for several projects associated with the Conagra Restructuring Plan. We have incurred or expect to incur $148.4\u00a0million of charges ($46.4\u00a0million of cash charges and $102.0\u00a0million of non-cash charges) for actions identified to date under the Conagra Restructuring Plan. We recognized charges of $29.4\u00a0million, $46.2\u00a0million, and $64.4\u00a0million in connection with the Conagra Restructuring Plan in fiscal 2022, 2021, and 2020, respectively. We expect to incur costs related to the Conagra Restructuring Plan over a multi-year period.
\n\u00a0
\n \n \nWe anticipate that we will recognize the following pre-tax expenses in association with the Conagra Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2022):
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Foodservice | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n33.2 | \n\u00a0 | \n\u00a0 | \n$ | \n39.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n72.8 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n8.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.0 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n41.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n41.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n83.8 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n11.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.1 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n21.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.8 | \n\u00a0 | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.5 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.6 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n12.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n16.0 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n46.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n64.0 | \n\u00a0 | \n
| Total | \n \u00a0 | \n$ | \n88.6 | \n\u00a0 | \n\u00a0 | \n$ | \n46.5 | \n\u00a0 | \n\u00a0 | \n$ | \n1.4 | \n\u00a0 | \n\u00a0 | \n$ | \n0.3 | \n\u00a0 | \n\u00a0 | \n$ | \n11.0 | \n\u00a0 | \n\u00a0 | \n$ | \n147.8 | \n\u00a0 | \n
| Pension and postretirement non-service income | \n \u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n0.6 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n$ | \n148.4 | \n\u00a0 | \n
\u00a0
\nDuring fiscal 2022, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Foodservice | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n1.2 | \n\u00a0 | \n\u00a0 | \n$ | \n12.9 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n14.1 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n3.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.0 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n5.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n20.1 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n1.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.6 | \n) | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.4 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n(5.2 | \n) | \n\u00a0 | \n\u00a0 | \n0.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(4.7 | \n) | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n7.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.5 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n4.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.3 | \n\u00a0 | \n
| Total | \n \u00a0 | \n$ | \n9.1 | \n\u00a0 | \n\u00a0 | \n$ | \n15.7 | \n\u00a0 | \n\u00a0 | \n$ | \n0.2 | \n\u00a0 | \n\u00a0 | \n$ | \n0.3 | \n\u00a0 | \n\u00a0 | \n$ | \n4.1 | \n\u00a0 | \n\u00a0 | \n$ | \n29.4 | \n\u00a0 | \n
\u00a0
\nIncluded in the above results are $16.0\u00a0million of charges that have resulted or will result in cash outflows and $13.4\u00a0million in non-cash charges.
\n\u00a0
\n \n \nWe recognized the following cumulative (plan inception to May 29, 2022) pre-tax expenses for the Conagra Restructuring Plan in our Consolidated Statements of Earnings:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Foodservice | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n33.2 | \n\u00a0 | \n\u00a0 | \n$ | \n39.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n72.8 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n8.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.0 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n41.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n41.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n83.8 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n11.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n18.8 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n21.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.8 | \n\u00a0 | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.5 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n12.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n14.0 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n46.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n57.8 | \n\u00a0 | \n
| Total | \n \u00a0 | \n$ | \n88.4 | \n\u00a0 | \n\u00a0 | \n$ | \n45.0 | \n\u00a0 | \n\u00a0 | \n$ | \n1.4 | \n\u00a0 | \n\u00a0 | \n$ | \n0.3 | \n\u00a0 | \n\u00a0 | \n$ | \n6.5 | \n\u00a0 | \n\u00a0 | \n$ | \n141.6 | \n\u00a0 | \n
| Pension and postretirement non-service income | \n \u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n0.6 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n$ | \n142.2 | \n\u00a0 | \n
\u00a0
\nIncluded in the above results are $40.1\u00a0million of charges that have resulted or will result in cash outflows and $102.1\u00a0million in non-cash charges.
\n\u00a0
\nLiabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2022 were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| \u00a0 | \u00a0 | Balance at | \u00a0 | \u00a0 | Incurred | \u00a0 | \u00a0 | Costs Paid | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Balance at | \u00a0 | ||||
| \u00a0 | \u00a0 | May 30, | \u00a0 | \u00a0 | and Charged | \u00a0 | \u00a0 | or Otherwise | \u00a0 | \u00a0 | Changes in | \u00a0 | \u00a0 | May 29, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | to Expense | \u00a0 | \u00a0 | Settled | \u00a0 | \u00a0 | Estimates | \u00a0 | \u00a0 | 2022 | \u00a0 | |||||
| Severance and related costs | \u00a0 | $ | 9.7 | \u00a0 | \u00a0 | $ | 5.0 | \u00a0 | \u00a0 | $ | (9.9 | ) | \u00a0 | $ | (1.6 | ) | \u00a0 | $ | 3.2 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.4 | \u00a0 | \u00a0 | \u00a0 | (0.4 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.7 | \u00a0 |
| Other costs | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 10.5 | \u00a0 | \u00a0 | \u00a0 | (10.3 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 |
| Total | \u00a0 | $ | 9.7 | \u00a0 | \u00a0 | $ | 17.6 | \u00a0 | \u00a0 | $ | (20.6 | ) | \u00a0 | $ | (1.6 | ) | \u00a0 | $ | 5.1 | \u00a0 |
\u00a0
\n \n \n "}]},{"name":"rpt:f-688","factDimensions":{"xbrl:concept":"us-gaap:RestructuringAndRelatedCostExpectedCost1","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:PinnacleIntegrationRestructuringPlanMember"},"factValues":[{"value":"346900000","decimals":-5}]},{"name":"rpt:f-689","factDimensions":{"xbrl:concept":"cag:RestructuringAndRelatedCostIncurredOrExpectedCashOutflowsFromInception","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:PinnacleIntegrationRestructuringPlanMember"},"factValues":[{"value":"284300000","decimals":-5}]},{"name":"rpt:f-690","factDimensions":{"xbrl:concept":"cag:RestructuringAndRelatedCostIncurredOrExpectedNoncashChargesFromInception","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:PinnacleIntegrationRestructuringPlanMember"},"factValues":[{"value":"62600000","decimals":-5}]},{"name":"rpt:f-691","factDimensions":{"xbrl:concept":"us-gaap:RestructuringAndRelatedCostIncurredCost","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:PinnacleIntegrationRestructuringPlanMember"},"factValues":[{"value":"19600000","decimals":-5}]},{"name":"rpt:f-692","factDimensions":{"xbrl:concept":"us-gaap:RestructuringAndRelatedCostIncurredCost","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:PinnacleIntegrationRestructuringPlanMember"},"factValues":[{"value":"31700000","decimals":-5}]},{"name":"rpt:f-693","factDimensions":{"xbrl:concept":"us-gaap:RestructuringAndRelatedCostIncurredCost","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:PinnacleIntegrationRestructuringPlanMember"},"factValues":[{"value":"73800000","decimals":-5}]},{"name":"rpt:f-694","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfRestructuringAndRelatedCostsTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n|||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n5.4 | \n\u00a0 | \n\u00a0 | \n$ | \n4.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n10.0 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n3.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n10.1 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n9.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n10.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n20.1 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n112.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n119.4 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n27.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(1.7 | \n) | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n28.6 | \n\u00a0 | \n
| Accelerated depreciation | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.4 | \n\u00a0 | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n26.1 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n1.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n111.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n113.5 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n5.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n20.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n31.8 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n42.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n269.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n326.8 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n$ | \n51.6 | \n\u00a0 | \n\u00a0 | \n$ | \n21.4 | \n\u00a0 | \n\u00a0 | \n$ | \n4.1 | \n\u00a0 | \n\u00a0 | \n$ | \n269.8 | \n\u00a0 | \n\u00a0 | \n$ | \n346.9 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||
| Other cost of goods sold | \n \u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n1.7 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n1.7 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.2 | \n) | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(5.7 | \n) | \n\u00a0 | \n\u00a0 | \n(0.1 | \n) | \n\u00a0 | \n\u00a0 | \n(5.8 | \n) | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.8 | \n) | \n\u00a0 | \n\u00a0 | \n(0.6 | \n) | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.3 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.2 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(2.9 | \n) | \n\u00a0 | \n\u00a0 | \n20.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n17.9 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n$ | \n0.3 | \n\u00a0 | \n\u00a0 | \n$ | \n(1.2 | \n) | \n\u00a0 | \n$ | \n20.5 | \n\u00a0 | \n\u00a0 | \n$ | \n19.6 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n|||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n0.6 | \n\u00a0 | \n\u00a0 | \n$ | \n4.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n5.2 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.6 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n2.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.8 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n112.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n118.1 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(1.7 | \n) | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.1 | \n\u00a0 | \n
| Accelerated depreciation | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.4 | \n\u00a0 | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n1.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n17.9 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n108.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n110.3 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n2.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n25.7 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n5.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n265.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n280.5 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n$ | \n8.8 | \n\u00a0 | \n\u00a0 | \n$ | \n14.8 | \n\u00a0 | \n\u00a0 | \n$ | \n4.1 | \n\u00a0 | \n\u00a0 | \n$ | \n265.6 | \n\u00a0 | \n\u00a0 | \n$ | \n293.3 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Foodservice | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n33.2 | \n\u00a0 | \n\u00a0 | \n$ | \n39.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n72.8 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n8.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.0 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n41.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n41.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n83.8 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n11.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.1 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n21.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.8 | \n\u00a0 | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.5 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.6 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n12.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n16.0 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n46.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n64.0 | \n\u00a0 | \n
| Total | \n \u00a0 | \n$ | \n88.6 | \n\u00a0 | \n\u00a0 | \n$ | \n46.5 | \n\u00a0 | \n\u00a0 | \n$ | \n1.4 | \n\u00a0 | \n\u00a0 | \n$ | \n0.3 | \n\u00a0 | \n\u00a0 | \n$ | \n11.0 | \n\u00a0 | \n\u00a0 | \n$ | \n147.8 | \n\u00a0 | \n
| Pension and postretirement non-service income | \n \u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n0.6 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n$ | \n148.4 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Foodservice | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n1.2 | \n\u00a0 | \n\u00a0 | \n$ | \n12.9 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n14.1 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n3.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.0 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n5.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n20.1 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n1.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.6 | \n) | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.4 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n(5.2 | \n) | \n\u00a0 | \n\u00a0 | \n0.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(4.7 | \n) | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n7.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.5 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n4.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.3 | \n\u00a0 | \n
| Total | \n \u00a0 | \n$ | \n9.1 | \n\u00a0 | \n\u00a0 | \n$ | \n15.7 | \n\u00a0 | \n\u00a0 | \n$ | \n0.2 | \n\u00a0 | \n\u00a0 | \n$ | \n0.3 | \n\u00a0 | \n\u00a0 | \n$ | \n4.1 | \n\u00a0 | \n\u00a0 | \n$ | \n29.4 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Foodservice | \n \u00a0 | \n\u00a0 | \n Corporate | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||||
| Accelerated depreciation | \n \u00a0 | \n$ | \n33.2 | \n\u00a0 | \n\u00a0 | \n$ | \n39.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n72.8 | \n\u00a0 | \n
| Other cost of goods sold | \n \u00a0 | \n\u00a0 | \n8.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.0 | \n\u00a0 | \n
| Total cost of goods sold | \n \u00a0 | \n\u00a0 | \n41.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n41.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n83.8 | \n\u00a0 | \n
| Severance and related costs | \n \u00a0 | \n\u00a0 | \n11.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n4.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n18.8 | \n\u00a0 | \n
| Asset impairment (net of gains on disposal) | \n \u00a0 | \n\u00a0 | \n21.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.8 | \n\u00a0 | \n
| Contract/lease termination | \n \u00a0 | \n\u00a0 | \n0.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.5 | \n\u00a0 | \n
| Consulting/professional fees | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.7 | \n\u00a0 | \n
| Other selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n12.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n14.0 | \n\u00a0 | \n
| Total selling, general and administrative expenses | \n \u00a0 | \n\u00a0 | \n46.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n57.8 | \n\u00a0 | \n
| Total | \n \u00a0 | \n$ | \n88.4 | \n\u00a0 | \n\u00a0 | \n$ | \n45.0 | \n\u00a0 | \n\u00a0 | \n$ | \n1.4 | \n\u00a0 | \n\u00a0 | \n$ | \n0.3 | \n\u00a0 | \n\u00a0 | \n$ | \n6.5 | \n\u00a0 | \n\u00a0 | \n$ | \n141.6 | \n\u00a0 | \n
| Pension and postretirement non-service income | \n \u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n0.6 | \n\u00a0 | \n
| Consolidated total | \n \u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n$ | \n142.2 | \n\u00a0 | \n
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| \u00a0 | \u00a0 | Balance at | \u00a0 | \u00a0 | Incurred | \u00a0 | \u00a0 | Costs Paid | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Balance at | \u00a0 | ||||
| \u00a0 | \u00a0 | May 30, | \u00a0 | \u00a0 | and Charged | \u00a0 | \u00a0 | or Otherwise | \u00a0 | \u00a0 | Changes in | \u00a0 | \u00a0 | May 29, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | to Expense | \u00a0 | \u00a0 | Settled | \u00a0 | \u00a0 | Estimates | \u00a0 | \u00a0 | 2022 | \u00a0 | |||||
| Severance and related costs | \u00a0 | $ | 5.1 | \u00a0 | \u00a0 | $ | 0.3 | \u00a0 | \u00a0 | $ | (5.6 | ) | \u00a0 | $ | 0.5 | \u00a0 | \u00a0 | $ | 0.3 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | \u00a0 | (0.6 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 3.9 | \u00a0 | \u00a0 | \u00a0 | 19.3 | \u00a0 | \u00a0 | \u00a0 | (18.6 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 4.6 | \u00a0 |
| Other costs | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 4.5 | \u00a0 | \u00a0 | \u00a0 | (4.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Total | \u00a0 | $ | 9.0 | \u00a0 | \u00a0 | $ | 24.1 | \u00a0 | \u00a0 | $ | (28.1 | ) | \u00a0 | $ | (0.1 | ) | \u00a0 | $ | 4.9 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| \u00a0 | \u00a0 | Balance at | \u00a0 | \u00a0 | Incurred | \u00a0 | \u00a0 | Costs Paid | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Balance at | \u00a0 | ||||
| \u00a0 | \u00a0 | May 30, | \u00a0 | \u00a0 | and Charged | \u00a0 | \u00a0 | or Otherwise | \u00a0 | \u00a0 | Changes in | \u00a0 | \u00a0 | May 29, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | to Expense | \u00a0 | \u00a0 | Settled | \u00a0 | \u00a0 | Estimates | \u00a0 | \u00a0 | 2022 | \u00a0 | |||||
| Severance and related costs | \u00a0 | $ | 9.7 | \u00a0 | \u00a0 | $ | 5.0 | \u00a0 | \u00a0 | $ | (9.9 | ) | \u00a0 | $ | (1.6 | ) | \u00a0 | $ | 3.2 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.4 | \u00a0 | \u00a0 | \u00a0 | (0.4 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.7 | \u00a0 |
| Other costs | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 10.5 | \u00a0 | \u00a0 | \u00a0 | (10.3 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 |
| Total | \u00a0 | $ | 9.7 | \u00a0 | \u00a0 | $ | 17.6 | \u00a0 | \u00a0 | $ | (20.6 | ) | \u00a0 | $ | (1.6 | ) | \u00a0 | $ | 5.1 | \u00a0 |
3. LONG-TERM DEBT
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| 5.4% senior debt due November 2048 | \n \u00a0 | \n$ | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n$ | \n1,000.0 | \n\u00a0 | \n
| 4.65% senior debt due January 2043 | \n \u00a0 | \n\u00a0 | \n176.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n176.7 | \n\u00a0 | \n
| 6.625% senior debt due August 2039 | \n \u00a0 | \n\u00a0 | \n91.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n91.4 | \n\u00a0 | \n
| 5.3% senior debt due November 2038 | \n \u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n
| 8.25% senior debt due September 2030 | \n \u00a0 | \n\u00a0 | \n300.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n300.0 | \n\u00a0 | \n
| 4.85% senior debt due November 2028 | \n \u00a0 | \n\u00a0 | \n1,300.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,300.0 | \n\u00a0 | \n
| 7.0% senior debt due October 2028 | \n \u00a0 | \n\u00a0 | \n382.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n382.2 | \n\u00a0 | \n
| 1.375% senior debt due November 2027 | \n \u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n
| 6.7% senior debt due August 2027 | \n \u00a0 | \n\u00a0 | \n9.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.2 | \n\u00a0 | \n
| 7.125% senior debt due October 2026 | \n \u00a0 | \n\u00a0 | \n262.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n262.5 | \n\u00a0 | \n
| 4.6% senior debt due November 2025 | \n \u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n
| 4.3% senior debt due May 2024 | \n \u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n
| 0.5% senior debt due August 2023 | \n \u00a0 | \n\u00a0 | \n500.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| 3.2% senior debt due January 2023 | \n \u00a0 | \n\u00a0 | \n437.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n437.0 | \n\u00a0 | \n
| 3.25% senior debt due September 2022 | \n \u00a0 | \n\u00a0 | \n250.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n250.0 | \n\u00a0 | \n
| 0.45% to 9.59% lease financing obligations due on various dates through 2036 | \n \u00a0 | \n\u00a0 | \n131.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n139.1 | \n\u00a0 | \n
| Other indebtedness | \n \u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n
| Total face value of debt | \n \u00a0 | \n\u00a0 | \n8,840.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8,348.2 | \n\u00a0 | \n
| Unamortized fair value adjustment | \n \u00a0 | \n 19.2 | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n19.9 | \n\u00a0 | \n|
| Unamortized discounts | \n \u00a0 | \n\u00a0 | \n(23.4 | \n) | \n\u00a0 | \n\u00a0 | \n(25.8 | \n) | \n
| Unamortized debt issuance costs | \n \u00a0 | \n\u00a0 | \n(40.7 | \n) | \n\u00a0 | \n\u00a0 | \n(44.0 | \n) | \n
| Less current installments | \n \u00a0 | \n\u00a0 | \n(707.3 | \n) | \n\u00a0 | \n\u00a0 | \n(23.1 | \n) | \n
| Total long-term debt | \n \u00a0 | \n$ | \n8,088.2 | \n\u00a0 | \n\u00a0 | \n$ | \n8,275.2 | \n\u00a0 | \n
\u00a0
\nThe aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 29, 2022, are as follows:
\n\u00a0
\n \n| 2023 | \n \u00a0 | \n$ | \n707.6 | \n\u00a0 | \n
| 2024 | \n \u00a0 | \n\u00a0 | \n1,517.5 | \n\u00a0 | \n
| 2025 | \n \u00a0 | \n\u00a0 | \n14.7 | \n\u00a0 | \n
| 2026 | \n \u00a0 | \n\u00a0 | \n1,021.2 | \n\u00a0 | \n
| 2027 | \n \u00a0 | \n\u00a0 | \n268.1 | \n\u00a0 | \n
\u00a0
\n\u00a0
\nIn 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.
\n\u00a0
\nIn 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.
\n\u00a0
\nIn 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.
\n\u00a0
\n \n \nIn 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.
\n\u00a0
\nIn 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.
\n\u00a0
\nIn 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 $275.0 million in the third and fourth quarters of fiscal 2020, respectively.
\n\u00a0
\nNet interest expense consists of:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Long-term debt | \n \u00a0 | \n$ | \n393.1 | \n\u00a0 | \n\u00a0 | \n$ | \n430.0 | \n\u00a0 | \n\u00a0 | \n$ | \n495.9 | \n\u00a0 | \n
| Short-term debt | \n \u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n
| Interest income | \n \u00a0 | \n\u00a0 | \n(2.1 | \n) | \n\u00a0 | \n\u00a0 | \n(1.9 | \n) | \n\u00a0 | \n\u00a0 | \n(3.1 | \n) | \n
| Interest capitalized | \n \u00a0 | \n\u00a0 | \n(13.4 | \n) | \n\u00a0 | \n\u00a0 | \n(10.2 | \n) | \n\u00a0 | \n\u00a0 | \n(6.6 | \n) | \n
| \u00a0 | \n\u00a0 | \n$ | \n379.9 | \n\u00a0 | \n\u00a0 | \n$ | \n420.4 | \n\u00a0 | \n\u00a0 | \n$ | \n487.1 | \n\u00a0 | \n
\u00a0
\nIn 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\u00a0million, and $3.5\u00a0million in fiscal 2022, 2021, and 2020, respectively, due to the impact of these interest rate swap contracts.
\n\u00a0
\nInterest paid from continuing operations was $393.9\u00a0million, $445.6\u00a0million, and $494.6 million in fiscal 2022, 2021, and 2020, respectively.
\n\u00a0
\n "}]},{"name":"rpt:f-1114","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtInstrumentsTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \n\u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| 5.4% senior debt due November 2048 | \n \u00a0 | \n$ | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n$ | \n1,000.0 | \n\u00a0 | \n
| 4.65% senior debt due January 2043 | \n \u00a0 | \n\u00a0 | \n176.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n176.7 | \n\u00a0 | \n
| 6.625% senior debt due August 2039 | \n \u00a0 | \n\u00a0 | \n91.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n91.4 | \n\u00a0 | \n
| 5.3% senior debt due November 2038 | \n \u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n
| 8.25% senior debt due September 2030 | \n \u00a0 | \n\u00a0 | \n300.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n300.0 | \n\u00a0 | \n
| 4.85% senior debt due November 2028 | \n \u00a0 | \n\u00a0 | \n1,300.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,300.0 | \n\u00a0 | \n
| 7.0% senior debt due October 2028 | \n \u00a0 | \n\u00a0 | \n382.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n382.2 | \n\u00a0 | \n
| 1.375% senior debt due November 2027 | \n \u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n
| 6.7% senior debt due August 2027 | \n \u00a0 | \n\u00a0 | \n9.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.2 | \n\u00a0 | \n
| 7.125% senior debt due October 2026 | \n \u00a0 | \n\u00a0 | \n262.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n262.5 | \n\u00a0 | \n
| 4.6% senior debt due November 2025 | \n \u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n
| 4.3% senior debt due May 2024 | \n \u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,000.0 | \n\u00a0 | \n
| 0.5% senior debt due August 2023 | \n \u00a0 | \n\u00a0 | \n500.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| 3.2% senior debt due January 2023 | \n \u00a0 | \n\u00a0 | \n437.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n437.0 | \n\u00a0 | \n
| 3.25% senior debt due September 2022 | \n \u00a0 | \n\u00a0 | \n250.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n250.0 | \n\u00a0 | \n
| 0.45% to 9.59% lease financing obligations due on various dates through 2036 | \n \u00a0 | \n\u00a0 | \n131.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n139.1 | \n\u00a0 | \n
| Other indebtedness | \n \u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n
| Total face value of debt | \n \u00a0 | \n\u00a0 | \n8,840.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8,348.2 | \n\u00a0 | \n
| Unamortized fair value adjustment | \n \u00a0 | \n 19.2 | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n19.9 | \n\u00a0 | \n|
| Unamortized discounts | \n \u00a0 | \n\u00a0 | \n(23.4 | \n) | \n\u00a0 | \n\u00a0 | \n(25.8 | \n) | \n
| Unamortized debt issuance costs | \n \u00a0 | \n\u00a0 | \n(40.7 | \n) | \n\u00a0 | \n\u00a0 | \n(44.0 | \n) | \n
| Less current installments | \n \u00a0 | \n\u00a0 | \n(707.3 | \n) | \n\u00a0 | \n\u00a0 | \n(23.1 | \n) | \n
| Total long-term debt | \n \u00a0 | \n$ | \n8,088.2 | \n\u00a0 | \n\u00a0 | \n$ | \n8,275.2 | \n\u00a0 | \n
| 2023 | \n \u00a0 | \n$ | \n707.6 | \n\u00a0 | \n
| 2024 | \n \u00a0 | \n\u00a0 | \n1,517.5 | \n\u00a0 | \n
| 2025 | \n \u00a0 | \n\u00a0 | \n14.7 | \n\u00a0 | \n
| 2026 | \n \u00a0 | \n\u00a0 | \n1,021.2 | \n\u00a0 | \n
| 2027 | \n \u00a0 | \n\u00a0 | \n268.1 | \n\u00a0 | \n
\u00a0
\n\u00a0
\n| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Long-term debt | \n \u00a0 | \n$ | \n393.1 | \n\u00a0 | \n\u00a0 | \n$ | \n430.0 | \n\u00a0 | \n\u00a0 | \n$ | \n495.9 | \n\u00a0 | \n
| Short-term debt | \n \u00a0 | \n\u00a0 | \n2.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.9 | \n\u00a0 | \n
| Interest income | \n \u00a0 | \n\u00a0 | \n(2.1 | \n) | \n\u00a0 | \n\u00a0 | \n(1.9 | \n) | \n\u00a0 | \n\u00a0 | \n(3.1 | \n) | \n
| Interest capitalized | \n \u00a0 | \n\u00a0 | \n(13.4 | \n) | \n\u00a0 | \n\u00a0 | \n(10.2 | \n) | \n\u00a0 | \n\u00a0 | \n(6.6 | \n) | \n
| \u00a0 | \n\u00a0 | \n$ | \n379.9 | \n\u00a0 | \n\u00a0 | \n$ | \n420.4 | \n\u00a0 | \n\u00a0 | \n$ | \n487.1 | \n\u00a0 | \n
4. CREDIT FACILITIES AND BORROWINGS
\n\u00a0
\nAt 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 -year or -year periods from the then-applicable maturity date on an annual basis. As of May 29, 2022, there were outstanding borrowings under the Revolving Credit Facility.
\n\u00a0
\nThe 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\u00a0 May 29, 2022, we were in compliance with all financial covenants under the Amended Revolving Credit Facility.
\n\u00a0
\nWe 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\u00a0million 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%.
\n\u00a0
\n \n \n "}]},{"name":"rpt:f-1206","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"1600000000","decimals":-8}]},{"name":"rpt:f-1207","factDimensions":{"xbrl:concept":"cag:LineOfCreditFacilityMaximumBorrowingCapacityAfterIncreaseWithConsentOfLenders","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"2100000000","decimals":-8}]},{"name":"rpt:f-1208","factDimensions":{"xbrl:concept":"cag:DebtinstrumentRequiredMinimumRatioOfEBITDAToInterestExpense","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"3.0"}]},{"name":"rpt:f-1209","factDimensions":{"xbrl:concept":"cag:DebtInstrumentCovenantsFundedDebtToEBITDA","xbrl:period":"2021-07-14T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"4.5"}]},{"name":"rpt:f-1210","factDimensions":{"xbrl:concept":"us-gaap:ShortTermBorrowings","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:ShortTermDebtTypeAxis":"us-gaap:CommercialPaperMember"},"factValues":[{"value":"180000000.0","decimals":-7}]},{"name":"rpt:f-1211","factDimensions":{"xbrl:concept":"us-gaap:ShortTermDebtWeightedAverageInterestRate","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","us-gaap:ShortTermDebtTypeAxis":"us-gaap:CommercialPaperMember"},"factValues":[{"value":"0.0141","decimals":4}]},{"name":"rpt:f-1212","factDimensions":{"xbrl:concept":"us-gaap:ShortTermBorrowings","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:ShortTermDebtTypeAxis":"us-gaap:CommercialPaperMember"},"factValues":[{"value":"705700000","decimals":-5}]},{"name":"rpt:f-1213","factDimensions":{"xbrl:concept":"us-gaap:ShortTermDebtWeightedAverageInterestRate","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","us-gaap:ShortTermDebtTypeAxis":"us-gaap:CommercialPaperMember"},"factValues":[{"value":"0.0036","decimals":4}]},{"name":"rpt:f-1214","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n5. DIVESTITURES AND ASSETS HELD FOR SALE
\n\u00a0
\nDivestitures
\n\u00a0
\nDuring the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters\u00ae 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\u00ae business, we also recognized a loss of $7.1 million within SG&A expenses related to the early exit of an unfavorable contract.
\n\u00a0
\nDuring the third quarter of fiscal 2021, we completed the sale of our Peter Pan\u00ae 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.
\n\u00a0
\nDuring the second quarter of fiscal 2021, we completed the sale of our H.K. Anderson\u00ae 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.
\n\u00a0
\nDuring the third quarter of fiscal 2020, we completed the sale of our Lender's\u00ae 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\u00ae bagel business, we recognized an impairment charge of $27.6 million within SG&A expenses in the second quarter of fiscal 2020.
\n\u00a0
\nDuring 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.
\n\u00a0
\nDuring 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.
\n\u00a0
\nOther Assets Held for Sale
\n\u00a0
\nDuring 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.\u00a0
\n\u00a0
\nIn 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.
\n\u00a0
\nThe assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | \u00a0 | May 30, 2021 | \u00a0 | ||
| Current assets | \u00a0 | $ | 27.0 | \u00a0 | \u00a0 | $ | 24.3 | \u00a0 |
| Noncurrent assets (including goodwill of million at May 30, 2021) | \u00a0 | \u00a0 | 31.9 | \u00a0 | \u00a0 | \u00a0 | 113.3 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 1.7 | \u00a0 | \u00a0 | \u00a0 | 1.6 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 2.4 | \u00a0 | \u00a0 | \u00a0 | 3.2 | \u00a0 |
\u00a0
\n \n \n "}]},{"name":"rpt:f-1215","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2021-03-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:EggBeatersBusinessMember"},"factValues":[{"value":"50700000","decimals":-5}]},{"name":"rpt:f-1216","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSaleOfBusiness","xbrl:period":"2021-03-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:EggBeatersBusinessMember","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"10400000","decimals":-5}]},{"name":"rpt:f-1217","factDimensions":{"xbrl:concept":"cag:LossOnSaleOfBusinessRelatedToEarlyExitOfUnfavorableContract","xbrl:period":"2021-03-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:EggBeatersBusinessMember","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"7100000","decimals":-5}]},{"name":"rpt:f-1218","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2020-11-30T00:00:00/2021-03-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:PeterPanPeanutButterBusinessMember"},"factValues":[{"value":"101500000","decimals":-5}]},{"name":"rpt:f-1219","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSaleOfBusiness","xbrl:period":"2020-11-30T00:00:00/2021-03-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:PeterPanPeanutButterBusinessMember","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"49800000","decimals":-5}]},{"name":"rpt:f-1220","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2020-08-31T00:00:00/2020-11-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:HKAndersonBusinessMember"},"factValues":[{"value":"8700000","decimals":-5}]},{"name":"rpt:f-1221","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSaleOfBusiness","xbrl:period":"2020-08-31T00:00:00/2020-11-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:HKAndersonBusinessMember","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"5300000","decimals":-5}]},{"name":"rpt:f-1222","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2019-11-25T00:00:00/2020-02-24T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:LenderBagelBusinessMember"},"factValues":[{"value":"33300000","decimals":-5}]},{"name":"rpt:f-1223","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2019-08-26T00:00:00/2019-11-25T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:LenderBagelBusinessMember","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"27600000","decimals":-5}]},{"name":"rpt:f-1224","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2019-08-26T00:00:00/2019-11-25T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:DirectStoreDeliverySnacksBusinessMember","us-gaap:StatementBusinessSegmentsAxis":"cag:GroceryAndSnacksMember"},"factValues":[{"value":"137500000","decimals":-5}]},{"name":"rpt:f-1225","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2019-05-27T00:00:00/2019-08-26T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:DirectStoreDeliverySnacksBusinessMembe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\n| \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | \u00a0 | May 30, 2021 | \u00a0 | ||
| Current assets | \u00a0 | $ | 27.0 | \u00a0 | \u00a0 | $ | 24.3 | \u00a0 |
| Noncurrent assets (including goodwill of million at May 30, 2021) | \u00a0 | \u00a0 | 31.9 | \u00a0 | \u00a0 | \u00a0 | 113.3 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 1.7 | \u00a0 | \u00a0 | \u00a0 | 1.6 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 2.4 | \u00a0 | \u00a0 | \u00a0 | 3.2 | \u00a0 |
6. INVESTMENTS IN JOINT VENTURES
\n\u00a0
\nThe total carrying value of our equity method investments at the end of fiscal 2022 and 2021 was $918.3\u00a0million and $841.8\u00a0million, 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.
\n\u00a0
\nIn 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\u00a0million.
\n\u00a0
\nIn fiscal 2021, we had purchases from our equity method investees of $28.7\u00a0million. Total dividends received from equity method investments in fiscal\u00a02021 were $56.5 million.
\n\u00a0
\nIn fiscal 2020, we had purchases from our equity method investees of $32.5 million. Total dividends received from equity method investments in fiscal 2020\u00a0were $51.4 million.
\n\u00a0
\nSummarized combined financial information for our equity method investments on a 100% basis is as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Net sales: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 4,258.5 | \u00a0 | \u00a0 | $ | 3,407.6 | \u00a0 | \u00a0 | $ | 3,393.9 | \u00a0 |
| Other | \u00a0 | \u00a0 | 253.2 | \u00a0 | \u00a0 | \u00a0 | 238.8 | \u00a0 | \u00a0 | \u00a0 | 225.0 | \u00a0 |
| Total net sales | \u00a0 | $ | 4,511.7 | \u00a0 | \u00a0 | $ | 3,646.4 | \u00a0 | \u00a0 | $ | 3,618.9 | \u00a0 |
| Gross margin: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 516.5 | \u00a0 | \u00a0 | $ | 360.6 | \u00a0 | \u00a0 | $ | 313.1 | \u00a0 |
| Other | \u00a0 | \u00a0 | 54.8 | \u00a0 | \u00a0 | \u00a0 | 47.3 | \u00a0 | \u00a0 | \u00a0 | 49.4 | \u00a0 |
| Total gross margin | \u00a0 | $ | 571.3 | \u00a0 | \u00a0 | $ | 407.9 | \u00a0 | \u00a0 | $ | 362.5 | \u00a0 |
| Earnings after income taxes: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 306.2 | \u00a0 | \u00a0 | $ | 169.6 | \u00a0 | \u00a0 | $ | 144.5 | \u00a0 |
| Other | \u00a0 | \u00a0 | 21.1 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | 19.3 | \u00a0 |
| Total earnings after income taxes | \u00a0 | $ | 327.3 | \u00a0 | \u00a0 | $ | 189.1 | \u00a0 | \u00a0 | $ | 163.8 | \u00a0 |
\u00a0
\n \n \n| \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | \u00a0 | May 30, 2021 | \u00a0 | ||
| Ardent Mills: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current assets | \u00a0 | $ | 1,470.1 | \u00a0 | \u00a0 | $ | 1,101.5 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 1,875.9 | \u00a0 | \u00a0 | \u00a0 | 1,848.2 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 720.5 | \u00a0 | \u00a0 | \u00a0 | 524.1 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 567.7 | \u00a0 | \u00a0 | \u00a0 | 563.0 | \u00a0 |
| Other: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current assets | \u00a0 | $ | 103.4 | \u00a0 | \u00a0 | $ | 95.0 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 38.2 | \u00a0 | \u00a0 | \u00a0 | 36.8 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 35.1 | \u00a0 | \u00a0 | \u00a0 | 39.9 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 10.7 | \u00a0 | \u00a0 | \u00a0 | 10.6 | \u00a0 |
\u00a0
\n \n \n "}]},{"name":"rpt:f-1239","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestments","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:OtherAssetsMember"},"factValues":[{"value":"918300000","decimals":-5}]},{"name":"rpt:f-1240","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestments","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:OtherAssetsMember"},"factValues":[{"value":"841800000","decimals":-5}]},{"name":"rpt:f-1241","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"cag:ArdentMillsMember"},"factValues":[{"value":"0.44","decimals":2}]},{"name":"rpt:f-1242","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"cag:OtherJointVenturesMember"},"factValues":[{"value":"0.50","decimals":1}]},{"name":"rpt:f-1243","factDimensions":{"xbrl:concept":"us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"30100000","decimals":-5}]},{"name":"rpt:f-1244","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentDividendsOrDistributions","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"79000000.0","decimals":-6}]},{"name":"rpt:f-1245","factDimensions":{"xbrl:concept":"us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"28700000","decimals":-5}]},{"name":"rpt:f-1246","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentDividendsOrDistributions","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"56500000","decimals":-5}]},{"name":"rpt:f-1247","factDimensions":{"xbrl:concept":"us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"32500000","decimals":-5}]},{"name":"rpt:f-1248","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentDividendsOrDistributions","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"51400000","decimals":-5}]},{"name":"rpt:f-1249","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Net sales: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 4,258.5 | \u00a0 | \u00a0 | $ | 3,407.6 | \u00a0 | \u00a0 | $ | 3,393.9 | \u00a0 |
| Other | \u00a0 | \u00a0 | 253.2 | \u00a0 | \u00a0 | \u00a0 | 238.8 | \u00a0 | \u00a0 | \u00a0 | 225.0 | \u00a0 |
| Total net sales | \u00a0 | $ | 4,511.7 | \u00a0 | \u00a0 | $ | 3,646.4 | \u00a0 | \u00a0 | $ | 3,618.9 | \u00a0 |
| Gross margin: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 516.5 | \u00a0 | \u00a0 | $ | 360.6 | \u00a0 | \u00a0 | $ | 313.1 | \u00a0 |
| Other | \u00a0 | \u00a0 | 54.8 | \u00a0 | \u00a0 | \u00a0 | 47.3 | \u00a0 | \u00a0 | \u00a0 | 49.4 | \u00a0 |
| Total gross margin | \u00a0 | $ | 571.3 | \u00a0 | \u00a0 | $ | 407.9 | \u00a0 | \u00a0 | $ | 362.5 | \u00a0 |
| Earnings after income taxes: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 306.2 | \u00a0 | \u00a0 | $ | 169.6 | \u00a0 | \u00a0 | $ | 144.5 | \u00a0 |
| Other | \u00a0 | \u00a0 | 21.1 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | 19.3 | \u00a0 |
| Total earnings after income taxes | \u00a0 | $ | 327.3 | \u00a0 | \u00a0 | $ | 189.1 | \u00a0 | \u00a0 | $ | 163.8 | \u00a0 |
\u00a0
\n \n| \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | \u00a0 | May 30, 2021 | \u00a0 | ||
| Ardent Mills: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current assets | \u00a0 | $ | 1,470.1 | \u00a0 | \u00a0 | $ | 1,101.5 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 1,875.9 | \u00a0 | \u00a0 | \u00a0 | 1,848.2 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 720.5 | \u00a0 | \u00a0 | \u00a0 | 524.1 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 567.7 | \u00a0 | \u00a0 | \u00a0 | 563.0 | \u00a0 |
| Other: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current assets | \u00a0 | $ | 103.4 | \u00a0 | \u00a0 | $ | 95.0 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 38.2 | \u00a0 | \u00a0 | \u00a0 | 36.8 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 35.1 | \u00a0 | \u00a0 | \u00a0 | 39.9 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 10.7 | \u00a0 | \u00a0 | \u00a0 | 10.6 | \u00a0 |
7. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
\n\u00a0
\nThe 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:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Foodservice | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n|||||
| Balance as of May 31, 2020 | \n \u00a0 | \n$ | \n4,692.4 | \n\u00a0 | \n\u00a0 | \n$ | \n5,611.2 | \n\u00a0 | \n\u00a0 | \n$ | \n290.5 | \n\u00a0 | \n\u00a0 | \n$ | \n732.8 | \n\u00a0 | \n\u00a0 | \n$ | \n11,326.9 | \n\u00a0 | \n
| Currency translation | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.0 | \n\u00a0 | \n
| Balance as of May 30, 2021 | \n \u00a0 | \n$ | \n4,692.4 | \n\u00a0 | \n\u00a0 | \n$ | \n5,611.2 | \n\u00a0 | \n\u00a0 | \n$ | \n302.5 | \n\u00a0 | \n\u00a0 | \n$ | \n732.8 | \n\u00a0 | \n\u00a0 | \n$ | \n11,338.9 | \n\u00a0 | \n
| Currency translation | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(9.7 | \n) | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(9.7 | \n) | \n
| Balance as of May 29, 2022 | \n \u00a0 | \n$ | \n4,692.4 | \n\u00a0 | \n\u00a0 | \n$ | \n5,611.2 | \n\u00a0 | \n\u00a0 | \n$ | \n292.8 | \n\u00a0 | \n\u00a0 | \n$ | \n732.8 | \n\u00a0 | \n\u00a0 | \n$ | \n11,329.2 | \n\u00a0 | \n
\u00a0
\nOther identifiable intangible assets, excluding amounts classified as held for sale, were as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||||||||||
| \u00a0 | \n\u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n\u00a0 | \n Accumulated Amortization | \n \u00a0 | \n\u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n\u00a0 | \n Accumulated Amortization | \n \u00a0 | \n||||
| Non-amortizing intangible assets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Brands and trademarks | \n \u00a0 | \n$ | \n3,061.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n3,273.1 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n
| Amortizing intangible assets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Customer relationships and intellectual property | \n \u00a0 | \n\u00a0 | \n1,228.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n436.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,228.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n377.3 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n$ | \n4,289.6 | \n\u00a0 | \n\u00a0 | \n$ | \n436.5 | \n\u00a0 | \n\u00a0 | \n$ | \n4,501.9 | \n\u00a0 | \n\u00a0 | \n$ | \n377.3 | \n\u00a0 | \n
\u00a0
\nIn 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\u00a0on 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\u00a0and continued sales growth which has had a positive impact on our financial results.\u00a0While 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.
\n\u00a0
\nFair 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 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.
\n\u00a0
\n \n \nAmortizing intangible assets, carrying a remaining weighted-average life of approximately 18\u00a0years, 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\u00a0million, and $59.8\u00a0million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 29, 2022, amortization expense for the next five years is estimated to be as follows:
\n\u00a0
\n \n| 2023 | \n \u00a0 | \n$ | \n56.9 | \n\u00a0 | \n
| 2024 | \n \u00a0 | \n\u00a0 | \n53.6 | \n\u00a0 | \n
| 2025 | \n \u00a0 | \n\u00a0 | \n53.5 | \n\u00a0 | \n
| 2026 | \n \u00a0 | \n\u00a0 | \n43.5 | \n\u00a0 | \n
| 2027 | \n \u00a0 | \n\u00a0 | \n43.3 | \n\u00a0 | \n
\u00a0
\nFor our non-amortizing intangible assets, which are comprised of brands and trademarks, we use a \"relief from royalty\" methodology in estimating fair value.\u00a0During 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.\u00a0Duncan Hines\u00ae and Gardein\u00ae 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.
\n\u00a0
\nDuring 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\u2019s\u00ae was the most notable brand with impairment in fiscal 2021\u00a0largely due to lower than expected sales and profit margins which resulted in a reduction to our assumed royalty rate.
\n\u00a0
\nDuring 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.
\n\u00a0
\nDuring fiscal 2020, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $146.2 million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments, largely associated with brands that were recorded at fair value in recent acquisitions.\u00a0The more notable brands with impairments included Frontera\u00ae, Gardein\u00ae, Glutino\u00ae, Hungry Man\u00ae, and Udi\u2019s\u00ae.\u00a0 \u00a0
\n\u00a0
\n "}]},{"name":"rpt:f-1294","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \n\u00a0 | \n Grocery & Snacks | \n \u00a0 | \n\u00a0 | \n Refrigerated & Frozen | \n \u00a0 | \n\u00a0 | \n International | \n \u00a0 | \n\u00a0 | \n Foodservice | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n|||||
| Balance as of May 31, 2020 | \n \u00a0 | \n$ | \n4,692.4 | \n\u00a0 | \n\u00a0 | \n$ | \n5,611.2 | \n\u00a0 | \n\u00a0 | \n$ | \n290.5 | \n\u00a0 | \n\u00a0 | \n$ | \n732.8 | \n\u00a0 | \n\u00a0 | \n$ | \n11,326.9 | \n\u00a0 | \n
| Currency translation | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.0 | \n\u00a0 | \n
| Balance as of May 30, 2021 | \n \u00a0 | \n$ | \n4,692.4 | \n\u00a0 | \n\u00a0 | \n$ | \n5,611.2 | \n\u00a0 | \n\u00a0 | \n$ | \n302.5 | \n\u00a0 | \n\u00a0 | \n$ | \n732.8 | \n\u00a0 | \n\u00a0 | \n$ | \n11,338.9 | \n\u00a0 | \n
| Currency translation | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(9.7 | \n) | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(9.7 | \n) | \n
| Balance as of May 29, 2022 | \n \u00a0 | \n$ | \n4,692.4 | \n\u00a0 | \n\u00a0 | \n$ | \n5,611.2 | \n\u00a0 | \n\u00a0 | \n$ | \n292.8 | \n\u00a0 | \n\u00a0 | \n$ | \n732.8 | \n\u00a0 | \n\u00a0 | \n$ | \n11,329.2 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||||||||||
| \u00a0 | \n\u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n\u00a0 | \n Accumulated Amortization | \n \u00a0 | \n\u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n\u00a0 | \n Accumulated Amortization | \n \u00a0 | \n||||
| Non-amortizing intangible assets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Brands and trademarks | \n \u00a0 | \n$ | \n3,061.6 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n3,273.1 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n
| Amortizing intangible assets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Customer relationships and intellectual property | \n \u00a0 | \n\u00a0 | \n1,228.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n436.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,228.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n377.3 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n$ | \n4,289.6 | \n\u00a0 | \n\u00a0 | \n$ | \n436.5 | \n\u00a0 | \n\u00a0 | \n$ | \n4,501.9 | \n\u00a0 | \n\u00a0 | \n$ | \n377.3 | \n\u00a0 | \n
| 2023 | \n \u00a0 | \n$ | \n56.9 | \n\u00a0 | \n
| 2024 | \n \u00a0 | \n\u00a0 | \n53.6 | \n\u00a0 | \n
| 2025 | \n \u00a0 | \n\u00a0 | \n53.5 | \n\u00a0 | \n
| 2026 | \n \u00a0 | \n\u00a0 | \n43.5 | \n\u00a0 | \n
| 2027 | \n \u00a0 | \n\u00a0 | \n43.3 | \n\u00a0 | \n
8. EARNINGS PER SHARE
\n\u00a0
\nBasic 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.
\n\u00a0
\nThe following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Net income attributable to Conagra Brands, Inc. common stockholders: | \n \u00a0 | \n$ | \n888.2 | \n\u00a0 | \n\u00a0 | \n$ | \n1,298.8 | \n\u00a0 | \n\u00a0 | \n$ | \n840.1 | \n\u00a0 | \n
| Weighted average shares outstanding: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Basic weighted average shares outstanding | \n \u00a0 | \n\u00a0 | \n480.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n485.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n487.3 | \n\u00a0 | \n
| Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities | \n \u00a0 | \n\u00a0 | \n1.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n
| Diluted weighted average shares outstanding | \n \u00a0 | \n\u00a0 | \n482.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n487.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n488.6 | \n\u00a0 | \n
\u00a0
\nFor fiscal 2022, 2021, and 2020, there were 0.8 million, 0.4\u00a0million, and 1.9\u00a0million stock options outstanding, respectively, that were excluded from the computation of diluted weighted average shares because the effect was antidilutive.
\n\u00a0
\n \n \n "}]},{"name":"rpt:f-1348","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Net income attributable to Conagra Brands, Inc. common stockholders: | \n \u00a0 | \n$ | \n888.2 | \n\u00a0 | \n\u00a0 | \n$ | \n1,298.8 | \n\u00a0 | \n\u00a0 | \n$ | \n840.1 | \n\u00a0 | \n
| Weighted average shares outstanding: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Basic weighted average shares outstanding | \n \u00a0 | \n\u00a0 | \n480.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n485.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n487.3 | \n\u00a0 | \n
| Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities | \n \u00a0 | \n\u00a0 | \n1.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n
| Diluted weighted average shares outstanding | \n \u00a0 | \n\u00a0 | \n482.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n487.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n488.6 | \n\u00a0 | \n
9. INVENTORIES
\n\u00a0
\nThe major classes of inventories were as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| Raw materials and packaging | \n \u00a0 | \n$ | \n383.2 | \n\u00a0 | \n\u00a0 | \n$ | \n284.1 | \n\u00a0 | \n
| Work in process | \n \u00a0 | \n\u00a0 | \n164.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n125.1 | \n\u00a0 | \n
| Finished goods | \n \u00a0 | \n\u00a0 | \n1,305.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,221.8 | \n\u00a0 | \n
| Supplies and other | \n \u00a0 | \n\u00a0 | \n85.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n78.7 | \n\u00a0 | \n
| Total | \n \u00a0 | \n$ | \n1,939.7 | \n\u00a0 | \n\u00a0 | \n$ | \n1,709.7 | \n\u00a0 | \n
\u00a0
\n "}]},{"name":"rpt:f-1365","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \n\u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| Raw materials and packaging | \n \u00a0 | \n$ | \n383.2 | \n\u00a0 | \n\u00a0 | \n$ | \n284.1 | \n\u00a0 | \n
| Work in process | \n \u00a0 | \n\u00a0 | \n164.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n125.1 | \n\u00a0 | \n
| Finished goods | \n \u00a0 | \n\u00a0 | \n1,305.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,221.8 | \n\u00a0 | \n
| Supplies and other | \n \u00a0 | \n\u00a0 | \n85.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n78.7 | \n\u00a0 | \n
| Total | \n \u00a0 | \n$ | \n1,939.7 | \n\u00a0 | \n\u00a0 | \n$ | \n1,709.7 | \n\u00a0 | \n
10. OTHER NONCURRENT LIABILITIES
\n\u00a0
\nOther noncurrent liabilities consisted of:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| Postretirement health care and pension obligations (see Note 17) | \n \u00a0 | \n$ | \n161.2 | \n\u00a0 | \n\u00a0 | \n$ | \n197.3 | \n\u00a0 | \n
| Noncurrent income tax liabilities | \n \u00a0 | \n\u00a0 | \n1,344.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,271.4 | \n\u00a0 | \n
| Noncurrent lease liabilities (see Note 14) | \n \u00a0 | \n\u00a0 | \n197.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n185.1 | \n\u00a0 | \n
| Self-insurance liabilities | \n \u00a0 | \n\u00a0 | \n31.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n30.5 | \n\u00a0 | \n
| Asset retirement obligations | \n \u00a0 | \n\u00a0 | \n43.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n42.4 | \n\u00a0 | \n
| Environmental liabilities (see Note 15) | \n \u00a0 | \n\u00a0 | \n43.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n59.0 | \n\u00a0 | \n
| Legal settlement costs (see Note 15) | \n \u00a0 | \n\u00a0 | \n40.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n52.0 | \n\u00a0 | \n
| Other | \n \u00a0 | \n\u00a0 | \n102.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n141.9 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n$ | \n1,963.5 | \n\u00a0 | \n\u00a0 | \n$ | \n1,979.6 | \n\u00a0 | \n
\u00a0
\n "}]},{"name":"rpt:f-1377","factDimensions":{"xbrl:concept":"us-gaap:OtherNoncurrentLiabilitiesTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \n\u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| Postretirement health care and pension obligations (see Note 17) | \n \u00a0 | \n$ | \n161.2 | \n\u00a0 | \n\u00a0 | \n$ | \n197.3 | \n\u00a0 | \n
| Noncurrent income tax liabilities | \n \u00a0 | \n\u00a0 | \n1,344.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,271.4 | \n\u00a0 | \n
| Noncurrent lease liabilities (see Note 14) | \n \u00a0 | \n\u00a0 | \n197.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n185.1 | \n\u00a0 | \n
| Self-insurance liabilities | \n \u00a0 | \n\u00a0 | \n31.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n30.5 | \n\u00a0 | \n
| Asset retirement obligations | \n \u00a0 | \n\u00a0 | \n43.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n42.4 | \n\u00a0 | \n
| Environmental liabilities (see Note 15) | \n \u00a0 | \n\u00a0 | \n43.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n59.0 | \n\u00a0 | \n
| Legal settlement costs (see Note 15) | \n \u00a0 | \n\u00a0 | \n40.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n52.0 | \n\u00a0 | \n
| Other | \n \u00a0 | \n\u00a0 | \n102.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n141.9 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n$ | \n1,963.5 | \n\u00a0 | \n\u00a0 | \n$ | \n1,979.6 | \n\u00a0 | \n
11. CAPITAL STOCK
\n\u00a0
\nThe 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\u00a0shares of Class B Preferred Stock, par value $50.00\u00a0per share; 250,000\u00a0shares of Class C Preferred Stock, par value $100.00\u00a0per share; 1,100,000\u00a0shares of Class\u00a0D Preferred Stock, no par value per share; and 16,550,000\u00a0shares of Class\u00a0E Preferred Stock, no par value per share. There were no preferred shares issued or outstanding as of May 29, 2022.
\n\u00a0
\nWe 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\u00a01.5\u00a0million shares of our common stock for approximately $50.0\u00a0million in fiscal 2022\u00a0and 8.8 million shares of our common stock for approximately $298.1 million in fiscal 2021.\u00a0
\n\u00a0
\n "}]},{"name":"rpt:f-1397","factDimensions":{"xbrl:concept":"cag:CommonStockAndPreferredStockSharesAuthorized","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1218050000"}]},{"name":"rpt:f-1398","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesAuthorized","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1200000000"}]},{"name":"rpt:f-1399","factDimensions":{"xbrl:concept":"us-gaap:CommonStockParOrStatedValuePerShare","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"5.00"}]},{"name":"rpt:f-1400","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesAuthorized","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesBPreferredStockMember"},"factValues":[{"value":"150000"}]},{"name":"rpt:f-1401","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockParOrStatedValuePerShare","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesBPreferredStockMember"},"factValues":[{"value":"50.00"}]},{"name":"rpt:f-1402","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesAuthorized","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesCPreferredStockMember"},"factValues":[{"value":"250000"}]},{"name":"rpt:f-1403","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockParOrStatedValuePerShare","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesCPreferredStockMember"},"factValues":[{"value":"100.00"}]},{"name":"rpt:f-1404","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesAuthorized","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesDPreferredStockMember"},"factValues":[{"value":"1100000"}]},{"name":"rpt:f-1405","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesAuthorized","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesEPreferredStockMember"},"factValues":[{"value":"16550000"}]},{"name":"rpt:f-1406","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesOutstanding","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1407","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodShares","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"1500000","decimals":-5}]},{"name":"rpt:f-1408","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodValue","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"50000000.0","decimals":-7}]},{"name":"rpt:f-1409","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodShares","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"8800000","decimals":-5}]},{"name":"rpt:f-1410","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodValue","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"298100000","decimals":-5}]},{"name":"rpt:f-1411","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n12. SHARE-BASED PAYMENTS
\n\u00a0
\nIn 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.
\n\u00a0
\nOn 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.
\n\u00a0
\n \n \nShare Unit Awards
\n\u00a0
\nIn 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 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.
\n\u00a0
\nWe 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\u00a0million, and $24.5\u00a0million 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\u00a0million, and $5.3\u00a0million, respectively.\u00a0
\n\u00a0
\nThe following table summarizes the nonvested share units as of May 29, 2022 and changes during the fiscal year then ended:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Stock-Settled | \u00a0 | |||||
| Share Units | \u00a0 | Share Units | \u00a0 | \u00a0 | Weighted | \u00a0 | ||
| Nonvested share units at May 30, 2021 | \u00a0 | \u00a0 | 2.49 | \u00a0 | \u00a0 | $ | 33.00 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 1.09 | \u00a0 | \u00a0 | $ | 34.26 | \u00a0 |
| Vested/Issued | \u00a0 | \u00a0 | (0.77 | ) | \u00a0 | $ | 34.86 | \u00a0 |
| Forfeited | \u00a0 | \u00a0 | (0.31 | ) | \u00a0 | $ | 33.28 | \u00a0 |
| Nonvested share units at May 29, 2022 | \u00a0 | \u00a0 | 2.50 | \u00a0 | \u00a0 | $ | 32.94 | \u00a0 |
\u00a0
\nDuring fiscal 2022, 2021, and 2020, we granted 1.1 million, 0.9\u00a0million, and 1.3\u00a0million stock-settled share units, respectively, with a weighted average grant date fair value of $34.26, $36.72, and $28.32\u00a0per share unit, respectively. cash-settled share unit awards were granted in fiscal 2022, 2021, or 2020.\u00a0
\n\u00a0
\nThe total intrinsic value of stock-settled share units vested was $26.9 million, $24.6\u00a0million, and $14.2\u00a0million during fiscal 2022, 2021, and 2020, respectively. The total intrinsic value of cash-settled share units vested was $4.3 million and\u00a0$24.3 million\u00a0during fiscal 2021\u00a0and 2020, respectively.
\n\u00a0
\nAt 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.
\n\u00a0
\nPerformance Share Awards
\n\u00a0
\nIn 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\u00a0(the \"2022\u00a0performance period\") and fiscal 2024\u00a0(\"2024\u00a0performance 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 -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 -year period ending in fiscal 2023. For each of the 2022\u00a0performance period, 2023\u00a0performance period, and 2024\u00a0performance period, the awards actually earned will range from to 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.
\n\u00a0
\n \n \nAwards, 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.
\n\u00a0
\nA summary of the activity for performance share awards as of May 29, 2022 and changes during the fiscal year then ended is presented below:
\n\u00a0
\n \n| Performance Shares | \u00a0 | Share Units (in Millions) | \u00a0 | \u00a0 | Weighted Average Grant-Date Fair Value | \u00a0 | ||
| Nonvested performance shares at May 30, 2021 | \u00a0 | \u00a0 | 1.51 | \u00a0 | \u00a0 | $ | 33.25 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 0.53 | \u00a0 | \u00a0 | $ | 34.13 | \u00a0 |
| Adjustments for performance results attained and dividend equivalents | \u00a0 | \u00a0 | 0.35 | \u00a0 | \u00a0 | $ | 35.96 | \u00a0 |
| Vested/Issued | \u00a0 | \u00a0 | (0.79 | ) | \u00a0 | $ | 35.96 | \u00a0 |
| Forfeited | \u00a0 | \u00a0 | (0.16 | ) | \u00a0 | $ | 32.84 | \u00a0 |
| Nonvested performance shares at May 29, 2022 | \u00a0 | \u00a0 | 1.44 | \u00a0 | \u00a0 | $ | 32.80 | \u00a0 |
\u00a0
\nWe recognized a benefit of $1.4 million for our performance share awards in fiscal 2022 and expense of $34.9\u00a0million\u00a0and $31.8\u00a0million for fiscal 2021\u00a0and 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\u00a0and 2020 was $3.6\u00a0million\u00a0and $2.9\u00a0million, respectively.
\n\u00a0
\nThe 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\u00a0million, and $8.4\u00a0million, respectively.
\n\u00a0
\nBased 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.
\n\u00a0
\nPerformance-Based Restricted Stock Unit Awards
\n\u00a0
\nOn April\u00a015, 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.
\n\u00a0
\nThe 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 times the grant value of each grantee's PBRSU award (including earned dividend equivalents).
\n\u00a0
\nCompensation 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.
\n\u00a0
\nWe 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\u00a0million, and $2.7\u00a0million for fiscal 2022, 2021, and 2020 respectively.\u00a0The tax expense (benefit) related to our PBRSU awards\u00a0for fiscal 2022, 2021, and 2020\u00a0was $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.
\n\u00a0
\n \n \nStock Option Awards
\n\u00a0
\nIn 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 years) and generally expire to years after the date of grant. stock options were granted in fiscal 2022, 2021, or 2020.
\n\u00a0
\nA summary of the option activity as of May 29, 2022 and changes during the fiscal year then ended is presented below:
\n\u00a0
\n \n| Options | \u00a0 | Number of Options (in Millions) | \u00a0 | \u00a0 | Weighted Average Exercise Price | \u00a0 | \u00a0 | Average Remaining Contractual Term (Years) | \u00a0 | \u00a0 | Aggregate Intrinsic Value (in Millions) | \u00a0 | ||||
| Outstanding at May 30, 2021 | \u00a0 | \u00a0 | 3.0 | \u00a0 | \u00a0 | $ | 30.70 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | (0.3 | ) | \u00a0 | $ | 28.34 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 2.0 | \u00a0 |
| Outstanding at May 29, 2022 | \u00a0 | \u00a0 | 2.7 | \u00a0 | \u00a0 | $ | 30.87 | \u00a0 | \u00a0 | \u00a0 | 3.27 | \u00a0 | \u00a0 | $ | 8.6 | \u00a0 |
| Exercisable at May 29, 2022 | \u00a0 | \u00a0 | 2.7 | \u00a0 | \u00a0 | $ | 30.87 | \u00a0 | \u00a0 | \u00a0 | 3.27 | \u00a0 | \u00a0 | $ | 8.6 | \u00a0 |
\u00a0
\nWe 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\u00a0million, and $3.8\u00a0million 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.
\n\u00a0
\nCompensation expense for stock option awards totaled $0.2 million\u00a0for fiscal\u00a02020. The tax benefit related to the stock option expense for fiscal\u00a02020 was $0.1 million.
\n\u00a0
\nAt May 29, 2022, we had no unrecognized compensation expense related to stock options.
\n\u00a0
\nCash received from stock option exercises for fiscal 2022, 2021, and 2020 was $7.8 million, $20.5\u00a0million, and $11.0\u00a0million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $0.5 million, $1.7\u00a0million, and $1.4\u00a0million for fiscal 2022, 2021, and 2020, respectively.
\n\u00a0
\n "}]},{"name":"rpt:f-1412","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized","xbrl:period":"2014-09-20T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cag:ConagraFoodsStockPlanMember"},"factValues":[{"value":"40300000","decimals":-5}]},{"name":"rpt:f-1413","factDimensions":{"xbrl:concept":"us-gaap:CommonStockCapitalSharesReservedForFutureIssuance","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cag:ConagraFoodsStockPlanMember"},"factValues":[{"value":"38500000","decimals":-5}]},{"name":"rpt:f-1414","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"cag:StockSettledShareUnitAwardsMember","us-gaap:PlanNameAxis":"cag:ShareUnitAwardsMember"},"factValues":[{"value":"25800000","decimals":-5}]},{"name":"rpt:f-1415","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"cag:StockSettledShareUnitAwardsMember","us-gaap:PlanNameAxis":"cag:ShareUnitAwardsMember"},"factValues":[{"value":"28100000","decimals":-5}]},{"name":"rpt:f-1416","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"cag:StockSettledShareUnitAwardsMember","us-gaap:PlanNameAxis":"cag:ShareUnitAwardsMember"},"factValues":[{"value":"24500000","decimals":-5}]},{"name":"rpt:f-1417","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"cag:StockSettledShareUnitAwardsMember","us-gaap:PlanNameAxis":"cag:ShareUnitAwardsMember"},"factValues":[{"value":"5300000","decimals":-5}]},{"name":"rpt:f-1418","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"cag:StockSettledShareUnitAwardsMember","us-gaap:PlanNameAxis":"cag:ShareUnitAwardsMember"},"factValues":[{"value":"6100000","decimals":-5}]},{"name":"rpt:f-1419","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"cag:StockSettledShareUnitAwardsMember","us-gaap:PlanNameAxis":"cag:ShareUnitAwardsMember"},"factValues":[{"value":"5300000","decimals":-5}]},{"name":"rpt:f-1420","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | Stock-Settled | \u00a0 | |||||
| Share Units | \u00a0 | Share Units | \u00a0 | \u00a0 | Weighted | \u00a0 | ||
| Nonvested share units at May 30, 2021 | \u00a0 | \u00a0 | 2.49 | \u00a0 | \u00a0 | $ | 33.00 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 1.09 | \u00a0 | \u00a0 | $ | 34.26 | \u00a0 |
| Vested/Issued | \u00a0 | \u00a0 | (0.77 | ) | \u00a0 | $ | 34.86 | \u00a0 |
| Forfeited | \u00a0 | \u00a0 | (0.31 | ) | \u00a0 | $ | 33.28 | \u00a0 |
| Nonvested share units at May 29, 2022 | \u00a0 | \u00a0 | 2.50 | \u00a0 | \u00a0 | $ | 32.94 | \u00a0 |
| Performance Shares | \u00a0 | Share Units (in Millions) | \u00a0 | \u00a0 | Weighted Average Grant-Date Fair Value | \u00a0 | ||
| Nonvested performance shares at May 30, 2021 | \u00a0 | \u00a0 | 1.51 | \u00a0 | \u00a0 | $ | 33.25 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 0.53 | \u00a0 | \u00a0 | $ | 34.13 | \u00a0 |
| Adjustments for performance results attained and dividend equivalents | \u00a0 | \u00a0 | 0.35 | \u00a0 | \u00a0 | $ | 35.96 | \u00a0 |
| Vested/Issued | \u00a0 | \u00a0 | (0.79 | ) | \u00a0 | $ | 35.96 | \u00a0 |
| Forfeited | \u00a0 | \u00a0 | (0.16 | ) | \u00a0 | $ | 32.84 | \u00a0 |
| Nonvested performance shares at May 29, 2022 | \u00a0 | \u00a0 | 1.44 | \u00a0 | \u00a0 | $ | 32.80 | \u00a0 |
| Options | \u00a0 | Number of Options (in Millions) | \u00a0 | \u00a0 | Weighted Average Exercise Price | \u00a0 | \u00a0 | Average Remaining Contractual Term (Years) | \u00a0 | \u00a0 | Aggregate Intrinsic Value (in Millions) | \u00a0 | ||||
| Outstanding at May 30, 2021 | \u00a0 | \u00a0 | 3.0 | \u00a0 | \u00a0 | $ | 30.70 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | (0.3 | ) | \u00a0 | $ | 28.34 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 2.0 | \u00a0 |
| Outstanding at May 29, 2022 | \u00a0 | \u00a0 | 2.7 | \u00a0 | \u00a0 | $ | 30.87 | \u00a0 | \u00a0 | \u00a0 | 3.27 | \u00a0 | \u00a0 | $ | 8.6 | \u00a0 |
| Exercisable at May 29, 2022 | \u00a0 | \u00a0 | 2.7 | \u00a0 | \u00a0 | $ | 30.87 | \u00a0 | \u00a0 | \u00a0 | 3.27 | \u00a0 | \u00a0 | $ | 8.6 | \u00a0 |
13. PRE-TAX INCOME AND INCOME TAXES
\n\u00a0
\nPre-tax income from continuing operations (including equity method investment earnings) consisted of the following:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| United States | \u00a0 | $ | 1,106.0 | \u00a0 | \u00a0 | $ | 1,426.5 | \u00a0 | \u00a0 | $ | 978.3 | \u00a0 |
| Foreign | \u00a0 | \u00a0 | 72.7 | \u00a0 | \u00a0 | \u00a0 | 68.2 | \u00a0 | \u00a0 | \u00a0 | 64.8 | \u00a0 |
| \u00a0 | \u00a0 | $ | 1,178.7 | \u00a0 | \u00a0 | $ | 1,494.7 | \u00a0 | \u00a0 | $ | 1,043.1 | \u00a0 |
\u00a0
\n \n \nThe provision for income taxes included the following:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Federal | \u00a0 | $ | 186.6 | \u00a0 | \u00a0 | $ | 232.6 | \u00a0 | \u00a0 | $ | 188.2 | \u00a0 |
| State | \u00a0 | \u00a0 | 48.2 | \u00a0 | \u00a0 | \u00a0 | 31.8 | \u00a0 | \u00a0 | \u00a0 | 25.5 | \u00a0 |
| Foreign | \u00a0 | \u00a0 | 18.4 | \u00a0 | \u00a0 | \u00a0 | 15.3 | \u00a0 | \u00a0 | \u00a0 | 9.5 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 253.2 | \u00a0 | \u00a0 | \u00a0 | 279.7 | \u00a0 | \u00a0 | \u00a0 | 223.2 | \u00a0 |
| Deferred | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Federal | \u00a0 | \u00a0 | 34.7 | \u00a0 | \u00a0 | \u00a0 | (63.5 | ) | \u00a0 | \u00a0 | 37.6 | \u00a0 |
| State | \u00a0 | \u00a0 | 3.9 | \u00a0 | \u00a0 | \u00a0 | (26.1 | ) | \u00a0 | \u00a0 | (62.3 | ) |
| Foreign | \u00a0 | \u00a0 | (1.3 | ) | \u00a0 | \u00a0 | 3.7 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 37.3 | \u00a0 | \u00a0 | \u00a0 | (85.9 | ) | \u00a0 | \u00a0 | (21.9 | ) |
| \u00a0 | \u00a0 | $ | 290.5 | \u00a0 | \u00a0 | $ | 193.8 | \u00a0 | \u00a0 | $ | 201.3 | \u00a0 |
\u00a0
\nIncome 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:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Computed U.S. Federal income taxes | \u00a0 | $ | 247.5 | \u00a0 | \u00a0 | $ | 313.9 | \u00a0 | \u00a0 | $ | 219.0 | \u00a0 |
| State income taxes, net of U.S. Federal tax impact | \u00a0 | \u00a0 | 37.2 | \u00a0 | \u00a0 | \u00a0 | 37.4 | \u00a0 | \u00a0 | \u00a0 | 29.6 | \u00a0 |
| Goodwill and intangible impairments | \u00a0 | \u00a0 | 6.1 | \u00a0 | \u00a0 | \u00a0 | 13.6 | \u00a0 | \u00a0 | \u00a0 | 11.2 | \u00a0 |
| Remeasurement of deferred taxes due to legal entity reorganization | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 35.8 | \u00a0 | \u00a0 | \u00a0 | (40.9 | ) |
| Tax elections under review by the IRS on capital loss utilization | \u00a0 | \u00a0 | 25.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Change of valuation allowance on capital loss carryforward | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (188.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other | \u00a0 | \u00a0 | (25.3 | ) | \u00a0 | \u00a0 | (18.4 | ) | \u00a0 | \u00a0 | (17.6 | ) |
| \u00a0 | \u00a0 | $ | 290.5 | \u00a0 | \u00a0 | $ | 193.8 | \u00a0 | \u00a0 | $ | 201.3 | \u00a0 |
\u00a0
\nIncome taxes paid, net of refunds, were $299.1 million, $286.3 million, and $178.0\u00a0million in fiscal 2022, 2021, and 2020, respectively.
\n\u00a0
\nThe tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:
\n\u00a0
\n \n| \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | \u00a0 | May 30, 2021 | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | Assets | \u00a0 | \u00a0 | Liabilities | \u00a0 | \u00a0 | Assets | \u00a0 | \u00a0 | Liabilities | \u00a0 | ||||
| Property, plant and equipment | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 327.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 281.7 | \u00a0 |
| Inventory | \u00a0 | 30.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | |
| Goodwill, trademarks and other intangible assets | \u00a0 | \u00a0 | 405.8 | \u00a0 | \u00a0 | \u00a0 | 1,066.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1,118.4 | \u00a0 |
| Right-of-use assets | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 47.9 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 45.5 | \u00a0 |
| Accrued expenses | \u00a0 | \u00a0 | 12.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 12.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Compensation related liabilities | \u00a0 | \u00a0 | 29.3 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 36.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Pension and other postretirement benefits | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 25.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 9.8 | \u00a0 |
| Investment in unconsolidated subsidiaries | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 9.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2.6 | \u00a0 |
| Lease liabilities | \u00a0 | \u00a0 | 56.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 54.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other liabilities that will give rise to future tax deductions | \u00a0 | \u00a0 | 73.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 96.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net capital and operating loss carryforwards | \u00a0 | \u00a0 | 46.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 53.8 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Federal credits | \u00a0 | \u00a0 | 12.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 16.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other | \u00a0 | \u00a0 | 32.0 | \u00a0 | \u00a0 | \u00a0 | 38.6 | \u00a0 | \u00a0 | \u00a0 | 33.9 | \u00a0 | \u00a0 | \u00a0 | 33.1 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 698.0 | \u00a0 | \u00a0 | \u00a0 | 1,514.8 | \u00a0 | \u00a0 | \u00a0 | 322.4 | \u00a0 | \u00a0 | \u00a0 | 1,491.1 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \u00a0 | (455.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (67.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net deferred taxes | \u00a0 | $ | 242.5 | \u00a0 | \u00a0 | $ | 1,514.8 | \u00a0 | \u00a0 | $ | 254.9 | \u00a0 | \u00a0 | $ | 1,491.1 | \u00a0 |
\u00a0
\n \n \nThe 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\u00a0million, 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\u00a0benefit of $2.1 million in fiscal 2022, an expense of $1.4 million in fiscal 2021, and a\u00a0benefit of $4.3 million in fiscal 2020.
\n\u00a0
\nThe net amount of unrecognized tax benefits at\u00a0 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.
\n\u00a0
\nWe accrue interest and penalties associated with uncertain tax positions as part of income tax expense.
\n\u00a0
\nWe 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 to years.
\n\u00a0
\nWe 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.
\n\u00a0
\nThe change in the unrecognized tax benefits for the year ended May 29, 2022 was as follows:
\n\u00a0
\n \n| Beginning balance on May 30, 2021 | \u00a0 | $ | 33.0 | \u00a0 |
| Increases from positions established during prior periods | \u00a0 | \u00a0 | 13.2 | \u00a0 |
| Decreases from positions established during prior periods | \u00a0 | \u00a0 | (3.2 | ) |
| Increases from positions established during the current period | \u00a0 | \u00a0 | 31.7 | \u00a0 |
| Reductions resulting from lapse of applicable statute of limitation | \u00a0 | \u00a0 | (3.1 | ) |
| Decrease from audit settlements | \u00a0 | \u00a0 | (8.5 | ) |
| Other adjustments to liability | \u00a0 | \u00a0 | (0.2 | ) |
| Ending balance on May 29, 2022 | \u00a0 | $ | 62.9 | \u00a0 |
\u00a0
\nWe 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\u00a0and $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.
\n\u00a0
\nIn 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.\u00a0 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.
\n\u00a0
\nWe 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.
\n\u00a0
\n \n \nDuring 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.
\n "}]},{"name":"rpt:f-1510","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| United States | \u00a0 | $ | 1,106.0 | \u00a0 | \u00a0 | $ | 1,426.5 | \u00a0 | \u00a0 | $ | 978.3 | \u00a0 |
| Foreign | \u00a0 | \u00a0 | 72.7 | \u00a0 | \u00a0 | \u00a0 | 68.2 | \u00a0 | \u00a0 | \u00a0 | 64.8 | \u00a0 |
| \u00a0 | \u00a0 | $ | 1,178.7 | \u00a0 | \u00a0 | $ | 1,494.7 | \u00a0 | \u00a0 | $ | 1,043.1 | \u00a0 |
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Federal | \u00a0 | $ | 186.6 | \u00a0 | \u00a0 | $ | 232.6 | \u00a0 | \u00a0 | $ | 188.2 | \u00a0 |
| State | \u00a0 | \u00a0 | 48.2 | \u00a0 | \u00a0 | \u00a0 | 31.8 | \u00a0 | \u00a0 | \u00a0 | 25.5 | \u00a0 |
| Foreign | \u00a0 | \u00a0 | 18.4 | \u00a0 | \u00a0 | \u00a0 | 15.3 | \u00a0 | \u00a0 | \u00a0 | 9.5 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 253.2 | \u00a0 | \u00a0 | \u00a0 | 279.7 | \u00a0 | \u00a0 | \u00a0 | 223.2 | \u00a0 |
| Deferred | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Federal | \u00a0 | \u00a0 | 34.7 | \u00a0 | \u00a0 | \u00a0 | (63.5 | ) | \u00a0 | \u00a0 | 37.6 | \u00a0 |
| State | \u00a0 | \u00a0 | 3.9 | \u00a0 | \u00a0 | \u00a0 | (26.1 | ) | \u00a0 | \u00a0 | (62.3 | ) |
| Foreign | \u00a0 | \u00a0 | (1.3 | ) | \u00a0 | \u00a0 | 3.7 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 37.3 | \u00a0 | \u00a0 | \u00a0 | (85.9 | ) | \u00a0 | \u00a0 | (21.9 | ) |
| \u00a0 | \u00a0 | $ | 290.5 | \u00a0 | \u00a0 | $ | 193.8 | \u00a0 | \u00a0 | $ | 201.3 | \u00a0 |
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Computed U.S. Federal income taxes | \u00a0 | $ | 247.5 | \u00a0 | \u00a0 | $ | 313.9 | \u00a0 | \u00a0 | $ | 219.0 | \u00a0 |
| State income taxes, net of U.S. Federal tax impact | \u00a0 | \u00a0 | 37.2 | \u00a0 | \u00a0 | \u00a0 | 37.4 | \u00a0 | \u00a0 | \u00a0 | 29.6 | \u00a0 |
| Goodwill and intangible impairments | \u00a0 | \u00a0 | 6.1 | \u00a0 | \u00a0 | \u00a0 | 13.6 | \u00a0 | \u00a0 | \u00a0 | 11.2 | \u00a0 |
| Remeasurement of deferred taxes due to legal entity reorganization | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 35.8 | \u00a0 | \u00a0 | \u00a0 | (40.9 | ) |
| Tax elections under review by the IRS on capital loss utilization | \u00a0 | \u00a0 | 25.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Change of valuation allowance on capital loss carryforward | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (188.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other | \u00a0 | \u00a0 | (25.3 | ) | \u00a0 | \u00a0 | (18.4 | ) | \u00a0 | \u00a0 | (17.6 | ) |
| \u00a0 | \u00a0 | $ | 290.5 | \u00a0 | \u00a0 | $ | 193.8 | \u00a0 | \u00a0 | $ | 201.3 | \u00a0 |
| \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | \u00a0 | May 30, 2021 | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | Assets | \u00a0 | \u00a0 | Liabilities | \u00a0 | \u00a0 | Assets | \u00a0 | \u00a0 | Liabilities | \u00a0 | ||||
| Property, plant and equipment | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 327.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 281.7 | \u00a0 |
| Inventory | \u00a0 | 30.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | |
| Goodwill, trademarks and other intangible assets | \u00a0 | \u00a0 | 405.8 | \u00a0 | \u00a0 | \u00a0 | 1,066.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1,118.4 | \u00a0 |
| Right-of-use assets | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 47.9 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 45.5 | \u00a0 |
| Accrued expenses | \u00a0 | \u00a0 | 12.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 12.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Compensation related liabilities | \u00a0 | \u00a0 | 29.3 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 36.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Pension and other postretirement benefits | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 25.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 9.8 | \u00a0 |
| Investment in unconsolidated subsidiaries | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 9.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2.6 | \u00a0 |
| Lease liabilities | \u00a0 | \u00a0 | 56.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 54.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other liabilities that will give rise to future tax deductions | \u00a0 | \u00a0 | 73.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 96.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net capital and operating loss carryforwards | \u00a0 | \u00a0 | 46.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 53.8 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Federal credits | \u00a0 | \u00a0 | 12.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 16.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other | \u00a0 | \u00a0 | 32.0 | \u00a0 | \u00a0 | \u00a0 | 38.6 | \u00a0 | \u00a0 | \u00a0 | 33.9 | \u00a0 | \u00a0 | \u00a0 | 33.1 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 698.0 | \u00a0 | \u00a0 | \u00a0 | 1,514.8 | \u00a0 | \u00a0 | \u00a0 | 322.4 | \u00a0 | \u00a0 | \u00a0 | 1,491.1 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \u00a0 | (455.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (67.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net deferred taxes | \u00a0 | $ | 242.5 | \u00a0 | \u00a0 | $ | 1,514.8 | \u00a0 | \u00a0 | $ | 254.9 | \u00a0 | \u00a0 | $ | 1,491.1 | \u00a0 |
| Beginning balance on May 30, 2021 | \u00a0 | $ | 33.0 | \u00a0 |
| Increases from positions established during prior periods | \u00a0 | \u00a0 | 13.2 | \u00a0 |
| Decreases from positions established during prior periods | \u00a0 | \u00a0 | (3.2 | ) |
| Increases from positions established during the current period | \u00a0 | \u00a0 | 31.7 | \u00a0 |
| Reductions resulting from lapse of applicable statute of limitation | \u00a0 | \u00a0 | (3.1 | ) |
| Decrease from audit settlements | \u00a0 | \u00a0 | (8.5 | ) |
| Other adjustments to liability | \u00a0 | \u00a0 | (0.2 | ) |
| Ending balance on May 29, 2022 | \u00a0 | $ | 62.9 | \u00a0 |
14. LEASES
\n\u00a0
\nWe 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.
\n\u00a0
\nAs 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.
\n\u00a0
\nWe 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.
\n\u00a0
\nAny 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.
\n\u00a0
\nOur 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.
\n\u00a0
\nLeases reported in our Consolidated Balance Sheets were as follows:
\n\u00a0
\n \n| \u00a0 | \n Operating Leases | \n \u00a0 | \n|||||||
| \u00a0 | \n Balance Sheet Location | \n \u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| ROU assets, net | \n Other assets | \n \u00a0 | \n$ | \n207.6 | \n\u00a0 | \n\u00a0 | \n$ | \n183.8 | \n\u00a0 | \n
| Lease liabilities (current) | \n Other accrued liabilities | \n \u00a0 | \n\u00a0 | \n43.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n35.0 | \n\u00a0 | \n
| Lease liabilities (noncurrent) | \n Other noncurrent liabilities | \n \u00a0 | \n\u00a0 | \n197.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n185.1 | \n\u00a0 | \n
\u00a0
\n \n| \u00a0 | \n Finance Leases | \n \u00a0 | \n|||||||
| \u00a0 | \n Balance Sheet Location | \n \u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| ROU assets, at cost | \n Property, plant and equipment | \n \u00a0 | \n$ | \n208.0 | \n\u00a0 | \n\u00a0 | \n$ | \n217.6 | \n\u00a0 | \n
| Less accumulated depreciation | \n Less accumulated depreciation | \n \u00a0 | \n\u00a0 | \n(64.2 | \n) | \n\u00a0 | \n\u00a0 | \n(60.2 | \n) | \n
| ROU assets, net | \n Property, plant and equipment, net | \n \u00a0 | \n\u00a0 | \n143.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n157.4 | \n\u00a0 | \n
| Lease liabilities (current) | \n Current installments of long-term debt | \n \u00a0 | \n\u00a0 | \n20.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n23.1 | \n\u00a0 | \n
| Lease liabilities (noncurrent) | \n Senior long-term debt, excluding current installments | \n \u00a0 | \n\u00a0 | \n110.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n116.0 | \n\u00a0 | \n
\u00a0
\n \n \nThe components of total lease cost were as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Operating lease cost | \n \u00a0 | \n$ | \n52.9 | \n\u00a0 | \n\u00a0 | \n$ | \n51.0 | \n\u00a0 | \n\u00a0 | \n$ | \n63.7 | \n\u00a0 | \n
| Finance lease cost | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Depreciation of leased assets | \n \u00a0 | \n\u00a0 | \n16.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15.4 | \n\u00a0 | \n
| Interest on lease liabilities | \n \u00a0 | \n\u00a0 | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.1 | \n\u00a0 | \n
| Short-term lease cost | \n \u00a0 | \n\u00a0 | \n7.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.8 | \n\u00a0 | \n
| Total lease cost | \n \u00a0 | \n$ | \n83.1 | \n\u00a0 | \n\u00a0 | \n$ | \n83.3 | \n\u00a0 | \n\u00a0 | \n$ | \n92.0 | \n\u00a0 | \n
\u00a0
\nWe recognized accelerated operating lease cost of $9.9 million and impairments of ROU assets of $2.9 million within SG&A expenses in fiscal 2020. These charges are included in the Pinnacle Integration Restructuring Plan.
\n\u00a0
\nThe weighted-average remaining lease terms and weighted-average discount rate for our leases as of\u00a0 May 29, 2022 and May 30, 2021 were as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Operating Leases | \n \u00a0 | \n\u00a0 | \n Finance Leases | \n \u00a0 | \n||||||||||
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||||
| Weighted-average remaining lease term (in years) | \n \u00a0 | \n\u00a0 | \n6.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.7 | \n\u00a0 | \n
| Weighted-average discount rate | \n \u00a0 | \n\u00a0 | \n3.21 | \n% | \n\u00a0 | \n\u00a0 | \n3.51 | \n% | \n\u00a0 | \n\u00a0 | \n4.91 | \n% | \n\u00a0 | \n\u00a0 | \n4.95 | \n% | \n
\u00a0
\nCash flows arising from lease transactions were as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Cash paid for amounts included in the measurement of lease liabilities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Operating cash outflows from operating leases | \n \u00a0 | \n$ | \n55.7 | \n\u00a0 | \n\u00a0 | \n$ | \n56.0 | \n\u00a0 | \n\u00a0 | \n$ | \n59.5 | \n\u00a0 | \n
| Operating cash outflows from finance leases | \n \u00a0 | \n\u00a0 | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.2 | \n\u00a0 | \n
| Financing cash outflows from finance leases | \n \u00a0 | \n\u00a0 | \n31.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n24.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.5 | \n\u00a0 | \n
| ROU assets obtained in exchange for new lease liabilities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Operating leases | \n \u00a0 | \n\u00a0 | \n68.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n21.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n41.6 | \n\u00a0 | \n
| Finance leases | \n \u00a0 | \n\u00a0 | \n23.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n26.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.2 | \n\u00a0 | \n
\u00a0
\nMaturities of lease liabilities by fiscal year as of May 29, 2022 were as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Operating Leases | \n \u00a0 | \n\u00a0 | \n Finance Leases | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n|||
| 2023 | \n \u00a0 | \n$ | \n54.6 | \n\u00a0 | \n\u00a0 | \n$ | \n24.8 | \n\u00a0 | \n\u00a0 | \n$ | \n79.4 | \n\u00a0 | \n
| 2024 | \n \u00a0 | \n\u00a0 | \n45.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n67.4 | \n\u00a0 | \n
| 2025 | \n \u00a0 | \n\u00a0 | \n33.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n18.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n51.9 | \n\u00a0 | \n
| 2026 | \n \u00a0 | \n 29.9 | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n15.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n45.4 | \n\u00a0 | \n|
| 2027 | \n \u00a0 | \n\u00a0 | \n24.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n17.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n42.2 | \n\u00a0 | \n
| Later years | \n \u00a0 | \n\u00a0 | \n94.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n58.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n153.2 | \n\u00a0 | \n
| Total lease payments | \n \u00a0 | \n\u00a0 | \n282.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n157.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n439.5 | \n\u00a0 | \n
| Less: Imputed interest | \n \u00a0 | \n\u00a0 | \n(41.8 | \n) | \n\u00a0 | \n\u00a0 | \n(25.8 | \n) | \n\u00a0 | \n\u00a0 | \n(67.6 | \n) | \n
| Total lease liabilities | \n \u00a0 | \n$ | \n240.6 | \n\u00a0 | \n\u00a0 | \n$ | \n131.3 | \n\u00a0 | \n\u00a0 | \n$ | \n371.9 | \n\u00a0 | \n
\u00a0
\nWe 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 $254.3 million over a term of 20 years. We expect to take control of this leased asset in fiscal 2024.
\n\u00a0
\n \n \n "}]},{"name":"rpt:f-1654","factDimensions":{"xbrl:concept":"cag:ScheduleOfOperatingAndFinanceLeasesReportedInBalanceSheetTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \n Operating Leases | \n \u00a0 | \n|||||||
| \u00a0 | \n Balance Sheet Location | \n \u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| ROU assets, net | \n Other assets | \n \u00a0 | \n$ | \n207.6 | \n\u00a0 | \n\u00a0 | \n$ | \n183.8 | \n\u00a0 | \n
| Lease liabilities (current) | \n Other accrued liabilities | \n \u00a0 | \n\u00a0 | \n43.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n35.0 | \n\u00a0 | \n
| Lease liabilities (noncurrent) | \n Other noncurrent liabilities | \n \u00a0 | \n\u00a0 | \n197.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n185.1 | \n\u00a0 | \n
| \u00a0 | \n Finance Leases | \n \u00a0 | \n|||||||
| \u00a0 | \n Balance Sheet Location | \n \u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| ROU assets, at cost | \n Property, plant and equipment | \n \u00a0 | \n$ | \n208.0 | \n\u00a0 | \n\u00a0 | \n$ | \n217.6 | \n\u00a0 | \n
| Less accumulated depreciation | \n Less accumulated depreciation | \n \u00a0 | \n\u00a0 | \n(64.2 | \n) | \n\u00a0 | \n\u00a0 | \n(60.2 | \n) | \n
| ROU assets, net | \n Property, plant and equipment, net | \n \u00a0 | \n\u00a0 | \n143.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n157.4 | \n\u00a0 | \n
| Lease liabilities (current) | \n Current installments of long-term debt | \n \u00a0 | \n\u00a0 | \n20.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n23.1 | \n\u00a0 | \n
| Lease liabilities (noncurrent) | \n Senior long-term debt, excluding current installments | \n \u00a0 | \n\u00a0 | \n110.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n116.0 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Operating lease cost | \n \u00a0 | \n$ | \n52.9 | \n\u00a0 | \n\u00a0 | \n$ | \n51.0 | \n\u00a0 | \n\u00a0 | \n$ | \n63.7 | \n\u00a0 | \n
| Finance lease cost | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Depreciation of leased assets | \n \u00a0 | \n\u00a0 | \n16.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15.4 | \n\u00a0 | \n
| Interest on lease liabilities | \n \u00a0 | \n\u00a0 | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.1 | \n\u00a0 | \n
| Short-term lease cost | \n \u00a0 | \n\u00a0 | \n7.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.8 | \n\u00a0 | \n
| Total lease cost | \n \u00a0 | \n$ | \n83.1 | \n\u00a0 | \n\u00a0 | \n$ | \n83.3 | \n\u00a0 | \n\u00a0 | \n$ | \n92.0 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Operating Leases | \n \u00a0 | \n\u00a0 | \n Finance Leases | \n \u00a0 | \n||||||||||
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||||
| Weighted-average remaining lease term (in years) | \n \u00a0 | \n\u00a0 | \n6.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.7 | \n\u00a0 | \n
| Weighted-average discount rate | \n \u00a0 | \n\u00a0 | \n3.21 | \n% | \n\u00a0 | \n\u00a0 | \n3.51 | \n% | \n\u00a0 | \n\u00a0 | \n4.91 | \n% | \n\u00a0 | \n\u00a0 | \n4.95 | \n% | \n
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2020 | \n \u00a0 | \n|||
| Cash paid for amounts included in the measurement of lease liabilities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Operating cash outflows from operating leases | \n \u00a0 | \n$ | \n55.7 | \n\u00a0 | \n\u00a0 | \n$ | \n56.0 | \n\u00a0 | \n\u00a0 | \n$ | \n59.5 | \n\u00a0 | \n
| Operating cash outflows from finance leases | \n \u00a0 | \n\u00a0 | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n9.2 | \n\u00a0 | \n
| Financing cash outflows from finance leases | \n \u00a0 | \n\u00a0 | \n31.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n24.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.5 | \n\u00a0 | \n
| ROU assets obtained in exchange for new lease liabilities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Operating leases | \n \u00a0 | \n\u00a0 | \n68.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n21.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n41.6 | \n\u00a0 | \n
| Finance leases | \n \u00a0 | \n\u00a0 | \n23.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n26.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.2 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Operating Leases | \n \u00a0 | \n\u00a0 | \n Finance Leases | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n|||
| 2023 | \n \u00a0 | \n$ | \n54.6 | \n\u00a0 | \n\u00a0 | \n$ | \n24.8 | \n\u00a0 | \n\u00a0 | \n$ | \n79.4 | \n\u00a0 | \n
| 2024 | \n \u00a0 | \n\u00a0 | \n45.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n67.4 | \n\u00a0 | \n
| 2025 | \n \u00a0 | \n\u00a0 | \n33.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n18.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n51.9 | \n\u00a0 | \n
| 2026 | \n \u00a0 | \n 29.9 | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n15.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n45.4 | \n\u00a0 | \n|
| 2027 | \n \u00a0 | \n\u00a0 | \n24.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n17.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n42.2 | \n\u00a0 | \n
| Later years | \n \u00a0 | \n\u00a0 | \n94.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n58.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n153.2 | \n\u00a0 | \n
| Total lease payments | \n \u00a0 | \n\u00a0 | \n282.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n157.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n439.5 | \n\u00a0 | \n
| Less: Imputed interest | \n \u00a0 | \n\u00a0 | \n(41.8 | \n) | \n\u00a0 | \n\u00a0 | \n(25.8 | \n) | \n\u00a0 | \n\u00a0 | \n(67.6 | \n) | \n
| Total lease liabilities | \n \u00a0 | \n$ | \n240.6 | \n\u00a0 | \n\u00a0 | \n$ | \n131.3 | \n\u00a0 | \n\u00a0 | \n$ | \n371.9 | \n\u00a0 | \n
15. CONTINGENCIES
\n\u00a0
\nLitigation Matters
\n\u00a0
\nWe 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.
\n\u00a0
\nIn 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\u00a0of $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\u00a0million and $40.5\u00a0million, 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.
\n\u00a0
\n \n \nWe 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\u00ae 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\u2019 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.
\n\u00a0
\nWe 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.
\n\u00a0
\nWe are party to a number of matters asserting product liability claims against the Company related to certain Pam\u00ae 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.
\n\u00a0
\nThe 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\u2019s 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.\u00a0
\n\u00a0
\n \n \nEnvironmental Matters
\n\u00a0
\nSecurities 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.
\n\u00a0
\nIn 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 \u2013 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\u2019s 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.
\n\u00a0
\nWe 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\u00a0Superfund, 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\u00a0million ($2.0\u00a0million within other accrued liabilities and $37.9\u00a0million 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.\u00a0On 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\u00a0$6.5 million benefit within SG&A expenses due to a reduction in our environmental reserves.
\n\u00a0
\nGuarantees and Other Contingencies
\n\u00a0
\nIn 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 -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.
\n\u00a0
\n \n \nWe also guarantee a lease resulting from an exited facility. As of May 29, 2022, the remaining term of this arrangement did not exceed \u00a0years and the maximum amount of future payments we have guaranteed was $11.3\u00a0million.
\n\u00a0
\nGeneral
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\nAfter 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.
\n\u00a0
\nCosts of legal services associated with the foregoing matters are recognized in earnings as services are provided.
\n\u00a0
\n 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\n16. DERIVATIVE FINANCIAL INSTRUMENTS
\n\u00a0
\nOur 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.
\n\u00a0
\nCommodity 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.
\n\u00a0
\nIn 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.
\n\u00a0
\nFrom 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.
\n\u00a0
\nDerivatives Designated as Cash Flow Hedges
\n\u00a0
\nDuring 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.
\n\u00a0
\n \n \nEconomic Hedges of Forecasted Cash Flows
\n\u00a0
\nMany 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.
\n\u00a0
\nEconomic Hedges of Fair Values \u2014 Foreign Currency Exchange Rate Risk
\n\u00a0
\nWe 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.
\n\u00a0
\nAll 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,\u00a0amounts 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\u00a0Consolidated Balance Sheets.
\n\u00a0
\nDerivative 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:
\n\u00a0
\n \n| \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | \u00a0 | May 30, 2021 | \u00a0 | ||
| Prepaid expenses and other current assets | \u00a0 | $ | 7.0 | \u00a0 | \u00a0 | $ | 15.5 | \u00a0 |
| Other accrued liabilities | \u00a0 | \u00a0 | 2.2 | \u00a0 | \u00a0 | \u00a0 | 6.9 | \u00a0 |
\u00a0
\nThe 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\u00a0million to total derivative liabilities where legal right of setoff existed:
\n\u00a0
\n \n| \u00a0 | Derivative Assets | \u00a0 | \u00a0 | Derivative Liabilities | \u00a0 | ||||||
| \u00a0 | Balance Sheet Location | \u00a0 | Fair Value | \u00a0 | \u00a0 | Balance Sheet Location | \u00a0 | Fair Value | \u00a0 | ||
| Commodity contracts | Prepaid expenses and other current assets | \u00a0 | $ | 26.8 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | $ | 16.1 | \u00a0 |
| Foreign exchange contracts | Prepaid expenses and other current assets | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | \u00a0 | 2.2 | \u00a0 |
| Total derivatives not designated as hedging instruments | \u00a0 | $ | 27.1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 18.3 | \u00a0 |
\u00a0
\n \n \nThe 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:
\n\u00a0
\n \n| \u00a0 | Derivative Assets | \u00a0 | \u00a0 | Derivative Liabilities | \u00a0 | ||||||
| \u00a0 | Balance Sheet Location | \u00a0 | Fair Value | \u00a0 | \u00a0 | Balance Sheet Location | \u00a0 | Fair Value | \u00a0 | ||
| Commodity contracts | Prepaid expenses and other current assets | \u00a0 | $ | 22.9 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | $ | 5.4 | \u00a0 |
| Foreign exchange contracts | Prepaid expenses and other current assets | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | \u00a0 | 6.9 | \u00a0 |
| Total derivatives not designated as hedging instruments | \u00a0 | $ | 22.9 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 12.3 | \u00a0 |
\u00a0
\nThe location and amount of gains (losses) from derivatives not designated as hedging instruments in our Consolidated Statements of Earnings were as follows:
\n\u00a0
\n \n| \u00a0 | For the Fiscal Year Ended May 29, 2022 | \u00a0 | |||
| Derivatives Not Designated as Hedging Instruments | Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives | \u00a0 | Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings | \u00a0 | |
| Commodity contracts | Cost of goods sold | \u00a0 | $ | 33.4 | \u00a0 |
| Foreign exchange contracts | Cost of goods sold | \u00a0 | \u00a0 | 3.7 | \u00a0 |
| Total gains from derivative instruments not designated as hedging instruments | \u00a0 | $ | 37.1 | \u00a0 |
\u00a0
\n \n| \u00a0 | For the Fiscal Year Ended May 30, 2021 | \u00a0 | |||
| Derivatives Not Designated as Hedging Instruments | Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives | \u00a0 | Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings | \u00a0 | |
| Commodity contracts | Cost of goods sold | \u00a0 | $ | 26.6 | \u00a0 |
| Foreign exchange contracts | Cost of goods sold | \u00a0 | \u00a0 | (17.1 | ) |
| Total gains from derivative instruments not designated as hedging instruments | \u00a0 | $ | 9.5 | \u00a0 |
\u00a0
\n \n| \u00a0 | For the Fiscal Year Ended May 31, 2020 | \u00a0 | |||
| Derivatives Not Designated as Hedging Instruments | Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives | \u00a0 | Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings | \u00a0 | |
| Commodity contracts | Cost of goods sold | \u00a0 | $ | (18.4 | ) |
| Foreign exchange contracts | Cost of goods sold | \u00a0 | \u00a0 | 5.5 | \u00a0 |
| Total losses from derivative instruments not designated as hedging instruments | \u00a0 | $ | (12.9 | ) |
\u00a0
\n \n \nAs 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\u00a0million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward and cross currency swap contracts as of\u00a0 May 29, 2022 and May 30, 2021 was $106.6 million and $111.4 million, respectively.
\n\u00a0
\nWe 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.
\n\u00a0
\nAt 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\u00a0million.
\n\u00a0
\n "}]},{"name":"rpt:f-1765","factDimensions":{"xbrl:concept":"us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax","xbrl:period":"2019-08-26T00:00:00/2019-11-25T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:DerivativeInstrumentRiskAxis":"cag:CashFlowHedgePinnacleMember"},"factValues":[{"value":"47500000","decimals":-5}]},{"name":"rpt:f-1766","factDimensions":{"xbrl:concept":"us-gaap:WriteOffOfDeferredDebtIssuanceCost","xbrl:period":"2020-08-26T00:00:00/2020-11-25T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:DerivativeInstrumentRiskAxis":"cag:CashFlowHedgePinnacleMember"},"factValues":[{"value":"500000","decimals":-5}]},{"name":"rpt:f-1767","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:DerivativeInstrumentRiskAxis":"cag:CashFlowHedgePinnacleMember","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember"},"factValues":[{"value":"34900000","decimals":-5}]},{"name":"rpt:f-1768","factDimensions":{"xbrl:concept":"us-gaap:DerivativeCollateralObligationToReturnCash","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember"},"factValues":[{"value":"4000000.0","decimals":-6}]},{"name":"rpt:f-1769","factDimensions":{"xbrl:concept":"us-gaap:DerivativeCollateralObligationToReturnCash","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember"},"factValues":[{"value":"2000000.0","decimals":-6}]},{"name":"rpt:f-1770","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | \u00a0 | May 30, 2021 | \u00a0 | ||
| Prepaid expenses and other current assets | \u00a0 | $ | 7.0 | \u00a0 | \u00a0 | $ | 15.5 | \u00a0 |
| Other accrued liabilities | \u00a0 | \u00a0 | 2.2 | \u00a0 | \u00a0 | \u00a0 | 6.9 | \u00a0 |
| \u00a0 | Derivative Assets | \u00a0 | \u00a0 | Derivative Liabilities | \u00a0 | ||||||
| \u00a0 | Balance Sheet Location | \u00a0 | Fair Value | \u00a0 | \u00a0 | Balance Sheet Location | \u00a0 | Fair Value | \u00a0 | ||
| Commodity contracts | Prepaid expenses and other current assets | \u00a0 | $ | 26.8 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | $ | 16.1 | \u00a0 |
| Foreign exchange contracts | Prepaid expenses and other current assets | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | \u00a0 | 2.2 | \u00a0 |
| Total derivatives not designated as hedging instruments | \u00a0 | $ | 27.1 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 18.3 | \u00a0 |
| \u00a0 | Derivative Assets | \u00a0 | \u00a0 | Derivative Liabilities | \u00a0 | ||||||
| \u00a0 | Balance Sheet Location | \u00a0 | Fair Value | \u00a0 | \u00a0 | Balance Sheet Location | \u00a0 | Fair Value | \u00a0 | ||
| Commodity contracts | Prepaid expenses and other current assets | \u00a0 | $ | 22.9 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | $ | 5.4 | \u00a0 |
| Foreign exchange contracts | Prepaid expenses and other current assets | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | \u00a0 | 6.9 | \u00a0 |
| Total derivatives not designated as hedging instruments | \u00a0 | $ | 22.9 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 12.3 | \u00a0 |
| \u00a0 | For the Fiscal Year Ended May 29, 2022 | \u00a0 | |||
| Derivatives Not Designated as Hedging Instruments | Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives | \u00a0 | Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings | \u00a0 | |
| Commodity contracts | Cost of goods sold | \u00a0 | $ | 33.4 | \u00a0 |
| Foreign exchange contracts | Cost of goods sold | \u00a0 | \u00a0 | 3.7 | \u00a0 |
| Total gains from derivative instruments not designated as hedging instruments | \u00a0 | $ | 37.1 | \u00a0 |
| \u00a0 | For the Fiscal Year Ended May 30, 2021 | \u00a0 | |||
| Derivatives Not Designated as Hedging Instruments | Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives | \u00a0 | Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings | \u00a0 | |
| Commodity contracts | Cost of goods sold | \u00a0 | $ | 26.6 | \u00a0 |
| Foreign exchange contracts | Cost of goods sold | \u00a0 | \u00a0 | (17.1 | ) |
| Total gains from derivative instruments not designated as hedging instruments | \u00a0 | $ | 9.5 | \u00a0 |
| \u00a0 | For the Fiscal Year Ended May 31, 2020 | \u00a0 | |||
| Derivatives Not Designated as Hedging Instruments | Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives | \u00a0 | Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings | \u00a0 | |
| Commodity contracts | Cost of goods sold | \u00a0 | $ | (18.4 | ) |
| Foreign exchange contracts | Cost of goods sold | \u00a0 | \u00a0 | 5.5 | \u00a0 |
| Total losses from derivative instruments not designated as hedging instruments | \u00a0 | $ | (12.9 | ) |
17. PENSION AND POSTRETIREMENT BENEFITS
\n\u00a0
\nWe 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.
\n\u00a0
\nDuring 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).
\n\u00a0
\nDuring 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.
\n\u00a0
\nAs 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 $12.3 million with a corresponding loss within other comprehensive income (loss).
\n\u00a0
\nWe recognize the funded status of our pension and postretirement plans in the Consolidated Balance Sheets. For our pension plans, we also recognize as a component of accumulated other comprehensive income (loss), the net of tax results of the actuarial gains or losses within the corridor and prior service costs or credits that arise during the period but are not recognized in net periodic benefit cost. For our postretirement plans, we also recognize as a component of accumulated other comprehensive income (loss), the net of tax results of the gains or losses and prior service costs or credits that arise during the period but are not recognized in net periodic benefit cost. These amounts will be adjusted out of accumulated other comprehensive income (loss) as they are subsequently recognized as components of net periodic benefit cost. For our pension plans, we have elected to immediately recognize actuarial gains and losses in our operating results in the year in which they occur, to the extent they exceed the corridor, eliminating amortization. Amounts are included in the components of pension and postretirement plan costs, below, as recognized net actuarial loss.
\n\u00a0
\n \n \nThe changes in benefit obligations and plan assets at\u00a0 May 29, 2022 and May 30, 2021 are presented in the following table.
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Pension Plans | \n \u00a0 | \n\u00a0 | \n Postretirement Plans | \n \u00a0 | \n||||||||||
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||||
| Change in Benefit Obligation | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Benefit obligation at beginning of year | \n \u00a0 | \n$ | \n3,739.2 | \n\u00a0 | \n\u00a0 | \n$ | \n3,872.5 | \n\u00a0 | \n\u00a0 | \n$ | \n81.5 | \n\u00a0 | \n\u00a0 | \n$ | \n89.8 | \n\u00a0 | \n
| Service cost | \n \u00a0 | \n\u00a0 | \n8.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n
| Interest cost | \n \u00a0 | \n\u00a0 | \n83.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n86.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.5 | \n\u00a0 | \n
| Amendments | \n \u00a0 | \n\u00a0 | \n3.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Actuarial gain | \n \u00a0 | \n\u00a0 | \n(503.1 | \n) | \n\u00a0 | \n\u00a0 | \n(37.4 | \n) | \n\u00a0 | \n\u00a0 | \n(9.5 | \n) | \n\u00a0 | \n\u00a0 | \n(2.3 | \n) | \n
| Plan settlements | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.3 | \n) | \n
| Curtailments | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Benefits paid | \n \u00a0 | \n\u00a0 | \n(198.3 | \n) | \n\u00a0 | \n\u00a0 | \n(196.8 | \n) | \n\u00a0 | \n\u00a0 | \n(8.2 | \n) | \n\u00a0 | \n\u00a0 | \n(8.5 | \n) | \n
| Currency | \n \u00a0 | \n\u00a0 | \n(0.9 | \n) | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.5 | \n) | \n\u00a0 | \n\u00a0 | \n1.1 | \n\u00a0 | \n
| Benefit obligation at end of year | \n \u00a0 | \n$ | \n3,132.6 | \n\u00a0 | \n\u00a0 | \n$ | \n3,739.2 | \n\u00a0 | \n\u00a0 | \n$ | \n64.8 | \n\u00a0 | \n\u00a0 | \n$ | \n81.5 | \n\u00a0 | \n
| Change in Plan Assets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Fair value of plan assets at beginning of year | \n \u00a0 | \n$ | \n3,848.8 | \n\u00a0 | \n\u00a0 | \n$ | \n3,820.4 | \n\u00a0 | \n\u00a0 | \n$ | \n3.3 | \n\u00a0 | \n\u00a0 | \n$ | \n3.4 | \n\u00a0 | \n
| Actual return on plan assets | \n \u00a0 | \n\u00a0 | \n(366.1 | \n) | \n\u00a0 | \n\u00a0 | \n194.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n
| Employer contributions | \n \u00a0 | \n\u00a0 | \n11.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n27.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.5 | \n\u00a0 | \n
| Plan settlements | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.3 | \n) | \n
| Benefits paid | \n \u00a0 | \n\u00a0 | \n(198.4 | \n) | \n\u00a0 | \n\u00a0 | \n(196.8 | \n) | \n\u00a0 | \n\u00a0 | \n(8.2 | \n) | \n\u00a0 | \n\u00a0 | \n(8.5 | \n) | \n
| Currency | \n \u00a0 | \n\u00a0 | \n(1.1 | \n) | \n\u00a0 | \n\u00a0 | \n3.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Fair value of plan assets at end of year | \n \u00a0 | \n$ | \n3,294.7 | \n\u00a0 | \n\u00a0 | \n$ | \n3,848.8 | \n\u00a0 | \n\u00a0 | \n$ | \n3.4 | \n\u00a0 | \n\u00a0 | \n$ | \n3.3 | \n\u00a0 | \n
\u00a0
\nThe $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%.\u00a0This change in interest rates also impacted the fair value of our portfolio of fixed income securities which contributed to the $366.1 million lower return on plan assets in fiscal 2022.
\n\u00a0
\nThe funded status and amounts recognized in our Consolidated Balance Sheets at\u00a0 May 29, 2022 and May 30, 2021 were as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Pension Plans | \n \u00a0 | \n\u00a0 | \n Postretirement Plans | \n \u00a0 | \n||||||||||
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||||
| Funded Status | \n \u00a0 | \n$ | \n162.1 | \n\u00a0 | \n\u00a0 | \n$ | \n109.6 | \n\u00a0 | \n\u00a0 | \n$ | \n(61.4 | \n) | \n\u00a0 | \n$ | \n(78.2 | \n) | \n
| Amounts Recognized in Consolidated Balance Sheets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Other assets | \n \u00a0 | \n$ | \n277.0 | \n\u00a0 | \n\u00a0 | \n$ | \n245.0 | \n\u00a0 | \n\u00a0 | \n$ | \n3.2 | \n\u00a0 | \n\u00a0 | \n$ | \n3.0 | \n\u00a0 | \n
| Other accrued liabilities | \n \u00a0 | \n\u00a0 | \n(10.2 | \n) | \n\u00a0 | \n\u00a0 | \n(10.3 | \n) | \n\u00a0 | \n\u00a0 | \n(8.1 | \n) | \n\u00a0 | \n\u00a0 | \n(9.0 | \n) | \n
| Other noncurrent liabilities | \n \u00a0 | \n\u00a0 | \n(104.7 | \n) | \n\u00a0 | \n\u00a0 | \n(125.1 | \n) | \n\u00a0 | \n\u00a0 | \n(56.5 | \n) | \n\u00a0 | \n\u00a0 | \n(72.2 | \n) | \n
| Net Amount Recognized | \n \u00a0 | \n$ | \n162.1 | \n\u00a0 | \n\u00a0 | \n$ | \n109.6 | \n\u00a0 | \n\u00a0 | \n$ | \n(61.4 | \n) | \n\u00a0 | \n$ | \n(78.2 | \n) | \n
| Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Actuarial net loss (gain) | \n \u00a0 | \n$ | \n(30.2 | \n) | \n\u00a0 | \n$ | \n(41.5 | \n) | \n\u00a0 | \n$ | \n(44.5 | \n) | \n\u00a0 | \n$ | \n(38.4 | \n) | \n
| Net prior service cost (benefit) | \n \u00a0 | \n\u00a0 | \n8.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(11.0 | \n) | \n\u00a0 | \n\u00a0 | \n(12.9 | \n) | \n
| Total | \n \u00a0 | \n$ | \n(22.2 | \n) | \n\u00a0 | \n$ | \n(35.3 | \n) | \n\u00a0 | \n$ | \n(55.5 | \n) | \n\u00a0 | \n$ | \n(51.3 | \n) | \n
| Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2022 and May 30, 2021 | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Discount rate | \n \u00a0 | \n\u00a0 | \n4.48 | \n% | \n\u00a0 | \n\u00a0 | \n3.04 | \n% | \n\u00a0 | \n\u00a0 | \n4.24 | \n% | \n\u00a0 | \n\u00a0 | \n2.51 | \n% | \n
| Long-term rate of compensation increase | \n \u00a0 | \n\u00a0 | \nN/A | \n\u00a0 | \n\u00a0 | \n\u00a0 | \nN/A | \n\u00a0 | \n\u00a0 | \n\u00a0 | \nN/A | \n\u00a0 | \n\u00a0 | \n\u00a0 | \nN/A | \n\u00a0 | \n
\u00a0
\nThe accumulated benefit obligation for all defined benefit pension plans was $3.13 billion and $3.74 billion at May 29, 2022 and May 30, 2021, respectively.
\n\u00a0
\n \n \nThe projected benefit obligation and\u00a0accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets at\u00a0 May 29, 2022 and May 30, 2021 were as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||
| Projected benefit obligation | \n \u00a0 | \n$ | \n114.9 | \n\u00a0 | \n\u00a0 | \n$ | \n135.4 | \n\u00a0 | \n
| Accumulated benefit obligation | \n \u00a0 | \n\u00a0 | \n114.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n135.4 | \n\u00a0 | \n
\u00a0
\nComponents of pension and postretirement plan costs included:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||||||||||
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | ||||||
| Service cost | \u00a0 | $ | 8.7 | \u00a0 | \u00a0 | $ | 11.6 | \u00a0 | \u00a0 | $ | 11.5 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | $ | 0.1 | \u00a0 |
| Interest cost | \u00a0 | \u00a0 | 83.3 | \u00a0 | \u00a0 | \u00a0 | 86.8 | \u00a0 | \u00a0 | \u00a0 | 118.4 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 1.5 | \u00a0 | \u00a0 | \u00a0 | 2.6 | \u00a0 |
| Expected return on plan assets | \u00a0 | \u00a0 | (145.4 | ) | \u00a0 | \u00a0 | (140.0 | ) | \u00a0 | \u00a0 | (170.2 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Amortization of prior service cost (benefit) | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | 2.7 | \u00a0 | \u00a0 | \u00a0 | (2.0 | ) | \u00a0 | \u00a0 | (2.1 | ) | \u00a0 | \u00a0 | (2.1 | ) |
| Recognized net actuarial loss (gain) | \u00a0 | \u00a0 | (2.9 | ) | \u00a0 | \u00a0 | 0.8 | \u00a0 | \u00a0 | \u00a0 | 44.8 | \u00a0 | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (4.6 | ) |
| Settlement gain | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (2.1 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) | \u00a0 | \u00a0 | (0.2 | ) |
| Curtailment loss (gain) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | 0.8 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Pension and postretirement cost (benefit) \u2014 Company plans | \u00a0 | \u00a0 | (54.4 | ) | \u00a0 | \u00a0 | (38.3 | ) | \u00a0 | \u00a0 | 5.9 | \u00a0 | \u00a0 | \u00a0 | (4.0 | ) | \u00a0 | \u00a0 | (4.4 | ) | \u00a0 | \u00a0 | (4.2 | ) |
| Pension cost (benefit) \u2014 multi-employer plans | \u00a0 | \u00a0 | 8.1 | \u00a0 | \u00a0 | \u00a0 | 7.4 | \u00a0 | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Total pension and postretirement cost (benefit) | \u00a0 | $ | (46.3 | ) | \u00a0 | $ | (30.9 | ) | \u00a0 | $ | 12.4 | \u00a0 | \u00a0 | $ | (4.0 | ) | \u00a0 | $ | (4.4 | ) | \u00a0 | $ | (4.2 | ) |
\u00a0
\nIn fiscal 2022, 2021, and 2020, the Company recorded a gain of $2.9 million and charges of $0.8 million\u00a0and $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.
\n\u00a0
\nOther changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | ||||
| Net actuarial gain (loss) | \u00a0 | $ | (8.5 | ) | \u00a0 | $ | 92.0 | \u00a0 | \u00a0 | $ | 9.6 | \u00a0 | \u00a0 | $ | 2.5 | \u00a0 |
| Amendments | \u00a0 | \u00a0 | (3.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Amortization of prior service cost (benefit) | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | (2.0 | ) | \u00a0 | \u00a0 | (2.1 | ) |
| Settlement and curtailment loss (gain) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) |
| Recognized net actuarial loss (gain) | \u00a0 | \u00a0 | (2.9 | ) | \u00a0 | \u00a0 | 0.8 | \u00a0 | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (3.5 | ) |
| Currency | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (0.2 | ) | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (0.2 | ) |
| Net amount recognized | \u00a0 | $ | (13.1 | ) | \u00a0 | $ | 95.1 | \u00a0 | \u00a0 | $ | 4.2 | \u00a0 | \u00a0 | $ | (3.8 | ) |
\u00a0
\nWeighted-Average Actuarial Assumptions Used to Determine Net Expense
\n\u00a0
\n \n| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||||||||||
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | ||||||
| Discount rate - interest cost | \u00a0 | \u00a0 | 2.29 | % | \u00a0 | \u00a0 | 2.30 | % | \u00a0 | \u00a0 | 3.51 | % | \u00a0 | \u00a0 | 1.69 | % | \u00a0 | \u00a0 | 1.74 | % | \u00a0 | \u00a0 | 3.09 | % |
| Discount rate - service cost | \u00a0 | \u00a0 | 3.50 | % | \u00a0 | \u00a0 | 3.35 | % | \u00a0 | \u00a0 | 4.04 | % | \u00a0 | \u00a0 | 3.55 | % | \u00a0 | \u00a0 | 3.03 | % | \u00a0 | \u00a0 | 3.47 | % |
| Long-term rate of return on plan assets | \u00a0 | \u00a0 | 3.87 | % | \u00a0 | \u00a0 | 3.74 | % | \u00a0 | \u00a0 | 4.77 | % | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 |
| Long-term rate of compensation increase | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 |
\u00a0
\nThe 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.
\n\u00a0
\n \n \nWe 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.
\n\u00a0
\nPlan Assets
\n\u00a0
\nThe fair value of plan assets, summarized by level within the fair value hierarchy described in Note\u00a018, as of May 29, 2022, was as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Level 1 | \u00a0 | \u00a0 | Level 2 | \u00a0 | \u00a0 | Level 3 | \u00a0 | \u00a0 | Total | \u00a0 | ||||
| Cash and cash equivalents | \u00a0 | $ | 19.8 | \u00a0 | \u00a0 | $ | 93.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 113.0 | \u00a0 |
| Equity securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| U.S. equity securities | \u00a0 | \u00a0 | 65.6 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 85.1 | \u00a0 |
| International equity securities | \u00a0 | \u00a0 | 34.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 34.4 | \u00a0 |
| Fixed income securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Government bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 653.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 653.1 | \u00a0 |
| Corporate bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2,179.3 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2,179.3 | \u00a0 |
| Mortgage-backed bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 8.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 8.6 | \u00a0 |
| Real estate funds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net payables for unsettled transactions | \u00a0 | \u00a0 | (9.6 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.6 | ) |
| Fair value measurement of pension plan assets in the fair value hierarchy | \u00a0 | $ | 110.2 | \u00a0 | \u00a0 | $ | 2,953.7 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 3,063.9 | \u00a0 |
| Investments measured at net asset value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 230.8 | \u00a0 |
| Total pension plan assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 3,294.7 | \u00a0 |
\u00a0
\nThe fair value of plan assets, summarized by level within the fair value hierarchy described in Note\u00a018, as of May 30, 2021, was as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Level 1 | \n \u00a0 | \n\u00a0 | \n Level 2 | \n \u00a0 | \n\u00a0 | \n Level 3 | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||
| Cash and cash equivalents | \n \u00a0 | \n$ | \n7.5 | \n\u00a0 | \n\u00a0 | \n$ | \n85.0 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n92.5 | \n\u00a0 | \n
| Equity securities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| U.S. equity securities | \n \u00a0 | \n\u00a0 | \n78.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n94.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n172.6 | \n\u00a0 | \n
| International equity securities | \n \u00a0 | \n\u00a0 | \n121.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n122.4 | \n\u00a0 | \n
| Fixed income securities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Government bonds | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n772.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n772.6 | \n\u00a0 | \n
| Corporate bonds | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2,407.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2,407.2 | \n\u00a0 | \n
| Mortgage-backed bonds | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.4 | \n\u00a0 | \n
| Real estate funds | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Net receivables for unsettled transactions | \n \u00a0 | \n\u00a0 | \n5.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.7 | \n\u00a0 | \n
| Fair value measurement of pension plan assets in the fair value hierarchy | \n \u00a0 | \n$ | \n213.1 | \n\u00a0 | \n\u00a0 | \n$ | \n3,372.3 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n3,585.4 | \n\u00a0 | \n
| Investments measured at net asset value | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n263.4 | \n\u00a0 | \n
| Total pension plan assets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n$ | \n3,848.8 | \n\u00a0 | \n
\u00a0
\nLevel\u00a01 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level\u00a01 assets listed above include the common stock of both U.S.\u00a0and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.
\n\u00a0
\nLevel\u00a02 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level\u00a02 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.
\n\u00a0
\nLevel\u00a03 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.
\n\u00a0
\n \n \nCertain 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.
\n\u00a0
\nAs of May 29, 2022, we have unfunded commitments for additional investments of $35.0 million in private equity funds and $10.4\u00a0million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.
\n\u00a0
\nTo 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.
\n\u00a0
\nOur pension plan weighted-average asset allocations by asset category were as follows:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| Equity securities | \n \u00a0 | \n\u00a0 | \n4 | \n% | \n\u00a0 | \n\u00a0 | \n8 | \n% | \n
| Debt securities | \n \u00a0 | \n\u00a0 | \n87 | \n% | \n\u00a0 | \n\u00a0 | \n83 | \n% | \n
| Real estate funds | \n \u00a0 | \n\u00a0 | \n1 | \n% | \n\u00a0 | \n\u00a0 | \n1 | \n% | \n
| Private equity | \n \u00a0 | \n\u00a0 | \n4 | \n% | \n\u00a0 | \n\u00a0 | \n3 | \n% | \n
| Other | \n \u00a0 | \n\u00a0 | \n4 | \n% | \n\u00a0 | \n\u00a0 | \n5 | \n% | \n
| Total | \n \u00a0 | \n\u00a0 | \n100 | \n% | \n\u00a0 | \n\u00a0 | \n100 | \n% | \n
\u00a0
\nDue 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.
\n\u00a0
\nAssumed health care cost trend rates have a significant effect on the benefit obligation of the postretirement plans.
\n\u00a0
\n \n| Assumed Health Care Cost Trend Rates at: | \n \u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| Initial health care cost trend rate | \n \u00a0 | \n\u00a0 | \n6.32 | \n% | \n\u00a0 | \n\u00a0 | \n6.53 | \n% | \n
| Ultimate health care cost trend rate | \n \u00a0 | \n\u00a0 | \n4.44 | \n% | \n\u00a0 | \n\u00a0 | \n4.44 | \n% | \n
| Year that the rate reaches the ultimate trend rate | \n \u00a0 | \n 2029 | \n \u00a0 | \n\u00a0 | \n 2029 | \n \u00a0 | \n
\u00a0
\nWe currently anticipate making contributions of approximately $12.4\u00a0million to our pension plans in fiscal 2023. We anticipate making contributions of $8.1 million to our other postretirement plans in fiscal 2023. These estimates are based on ERISA guidelines, current tax laws, plan asset performance, and liability assumptions, which are subject to change.
\n\u00a0
\nThe following table presents estimated future gross benefit payments for our plans:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Pension | \n \u00a0 | \n\u00a0 | \n Postretirement | \n \u00a0 | \n||
| \u00a0 | \n\u00a0 | \n Plans | \n \u00a0 | \n\u00a0 | \n Plans | \n \u00a0 | \n||
| 2023 | \n \u00a0 | \n$ | \n202.6 | \n\u00a0 | \n\u00a0 | \n$ | \n8.1 | \n\u00a0 | \n
| 2024 | \n \u00a0 | \n\u00a0 | \n203.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.5 | \n\u00a0 | \n
| 2025 | \n \u00a0 | \n\u00a0 | \n205.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.9 | \n\u00a0 | \n
| 2026 | \n \u00a0 | \n\u00a0 | \n206.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.3 | \n\u00a0 | \n
| 2027 | \n \u00a0 | \n\u00a0 | \n207.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.8 | \n\u00a0 | \n
| Succeeding 5 years | \n \u00a0 | \n\u00a0 | \n1,027.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.5 | \n\u00a0 | \n
\u00a0
\n \n \nMultiemployer Pension Plans
\n\u00a0
\nThe 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:
\n\u00a0
\n| \u00a0 | \n a. | \n Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | \n
\u00a0
\n| \u00a0 | \n b. | \n If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | \n
\u00a0
\n| \u00a0 | \n c. | \n 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. | \n
\u00a0
\nThe 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:
\n\u00a0
\n| \u00a0 | \n \u2022 | \n The \"EIN / PN\" column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service. | \n
\u00a0
\n| \u00a0 | \n \u2022 | \n The most recent Pension Protection Act Zone Status available for 2021\u00a0and 2020 is for plan years that ended in calendar years 2021\u00a0and 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. | \n
\u00a0
\n| \u00a0 | \n \u2022 | \n 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. | \n
\u00a0
\n| \u00a0 | \n \u2022 | \n Contributions by the Company are the amounts contributed in the Company's fiscal periods ending in the specified year. | \n
\u00a0
\n| \u00a0 | \n \u2022 | \n 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. | \n
\u00a0
\n| \u00a0 | \n \u2022 | \n The last column lists the expiration dates of the collective bargaining agreements pursuant to which the Company contributes to the plans. | \n
\u00a0
\nFor plans that are not individually significant to Conagra Brands the total amount of contributions is presented in the aggregate.
\n\u00a0
\n \n \n \n| \u00a0 | \n\u00a0 | \n Pension Protection Act Zone Status | \n FIP / RP Status | \n \u00a0 | \n Contributions by the Company (millions) | \n \u00a0 | \n\u00a0 | \n Expiration Dates of Collective | \n \u00a0 | \n||||||||||
| Pension Fund | \n EIN / PN | \n 2021 | \n 2020 | \n Pending / Implemented | \n \u00a0 | \n FY22 | \n \u00a0 | \n\u00a0 | \n FY21 | \n \u00a0 | \n\u00a0 | \n FY20 | \n \u00a0 | \n Surcharge Imposed | \n Bargaining Agreements | \n \u00a0 | \n|||
| Central States, Southeast and Southwest Areas Pension Fund | \n 36-6044243/ 001 | \n Red, Critical and Declining | \n Red, Critical and Declining | \n RP Implemented | \n \u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.0 | \n\u00a0 | \n No | \n 5/31/2025 | \n \u00a0 | \n
| Western Conference of Teamsters Pension Plan | \n 91-6145047/ 001 | \n Green | \n Green | \n N/A | \n\u00a0 | \n\u00a0 | \n3.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.2 | \n\u00a0 | \n No | \n 6/30/2022 | \n \u00a0 | \n
| Other Plans | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Total Contributions | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n$ | \n8.1 | \n\u00a0 | \n\u00a0 | \n$ | \n7.4 | \n\u00a0 | \n\u00a0 | \n$ | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
\u00a0
\n \nThe 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.
\n\u00a0
\nCertain of our employees are covered under defined contribution plans. The expense related to these plans was $57.9 million, $47.6 million, and $49.9 million in fiscal 2022, 2021, and 2020, respectively.
\n\u00a0
\n 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\n| \u00a0 | \n\u00a0 | \n Pension Plans | \n \u00a0 | \n\u00a0 | \n Postretirement Plans | \n \u00a0 | \n||||||||||
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||||
| Change in Benefit Obligation | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Benefit obligation at beginning of year | \n \u00a0 | \n$ | \n3,739.2 | \n\u00a0 | \n\u00a0 | \n$ | \n3,872.5 | \n\u00a0 | \n\u00a0 | \n$ | \n81.5 | \n\u00a0 | \n\u00a0 | \n$ | \n89.8 | \n\u00a0 | \n
| Service cost | \n \u00a0 | \n\u00a0 | \n8.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n11.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n
| Interest cost | \n \u00a0 | \n\u00a0 | \n83.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n86.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.5 | \n\u00a0 | \n
| Amendments | \n \u00a0 | \n\u00a0 | \n3.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Actuarial gain | \n \u00a0 | \n\u00a0 | \n(503.1 | \n) | \n\u00a0 | \n\u00a0 | \n(37.4 | \n) | \n\u00a0 | \n\u00a0 | \n(9.5 | \n) | \n\u00a0 | \n\u00a0 | \n(2.3 | \n) | \n
| Plan settlements | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.3 | \n) | \n
| Curtailments | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Benefits paid | \n \u00a0 | \n\u00a0 | \n(198.3 | \n) | \n\u00a0 | \n\u00a0 | \n(196.8 | \n) | \n\u00a0 | \n\u00a0 | \n(8.2 | \n) | \n\u00a0 | \n\u00a0 | \n(8.5 | \n) | \n
| Currency | \n \u00a0 | \n\u00a0 | \n(0.9 | \n) | \n\u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.5 | \n) | \n\u00a0 | \n\u00a0 | \n1.1 | \n\u00a0 | \n
| Benefit obligation at end of year | \n \u00a0 | \n$ | \n3,132.6 | \n\u00a0 | \n\u00a0 | \n$ | \n3,739.2 | \n\u00a0 | \n\u00a0 | \n$ | \n64.8 | \n\u00a0 | \n\u00a0 | \n$ | \n81.5 | \n\u00a0 | \n
| Change in Plan Assets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Fair value of plan assets at beginning of year | \n \u00a0 | \n$ | \n3,848.8 | \n\u00a0 | \n\u00a0 | \n$ | \n3,820.4 | \n\u00a0 | \n\u00a0 | \n$ | \n3.3 | \n\u00a0 | \n\u00a0 | \n$ | \n3.4 | \n\u00a0 | \n
| Actual return on plan assets | \n \u00a0 | \n\u00a0 | \n(366.1 | \n) | \n\u00a0 | \n\u00a0 | \n194.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.1 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.2 | \n\u00a0 | \n
| Employer contributions | \n \u00a0 | \n\u00a0 | \n11.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n27.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.5 | \n\u00a0 | \n
| Plan settlements | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(0.3 | \n) | \n
| Benefits paid | \n \u00a0 | \n\u00a0 | \n(198.4 | \n) | \n\u00a0 | \n\u00a0 | \n(196.8 | \n) | \n\u00a0 | \n\u00a0 | \n(8.2 | \n) | \n\u00a0 | \n\u00a0 | \n(8.5 | \n) | \n
| Currency | \n \u00a0 | \n\u00a0 | \n(1.1 | \n) | \n\u00a0 | \n\u00a0 | \n3.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Fair value of plan assets at end of year | \n \u00a0 | \n$ | \n3,294.7 | \n\u00a0 | \n\u00a0 | \n$ | \n3,848.8 | \n\u00a0 | \n\u00a0 | \n$ | \n3.4 | \n\u00a0 | \n\u00a0 | \n$ | \n3.3 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Pension Plans | \n \u00a0 | \n\u00a0 | \n Postretirement Plans | \n \u00a0 | \n||||||||||
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||||
| Funded Status | \n \u00a0 | \n$ | \n162.1 | \n\u00a0 | \n\u00a0 | \n$ | \n109.6 | \n\u00a0 | \n\u00a0 | \n$ | \n(61.4 | \n) | \n\u00a0 | \n$ | \n(78.2 | \n) | \n
| Amounts Recognized in Consolidated Balance Sheets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Other assets | \n \u00a0 | \n$ | \n277.0 | \n\u00a0 | \n\u00a0 | \n$ | \n245.0 | \n\u00a0 | \n\u00a0 | \n$ | \n3.2 | \n\u00a0 | \n\u00a0 | \n$ | \n3.0 | \n\u00a0 | \n
| Other accrued liabilities | \n \u00a0 | \n\u00a0 | \n(10.2 | \n) | \n\u00a0 | \n\u00a0 | \n(10.3 | \n) | \n\u00a0 | \n\u00a0 | \n(8.1 | \n) | \n\u00a0 | \n\u00a0 | \n(9.0 | \n) | \n
| Other noncurrent liabilities | \n \u00a0 | \n\u00a0 | \n(104.7 | \n) | \n\u00a0 | \n\u00a0 | \n(125.1 | \n) | \n\u00a0 | \n\u00a0 | \n(56.5 | \n) | \n\u00a0 | \n\u00a0 | \n(72.2 | \n) | \n
| Net Amount Recognized | \n \u00a0 | \n$ | \n162.1 | \n\u00a0 | \n\u00a0 | \n$ | \n109.6 | \n\u00a0 | \n\u00a0 | \n$ | \n(61.4 | \n) | \n\u00a0 | \n$ | \n(78.2 | \n) | \n
| Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Actuarial net loss (gain) | \n \u00a0 | \n$ | \n(30.2 | \n) | \n\u00a0 | \n$ | \n(41.5 | \n) | \n\u00a0 | \n$ | \n(44.5 | \n) | \n\u00a0 | \n$ | \n(38.4 | \n) | \n
| Net prior service cost (benefit) | \n \u00a0 | \n\u00a0 | \n8.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n(11.0 | \n) | \n\u00a0 | \n\u00a0 | \n(12.9 | \n) | \n
| Total | \n \u00a0 | \n$ | \n(22.2 | \n) | \n\u00a0 | \n$ | \n(35.3 | \n) | \n\u00a0 | \n$ | \n(55.5 | \n) | \n\u00a0 | \n$ | \n(51.3 | \n) | \n
| Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2022 and May 30, 2021 | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Discount rate | \n \u00a0 | \n\u00a0 | \n4.48 | \n% | \n\u00a0 | \n\u00a0 | \n3.04 | \n% | \n\u00a0 | \n\u00a0 | \n4.24 | \n% | \n\u00a0 | \n\u00a0 | \n2.51 | \n% | \n
| Long-term rate of compensation increase | \n \u00a0 | \n\u00a0 | \nN/A | \n\u00a0 | \n\u00a0 | \n\u00a0 | \nN/A | \n\u00a0 | \n\u00a0 | \n\u00a0 | \nN/A | \n\u00a0 | \n\u00a0 | \n\u00a0 | \nN/A | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n 2022 | \n \u00a0 | \n\u00a0 | \n 2021 | \n \u00a0 | \n||
| Projected benefit obligation | \n \u00a0 | \n$ | \n114.9 | \n\u00a0 | \n\u00a0 | \n$ | \n135.4 | \n\u00a0 | \n
| Accumulated benefit obligation | \n \u00a0 | \n\u00a0 | \n114.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n135.4 | \n\u00a0 | \n
| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||||||||||
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | ||||||
| Service cost | \u00a0 | $ | 8.7 | \u00a0 | \u00a0 | $ | 11.6 | \u00a0 | \u00a0 | $ | 11.5 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | $ | 0.1 | \u00a0 |
| Interest cost | \u00a0 | \u00a0 | 83.3 | \u00a0 | \u00a0 | \u00a0 | 86.8 | \u00a0 | \u00a0 | \u00a0 | 118.4 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 1.5 | \u00a0 | \u00a0 | \u00a0 | 2.6 | \u00a0 |
| Expected return on plan assets | \u00a0 | \u00a0 | (145.4 | ) | \u00a0 | \u00a0 | (140.0 | ) | \u00a0 | \u00a0 | (170.2 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Amortization of prior service cost (benefit) | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | 2.7 | \u00a0 | \u00a0 | \u00a0 | (2.0 | ) | \u00a0 | \u00a0 | (2.1 | ) | \u00a0 | \u00a0 | (2.1 | ) |
| Recognized net actuarial loss (gain) | \u00a0 | \u00a0 | (2.9 | ) | \u00a0 | \u00a0 | 0.8 | \u00a0 | \u00a0 | \u00a0 | 44.8 | \u00a0 | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (4.6 | ) |
| Settlement gain | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (2.1 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) | \u00a0 | \u00a0 | (0.2 | ) |
| Curtailment loss (gain) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | 0.8 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Pension and postretirement cost (benefit) \u2014 Company plans | \u00a0 | \u00a0 | (54.4 | ) | \u00a0 | \u00a0 | (38.3 | ) | \u00a0 | \u00a0 | 5.9 | \u00a0 | \u00a0 | \u00a0 | (4.0 | ) | \u00a0 | \u00a0 | (4.4 | ) | \u00a0 | \u00a0 | (4.2 | ) |
| Pension cost (benefit) \u2014 multi-employer plans | \u00a0 | \u00a0 | 8.1 | \u00a0 | \u00a0 | \u00a0 | 7.4 | \u00a0 | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Total pension and postretirement cost (benefit) | \u00a0 | $ | (46.3 | ) | \u00a0 | $ | (30.9 | ) | \u00a0 | $ | 12.4 | \u00a0 | \u00a0 | $ | (4.0 | ) | \u00a0 | $ | (4.4 | ) | \u00a0 | $ | (4.2 | ) |
| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | ||||
| Net actuarial gain (loss) | \u00a0 | $ | (8.5 | ) | \u00a0 | $ | 92.0 | \u00a0 | \u00a0 | $ | 9.6 | \u00a0 | \u00a0 | $ | 2.5 | \u00a0 |
| Amendments | \u00a0 | \u00a0 | (3.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Amortization of prior service cost (benefit) | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | (2.0 | ) | \u00a0 | \u00a0 | (2.1 | ) |
| Settlement and curtailment loss (gain) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) |
| Recognized net actuarial loss (gain) | \u00a0 | \u00a0 | (2.9 | ) | \u00a0 | \u00a0 | 0.8 | \u00a0 | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (3.5 | ) |
| Currency | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (0.2 | ) | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (0.2 | ) |
| Net amount recognized | \u00a0 | $ | (13.1 | ) | \u00a0 | $ | 95.1 | \u00a0 | \u00a0 | $ | 4.2 | \u00a0 | \u00a0 | $ | (3.8 | ) |
| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||||||||||
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | ||||||
| Discount rate - interest cost | \u00a0 | \u00a0 | 2.29 | % | \u00a0 | \u00a0 | 2.30 | % | \u00a0 | \u00a0 | 3.51 | % | \u00a0 | \u00a0 | 1.69 | % | \u00a0 | \u00a0 | 1.74 | % | \u00a0 | \u00a0 | 3.09 | % |
| Discount rate - service cost | \u00a0 | \u00a0 | 3.50 | % | \u00a0 | \u00a0 | 3.35 | % | \u00a0 | \u00a0 | 4.04 | % | \u00a0 | \u00a0 | 3.55 | % | \u00a0 | \u00a0 | 3.03 | % | \u00a0 | \u00a0 | 3.47 | % |
| Long-term rate of return on plan assets | \u00a0 | \u00a0 | 3.87 | % | \u00a0 | \u00a0 | 3.74 | % | \u00a0 | \u00a0 | 4.77 | % | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 |
| Long-term rate of compensation increase | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | N/A | \u00a0 |
| \u00a0 | \u00a0 | Level 1 | \u00a0 | \u00a0 | Level 2 | \u00a0 | \u00a0 | Level 3 | \u00a0 | \u00a0 | Total | \u00a0 | ||||
| Cash and cash equivalents | \u00a0 | $ | 19.8 | \u00a0 | \u00a0 | $ | 93.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 113.0 | \u00a0 |
| Equity securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| U.S. equity securities | \u00a0 | \u00a0 | 65.6 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 85.1 | \u00a0 |
| International equity securities | \u00a0 | \u00a0 | 34.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 34.4 | \u00a0 |
| Fixed income securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Government bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 653.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 653.1 | \u00a0 |
| Corporate bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2,179.3 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2,179.3 | \u00a0 |
| Mortgage-backed bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 8.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 8.6 | \u00a0 |
| Real estate funds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net payables for unsettled transactions | \u00a0 | \u00a0 | (9.6 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.6 | ) |
| Fair value measurement of pension plan assets in the fair value hierarchy | \u00a0 | $ | 110.2 | \u00a0 | \u00a0 | $ | 2,953.7 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 3,063.9 | \u00a0 |
| Investments measured at net asset value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 230.8 | \u00a0 |
| Total pension plan assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 3,294.7 | \u00a0 |
| \u00a0 | \n\u00a0 | \n Level 1 | \n \u00a0 | \n\u00a0 | \n Level 2 | \n \u00a0 | \n\u00a0 | \n Level 3 | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||
| Cash and cash equivalents | \n \u00a0 | \n$ | \n7.5 | \n\u00a0 | \n\u00a0 | \n$ | \n85.0 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n92.5 | \n\u00a0 | \n
| Equity securities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| U.S. equity securities | \n \u00a0 | \n\u00a0 | \n78.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n94.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n172.6 | \n\u00a0 | \n
| International equity securities | \n \u00a0 | \n\u00a0 | \n121.9 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n0.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n122.4 | \n\u00a0 | \n
| Fixed income securities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Government bonds | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n772.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n772.6 | \n\u00a0 | \n
| Corporate bonds | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2,407.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2,407.2 | \n\u00a0 | \n
| Mortgage-backed bonds | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n12.4 | \n\u00a0 | \n
| Real estate funds | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Net receivables for unsettled transactions | \n \u00a0 | \n\u00a0 | \n5.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.7 | \n\u00a0 | \n
| Fair value measurement of pension plan assets in the fair value hierarchy | \n \u00a0 | \n$ | \n213.1 | \n\u00a0 | \n\u00a0 | \n$ | \n3,372.3 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n3,585.4 | \n\u00a0 | \n
| Investments measured at net asset value | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n263.4 | \n\u00a0 | \n
| Total pension plan assets | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n$ | \n3,848.8 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| Equity securities | \n \u00a0 | \n\u00a0 | \n4 | \n% | \n\u00a0 | \n\u00a0 | \n8 | \n% | \n
| Debt securities | \n \u00a0 | \n\u00a0 | \n87 | \n% | \n\u00a0 | \n\u00a0 | \n83 | \n% | \n
| Real estate funds | \n \u00a0 | \n\u00a0 | \n1 | \n% | \n\u00a0 | \n\u00a0 | \n1 | \n% | \n
| Private equity | \n \u00a0 | \n\u00a0 | \n4 | \n% | \n\u00a0 | \n\u00a0 | \n3 | \n% | \n
| Other | \n \u00a0 | \n\u00a0 | \n4 | \n% | \n\u00a0 | \n\u00a0 | \n5 | \n% | \n
| Total | \n \u00a0 | \n\u00a0 | \n100 | \n% | \n\u00a0 | \n\u00a0 | \n100 | \n% | \n
| Assumed Health Care Cost Trend Rates at: | \n \u00a0 | \n May 29, 2022 | \n \u00a0 | \n\u00a0 | \n May 30, 2021 | \n \u00a0 | \n||
| Initial health care cost trend rate | \n \u00a0 | \n\u00a0 | \n6.32 | \n% | \n\u00a0 | \n\u00a0 | \n6.53 | \n% | \n
| Ultimate health care cost trend rate | \n \u00a0 | \n\u00a0 | \n4.44 | \n% | \n\u00a0 | \n\u00a0 | \n4.44 | \n% | \n
| Year that the rate reaches the ultimate trend rate | \n \u00a0 | \n 2029 | \n \u00a0 | \n\u00a0 | \n 2029 | \n \u00a0 | \n
| \u00a0 | \n\u00a0 | \n Pension | \n \u00a0 | \n\u00a0 | \n Postretirement | \n \u00a0 | \n||
| \u00a0 | \n\u00a0 | \n Plans | \n \u00a0 | \n\u00a0 | \n Plans | \n \u00a0 | \n||
| 2023 | \n \u00a0 | \n$ | \n202.6 | \n\u00a0 | \n\u00a0 | \n$ | \n8.1 | \n\u00a0 | \n
| 2024 | \n \u00a0 | \n\u00a0 | \n203.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.5 | \n\u00a0 | \n
| 2025 | \n \u00a0 | \n\u00a0 | \n205.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.9 | \n\u00a0 | \n
| 2026 | \n \u00a0 | \n\u00a0 | \n206.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.3 | \n\u00a0 | \n
| 2027 | \n \u00a0 | \n\u00a0 | \n207.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n5.8 | \n\u00a0 | \n
| Succeeding 5 years | \n \u00a0 | \n\u00a0 | \n1,027.7 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n22.5 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Pension Protection Act Zone Status | \n FIP / RP Status | \n \u00a0 | \n Contributions by the Company (millions) | \n \u00a0 | \n\u00a0 | \n Expiration Dates of Collective | \n \u00a0 | \n||||||||||
| Pension Fund | \n EIN / PN | \n 2021 | \n 2020 | \n Pending / Implemented | \n \u00a0 | \n FY22 | \n \u00a0 | \n\u00a0 | \n FY21 | \n \u00a0 | \n\u00a0 | \n FY20 | \n \u00a0 | \n Surcharge Imposed | \n Bargaining Agreements | \n \u00a0 | \n|||
| Central States, Southeast and Southwest Areas Pension Fund | \n 36-6044243/ 001 | \n Red, Critical and Declining | \n Red, Critical and Declining | \n RP Implemented | \n \u00a0 | \n\u00a0 | \n2.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.2 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.0 | \n\u00a0 | \n No | \n 5/31/2025 | \n \u00a0 | \n
| Western Conference of Teamsters Pension Plan | \n 91-6145047/ 001 | \n Green | \n Green | \n N/A | \n\u00a0 | \n\u00a0 | \n3.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3.2 | \n\u00a0 | \n No | \n 6/30/2022 | \n \u00a0 | \n
| Other Plans | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.4 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1.3 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Total Contributions | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n$ | \n8.1 | \n\u00a0 | \n\u00a0 | \n$ | \n7.4 | \n\u00a0 | \n\u00a0 | \n$ | \n6.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
\u00a0
\n "}]},{"name":"rpt:f-2170","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cag:CentralStatesSoutheastAndSouthwestAreasPensionFundMember"},"factValues":[{"value":"2500000","decimals":-5}]},{"name":"rpt:f-2171","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cag:CentralStatesSoutheastAndSouthwestAreasPensionFundMember"},"factValues":[{"value":"2200000","decimals":-5}]},{"name":"rpt:f-2172","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cag:CentralStatesSoutheastAndSouthwestAreasPensionFundMember"},"factValues":[{"value":"2000000.0","decimals":-6}]},{"name":"rpt:f-2173","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cag:WesternConferenceOfTeamstersPensionPlanMember"},"factValues":[{"value":"3800000","decimals":-5}]},{"name":"rpt:f-2174","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cag:WesternConferenceOfTeamstersPensionPlanMember"},"factValues":[{"value":"3800000","decimals":-5}]},{"name":"rpt:f-2175","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"cag:WesternConferenceOfTeamstersPensionPlanMember"},"factValues":[{"value":"3200000","decimals":-5}]},{"name":"rpt:f-2176","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"us-gaap:RetirementPlanNameOtherMember"},"factValues":[{"value":"1800000","decimals":-5}]},{"name":"rpt:f-2177","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"us-gaap:RetirementPlanNameOtherMember"},"factValues":[{"value":"1400000","decimals":-5}]},{"name":"rpt:f-2178","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanNameAxis":"us-gaap:RetirementPlanNameOtherMember"},"factValues":[{"value":"1300000","decimals":-5}]},{"name":"rpt:f-2179","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8100000","decimals":-5}]},{"name":"rpt:f-2180","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7400000","decimals":-5}]},{"name":"rpt:f-2181","factDimensions":{"xbrl:concept":"us-gaap:MultiemployerPlanPensionSignificantPlanContribution","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6500000","decimals":-5}]},{"name":"rpt:f-2182","factDimensions":{"xbrl:concept":"cag:PercentageProvidingMoreThanPlansContribution","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.05","decimals":2}]},{"name":"rpt:f-2183","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanCostRecognized","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"57900000","decimals":-5}]},{"name":"rpt:f-2184","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanCostRecognized","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"47600000","decimals":-5}]},{"name":"rpt:f-2185","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanCostRecognized","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"49900000","decimals":-5}]},{"name":"rpt:f-2186","factDimensions":{"xbrl:concept":"us-gaap:FairValueDisclosuresTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n18. FAIR VALUE MEASUREMENTS
\n\u00a0
\nFinancial Accounting Standards Board\u00a0guidance 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:
\n\u00a0
\nLevel 1\u00a0\u2014 Unadjusted quoted prices in active markets for identical assets or liabilities,
\n\u00a0
\nLevel\u00a02\u00a0\u2014 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
\n\u00a0
\nLevel\u00a03 \u2014 Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability.
\n\u00a0
\nThe 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.
\n\u00a0
\nOur Level 3 available-for-sale debt securities consist of a convertible note receivable acquired in the\u00a0second quarter of fiscal 2022.\u00a0 The convertible note receivable is not traded in active markets and the fair value was determined using a discounted cash flow valuation model.
\n\u00a0
\n \n \nThe 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:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Level 1 | \n \u00a0 | \n\u00a0 | \n Level 2 | \n \u00a0 | \n\u00a0 | \n Level 3 | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||
| Assets: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Derivative assets | \n \u00a0 | \n$ | \n5.7 | \n\u00a0 | \n\u00a0 | \n$ | \n1.3 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n7.0 | \n\u00a0 | \n
| Marketable securities | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Deferred compensation assets | \n \u00a0 | \n\u00a0 | \n7.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.5 | \n\u00a0 | \n
| Available-for-sale debt securities | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.6 | \n\u00a0 | \n
| Total assets | \n \u00a0 | \n$ | \n13.2 | \n\u00a0 | \n\u00a0 | \n$ | \n1.3 | \n\u00a0 | \n\u00a0 | \n$ | \n7.6 | \n\u00a0 | \n\u00a0 | \n$ | \n22.1 | \n\u00a0 | \n
| Liabilities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Derivative liabilities | \n \u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n2.2 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n2.2 | \n\u00a0 | \n
| Deferred compensation liabilities | \n \u00a0 | \n\u00a0 | \n72.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n72.6 | \n\u00a0 | \n
| Total liabilities | \n \u00a0 | \n$ | \n72.6 | \n\u00a0 | \n\u00a0 | \n$ | \n2.2 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n74.8 | \n\u00a0 | \n
\u00a0
\nThe 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:
\n\u00a0
\n \n| \u00a0 | \n\u00a0 | \n Level 1 | \n \u00a0 | \n\u00a0 | \n Level 2 | \n \u00a0 | \n\u00a0 | \n Level 3 | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||
| Assets: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Derivative assets | \n \u00a0 | \n$ | \n13.0 | \n\u00a0 | \n\u00a0 | \n$ | \n2.5 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n15.5 | \n\u00a0 | \n
| Marketable securities | \n \u00a0 | \n\u00a0 | \n6.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.6 | \n\u00a0 | \n
| Deferred compensation assets | \n \u00a0 | \n\u00a0 | \n8.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.8 | \n\u00a0 | \n
| Total assets | \n \u00a0 | \n$ | \n28.4 | \n\u00a0 | \n\u00a0 | \n$ | \n2.5 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n30.9 | \n\u00a0 | \n
| Liabilities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Derivative liabilities | \n \u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n6.9 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n6.9 | \n\u00a0 | \n
| Deferred compensation liabilities | \n \u00a0 | \n\u00a0 | \n81.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n81.0 | \n\u00a0 | \n
| Total liabilities | \n \u00a0 | \n$ | \n81.0 | \n\u00a0 | \n\u00a0 | \n$ | \n6.9 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n87.9 | \n\u00a0 | \n
\u00a0
\nCertain 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.
\n\u00a0
\nDuring 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.
\n\u00a0
\nWe 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\u00a02022, 2021, and 2020, respectively. Impairments in our International segment totaled $14.4 million, $1.0\u00a0million, and $8.3\u00a0million for fiscal 2022, 2021, and 2020, respectively.
\n\u00a0
\nDuring fiscal 2022, we recognized impairment charges totaling $26.3\u00a0million in our Grocery & Snacks segment,\u00a0$28.9\u00a0million 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).
\n\u00a0
\nDuring fiscal 2020, we recognized impairment charges totaling $54.4 million in our Grocery & Snacks segment and $27.6 million\u00a0in our Refrigerated & Frozen segment. The impairments were measured based upon the estimated sales price of the disposal group\u00a0(see Note 5).
\n\u00a0
\n \n \nWe 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.
\n\u00a0
\nDuring 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.
\n\u00a0
\nThe carrying amount of long-term debt (including current installments) was $8.80\u00a0billion 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\u00a0 May 29, 2022 and May 30, 2021 was estimated at $8.85 billion and $9.76 billion, respectively.
\n\u00a0
\n "}]},{"name":"rpt:f-2187","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \n\u00a0 | \n Level 1 | \n \u00a0 | \n\u00a0 | \n Level 2 | \n \u00a0 | \n\u00a0 | \n Level 3 | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||
| Assets: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Derivative assets | \n \u00a0 | \n$ | \n5.7 | \n\u00a0 | \n\u00a0 | \n$ | \n1.3 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n7.0 | \n\u00a0 | \n
| Marketable securities | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n
| Deferred compensation assets | \n \u00a0 | \n\u00a0 | \n7.5 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.5 | \n\u00a0 | \n
| Available-for-sale debt securities | \n \u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7.6 | \n\u00a0 | \n
| Total assets | \n \u00a0 | \n$ | \n13.2 | \n\u00a0 | \n\u00a0 | \n$ | \n1.3 | \n\u00a0 | \n\u00a0 | \n$ | \n7.6 | \n\u00a0 | \n\u00a0 | \n$ | \n22.1 | \n\u00a0 | \n
| Liabilities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Derivative liabilities | \n \u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n2.2 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n2.2 | \n\u00a0 | \n
| Deferred compensation liabilities | \n \u00a0 | \n\u00a0 | \n72.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n72.6 | \n\u00a0 | \n
| Total liabilities | \n \u00a0 | \n$ | \n72.6 | \n\u00a0 | \n\u00a0 | \n$ | \n2.2 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n74.8 | \n\u00a0 | \n
| \u00a0 | \n\u00a0 | \n Level 1 | \n \u00a0 | \n\u00a0 | \n Level 2 | \n \u00a0 | \n\u00a0 | \n Level 3 | \n \u00a0 | \n\u00a0 | \n Total | \n \u00a0 | \n||||
| Assets: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Derivative assets | \n \u00a0 | \n$ | \n13.0 | \n\u00a0 | \n\u00a0 | \n$ | \n2.5 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n15.5 | \n\u00a0 | \n
| Marketable securities | \n \u00a0 | \n\u00a0 | \n6.6 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n6.6 | \n\u00a0 | \n
| Deferred compensation assets | \n \u00a0 | \n\u00a0 | \n8.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n8.8 | \n\u00a0 | \n
| Total assets | \n \u00a0 | \n$ | \n28.4 | \n\u00a0 | \n\u00a0 | \n$ | \n2.5 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n30.9 | \n\u00a0 | \n
| Liabilities: | \n \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n
| Derivative liabilities | \n \u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n6.9 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n6.9 | \n\u00a0 | \n
| Deferred compensation liabilities | \n \u00a0 | \n\u00a0 | \n81.0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u2014 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n81.0 | \n\u00a0 | \n
| Total liabilities | \n \u00a0 | \n$ | \n81.0 | \n\u00a0 | \n\u00a0 | \n$ | \n6.9 | \n\u00a0 | \n\u00a0 | \n$ | \n\u2014 | \n\u00a0 | \n\u00a0 | \n$ | \n87.9 | \n\u00a0 | \n
19. BUSINESS SEGMENTS AND RELATED INFORMATION
\n\u00a0
\nWe reflect our results of operations in reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.
\n\u00a0
\nThe Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States.
\n\u00a0
\nThe Refrigerated & Frozen reporting segment includes branded, temperature-controlled food products sold in various retail channels in the United States.
\n\u00a0
\nThe International reporting segment principally includes branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States.
\n\u00a0
\nThe 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.
\n\u00a0
\nWe do not aggregate operating segments when determining our reporting segments.
\n\u00a0
\nOperating 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.
\n\u00a0
\n \n \n \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Net sales | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Grocery & Snacks | \u00a0 | $ | 4,697.4 | \u00a0 | \u00a0 | $ | 4,624.7 | \u00a0 | \u00a0 | $ | 4,600.6 | \u00a0 |
| Refrigerated & Frozen | \u00a0 | \u00a0 | 4,859.3 | \u00a0 | \u00a0 | \u00a0 | 4,774.6 | \u00a0 | \u00a0 | \u00a0 | 4,559.6 | \u00a0 |
| International | \u00a0 | \u00a0 | 970.8 | \u00a0 | \u00a0 | \u00a0 | 938.6 | \u00a0 | \u00a0 | \u00a0 | 925.3 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 1,008.4 | \u00a0 | \u00a0 | \u00a0 | 846.8 | \u00a0 | \u00a0 | \u00a0 | 968.9 | \u00a0 |
| Total net sales | \u00a0 | $ | 11,535.9 | \u00a0 | \u00a0 | $ | 11,184.7 | \u00a0 | \u00a0 | $ | 11,054.4 | \u00a0 |
| Operating profit | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Grocery & Snacks | \u00a0 | $ | 859.5 | \u00a0 | \u00a0 | $ | 1,092.7 | \u00a0 | \u00a0 | $ | 914.3 | \u00a0 |
| Refrigerated & Frozen | \u00a0 | \u00a0 | 561.1 | \u00a0 | \u00a0 | \u00a0 | 836.5 | \u00a0 | \u00a0 | \u00a0 | 702.2 | \u00a0 |
| International | \u00a0 | \u00a0 | 106.7 | \u00a0 | \u00a0 | \u00a0 | 131.8 | \u00a0 | \u00a0 | \u00a0 | 100.6 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 60.3 | \u00a0 | \u00a0 | \u00a0 | 80.0 | \u00a0 | \u00a0 | \u00a0 | 98.5 | \u00a0 |
| Total operating profit | \u00a0 | $ | 1,587.6 | \u00a0 | \u00a0 | $ | 2,141.0 | \u00a0 | \u00a0 | $ | 1,815.6 | \u00a0 |
| Equity method investment earnings | \u00a0 | \u00a0 | 145.3 | \u00a0 | \u00a0 | \u00a0 | 84.4 | \u00a0 | \u00a0 | \u00a0 | 73.2 | \u00a0 |
| General corporate expenses | \u00a0 | \u00a0 | 241.6 | \u00a0 | \u00a0 | \u00a0 | 364.8 | \u00a0 | \u00a0 | \u00a0 | 368.5 | \u00a0 |
| Pension and postretirement non-service income | \u00a0 | \u00a0 | 67.3 | \u00a0 | \u00a0 | \u00a0 | 54.5 | \u00a0 | \u00a0 | \u00a0 | 9.9 | \u00a0 |
| Interest expense, net | \u00a0 | \u00a0 | 379.9 | \u00a0 | \u00a0 | \u00a0 | 420.4 | \u00a0 | \u00a0 | \u00a0 | 487.1 | \u00a0 |
| Income tax expense | \u00a0 | \u00a0 | 290.5 | \u00a0 | \u00a0 | \u00a0 | 193.8 | \u00a0 | \u00a0 | \u00a0 | 201.3 | \u00a0 |
| Net income | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,300.9 | \u00a0 | \u00a0 | $ | 841.8 | \u00a0 |
| Less: Net income attributable to noncontrolling interests | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2.1 | \u00a0 | \u00a0 | \u00a0 | 1.7 | \u00a0 |
| Net income attributable to Conagra Brands, Inc. | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,298.8 | \u00a0 | \u00a0 | $ | 840.1 | \u00a0 |
\u00a0
\nThe following table presents further disaggregation of our net sales:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Frozen | \u00a0 | $ | 4,091.1 | \u00a0 | \u00a0 | $ | 3,948.0 | \u00a0 | \u00a0 | $ | 3,735.5 | \u00a0 |
| Staples | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other shelf-stable | \u00a0 | \u00a0 | 2,729.5 | \u00a0 | \u00a0 | \u00a0 | 2,830.2 | \u00a0 | \u00a0 | \u00a0 | 2,892.4 | \u00a0 |
| Refrigerated | \u00a0 | \u00a0 | 768.2 | \u00a0 | \u00a0 | \u00a0 | 826.6 | \u00a0 | \u00a0 | \u00a0 | 824.1 | \u00a0 |
| Snacks | \u00a0 | \u00a0 | 1,967.9 | \u00a0 | \u00a0 | \u00a0 | 1,794.5 | \u00a0 | \u00a0 | \u00a0 | 1,708.2 | \u00a0 |
| International | \u00a0 | \u00a0 | 970.8 | \u00a0 | \u00a0 | \u00a0 | 938.6 | \u00a0 | \u00a0 | \u00a0 | 925.3 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 1,008.4 | \u00a0 | \u00a0 | \u00a0 | 846.8 | \u00a0 | \u00a0 | \u00a0 | 968.9 | \u00a0 |
| Total net sales | \u00a0 | $ | 11,535.9 | \u00a0 | \u00a0 | $ | 11,184.7 | \u00a0 | \u00a0 | $ | 11,054.4 | \u00a0 |
\u00a0
\nTo 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 reporting segments outlined above.
\n\u00a0
\nPresentation of Derivative Gains (Losses) from Economic Hedges of Forecasted Cash Flows in Segment Results
\n\u00a0
\nDerivatives 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.
\n\u00a0
\n \n \nThe 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:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Net derivative gains (losses) incurred | \u00a0 | $ | 37.1 | \u00a0 | \u00a0 | $ | 9.5 | \u00a0 | \u00a0 | $ | (12.9 | ) |
| Less: Net derivative gains (losses) allocated to reporting segments | \u00a0 | \u00a0 | 32.7 | \u00a0 | \u00a0 | \u00a0 | (6.1 | ) | \u00a0 | \u00a0 | (7.4 | ) |
| Net derivative gains (losses) recognized in general corporate expenses | \u00a0 | $ | 4.4 | \u00a0 | \u00a0 | $ | 15.6 | \u00a0 | \u00a0 | $ | (5.5 | ) |
| Net derivative gains (losses) allocated to Grocery & Snacks | \u00a0 | $ | 17.3 | \u00a0 | \u00a0 | $ | (2.3 | ) | \u00a0 | $ | (4.7 | ) |
| Net derivative gains (losses) allocated to Refrigerated & Frozen | \u00a0 | \u00a0 | 17.4 | \u00a0 | \u00a0 | \u00a0 | (1.7 | ) | \u00a0 | \u00a0 | (2.5 | ) |
| Net derivative gains (losses) allocated to International | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | \u00a0 | (1.7 | ) | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Net derivative gains (losses) allocated to Foodservice | \u00a0 | \u00a0 | 1.6 | \u00a0 | \u00a0 | \u00a0 | (0.4 | ) | \u00a0 | \u00a0 | (0.3 | ) |
| Net derivative gains (losses) included in segment operating profit | \u00a0 | $ | 32.7 | \u00a0 | \u00a0 | $ | (6.1 | ) | \u00a0 | $ | (7.4 | ) |
\u00a0
\nAs 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\u00a0million. This amount reflected net gains of $16.0\u00a0million incurred during the fiscal year ended May 29, 2022, as well as net losses of $0.1\u00a0million 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\u00a0million in fiscal 2023\u00a0and $0.5\u00a0million in fiscal 2024\u00a0and thereafter.
\n\u00a0
\nAssets by Segment
\n\u00a0
\nThe 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\u00a0million, $328.0\u00a0million, and $329.1\u00a0million, respectively.
\n\u00a0
\nOther Information
\n\u00a0
\nOur 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\u00a0States, were approximately $1.00\u00a0billion, $960.5\u00a0million, and $946.8\u00a0million in fiscal 2022, 2021, and 2020, respectively. Our long-lived assets located outside of the United States are not significant.
\n\u00a0
\nOur 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\u00a02021 and 2020, significantly impacting the Grocery & Snacks and Refrigerated & Frozen segments.
\n\u00a0
\nWalmart, 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.
\n\u00a0
\n "}]},{"name":"rpt:f-2269","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Net sales | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Grocery & Snacks | \u00a0 | $ | 4,697.4 | \u00a0 | \u00a0 | $ | 4,624.7 | \u00a0 | \u00a0 | $ | 4,600.6 | \u00a0 |
| Refrigerated & Frozen | \u00a0 | \u00a0 | 4,859.3 | \u00a0 | \u00a0 | \u00a0 | 4,774.6 | \u00a0 | \u00a0 | \u00a0 | 4,559.6 | \u00a0 |
| International | \u00a0 | \u00a0 | 970.8 | \u00a0 | \u00a0 | \u00a0 | 938.6 | \u00a0 | \u00a0 | \u00a0 | 925.3 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 1,008.4 | \u00a0 | \u00a0 | \u00a0 | 846.8 | \u00a0 | \u00a0 | \u00a0 | 968.9 | \u00a0 |
| Total net sales | \u00a0 | $ | 11,535.9 | \u00a0 | \u00a0 | $ | 11,184.7 | \u00a0 | \u00a0 | $ | 11,054.4 | \u00a0 |
| Operating profit | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Grocery & Snacks | \u00a0 | $ | 859.5 | \u00a0 | \u00a0 | $ | 1,092.7 | \u00a0 | \u00a0 | $ | 914.3 | \u00a0 |
| Refrigerated & Frozen | \u00a0 | \u00a0 | 561.1 | \u00a0 | \u00a0 | \u00a0 | 836.5 | \u00a0 | \u00a0 | \u00a0 | 702.2 | \u00a0 |
| International | \u00a0 | \u00a0 | 106.7 | \u00a0 | \u00a0 | \u00a0 | 131.8 | \u00a0 | \u00a0 | \u00a0 | 100.6 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 60.3 | \u00a0 | \u00a0 | \u00a0 | 80.0 | \u00a0 | \u00a0 | \u00a0 | 98.5 | \u00a0 |
| Total operating profit | \u00a0 | $ | 1,587.6 | \u00a0 | \u00a0 | $ | 2,141.0 | \u00a0 | \u00a0 | $ | 1,815.6 | \u00a0 |
| Equity method investment earnings | \u00a0 | \u00a0 | 145.3 | \u00a0 | \u00a0 | \u00a0 | 84.4 | \u00a0 | \u00a0 | \u00a0 | 73.2 | \u00a0 |
| General corporate expenses | \u00a0 | \u00a0 | 241.6 | \u00a0 | \u00a0 | \u00a0 | 364.8 | \u00a0 | \u00a0 | \u00a0 | 368.5 | \u00a0 |
| Pension and postretirement non-service income | \u00a0 | \u00a0 | 67.3 | \u00a0 | \u00a0 | \u00a0 | 54.5 | \u00a0 | \u00a0 | \u00a0 | 9.9 | \u00a0 |
| Interest expense, net | \u00a0 | \u00a0 | 379.9 | \u00a0 | \u00a0 | \u00a0 | 420.4 | \u00a0 | \u00a0 | \u00a0 | 487.1 | \u00a0 |
| Income tax expense | \u00a0 | \u00a0 | 290.5 | \u00a0 | \u00a0 | \u00a0 | 193.8 | \u00a0 | \u00a0 | \u00a0 | 201.3 | \u00a0 |
| Net income | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,300.9 | \u00a0 | \u00a0 | $ | 841.8 | \u00a0 |
| Less: Net income attributable to noncontrolling interests | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2.1 | \u00a0 | \u00a0 | \u00a0 | 1.7 | \u00a0 |
| Net income attributable to Conagra Brands, Inc. | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,298.8 | \u00a0 | \u00a0 | $ | 840.1 | \u00a0 |
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Frozen | \u00a0 | $ | 4,091.1 | \u00a0 | \u00a0 | $ | 3,948.0 | \u00a0 | \u00a0 | $ | 3,735.5 | \u00a0 |
| Staples | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other shelf-stable | \u00a0 | \u00a0 | 2,729.5 | \u00a0 | \u00a0 | \u00a0 | 2,830.2 | \u00a0 | \u00a0 | \u00a0 | 2,892.4 | \u00a0 |
| Refrigerated | \u00a0 | \u00a0 | 768.2 | \u00a0 | \u00a0 | \u00a0 | 826.6 | \u00a0 | \u00a0 | \u00a0 | 824.1 | \u00a0 |
| Snacks | \u00a0 | \u00a0 | 1,967.9 | \u00a0 | \u00a0 | \u00a0 | 1,794.5 | \u00a0 | \u00a0 | \u00a0 | 1,708.2 | \u00a0 |
| International | \u00a0 | \u00a0 | 970.8 | \u00a0 | \u00a0 | \u00a0 | 938.6 | \u00a0 | \u00a0 | \u00a0 | 925.3 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 1,008.4 | \u00a0 | \u00a0 | \u00a0 | 846.8 | \u00a0 | \u00a0 | \u00a0 | 968.9 | \u00a0 |
| Total net sales | \u00a0 | $ | 11,535.9 | \u00a0 | \u00a0 | $ | 11,184.7 | \u00a0 | \u00a0 | $ | 11,054.4 | \u00a0 |
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2020 | \u00a0 | |||
| Net derivative gains (losses) incurred | \u00a0 | $ | 37.1 | \u00a0 | \u00a0 | $ | 9.5 | \u00a0 | \u00a0 | $ | (12.9 | ) |
| Less: Net derivative gains (losses) allocated to reporting segments | \u00a0 | \u00a0 | 32.7 | \u00a0 | \u00a0 | \u00a0 | (6.1 | ) | \u00a0 | \u00a0 | (7.4 | ) |
| Net derivative gains (losses) recognized in general corporate expenses | \u00a0 | $ | 4.4 | \u00a0 | \u00a0 | $ | 15.6 | \u00a0 | \u00a0 | $ | (5.5 | ) |
| Net derivative gains (losses) allocated to Grocery & Snacks | \u00a0 | $ | 17.3 | \u00a0 | \u00a0 | $ | (2.3 | ) | \u00a0 | $ | (4.7 | ) |
| Net derivative gains (losses) allocated to Refrigerated & Frozen | \u00a0 | \u00a0 | 17.4 | \u00a0 | \u00a0 | \u00a0 | (1.7 | ) | \u00a0 | \u00a0 | (2.5 | ) |
| Net derivative gains (losses) allocated to International | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | \u00a0 | (1.7 | ) | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Net derivative gains (losses) allocated to Foodservice | \u00a0 | \u00a0 | 1.6 | \u00a0 | \u00a0 | \u00a0 | (0.4 | ) | \u00a0 | \u00a0 | (0.3 | ) |
| Net derivative gains (losses) included in segment operating profit | \u00a0 | $ | 32.7 | \u00a0 | \u00a0 | $ | (6.1 | ) | \u00a0 | $ | (7.4 | ) |