1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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\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 2023, 2022, and 2021.
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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.
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\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 that 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.
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\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.
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\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 | \u00a0 | Balance at Beginning of Period | \u00a0 | \u00a0 | Additions Charged to Costs and Expenses | \u00a0 | \u00a0 | Other1 | \u00a0 | \u00a0 | Deductions from Reserves2 | \u00a0 | \u00a0 | Balance at Close of Period | \u00a0 | |||||
| Year ended May 28, 2023 | \u00a0 | $ | 3.9 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (0.1 | ) | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | $ | 3.8 | \u00a0 |
| Year ended May 29, 2022 | \u00a0 | $ | 3.2 | \u00a0 | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 | \u00a0 | $ | 3.9 | \u00a0 |
| Year ended May 30, 2021 | \u00a0 | $ | 2.6 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 | \u00a0 | $ | 3.2 | \u00a0 |
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\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 | \u00a0 | Years | \u00a0 | |
| Land improvements | \u00a0 | \u00a0 | 1 - 40 | \u00a0 |
| Buildings | \u00a0 | \u00a0 | 15 - 40 | \u00a0 |
| Machinery and equipment | \u00a0 | \u00a0 | 3 - 20 | \u00a0 |
| Furniture, fixtures, office equipment and other | \u00a0 | \u00a0 | 5 - 15 | \u00a0 |
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\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 2023, 2022, and 2021, our capital expenditures totaled $362.2 million, $464.4 million, and $506.4 million, respectively. Accrued and unpaid capital expenditures as of May 28, 2023, May 29, 2022, May 30, 2021, and\u00a0 May 31, 2020 totaled $128.3\u00a0million, $108.8 million, $123.7 million, and $112.9 million, 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 2023, 2022, and 2021 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.
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\nRefer to Note 7\u00a0for discussion of the impairment charges related to goodwill and intangible assets in fiscal 2023, 2022, and 2021.
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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 accounting principles generally accepted in the United States of America (\"U.S. 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 $290.1 million, $244.6 million, and $258.0 million in fiscal 2023, 2022, and 2021, respectively, and are included in selling, general and administrative (\"SG&A\") expenses.
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\nResearch and Development \u2014 We incurred expenses of $57.7 million, $53.4 million, and $51.3 million for research and development activities in fiscal 2023, 2022, and 2021, 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.
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\nThe following table details the accumulated balances for each component of other comprehensive income (loss), net of tax:
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\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Currency translation losses, net of reclassification adjustments | \u00a0 | $ | (99.7 | ) | \u00a0 | $ | (95.1 | ) | \u00a0 | $ | (77.1 | ) |
| Derivative adjustments, net of reclassification adjustments | \u00a0 | \u00a0 | 29.2 | \u00a0 | \u00a0 | \u00a0 | 29.8 | \u00a0 | \u00a0 | \u00a0 | 24.3 | \u00a0 |
| Pension and postretirement benefit obligations, net of reclassification adjustments | \u00a0 | \u00a0 | 26.1 | \u00a0 | \u00a0 | \u00a0 | 54.1 | \u00a0 | \u00a0 | \u00a0 | 58.6 | \u00a0 |
| Accumulated other comprehensive income (loss) | \u00a0 | $ | (44.4 | ) | \u00a0 | $ | (11.2 | ) | \u00a0 | $ | 5.8 | \u00a0 |
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\n \n \nThe following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:
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\n \n| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Affected Line Item in the Consolidated Statement of Earnings1 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | \u00a0 | |||
| Net derivative adjustments: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash flow hedges | \u00a0 | $ | (3.3 | ) | \u00a0 | $ | (3.1 | ) | \u00a0 | $ | (3.2 | ) | \u00a0 | Interest expense, net |
| Cash flow hedges | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) | \u00a0 | Selling, general and administrative expenses |
| Cash flow hedges | \u00a0 | \u00a0 | (1.6 | ) | \u00a0 | \u00a0 | 1.8 | \u00a0 | \u00a0 | \u00a0 | 2.1 | \u00a0 | \u00a0 | Equity method investment earnings |
| \u00a0 | \u00a0 | \u00a0 | (4.9 | ) | \u00a0 | \u00a0 | (1.3 | ) | \u00a0 | \u00a0 | (1.6 | ) | \u00a0 | Total before tax |
| \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 | \u00a0 | \u00a0 | 0.4 | \u00a0 | \u00a0 | \u00a0 | 1.0 | \u00a0 | \u00a0 | Income tax expense |
| \u00a0 | \u00a0 | $ | (3.7 | ) | \u00a0 | $ | (0.9 | ) | \u00a0 | $ | (0.6 | ) | \u00a0 | Net of tax |
| Amortization of pension and postretirement benefit obligations: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net prior service cost (benefit) | \u00a0 | $ | (0.1 | ) | \u00a0 | $ | 0.1 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | Pension and postretirement non-service income |
| Net actuarial gain | \u00a0 | \u00a0 | (4.4 | ) | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | Pension and postretirement non-service income |
| Postretirement healthcare settlement | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) | \u00a0 | Pension and postretirement non-service income |
| Curtailment | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | Pension and postretirement non-service income |
| \u00a0 | \u00a0 | \u00a0 | (4.5 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | Total before tax |
| \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 1.0 | \u00a0 | \u00a0 | \u00a0 | 0.9 | \u00a0 | \u00a0 | Income tax expense |
| \u00a0 | \u00a0 | $ | (3.2 | ) | \u00a0 | $ | (2.5 | ) | \u00a0 | $ | (2.7 | ) | \u00a0 | Net of tax |
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\n1 Amounts in parentheses indicate income recognized in the Consolidated Statements of Earnings.
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\nForeign Currency Transaction Gains and Losses \u2014 We recognized net foreign currency transaction losses\u00a0of $2.8 million and $2.5\u00a0million in fiscal 2023\u00a0and\u00a02022, respectively, and net foreign currency transaction gains of $8.2 million in fiscal\u00a02021\u00a0in SG&A expenses.
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\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.
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\nReclassifications and other changes \u2014 Certain prior year amounts have been reclassified to conform with current year presentation.
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\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.
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\n \n \n "}]},{"name":"rpt:f-620","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriod","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Fiscal 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 2023, 2022, and 2021.
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"}]},{"name":"rpt:f-621","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Basis 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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"}]},{"name":"rpt:f-622","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsPolicy","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Investments 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.
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\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 that 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.
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"}]},{"name":"rpt:f-623","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Cash 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.
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"}]},{"name":"rpt:f-624","factDimensions":{"xbrl:concept":"us-gaap:ReceivablesPolicyTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Receivables \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 | \u00a0 | Balance at Beginning of Period | \u00a0 | \u00a0 | Additions Charged to Costs and Expenses | \u00a0 | \u00a0 | Other1 | \u00a0 | \u00a0 | Deductions from Reserves2 | \u00a0 | \u00a0 | Balance at Close of Period | \u00a0 | |||||
| Year ended May 28, 2023 | \u00a0 | $ | 3.9 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (0.1 | ) | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | $ | 3.8 | \u00a0 |
| Year ended May 29, 2022 | \u00a0 | $ | 3.2 | \u00a0 | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 | \u00a0 | $ | 3.9 | \u00a0 |
| Year ended May 30, 2021 | \u00a0 | $ | 2.6 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 | \u00a0 | $ | 3.2 | \u00a0 |
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\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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"}]},{"name":"rpt:f-625","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | Balance at Beginning of Period | \u00a0 | \u00a0 | Additions Charged to Costs and Expenses | \u00a0 | \u00a0 | Other1 | \u00a0 | \u00a0 | Deductions from Reserves2 | \u00a0 | \u00a0 | Balance at Close of Period | \u00a0 | |||||
| Year ended May 28, 2023 | \u00a0 | $ | 3.9 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (0.1 | ) | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | $ | 3.8 | \u00a0 |
| Year ended May 29, 2022 | \u00a0 | $ | 3.2 | \u00a0 | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 | \u00a0 | $ | 3.9 | \u00a0 |
| Year ended May 30, 2021 | \u00a0 | $ | 2.6 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 | \u00a0 | $ | 3.2 | \u00a0 |
Inventories \u2014 We use the lower of cost (determined using the first-in, first-out method) or net realizable value for valuing inventories.
\n\u00a0
"}]},{"name":"rpt:f-642","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Property, 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:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Years | \u00a0 | |
| Land improvements | \u00a0 | \u00a0 | 1 - 40 | \u00a0 |
| Buildings | \u00a0 | \u00a0 | 15 - 40 | \u00a0 |
| Machinery and equipment | \u00a0 | \u00a0 | 3 - 20 | \u00a0 |
| Furniture, fixtures, office equipment and other | \u00a0 | \u00a0 | 5 - 15 | \u00a0 |
\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.
\n\u00a0
\nDuring fiscal 2023, 2022, and 2021, our capital expenditures totaled $362.2 million, $464.4 million, and $506.4 million, respectively. Accrued and unpaid capital expenditures as of May 28, 2023, May 29, 2022, May 30, 2021, and\u00a0 May 31, 2020 totaled $128.3\u00a0million, $108.8 million, $123.7 million, and $112.9 million, respectively.
\n\u00a0
"}]},{"name":"rpt:f-643","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | Years | \u00a0 | |
| Land improvements | \u00a0 | \u00a0 | 1 - 40 | \u00a0 |
| Buildings | \u00a0 | \u00a0 | 15 - 40 | \u00a0 |
| Machinery and equipment | \u00a0 | \u00a0 | 3 - 20 | \u00a0 |
| Furniture, fixtures, office equipment and other | \u00a0 | \u00a0 | 5 - 15 | \u00a0 |
Goodwill 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.
\n\u00a0
\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.
\n\u00a0
\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.
\n\u00a0
\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.
\n\u00a0
\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.
\n\u00a0
\n \n \nIn fiscal 2023, 2022, and 2021 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.
\n\u00a0
\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 2023, 2022, and 2021.
\n\u00a0
"}]},{"name":"rpt:f-660","factDimensions":{"xbrl:concept":"us-gaap:FairValueOfFinancialInstrumentsPolicy","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Fair Values of Financial Instruments \u2014 Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value.
\n\u00a0
"}]},{"name":"rpt:f-661","factDimensions":{"xbrl:concept":"us-gaap:EnvironmentalCostsPolicy","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Environmental 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.
\n\u00a0
"}]},{"name":"rpt:f-662","factDimensions":{"xbrl:concept":"us-gaap:PensionAndOtherPostretirementPlansNonpensionBenefitsPolicy","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Employment-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.
\n\u00a0
\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 accounting principles generally accepted in the United States of America (\"U.S. GAAP\").
\n\u00a0
"}]},{"name":"rpt:f-663","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Revenue 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.
\n\u00a0
\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.
\n\u00a0
\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.
\n\u00a0
"}]},{"name":"rpt:f-664","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Advertising Costs \u2014 Advertising costs are expensed as incurred. Advertising and promotion expenses totaled $290.1 million, $244.6 million, and $258.0 million in fiscal 2023, 2022, and 2021, respectively, and are included in selling, general and administrative (\"SG&A\") expenses.
\n\u00a0
"}]},{"name":"rpt:f-665","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"290100000","decimals":-5}]},{"name":"rpt:f-666","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"244600000","decimals":-5}]},{"name":"rpt:f-667","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"258000000.0","decimals":-6}]},{"name":"rpt:f-668","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpensePolicy","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Research and Development \u2014 We incurred expenses of $57.7 million, $53.4 million, and $51.3 million for research and development activities in fiscal 2023, 2022, and 2021, respectively.
\n\u00a0
"}]},{"name":"rpt:f-669","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"57700000","decimals":-5}]},{"name":"rpt:f-670","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"53400000","decimals":-5}]},{"name":"rpt:f-671","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"51300000","decimals":-5}]},{"name":"rpt:f-672","factDimensions":{"xbrl:concept":"us-gaap:ComprehensiveIncomePolicyPolicyTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Comprehensive 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 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Currency translation losses, net of reclassification adjustments | \u00a0 | $ | (99.7 | ) | \u00a0 | $ | (95.1 | ) | \u00a0 | $ | (77.1 | ) |
| Derivative adjustments, net of reclassification adjustments | \u00a0 | \u00a0 | 29.2 | \u00a0 | \u00a0 | \u00a0 | 29.8 | \u00a0 | \u00a0 | \u00a0 | 24.3 | \u00a0 |
| Pension and postretirement benefit obligations, net of reclassification adjustments | \u00a0 | \u00a0 | 26.1 | \u00a0 | \u00a0 | \u00a0 | 54.1 | \u00a0 | \u00a0 | \u00a0 | 58.6 | \u00a0 |
| Accumulated other comprehensive income (loss) | \u00a0 | $ | (44.4 | ) | \u00a0 | $ | (11.2 | ) | \u00a0 | $ | 5.8 | \u00a0 |
\u00a0
\n \n \nThe following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:
\n\u00a0
\n \n| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Affected Line Item in the Consolidated Statement of Earnings1 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | \u00a0 | |||
| Net derivative adjustments: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash flow hedges | \u00a0 | $ | (3.3 | ) | \u00a0 | $ | (3.1 | ) | \u00a0 | $ | (3.2 | ) | \u00a0 | Interest expense, net |
| Cash flow hedges | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) | \u00a0 | Selling, general and administrative expenses |
| Cash flow hedges | \u00a0 | \u00a0 | (1.6 | ) | \u00a0 | \u00a0 | 1.8 | \u00a0 | \u00a0 | \u00a0 | 2.1 | \u00a0 | \u00a0 | Equity method investment earnings |
| \u00a0 | \u00a0 | \u00a0 | (4.9 | ) | \u00a0 | \u00a0 | (1.3 | ) | \u00a0 | \u00a0 | (1.6 | ) | \u00a0 | Total before tax |
| \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 | \u00a0 | \u00a0 | 0.4 | \u00a0 | \u00a0 | \u00a0 | 1.0 | \u00a0 | \u00a0 | Income tax expense |
| \u00a0 | \u00a0 | $ | (3.7 | ) | \u00a0 | $ | (0.9 | ) | \u00a0 | $ | (0.6 | ) | \u00a0 | Net of tax |
| Amortization of pension and postretirement benefit obligations: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net prior service cost (benefit) | \u00a0 | $ | (0.1 | ) | \u00a0 | $ | 0.1 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | Pension and postretirement non-service income |
| Net actuarial gain | \u00a0 | \u00a0 | (4.4 | ) | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | Pension and postretirement non-service income |
| Postretirement healthcare settlement | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) | \u00a0 | Pension and postretirement non-service income |
| Curtailment | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | Pension and postretirement non-service income |
| \u00a0 | \u00a0 | \u00a0 | (4.5 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | Total before tax |
| \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 1.0 | \u00a0 | \u00a0 | \u00a0 | 0.9 | \u00a0 | \u00a0 | Income tax expense |
| \u00a0 | \u00a0 | $ | (3.2 | ) | \u00a0 | $ | (2.5 | ) | \u00a0 | $ | (2.7 | ) | \u00a0 | Net of tax |
\u00a0
\n1 Amounts in parentheses indicate income recognized in the Consolidated Statements of Earnings.
\n\u00a0
"}]},{"name":"rpt:f-673","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Currency translation losses, net of reclassification adjustments | \u00a0 | $ | (99.7 | ) | \u00a0 | $ | (95.1 | ) | \u00a0 | $ | (77.1 | ) |
| Derivative adjustments, net of reclassification adjustments | \u00a0 | \u00a0 | 29.2 | \u00a0 | \u00a0 | \u00a0 | 29.8 | \u00a0 | \u00a0 | \u00a0 | 24.3 | \u00a0 |
| Pension and postretirement benefit obligations, net of reclassification adjustments | \u00a0 | \u00a0 | 26.1 | \u00a0 | \u00a0 | \u00a0 | 54.1 | \u00a0 | \u00a0 | \u00a0 | 58.6 | \u00a0 |
| Accumulated other comprehensive income (loss) | \u00a0 | $ | (44.4 | ) | \u00a0 | $ | (11.2 | ) | \u00a0 | $ | 5.8 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Affected Line Item in the Consolidated Statement of Earnings1 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | \u00a0 | |||
| Net derivative adjustments: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash flow hedges | \u00a0 | $ | (3.3 | ) | \u00a0 | $ | (3.1 | ) | \u00a0 | $ | (3.2 | ) | \u00a0 | Interest expense, net |
| Cash flow hedges | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) | \u00a0 | Selling, general and administrative expenses |
| Cash flow hedges | \u00a0 | \u00a0 | (1.6 | ) | \u00a0 | \u00a0 | 1.8 | \u00a0 | \u00a0 | \u00a0 | 2.1 | \u00a0 | \u00a0 | Equity method investment earnings |
| \u00a0 | \u00a0 | \u00a0 | (4.9 | ) | \u00a0 | \u00a0 | (1.3 | ) | \u00a0 | \u00a0 | (1.6 | ) | \u00a0 | Total before tax |
| \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 | \u00a0 | \u00a0 | 0.4 | \u00a0 | \u00a0 | \u00a0 | 1.0 | \u00a0 | \u00a0 | Income tax expense |
| \u00a0 | \u00a0 | $ | (3.7 | ) | \u00a0 | $ | (0.9 | ) | \u00a0 | $ | (0.6 | ) | \u00a0 | Net of tax |
| Amortization of pension and postretirement benefit obligations: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net prior service cost (benefit) | \u00a0 | $ | (0.1 | ) | \u00a0 | $ | 0.1 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | Pension and postretirement non-service income |
| Net actuarial gain | \u00a0 | \u00a0 | (4.4 | ) | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | Pension and postretirement non-service income |
| Postretirement healthcare settlement | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) | \u00a0 | Pension and postretirement non-service income |
| Curtailment | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | Pension and postretirement non-service income |
| \u00a0 | \u00a0 | \u00a0 | (4.5 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | Total before tax |
| \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 1.0 | \u00a0 | \u00a0 | \u00a0 | 0.9 | \u00a0 | \u00a0 | Income tax expense |
| \u00a0 | \u00a0 | $ | (3.2 | ) | \u00a0 | $ | (2.5 | ) | \u00a0 | $ | (2.7 | ) | \u00a0 | Net of tax |
Foreign Currency Transaction Gains and Losses \u2014 We recognized net foreign currency transaction losses\u00a0of $2.8 million and $2.5\u00a0million in fiscal 2023\u00a0and\u00a02022, respectively, and net foreign currency transaction gains of $8.2 million in fiscal\u00a02021\u00a0in SG&A expenses.
\n\u00a0
"}]},{"name":"rpt:f-727","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionGainLossBeforeTax","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2800000","decimals":-5}]},{"name":"rpt:f-728","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionGainLossBeforeTax","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2500000","decimals":-5}]},{"name":"rpt:f-729","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionGainLossBeforeTax","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8200000","decimals":-5}]},{"name":"rpt:f-730","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Business 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
"}]},{"name":"rpt:f-731","factDimensions":{"xbrl:concept":"us-gaap:PriorPeriodReclassificationAdjustmentDescription","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Reclassifications and other changes \u2014 Certain prior year amounts have been reclassified to conform with current year presentation.
\n\u00a0
"}]},{"name":"rpt:f-732","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Use 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
"}]},{"name":"rpt:f-733","factDimensions":{"xbrl:concept":"us-gaap:RestructuringAndRelatedActivitiesDisclosureTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n2. RESTRUCTURING ACTIVITIES
\n\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 2023, 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 28, 2023, we had approved the incurrence of $186.4\u00a0million ($58.6\u00a0million of cash charges and $127.8\u00a0million of non-cash charges) for several projects associated with the Conagra Restructuring Plan. We have incurred or expect to incur $156.3\u00a0million of charges ($53.0\u00a0million of cash charges and $103.3\u00a0million of non-cash charges) for actions identified to date under the Conagra Restructuring Plan. We recognized charges of $10.7 million, $29.4\u00a0million, and $46.2\u00a0million\u00a0in connection with the Conagra Restructuring Plan in fiscal 2023, 2022, and 2021, 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 2023):
\n\u00a0
\n \n| \u00a0 | \u00a0 | Grocery & Snacks | \u00a0 | \u00a0 | Refrigerated & Frozen | \u00a0 | \u00a0 | International | \u00a0 | \u00a0 | Foodservice | \u00a0 | \u00a0 | Corporate | \u00a0 | \u00a0 | Total | \u00a0 | ||||||
| Accelerated depreciation | \u00a0 | $ | 33.2 | \u00a0 | \u00a0 | $ | 40.5 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 73.7 | \u00a0 |
| Other cost of goods sold | \u00a0 | \u00a0 | 8.7 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 11.5 | \u00a0 |
| Total cost of goods sold | \u00a0 | \u00a0 | 41.9 | \u00a0 | \u00a0 | \u00a0 | 43.3 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 85.2 | \u00a0 |
| Severance and related costs | \u00a0 | \u00a0 | 11.5 | \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 6.3 | \u00a0 | \u00a0 | \u00a0 | 20.6 | \u00a0 |
| Asset impairment (net of gains on disposal) | \u00a0 | \u00a0 | 21.9 | \u00a0 | \u00a0 | \u00a0 | 0.9 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 22.9 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | \u00a0 | 2.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 5.7 | \u00a0 | \u00a0 | \u00a0 | 8.7 | \u00a0 |
| Other selling, general and administrative expenses | \u00a0 | \u00a0 | 12.9 | \u00a0 | \u00a0 | \u00a0 | 4.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | \u00a0 | 17.6 | \u00a0 |
| Total selling, general and administrative expenses | \u00a0 | \u00a0 | 47.4 | \u00a0 | \u00a0 | \u00a0 | 8.7 | \u00a0 | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 12.7 | \u00a0 | \u00a0 | \u00a0 | 70.5 | \u00a0 |
| Total | \u00a0 | $ | 89.3 | \u00a0 | \u00a0 | $ | 52.0 | \u00a0 | \u00a0 | $ | 1.4 | \u00a0 | \u00a0 | $ | 0.3 | \u00a0 | \u00a0 | $ | 12.7 | \u00a0 | \u00a0 | $ | 155.7 | \u00a0 |
| Pension and postretirement non-service income | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 |
| Consolidated total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 156.3 | \u00a0 |
\u00a0
\nDuring fiscal 2023, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Grocery & Snacks | \u00a0 | \u00a0 | Refrigerated & Frozen | \u00a0 | \u00a0 | Corporate | \u00a0 | \u00a0 | Total | \u00a0 | ||||
| Accelerated depreciation | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 0.7 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 0.7 | \u00a0 |
| Other cost of goods sold | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.5 | \u00a0 |
| Total cost of goods sold | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 |
| Severance and related costs | \u00a0 | \u00a0 | (0.2 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 1.7 | \u00a0 |
| Asset impairment (net of gains on disposal) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 0.4 | \u00a0 | \u00a0 | \u00a0 | 3.5 | \u00a0 | \u00a0 | \u00a0 | 4.2 | \u00a0 |
| Other selling, general and administrative expenses | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | 3.3 | \u00a0 |
| Total selling, general and administrative expenses | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | 3.4 | \u00a0 | \u00a0 | \u00a0 | 5.6 | \u00a0 | \u00a0 | \u00a0 | 9.5 | \u00a0 |
| Total | \u00a0 | $ | 0.5 | \u00a0 | \u00a0 | $ | 4.6 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | 10.7 | \u00a0 |
\u00a0
\nIncluded in the above results are $9.6\u00a0million of charges that have resulted or will result in cash outflows and $1.1\u00a0million in non-cash charges.
\n\u00a0
\n \n \nWe recognized the following cumulative (plan inception to May 28, 2023) pre-tax expenses for the Conagra Restructuring Plan in our Consolidated Statements of Earnings:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Grocery & Snacks | \u00a0 | \u00a0 | Refrigerated & Frozen | \u00a0 | \u00a0 | International | \u00a0 | \u00a0 | Foodservice | \u00a0 | \u00a0 | Corporate | \u00a0 | \u00a0 | Total | \u00a0 | ||||||
| Accelerated depreciation | \u00a0 | $ | 33.2 | \u00a0 | \u00a0 | $ | 40.3 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 73.5 | \u00a0 |
| Other cost of goods sold | \u00a0 | \u00a0 | 8.7 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 11.5 | \u00a0 |
| Total cost of goods sold | \u00a0 | \u00a0 | 41.9 | \u00a0 | \u00a0 | \u00a0 | 43.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 85.0 | \u00a0 |
| Severance and related costs | \u00a0 | \u00a0 | 11.4 | \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 6.3 | \u00a0 | \u00a0 | \u00a0 | 20.5 | \u00a0 |
| Asset impairment (net of gains on disposal) | \u00a0 | \u00a0 | 21.9 | \u00a0 | \u00a0 | \u00a0 | 0.9 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 22.9 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 0.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 5.2 | \u00a0 | \u00a0 | \u00a0 | 5.9 | \u00a0 |
| Other selling, general and administrative expenses | \u00a0 | \u00a0 | 12.9 | \u00a0 | \u00a0 | \u00a0 | 3.9 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | 17.3 | \u00a0 |
| Total selling, general and administrative expenses | \u00a0 | \u00a0 | 47.0 | \u00a0 | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 12.1 | \u00a0 | \u00a0 | \u00a0 | 67.3 | \u00a0 |
| Total | \u00a0 | $ | 88.9 | \u00a0 | \u00a0 | $ | 49.6 | \u00a0 | \u00a0 | $ | 1.4 | \u00a0 | \u00a0 | $ | 0.3 | \u00a0 | \u00a0 | $ | 12.1 | \u00a0 | \u00a0 | $ | 152.3 | \u00a0 |
| Pension and postretirement non-service income | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 |
| Consolidated total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 152.9 | \u00a0 |
\u00a0
\nIncluded in the above results are $49.8\u00a0million of charges that have resulted or will result in cash outflows and $103.1\u00a0million in non-cash charges.
\n\u00a0
\nLiabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2023 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 29, | \u00a0 | \u00a0 | and Charged | \u00a0 | \u00a0 | or Otherwise | \u00a0 | \u00a0 | Changes in | \u00a0 | \u00a0 | May 28, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | to Expense | \u00a0 | \u00a0 | Settled | \u00a0 | \u00a0 | Estimates | \u00a0 | \u00a0 | 2023 | \u00a0 | |||||
| Severance and related costs | \u00a0 | $ | 3.2 | \u00a0 | \u00a0 | $ | 2.6 | \u00a0 | \u00a0 | $ | (3.2 | ) | \u00a0 | $ | (0.9 | ) | \u00a0 | $ | 1.7 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | (0.2 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 1.7 | \u00a0 | \u00a0 | \u00a0 | 4.2 | \u00a0 | \u00a0 | \u00a0 | (5.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 |
| Other costs | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | 3.5 | \u00a0 | \u00a0 | \u00a0 | (3.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Total | \u00a0 | $ | 5.1 | \u00a0 | \u00a0 | $ | 10.5 | \u00a0 | \u00a0 | $ | (12.8 | ) | \u00a0 | $ | (0.9 | ) | \u00a0 | $ | 1.9 | \u00a0 |
\u00a0
\n \n \nPinnacle Integration Restructuring Plan
\n\u00a0
\nAs of the end of the first quarter of fiscal 2023, we had substantially completed our restructuring and integration plan related to our acquisition of Pinnacle Foods, Inc. (\"Pinnacle\") in 2018 for the purpose of achieving significant cost synergies (the \"Pinnacle Integration Restructuring Plan\"). We recognized charges of $2.4 million, $19.6 million, and $31.7 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2023, 2022, and\u00a02021, respectively.
\n\u00a0
\nWe had recognized $295.7 million in pre-tax expenses ($13.0 million in cost of goods sold and $282.7 million in SG&A expenses) from the inception of this plan through\u00a0 May 28, 2023. Included in these results were $267.6 million of cash charges and $28.1 million of non-cash charges. Our total pre-tax expenses for the Pinnacle Integration Restructuring Plan are expected to be $340.7 million ($280.1 million of cash charges and $60.6 million of non-cash charges). The remaining charges relate primarily to certain leased facilities that are not expected to be used in their current capacity through the contractual lease term.
\n "}]},{"name":"rpt:f-734","factDimensions":{"xbrl:concept":"cag:RestructuringAndRelatedCostApprovedForIncurrence","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:ConagraRestructuringPlanMember"},"factValues":[{"value":"186400000","decimals":-5}]},{"name":"rpt:f-735","factDimensions":{"xbrl:concept":"cag:RestructuringAndRelatedCostApprovedForIncurrenceCash","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:ConagraRestructuringPlanMember"},"factValues":[{"value":"58600000","decimals":-5}]},{"name":"rpt:f-736","factDimensions":{"xbrl:concept":"cag:RestructuringAndRelatedCostApprovedForIncurrenceNoncash","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:ConagraRestructuringPlanMember"},"factValues":[{"value":"127800000","decimals":-5}]},{"name":"rpt:f-737","factDimensions":{"xbrl:concept":"us-gaap:RestructuringAndRelatedCostExpectedCost1","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:ConagraRestructuringPlanMember"},"factValues":[{"value":"156300000","decimals":-5}]},{"name":"rpt:f-738","factDimensions":{"xbrl:concept":"cag:RestructuringAndRelatedCostIncurredOrExpectedCashOutflowsFromInception","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:ConagraRestructuringPlanMember"},"factValues":[{"value":"53000000.0","decimals":-6}]},{"name":"rpt:f-739","factDimensions":{"xbrl:concept":"cag:RestructuringAndRelatedCostIncurredOrExpectedNoncashChargesFromInception","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:ConagraRestructuringPlanMember"},"factValues":[{"value":"103300000","decimals":-5}]},{"name":"rpt:f-740","factDimensions":{"xbrl:concept":"us-gaap:RestructuringAndRelatedCostIncurredCost","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:RestructuringPlanAxis":"cag:ConagraRestructuringPlanMember"},"factValues":[{"value":"10700000","decimals":-5}]},{"name":"rpt:f-741","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:ConagraRestructuringPlanMember"},"factValues":[{"value":"29400000","decimals":-5}]},{"name":"rpt:f-742","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:ConagraRestructuringPlanMember"},"factValues":[{"value":"46200000","decimals":-5}]},{"name":"rpt:f-743","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfRestructuringAndRelatedCostsTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | Grocery & Snacks | \u00a0 | \u00a0 | Refrigerated & Frozen | \u00a0 | \u00a0 | International | \u00a0 | \u00a0 | Foodservice | \u00a0 | \u00a0 | Corporate | \u00a0 | \u00a0 | Total | \u00a0 | ||||||
| Accelerated depreciation | \u00a0 | $ | 33.2 | \u00a0 | \u00a0 | $ | 40.5 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 73.7 | \u00a0 |
| Other cost of goods sold | \u00a0 | \u00a0 | 8.7 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 11.5 | \u00a0 |
| Total cost of goods sold | \u00a0 | \u00a0 | 41.9 | \u00a0 | \u00a0 | \u00a0 | 43.3 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 85.2 | \u00a0 |
| Severance and related costs | \u00a0 | \u00a0 | 11.5 | \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 6.3 | \u00a0 | \u00a0 | \u00a0 | 20.6 | \u00a0 |
| Asset impairment (net of gains on disposal) | \u00a0 | \u00a0 | 21.9 | \u00a0 | \u00a0 | \u00a0 | 0.9 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 22.9 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | \u00a0 | 2.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 5.7 | \u00a0 | \u00a0 | \u00a0 | 8.7 | \u00a0 |
| Other selling, general and administrative expenses | \u00a0 | \u00a0 | 12.9 | \u00a0 | \u00a0 | \u00a0 | 4.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | \u00a0 | 17.6 | \u00a0 |
| Total selling, general and administrative expenses | \u00a0 | \u00a0 | 47.4 | \u00a0 | \u00a0 | \u00a0 | 8.7 | \u00a0 | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 12.7 | \u00a0 | \u00a0 | \u00a0 | 70.5 | \u00a0 |
| Total | \u00a0 | $ | 89.3 | \u00a0 | \u00a0 | $ | 52.0 | \u00a0 | \u00a0 | $ | 1.4 | \u00a0 | \u00a0 | $ | 0.3 | \u00a0 | \u00a0 | $ | 12.7 | \u00a0 | \u00a0 | $ | 155.7 | \u00a0 |
| Pension and postretirement non-service income | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 |
| Consolidated total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 156.3 | \u00a0 |
| \u00a0 | \u00a0 | Grocery & Snacks | \u00a0 | \u00a0 | Refrigerated & Frozen | \u00a0 | \u00a0 | Corporate | \u00a0 | \u00a0 | Total | \u00a0 | ||||
| Accelerated depreciation | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 0.7 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 0.7 | \u00a0 |
| Other cost of goods sold | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.5 | \u00a0 |
| Total cost of goods sold | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 |
| Severance and related costs | \u00a0 | \u00a0 | (0.2 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 1.7 | \u00a0 |
| Asset impairment (net of gains on disposal) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 0.4 | \u00a0 | \u00a0 | \u00a0 | 3.5 | \u00a0 | \u00a0 | \u00a0 | 4.2 | \u00a0 |
| Other selling, general and administrative expenses | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | 3.3 | \u00a0 |
| Total selling, general and administrative expenses | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | 3.4 | \u00a0 | \u00a0 | \u00a0 | 5.6 | \u00a0 | \u00a0 | \u00a0 | 9.5 | \u00a0 |
| Total | \u00a0 | $ | 0.5 | \u00a0 | \u00a0 | $ | 4.6 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | 10.7 | \u00a0 |
| \u00a0 | \u00a0 | Grocery & Snacks | \u00a0 | \u00a0 | Refrigerated & Frozen | \u00a0 | \u00a0 | International | \u00a0 | \u00a0 | Foodservice | \u00a0 | \u00a0 | Corporate | \u00a0 | \u00a0 | Total | \u00a0 | ||||||
| Accelerated depreciation | \u00a0 | $ | 33.2 | \u00a0 | \u00a0 | $ | 40.3 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 73.5 | \u00a0 |
| Other cost of goods sold | \u00a0 | \u00a0 | 8.7 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 11.5 | \u00a0 |
| Total cost of goods sold | \u00a0 | \u00a0 | 41.9 | \u00a0 | \u00a0 | \u00a0 | 43.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 85.0 | \u00a0 |
| Severance and related costs | \u00a0 | \u00a0 | 11.4 | \u00a0 | \u00a0 | \u00a0 | 1.2 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 6.3 | \u00a0 | \u00a0 | \u00a0 | 20.5 | \u00a0 |
| Asset impairment (net of gains on disposal) | \u00a0 | \u00a0 | 21.9 | \u00a0 | \u00a0 | \u00a0 | 0.9 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 22.9 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.7 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 0.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 5.2 | \u00a0 | \u00a0 | \u00a0 | 5.9 | \u00a0 |
| Other selling, general and administrative expenses | \u00a0 | \u00a0 | 12.9 | \u00a0 | \u00a0 | \u00a0 | 3.9 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.5 | \u00a0 | \u00a0 | \u00a0 | 17.3 | \u00a0 |
| Total selling, general and administrative expenses | \u00a0 | \u00a0 | 47.0 | \u00a0 | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 12.1 | \u00a0 | \u00a0 | \u00a0 | 67.3 | \u00a0 |
| Total | \u00a0 | $ | 88.9 | \u00a0 | \u00a0 | $ | 49.6 | \u00a0 | \u00a0 | $ | 1.4 | \u00a0 | \u00a0 | $ | 0.3 | \u00a0 | \u00a0 | $ | 12.1 | \u00a0 | \u00a0 | $ | 152.3 | \u00a0 |
| Pension and postretirement non-service income | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 0.6 | \u00a0 |
| Consolidated total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 152.9 | \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 29, | \u00a0 | \u00a0 | and Charged | \u00a0 | \u00a0 | or Otherwise | \u00a0 | \u00a0 | Changes in | \u00a0 | \u00a0 | May 28, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | to Expense | \u00a0 | \u00a0 | Settled | \u00a0 | \u00a0 | Estimates | \u00a0 | \u00a0 | 2023 | \u00a0 | |||||
| Severance and related costs | \u00a0 | $ | 3.2 | \u00a0 | \u00a0 | $ | 2.6 | \u00a0 | \u00a0 | $ | (3.2 | ) | \u00a0 | $ | (0.9 | ) | \u00a0 | $ | 1.7 | \u00a0 |
| Contract/lease termination | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | (0.2 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Consulting/professional fees | \u00a0 | \u00a0 | 1.7 | \u00a0 | \u00a0 | \u00a0 | 4.2 | \u00a0 | \u00a0 | \u00a0 | (5.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 |
| Other costs | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | 3.5 | \u00a0 | \u00a0 | \u00a0 | (3.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Total | \u00a0 | $ | 5.1 | \u00a0 | \u00a0 | $ | 10.5 | \u00a0 | \u00a0 | $ | (12.8 | ) | \u00a0 | $ | (0.9 | ) | \u00a0 | $ | 1.9 | \u00a0 |
3. LONG-TERM DEBT
\n\u00a0
\n \n| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| senior debt due November 2048 | \u00a0 | $ | 1,000.0 | \u00a0 | \u00a0 | $ | 1,000.0 | \u00a0 |
| senior debt due January 2043 | \u00a0 | \u00a0 | 176.7 | \u00a0 | \u00a0 | \u00a0 | 176.7 | \u00a0 |
| senior debt due August 2039 | \u00a0 | \u00a0 | 91.4 | \u00a0 | \u00a0 | \u00a0 | 91.4 | \u00a0 |
| senior debt due November 2038 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 |
| senior debt due September 2030 | \u00a0 | \u00a0 | 300.0 | \u00a0 | \u00a0 | \u00a0 | 300.0 | \u00a0 |
| senior debt due November 2028 | \u00a0 | \u00a0 | 1,300.0 | \u00a0 | \u00a0 | \u00a0 | 1,300.0 | \u00a0 |
| senior debt due October 2028 | \u00a0 | \u00a0 | 382.2 | \u00a0 | \u00a0 | \u00a0 | 382.2 | \u00a0 |
| senior debt due November 2027 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 |
| senior debt due August 2027 | \u00a0 | \u00a0 | 9.2 | \u00a0 | \u00a0 | \u00a0 | 9.2 | \u00a0 |
| senior debt due October 2026 | \u00a0 | \u00a0 | 262.5 | \u00a0 | \u00a0 | \u00a0 | 262.5 | \u00a0 |
| senior debt due November 2025 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 |
| SOFR plus term loan due August 2025 | \u00a0 | \u00a0 | 500.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| senior debt due May 2024 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 |
| senior debt due August 2023 | \u00a0 | \u00a0 | 500.0 | \u00a0 | \u00a0 | \u00a0 | 500.0 | \u00a0 |
| senior debt due January 2023 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 437.0 | \u00a0 |
| senior debt due September 2022 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 250.0 | \u00a0 |
| to lease financing obligations due on various dates through 2036 | \u00a0 | \u00a0 | 112.6 | \u00a0 | \u00a0 | \u00a0 | 131.3 | \u00a0 |
| Other indebtedness | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Total face value of debt | \u00a0 | \u00a0 | 8,634.7 | \u00a0 | \u00a0 | \u00a0 | 8,840.4 | \u00a0 |
| Unamortized fair value adjustment | \u00a0 | 18.5 | \u00a0 | \u00a0 | \u00a0 | 19.2 | \u00a0 | |
| Unamortized discounts | \u00a0 | \u00a0 | (20.1 | ) | \u00a0 | \u00a0 | (23.4 | ) |
| Unamortized debt issuance costs | \u00a0 | \u00a0 | (35.8 | ) | \u00a0 | \u00a0 | (40.7 | ) |
| Less current installments | \u00a0 | \u00a0 | (1,516.0 | ) | \u00a0 | \u00a0 | (707.3 | ) |
| Total long-term debt | \u00a0 | $ | 7,081.3 | \u00a0 | \u00a0 | $ | 8,088.2 | \u00a0 |
\u00a0
\nThe aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 28, 2023, are as follows:
\n\u00a0
\n \n| 2024 | \u00a0 | $ | 1,517.4 | \u00a0 |
| 2025 | \u00a0 | \u00a0 | 14.5 | \u00a0 |
| 2026 | \u00a0 | \u00a0 | 1,512.0 | \u00a0 |
| 2027 | \u00a0 | \u00a0 | 277.4 | \u00a0 |
| 2028 | \u00a0 | \u00a0 | 1,015.3 | \u00a0 |
\u00a0
\nIn the third quarter of fiscal 2023, we repaid the remaining outstanding $437.0 million aggregate principal amount of our 3.20% senior notes on their maturity date of January 25, 2023. The repayment was primarily funded by the issuance of commercial paper.
\n\u00a0
\nIn the first quarter of fiscal 2023, we entered into an unsecured Term Loan Agreement (the \"Term Loan Agreement\") with a syndicate of financial institutions. The Term Loan Agreement provided for delayed draw term loans to the Company in an aggregate principal amount of up to $500.0 million. The Term Loan Agreement matures on August 26, 2025. During the second quarter of fiscal 2023, we borrowed the full $500.0 million aggregate principal amount available under the Term Loan Agreement. The proceeds were used to repay the full outstanding $250.0 million aggregate principal amount of our 3.25% senior notes on their maturity date of September 15, 2022, as well as to repay outstanding borrowings under our commercial paper program. Borrowings under the Term Loan Agreement bear interest at the sum of Term SOFR (as defined in the Term Loan Agreement), plus a 0.10% per annum rate spread adjustment, plus a percentage spread (ranging from 0.90% per annum to 1.375% per annum) based on the Company's senior unsecured long-term indebtedness ratings. The Company may voluntarily prepay term loans under the Term Loan Agreement, in whole or in part, without premium or penalty, subject to certain conditions.
\n\u00a0
\nIn the first quarter of fiscal 2022, we issued $500.0 million aggregate principal amount of 0.500% senior notes due August 11, 2023.\u00a0
\n\u00a0
\n\u00a0
\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
\nNet interest expense consists of:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Long-term debt | \u00a0 | $ | 402.1 | \u00a0 | \u00a0 | $ | 393.1 | \u00a0 | \u00a0 | $ | 430.0 | \u00a0 |
| Short-term debt | \u00a0 | \u00a0 | 18.8 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | 2.5 | \u00a0 |
| Interest income | \u00a0 | \u00a0 | (3.9 | ) | \u00a0 | \u00a0 | (2.1 | ) | \u00a0 | \u00a0 | (1.9 | ) |
| Interest capitalized | \u00a0 | \u00a0 | (7.4 | ) | \u00a0 | \u00a0 | (13.4 | ) | \u00a0 | \u00a0 | (10.2 | ) |
| \u00a0 | \u00a0 | $ | 409.6 | \u00a0 | \u00a0 | $ | 379.9 | \u00a0 | \u00a0 | $ | 420.4 | \u00a0 |
\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 $3.4\u00a0million, $3.3\u00a0million, and $3.3\u00a0million in fiscal 2023, 2022, and 2021, respectively, due to the impact of these interest rate swap contracts.
\n\u00a0
\nInterest paid was $416.3\u00a0million, $393.9\u00a0million, and $445.6\u00a0million in fiscal 2023, 2022, and 2021, respectively.
\n\u00a0
\n "}]},{"name":"rpt:f-948","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtInstrumentsTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| senior debt due November 2048 | \u00a0 | $ | 1,000.0 | \u00a0 | \u00a0 | $ | 1,000.0 | \u00a0 |
| senior debt due January 2043 | \u00a0 | \u00a0 | 176.7 | \u00a0 | \u00a0 | \u00a0 | 176.7 | \u00a0 |
| senior debt due August 2039 | \u00a0 | \u00a0 | 91.4 | \u00a0 | \u00a0 | \u00a0 | 91.4 | \u00a0 |
| senior debt due November 2038 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 |
| senior debt due September 2030 | \u00a0 | \u00a0 | 300.0 | \u00a0 | \u00a0 | \u00a0 | 300.0 | \u00a0 |
| senior debt due November 2028 | \u00a0 | \u00a0 | 1,300.0 | \u00a0 | \u00a0 | \u00a0 | 1,300.0 | \u00a0 |
| senior debt due October 2028 | \u00a0 | \u00a0 | 382.2 | \u00a0 | \u00a0 | \u00a0 | 382.2 | \u00a0 |
| senior debt due November 2027 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 |
| senior debt due August 2027 | \u00a0 | \u00a0 | 9.2 | \u00a0 | \u00a0 | \u00a0 | 9.2 | \u00a0 |
| senior debt due October 2026 | \u00a0 | \u00a0 | 262.5 | \u00a0 | \u00a0 | \u00a0 | 262.5 | \u00a0 |
| senior debt due November 2025 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 |
| SOFR plus term loan due August 2025 | \u00a0 | \u00a0 | 500.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| senior debt due May 2024 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 | \u00a0 | \u00a0 | 1,000.0 | \u00a0 |
| senior debt due August 2023 | \u00a0 | \u00a0 | 500.0 | \u00a0 | \u00a0 | \u00a0 | 500.0 | \u00a0 |
| senior debt due January 2023 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 437.0 | \u00a0 |
| senior debt due September 2022 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 250.0 | \u00a0 |
| to lease financing obligations due on various dates through 2036 | \u00a0 | \u00a0 | 112.6 | \u00a0 | \u00a0 | \u00a0 | 131.3 | \u00a0 |
| Other indebtedness | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Total face value of debt | \u00a0 | \u00a0 | 8,634.7 | \u00a0 | \u00a0 | \u00a0 | 8,840.4 | \u00a0 |
| Unamortized fair value adjustment | \u00a0 | 18.5 | \u00a0 | \u00a0 | \u00a0 | 19.2 | \u00a0 | |
| Unamortized discounts | \u00a0 | \u00a0 | (20.1 | ) | \u00a0 | \u00a0 | (23.4 | ) |
| Unamortized debt issuance costs | \u00a0 | \u00a0 | (35.8 | ) | \u00a0 | \u00a0 | (40.7 | ) |
| Less current installments | \u00a0 | \u00a0 | (1,516.0 | ) | \u00a0 | \u00a0 | (707.3 | ) |
| Total long-term debt | \u00a0 | $ | 7,081.3 | \u00a0 | \u00a0 | $ | 8,088.2 | \u00a0 |
| 2024 | \u00a0 | $ | 1,517.4 | \u00a0 |
| 2025 | \u00a0 | \u00a0 | 14.5 | \u00a0 |
| 2026 | \u00a0 | \u00a0 | 1,512.0 | \u00a0 |
| 2027 | \u00a0 | \u00a0 | 277.4 | \u00a0 |
| 2028 | \u00a0 | \u00a0 | 1,015.3 | \u00a0 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Long-term debt | \u00a0 | $ | 402.1 | \u00a0 | \u00a0 | $ | 393.1 | \u00a0 | \u00a0 | $ | 430.0 | \u00a0 |
| Short-term debt | \u00a0 | \u00a0 | 18.8 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | 2.5 | \u00a0 |
| Interest income | \u00a0 | \u00a0 | (3.9 | ) | \u00a0 | \u00a0 | (2.1 | ) | \u00a0 | \u00a0 | (1.9 | ) |
| Interest capitalized | \u00a0 | \u00a0 | (7.4 | ) | \u00a0 | \u00a0 | (13.4 | ) | \u00a0 | \u00a0 | (10.2 | ) |
| \u00a0 | \u00a0 | $ | 409.6 | \u00a0 | \u00a0 | $ | 379.9 | \u00a0 | \u00a0 | $ | 420.4 | \u00a0 |
4. CREDIT FACILITIES AND BORROWINGS
\n\u00a0
\nIn the first quarter of fiscal 2023, we entered into a Second\u00a0Amended and Restated Revolving Credit Agreement (the \"Revolving Credit Agreement\") with a syndicate of financial institutions providing for a revolving credit facility in a\u00a0maximum aggregate principal amount outstanding at any one time of $2.0\u00a0billion (subject to increase to a maximum aggregate principal amount of $2.5\u00a0billion with the consent of the lenders). The revolving credit facility provided for under the Revolving Credit Agreement replaced the Company's revolving credit facility under the prior revolving credit agreement, which was terminated. The Revolving Credit Agreement\u00a0matures on August\u00a026, 2027\u00a0and is unsecured. The term of the Revolving Credit Agreement\u00a0 may be extended for additional -year or -year periods from the then-applicable maturity date on an annual basis. As of May 28, 2023, there were outstanding borrowings under the Revolving Credit Agreement.
\n\u00a0
\nThe Revolving Credit Agreement\u00a0contains events of default customary for unsecured investment grade credit facilities with corresponding grace periods. The Revolving Credit Agreement\u00a0generally 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,\u00a0with each ratio to be calculated on a rolling four-quarter basis. As of\u00a0 May 28, 2023, we were in compliance with all financial covenants under the Revolving Credit Agreement.
\n\u00a0
\nWe finance our short-term liquidity needs with existing cash balances, cash flows from operations, and commercial paper borrowings. As of May 28, 2023, we had $576.0\u00a0million outstanding under our commercial paper program at an average weighted interest rate of 5.70%. 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%.
\n\u00a0
\nWe enter into various supplier financing arrangements to facilitate supply from our vendors. Balance sheet classification is based on the nature of the arrangement and amounts are classified as either Accounts payable or Notes payable within our Consolidated Balance Sheets. We have concluded that certain obligations to our suppliers, including amounts due and scheduled payment terms, are impacted by third-party service programs and therefore we have classified certain amounts outstanding under these programs as Notes payable. We had approximately $62.5\u00a0million of short-term borrowings as of\u00a0 May 28, 2023\u00a0related to these arrangements.
\n\u00a0
\n \n \n "}]},{"name":"rpt:f-1051","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"2000000000.0","decimals":-9}]},{"name":"rpt:f-1052","factDimensions":{"xbrl:concept":"cag:LineOfCreditFacilityMaximumBorrowingCapacityAfterIncreaseWithConsentOfLenders","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"2500000","decimals":-5}]},{"name":"rpt:f-1053","factDimensions":{"xbrl:concept":"cag:DebtinstrumentRequiredMinimumRatioOfEBITDAToInterestExpense","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"3.0"}]},{"name":"rpt:f-1054","factDimensions":{"xbrl:concept":"cag:DebtInstrumentCovenantsFundedDebtToEBITDA","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"4.5"}]},{"name":"rpt:f-1055","factDimensions":{"xbrl:concept":"us-gaap:ShortTermBorrowings","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:ShortTermDebtTypeAxis":"us-gaap:CommercialPaperMember"},"factValues":[{"value":"576000000.0","decimals":-6}]},{"name":"rpt:f-1056","factDimensions":{"xbrl:concept":"us-gaap:ShortTermDebtWeightedAverageInterestRate","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","us-gaap:ShortTermDebtTypeAxis":"us-gaap:CommercialPaperMember"},"factValues":[{"value":"0.0570","decimals":3}]},{"name":"rpt:f-1057","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-1058","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-1059","factDimensions":{"xbrl:concept":"us-gaap:ShortTermBorrowings","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"cag:NotesPayableMember","us-gaap:ShortTermDebtTypeAxis":"cag:SupplierFinancingArrangementMember"},"factValues":[{"value":"62500000","decimals":-5}]},{"name":"rpt:f-1060","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","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
\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. In connection with this activity, we recognized impairment charges of $70.1 million and $26.7 million within SG&A expenses in fiscal 2022 and 2023, respectively.\u00a0During the second quarter of fiscal 2023, it was determined that these assets and liabilities previously presented as assets and liabilities held for sale within our Consolidated Balance Sheets no longer met the held for sale criteria. Assets of $58.9 million and liabilities of $4.1 million as of May 29, 2022 have been reclassified to assets and liabilities held and used.
\n\u00a0
\n \n \n "}]},{"name":"rpt:f-1061","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-1062","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-1063","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-1064","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-1065","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-1066","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-1067","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-1068","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:DirectStoreDeliverySnacksBusinessMember","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"70100000","decimals":-5}]},{"name":"rpt:f-1069","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cag:DirectStoreDeliverySnacksBusinessMember","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"26700000","decimals":-5}]},{"name":"rpt:f-1070","factDimensions":{"xbrl:concept":"us-gaap:Assets","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:ReclassificationTypeAxis":"cag:TransferredFromHeldforsaleToHeldforuseMember"},"factValues":[{"value":"58900000","decimals":-5}]},{"name":"rpt:f-1071","factDimensions":{"xbrl:concept":"us-gaap:Liabilities","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:ReclassificationTypeAxis":"cag:TransferredFromHeldforsaleToHeldforuseMember"},"factValues":[{"value":"4100000","decimals":-5}]},{"name":"rpt:f-1072","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsDisclosureTextBlock","xbrl:period":"2022-05-30T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\n6. INVESTMENTS IN JOINT VENTURES
\n\u00a0
\nThe total carrying value of our equity method investments at the end of fiscal 2023 and 2022 was $998.4 million and $918.3\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 2023, we had purchases from our equity method investees of $30.8 million. Total dividends received from equity method investments in fiscal 2023 were $138.4 million.
\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\u00a02022 were $79.0 million.
\n\u00a0
\nIn fiscal 2021, we had purchases from our equity method investees of $28.7 million. Total dividends received from equity method investments in fiscal 2021\u00a0were $56.5 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 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Net sales: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 5,239.9 | \u00a0 | \u00a0 | $ | 4,258.5 | \u00a0 | \u00a0 | $ | 3,407.6 | \u00a0 |
| Other | \u00a0 | \u00a0 | 283.3 | \u00a0 | \u00a0 | \u00a0 | 253.2 | \u00a0 | \u00a0 | \u00a0 | 238.8 | \u00a0 |
| Total net sales | \u00a0 | $ | 5,523.2 | \u00a0 | \u00a0 | $ | 4,511.7 | \u00a0 | \u00a0 | $ | 3,646.4 | \u00a0 |
| Gross margin: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 745.4 | \u00a0 | \u00a0 | $ | 516.5 | \u00a0 | \u00a0 | $ | 360.6 | \u00a0 |
| Other | \u00a0 | \u00a0 | 59.4 | \u00a0 | \u00a0 | \u00a0 | 54.8 | \u00a0 | \u00a0 | \u00a0 | 47.3 | \u00a0 |
| Total gross margin | \u00a0 | $ | 804.8 | \u00a0 | \u00a0 | $ | 571.3 | \u00a0 | \u00a0 | $ | 407.9 | \u00a0 |
| Earnings after income taxes: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 453.2 | \u00a0 | \u00a0 | $ | 306.2 | \u00a0 | \u00a0 | $ | 169.6 | \u00a0 |
| Other | \u00a0 | \u00a0 | 22.3 | \u00a0 | \u00a0 | \u00a0 | 21.1 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 |
| Total earnings after income taxes | \u00a0 | $ | 475.5 | \u00a0 | \u00a0 | $ | 327.3 | \u00a0 | \u00a0 | $ | 189.1 | \u00a0 |
\u00a0
\n \n| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Ardent Mills: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current assets | \u00a0 | $ | 1,716.8 | \u00a0 | \u00a0 | $ | 1,470.1 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 1,840.5 | \u00a0 | \u00a0 | \u00a0 | 1,875.9 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 750.3 | \u00a0 | \u00a0 | \u00a0 | 720.5 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 556.9 | \u00a0 | \u00a0 | \u00a0 | 567.7 | \u00a0 |
| Other: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current assets | \u00a0 | $ | 131.4 | \u00a0 | \u00a0 | $ | 103.4 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 42.6 | \u00a0 | \u00a0 | \u00a0 | 38.2 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 46.7 | \u00a0 | \u00a0 | \u00a0 | 35.1 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 9.0 | \u00a0 | \u00a0 | \u00a0 | 10.7 | \u00a0 |
\u00a0
\n \n \n "}]},{"name":"rpt:f-1073","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestments","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:OtherAssetsMember"},"factValues":[{"value":"998400000","decimals":-5}]},{"name":"rpt:f-1074","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-1075","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"cag:ArdentMillsMember"},"factValues":[{"value":"0.44","decimals":2}]},{"name":"rpt:f-1076","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"cag:OtherJointVenturesMember"},"factValues":[{"value":"0.50","decimals":1}]},{"name":"rpt:f-1077","factDimensions":{"xbrl:concept":"us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"30800000","decimals":-5}]},{"name":"rpt:f-1078","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentDividendsOrDistributions","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"138400000","decimals":-5}]},{"name":"rpt:f-1079","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-1080","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-1081","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-1082","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-1083","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Net sales: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 5,239.9 | \u00a0 | \u00a0 | $ | 4,258.5 | \u00a0 | \u00a0 | $ | 3,407.6 | \u00a0 |
| Other | \u00a0 | \u00a0 | 283.3 | \u00a0 | \u00a0 | \u00a0 | 253.2 | \u00a0 | \u00a0 | \u00a0 | 238.8 | \u00a0 |
| Total net sales | \u00a0 | $ | 5,523.2 | \u00a0 | \u00a0 | $ | 4,511.7 | \u00a0 | \u00a0 | $ | 3,646.4 | \u00a0 |
| Gross margin: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 745.4 | \u00a0 | \u00a0 | $ | 516.5 | \u00a0 | \u00a0 | $ | 360.6 | \u00a0 |
| Other | \u00a0 | \u00a0 | 59.4 | \u00a0 | \u00a0 | \u00a0 | 54.8 | \u00a0 | \u00a0 | \u00a0 | 47.3 | \u00a0 |
| Total gross margin | \u00a0 | $ | 804.8 | \u00a0 | \u00a0 | $ | 571.3 | \u00a0 | \u00a0 | $ | 407.9 | \u00a0 |
| Earnings after income taxes: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Ardent Mills | \u00a0 | $ | 453.2 | \u00a0 | \u00a0 | $ | 306.2 | \u00a0 | \u00a0 | $ | 169.6 | \u00a0 |
| Other | \u00a0 | \u00a0 | 22.3 | \u00a0 | \u00a0 | \u00a0 | 21.1 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 |
| Total earnings after income taxes | \u00a0 | $ | 475.5 | \u00a0 | \u00a0 | $ | 327.3 | \u00a0 | \u00a0 | $ | 189.1 | \u00a0 |
| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Ardent Mills: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current assets | \u00a0 | $ | 1,716.8 | \u00a0 | \u00a0 | $ | 1,470.1 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 1,840.5 | \u00a0 | \u00a0 | \u00a0 | 1,875.9 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 750.3 | \u00a0 | \u00a0 | \u00a0 | 720.5 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 556.9 | \u00a0 | \u00a0 | \u00a0 | 567.7 | \u00a0 |
| Other: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Current assets | \u00a0 | $ | 131.4 | \u00a0 | \u00a0 | $ | 103.4 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 42.6 | \u00a0 | \u00a0 | \u00a0 | 38.2 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 46.7 | \u00a0 | \u00a0 | \u00a0 | 35.1 | \u00a0 |
| Noncurrent liabilities | \u00a0 | \u00a0 | 9.0 | \u00a0 | \u00a0 | \u00a0 | 10.7 | \u00a0 |
7. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
\n\u00a0
\nThe change in the carrying amount of goodwill for fiscal 2023 and 2022\u00a0was as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Grocery & Snacks | \u00a0 | \u00a0 | Refrigerated & Frozen | \u00a0 | \u00a0 | International | \u00a0 | \u00a0 | Foodservice | \u00a0 | \u00a0 | Total | \u00a0 | |||||
| Balance as of May 30, 2021 | \u00a0 | $ | 4,692.4 | \u00a0 | \u00a0 | $ | 5,611.2 | \u00a0 | \u00a0 | $ | 302.5 | \u00a0 | \u00a0 | $ | 732.8 | \u00a0 | \u00a0 | $ | 11,338.9 | \u00a0 |
| Currency translation | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.7 | ) |
| Balance as of May 29, 2022 | \u00a0 | $ | 4,692.4 | \u00a0 | \u00a0 | $ | 5,611.2 | \u00a0 | \u00a0 | $ | 292.8 | \u00a0 | \u00a0 | $ | 732.8 | \u00a0 | \u00a0 | $ | 11,329.2 | \u00a0 |
| Currency translation | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.3 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.3 | ) |
| Impairment | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (141.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (141.7 | ) |
| Balance as of May 28, 2023 | \u00a0 | $ | 4,692.4 | \u00a0 | \u00a0 | $ | 5,469.5 | \u00a0 | \u00a0 | $ | 283.5 | \u00a0 | \u00a0 | $ | 732.8 | \u00a0 | \u00a0 | $ | 11,178.2 | \u00a0 |
\u00a0
\nOther identifiable intangible assets\u00a0were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | Gross Carrying Amount | \u00a0 | \u00a0 | Accumulated Amortization | \u00a0 | \u00a0 | Gross Carrying Amount | \u00a0 | \u00a0 | Accumulated Amortization | \u00a0 | ||||
| Non-amortizing intangible assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Brands and trademarks | \u00a0 | $ | 2,470.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 3,061.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 |
| Amortizing intangible assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Customer relationships and intellectual property | \u00a0 | \u00a0 | 1,232.2 | \u00a0 | \u00a0 | \u00a0 | 496.9 | \u00a0 | \u00a0 | \u00a0 | 1,233.9 | \u00a0 | \u00a0 | \u00a0 | 437.7 | \u00a0 |
| \u00a0 | \u00a0 | $ | 3,702.8 | \u00a0 | \u00a0 | $ | 496.9 | \u00a0 | \u00a0 | $ | 4,295.5 | \u00a0 | \u00a0 | $ | 437.7 | \u00a0 |
\u00a0
\nDuring the first quarter of fiscal 2023, management reorganized\u00a0its reporting structure for\u00a0certain brands within two reporting units in our Refrigerated & Frozen segment.\u00a0The change in management reporting required us to reassign assets and liabilities, including goodwill, between the reporting units, complete a goodwill impairment test both prior to and subsequent to the change, and evaluate other assets in the reporting units for impairment, including indefinite-lived intangibles (brand names and trademarks). The fair value of our reporting units is estimated using a discounted cash flow analysis and the fair value of our indefinite-lived intangibles are determined using the \"relief from royalty\" methodology.\u00a0\u00a0
\n\u00a0
\nBoth the \"relief from royalty\" methodology used to value our indefinite-lived intangible assets and the discounted cash flow analysis require us to estimate the future cash flows as well as to select a risk-adjusted discount rate to measure the present value of the anticipated cash flows.\u00a0When determining future cash flow\u00a0estimates, we consider historical results adjusted to reflect current and anticipated operating conditions.\u00a0We estimate cash flows for a reporting unit over a discrete period (typically five years) and a terminal period (considering expected long-term growth rates and trends).\u00a0Estimating the fair value of individual reporting units and our indefinite-lived intangible assets requires us to make assumptions and estimates in areas such\u00a0as 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.
\n\u00a0
\nWe used a discount rate\u00a0of 7.75% and a terminal growth rate that approximated 1% in estimating the fair value of our Sides, Components,\u00a0Enhancers reporting unit during our impairment testing in the first quarter of fiscal 2023. As a result of our impairment tests, we recognized goodwill impairment charges within SG&A expenses of $141.7\u00a0million within our Sides, Components, Enhancers reporting unit.\u00a0 In addition, we recognized an impairment charge\u00a0within SG&A expenses of $244.0\u00a0million related to our Birds Eye\u00ae brand name in the first quarter of fiscal 2023. The impairments were largely due to the 125 basis point increase in the discount rate as a result of current economic conditions, including a significant increase in interest rates since our last quantitative impairment tests, as well as\u00a0a downward revision to our sales forecasts.\u00a0
\n\u00a0
\nIn the fourth quarter of fiscal\u00a02023, 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 Foodservice and Sides, Components, Enhancers reporting units. Our qualitative assessment considered, among other things, an increase in our market capitalization from our previous testing date, continued sales growth, and improvement in our operating margins which all had a positive impact on our financial results. We will continue to evaluate the impact of any significant changes in consumer purchasing behaviors, government restrictions, input cost inflation, or other macroeconomic conditions that could change certain assumptions and\u00a0result in future impairments. We completed a quantitative impairment test for our Foodservice and Sides, Components, Enhancers reporting units. We used a discount rate\u00a0of 7.75% and a terminal growth rate that approximated 1% in estimating the fair value of both of these reporting units. Based upon our quantitative impairment tests, the excess fair value over the carrying value for our Foodservice reporting unit was greater than 30%. The excess fair value over the carrying value\u00a0for our Sides, Components, Enhancers reporting unit\u00a0was less than 10%,\u00a0and fair value remained relatively consistent to our quantitative impairment test performed in the first quarter of fiscal 2023.
\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 2023, 2022, and 2021, we recognized amortization expense of $56.8\u00a0million, $59.3\u00a0million, and $59.7\u00a0million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 28, 2023, amortization expense for the next five years is estimated to be as follows:
\n\u00a0
\n \n| 2024 | \u00a0 | $ | 53.6 | \u00a0 |
| 2025 | \u00a0 | \u00a0 | 53.5 | \u00a0 |
| 2026 | \u00a0 | \u00a0 | 43.5 | \u00a0 |
| 2027 | \u00a0 | \u00a0 | 43.3 | \u00a0 |
| 2028 | \u00a0 | \u00a0 | 40.8 | \u00a0 |
\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. In the fourth quarter of\u00a0fiscal 2023, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $345.2\u00a0million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments. The most notable brands with impairments included\u00a0Gardein\u00ae,\u00a0Birds Eye\u00ae,\u00a0Hungry Man\u00ae, Vlasic\u00ae, Van De Kamps\u00ae, Earth Balance\u00ae, and Comstock\u00ae.\u00a0These brands were\u00a0negatively impacted by an\u00a0increase in our discount rate in response to the current economic environment (including an increase in interest rates) since our last annual impairment test. Our two largest impairments were related to Gardein\u00ae and Birds Eye\u00ae in the amount of $91.5 million and $78.3 million, respectively.\u00a0Both of these brands were negatively impacted by lower than expected profit margins which resulted in a reduction to our assumed royalty rates in addition to revised sales growth expectations to be consistent with recent industry trends. Including the Birds Eye\u00ae brand impairment recognized in the first quarter of fiscal 2023, discussed above, our total brand impairment charges\u00a0recognized in\u00a0fiscal 2023 were $589.2 million.
\n\u00a0
\nDuring 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.
\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
\n "}]},{"name":"rpt:f-1128","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | Grocery & Snacks | \u00a0 | \u00a0 | Refrigerated & Frozen | \u00a0 | \u00a0 | International | \u00a0 | \u00a0 | Foodservice | \u00a0 | \u00a0 | Total | \u00a0 | |||||
| Balance as of May 30, 2021 | \u00a0 | $ | 4,692.4 | \u00a0 | \u00a0 | $ | 5,611.2 | \u00a0 | \u00a0 | $ | 302.5 | \u00a0 | \u00a0 | $ | 732.8 | \u00a0 | \u00a0 | $ | 11,338.9 | \u00a0 |
| Currency translation | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.7 | ) |
| Balance as of May 29, 2022 | \u00a0 | $ | 4,692.4 | \u00a0 | \u00a0 | $ | 5,611.2 | \u00a0 | \u00a0 | $ | 292.8 | \u00a0 | \u00a0 | $ | 732.8 | \u00a0 | \u00a0 | $ | 11,329.2 | \u00a0 |
| Currency translation | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.3 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (9.3 | ) |
| Impairment | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (141.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (141.7 | ) |
| Balance as of May 28, 2023 | \u00a0 | $ | 4,692.4 | \u00a0 | \u00a0 | $ | 5,469.5 | \u00a0 | \u00a0 | $ | 283.5 | \u00a0 | \u00a0 | $ | 732.8 | \u00a0 | \u00a0 | $ | 11,178.2 | \u00a0 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | Gross Carrying Amount | \u00a0 | \u00a0 | Accumulated Amortization | \u00a0 | \u00a0 | Gross Carrying Amount | \u00a0 | \u00a0 | Accumulated Amortization | \u00a0 | ||||
| Non-amortizing intangible assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Brands and trademarks | \u00a0 | $ | 2,470.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 3,061.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 |
| Amortizing intangible assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Customer relationships and intellectual property | \u00a0 | \u00a0 | 1,232.2 | \u00a0 | \u00a0 | \u00a0 | 496.9 | \u00a0 | \u00a0 | \u00a0 | 1,233.9 | \u00a0 | \u00a0 | \u00a0 | 437.7 | \u00a0 |
| \u00a0 | \u00a0 | $ | 3,702.8 | \u00a0 | \u00a0 | $ | 496.9 | \u00a0 | \u00a0 | $ | 4,295.5 | \u00a0 | \u00a0 | $ | 437.7 | \u00a0 |
| 2024 | \u00a0 | $ | 53.6 | \u00a0 |
| 2025 | \u00a0 | \u00a0 | 53.5 | \u00a0 |
| 2026 | \u00a0 | \u00a0 | 43.5 | \u00a0 |
| 2027 | \u00a0 | \u00a0 | 43.3 | \u00a0 |
| 2028 | \u00a0 | \u00a0 | 40.8 | \u00a0 |
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 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Net income attributable to Conagra Brands, Inc. common stockholders: | \u00a0 | $ | 683.6 | \u00a0 | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,298.8 | \u00a0 |
| Weighted average shares outstanding: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Basic weighted average shares outstanding | \u00a0 | \u00a0 | 478.9 | \u00a0 | \u00a0 | \u00a0 | 480.3 | \u00a0 | \u00a0 | \u00a0 | 485.8 | \u00a0 |
| Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities | \u00a0 | \u00a0 | 1.8 | \u00a0 | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 2.0 | \u00a0 |
| Diluted weighted average shares outstanding | \u00a0 | \u00a0 | 480.7 | \u00a0 | \u00a0 | \u00a0 | 482.2 | \u00a0 | \u00a0 | \u00a0 | 487.8 | \u00a0 |
\u00a0
\nFor fiscal 2023, 2022, and 2021, there were 0.5\u00a0million, 0.8\u00a0million, and 0.4\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-1192","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Net income attributable to Conagra Brands, Inc. common stockholders: | \u00a0 | $ | 683.6 | \u00a0 | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,298.8 | \u00a0 |
| Weighted average shares outstanding: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Basic weighted average shares outstanding | \u00a0 | \u00a0 | 478.9 | \u00a0 | \u00a0 | \u00a0 | 480.3 | \u00a0 | \u00a0 | \u00a0 | 485.8 | \u00a0 |
| Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities | \u00a0 | \u00a0 | 1.8 | \u00a0 | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 2.0 | \u00a0 |
| Diluted weighted average shares outstanding | \u00a0 | \u00a0 | 480.7 | \u00a0 | \u00a0 | \u00a0 | 482.2 | \u00a0 | \u00a0 | \u00a0 | 487.8 | \u00a0 |
9. INVENTORIES
\n\u00a0
\nThe major classes of inventories were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Raw materials and packaging | \u00a0 | $ | 382.6 | \u00a0 | \u00a0 | $ | 387.5 | \u00a0 |
| Work in process | \u00a0 | \u00a0 | 224.6 | \u00a0 | \u00a0 | \u00a0 | 164.8 | \u00a0 |
| Finished goods | \u00a0 | \u00a0 | 1,523.0 | \u00a0 | \u00a0 | \u00a0 | 1,326.5 | \u00a0 |
| Supplies and other | \u00a0 | \u00a0 | 101.8 | \u00a0 | \u00a0 | \u00a0 | 87.9 | \u00a0 |
| Total | \u00a0 | $ | 2,232.0 | \u00a0 | \u00a0 | $ | 1,966.7 | \u00a0 |
\u00a0
\n "}]},{"name":"rpt:f-1209","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Raw materials and packaging | \u00a0 | $ | 382.6 | \u00a0 | \u00a0 | $ | 387.5 | \u00a0 |
| Work in process | \u00a0 | \u00a0 | 224.6 | \u00a0 | \u00a0 | \u00a0 | 164.8 | \u00a0 |
| Finished goods | \u00a0 | \u00a0 | 1,523.0 | \u00a0 | \u00a0 | \u00a0 | 1,326.5 | \u00a0 |
| Supplies and other | \u00a0 | \u00a0 | 101.8 | \u00a0 | \u00a0 | \u00a0 | 87.9 | \u00a0 |
| Total | \u00a0 | $ | 2,232.0 | \u00a0 | \u00a0 | $ | 1,966.7 | \u00a0 |
10. OTHER NONCURRENT LIABILITIES
\n\u00a0
\nOther noncurrent liabilities consisted of:
\n\u00a0
\n \n| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Postretirement health care and pension obligations (see Note 17) | \u00a0 | $ | 137.7 | \u00a0 | \u00a0 | $ | 161.2 | \u00a0 |
| Noncurrent income tax liabilities (see Note 13) | \u00a0 | \u00a0 | 1,143.8 | \u00a0 | \u00a0 | \u00a0 | 1,344.5 | \u00a0 |
| Noncurrent lease liabilities (see Note 14) | \u00a0 | \u00a0 | 186.6 | \u00a0 | \u00a0 | \u00a0 | 199.4 | \u00a0 |
| Self-insurance liabilities | \u00a0 | \u00a0 | 26.6 | \u00a0 | \u00a0 | \u00a0 | 31.3 | \u00a0 |
| Asset retirement obligations | \u00a0 | \u00a0 | 50.4 | \u00a0 | \u00a0 | \u00a0 | 43.0 | \u00a0 |
| Environmental liabilities (see Note 15) | \u00a0 | \u00a0 | 43.8 | \u00a0 | \u00a0 | \u00a0 | 43.6 | \u00a0 |
| Legal settlement costs (see Note 15) | \u00a0 | \u00a0 | 28.9 | \u00a0 | \u00a0 | \u00a0 | 40.5 | \u00a0 |
| Other | \u00a0 | \u00a0 | 105.5 | \u00a0 | \u00a0 | \u00a0 | 102.4 | \u00a0 |
| \u00a0 | \u00a0 | $ | 1,723.3 | \u00a0 | \u00a0 | $ | 1,965.9 | \u00a0 |
\u00a0
\n "}]},{"name":"rpt:f-1221","factDimensions":{"xbrl:concept":"us-gaap:OtherNoncurrentLiabilitiesTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Postretirement health care and pension obligations (see Note 17) | \u00a0 | $ | 137.7 | \u00a0 | \u00a0 | $ | 161.2 | \u00a0 |
| Noncurrent income tax liabilities (see Note 13) | \u00a0 | \u00a0 | 1,143.8 | \u00a0 | \u00a0 | \u00a0 | 1,344.5 | \u00a0 |
| Noncurrent lease liabilities (see Note 14) | \u00a0 | \u00a0 | 186.6 | \u00a0 | \u00a0 | \u00a0 | 199.4 | \u00a0 |
| Self-insurance liabilities | \u00a0 | \u00a0 | 26.6 | \u00a0 | \u00a0 | \u00a0 | 31.3 | \u00a0 |
| Asset retirement obligations | \u00a0 | \u00a0 | 50.4 | \u00a0 | \u00a0 | \u00a0 | 43.0 | \u00a0 |
| Environmental liabilities (see Note 15) | \u00a0 | \u00a0 | 43.8 | \u00a0 | \u00a0 | \u00a0 | 43.6 | \u00a0 |
| Legal settlement costs (see Note 15) | \u00a0 | \u00a0 | 28.9 | \u00a0 | \u00a0 | \u00a0 | 40.5 | \u00a0 |
| Other | \u00a0 | \u00a0 | 105.5 | \u00a0 | \u00a0 | \u00a0 | 102.4 | \u00a0 |
| \u00a0 | \u00a0 | $ | 1,723.3 | \u00a0 | \u00a0 | $ | 1,965.9 | \u00a0 |
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 28, 2023.
\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 4.2 million shares of our common stock for approximately $150.0\u00a0million in fiscal 2023, 1.5\u00a0million shares of our common stock for approximately $50.0\u00a0million in fiscal 2022, and 8.8 million shares of our common stock for approximately $298.1 million in fiscal 2021.
\n\u00a0
\n "}]},{"name":"rpt:f-1241","factDimensions":{"xbrl:concept":"cag:CommonStockAndPreferredStockSharesAuthorized","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1218050000"}]},{"name":"rpt:f-1242","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesAuthorized","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1200000000"}]},{"name":"rpt:f-1243","factDimensions":{"xbrl:concept":"us-gaap:CommonStockParOrStatedValuePerShare","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"5.00"}]},{"name":"rpt:f-1244","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesAuthorized","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesBPreferredStockMember"},"factValues":[{"value":"150000"}]},{"name":"rpt:f-1245","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockParOrStatedValuePerShare","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesBPreferredStockMember"},"factValues":[{"value":"50.00"}]},{"name":"rpt:f-1246","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesAuthorized","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesCPreferredStockMember"},"factValues":[{"value":"250000"}]},{"name":"rpt:f-1247","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockParOrStatedValuePerShare","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesCPreferredStockMember"},"factValues":[{"value":"100.00"}]},{"name":"rpt:f-1248","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesAuthorized","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesDPreferredStockMember"},"factValues":[{"value":"1100000"}]},{"name":"rpt:f-1249","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesAuthorized","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:SeriesEPreferredStockMember"},"factValues":[{"value":"16550000"}]},{"name":"rpt:f-1250","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesOutstanding","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1251","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodShares","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"4200000","decimals":-5}]},{"name":"rpt:f-1252","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchasedDuringPeriodValue","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"150000000.0","decimals":-7}]},{"name":"rpt:f-1253","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-1254","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-1255","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-1256","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-1257","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","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, performance shares, performance-based restricted stock units, and stock options. 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 28, 2023, approximately 37.4 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 (\"share units\") to employees and directors. These awards generally have requisite service periods of years. Under each such award, stock\u00a0is 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 $34.2 million, $25.8\u00a0million, and $28.1\u00a0million for fiscal 2023, 2022, and 2021, respectively. The tax benefit related to the stock-settled share unit award compensation expense for fiscal 2023, 2022, and 2021 was $6.2 million, $5.3 million, and $6.1\u00a0million, respectively.\u00a0
\n\u00a0
\nThe following table summarizes the nonvested share units as of May 28, 2023 and changes during the fiscal year then ended:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Stock-Settled | \u00a0 | |||||
| Share Units | \u00a0 | Share Units (in Millions) | \u00a0 | \u00a0 | Weighted Average Grant-Date Fair Value | \u00a0 | ||
| Nonvested share units at May 29, 2022 | \u00a0 | \u00a0 | 2.50 | \u00a0 | \u00a0 | $ | 32.94 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 1.56 | \u00a0 | \u00a0 | $ | 33.28 | \u00a0 |
| Vested/Issued | \u00a0 | \u00a0 | (1.02 | ) | \u00a0 | $ | 29.61 | \u00a0 |
| Forfeited | \u00a0 | \u00a0 | (0.21 | ) | \u00a0 | $ | 34.23 | \u00a0 |
| Nonvested share units at May 28, 2023 | \u00a0 | \u00a0 | 2.83 | \u00a0 | \u00a0 | $ | 34.23 | \u00a0 |
\u00a0
\nDuring fiscal 2023, 2022, and 2021, we granted 1.6 million, 1.1\u00a0million, and 0.9 million stock-settled share units, respectively, with a weighted average grant date fair value of $33.28, $34.26, and $36.72\u00a0per share unit, respectively.\u00a0
\n\u00a0
\nThe total intrinsic value of stock-settled share units vested was $34.7 million, $26.9\u00a0million, and $24.6\u00a0million during fiscal 2023, 2022, and 2021, respectively. The total intrinsic value of cash-settled share units vested was $4.3 million during fiscal 2021.
\n\u00a0
\nAt May 28, 2023, we had $32.0 million of total unrecognized compensation expense that will be recognized over a weighted average period of 1.7 years related to stock-settled share unit awards.
\n\u00a0
\nPerformance Share Awards
\n\u00a0
\nPerformance shares are granted to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goal for one-third of the target number of performance shares for the -year performance period ended\u00a0in fiscal 2023 (the \"2023 performance period\") was based on our fiscal 2021 diluted earnings per share (\"EPS\") compound annual growth rate (\"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 was based on our diluted EPS CAGR, subject to certain adjustments, measured over the -year period ended\u00a0in fiscal 2023. The performance goal\u00a0for the -year performance period\u00a0ending in fiscal\u00a02024 (the \"2024 performance period\") is\u00a0based on our diluted EPS CAGR, subject to certain adjustments, measured over the defined performance period. The performance goals for the -year performance period ending in fiscal 2025 (the \"2025 performance period\") are based on our net sales and diluted EPS growth, subject to certain adjustments, measured over the defined performance period, with each year of the performance period weighted one-third.\u00a0For each of the 2023\u00a0performance period, 2024\u00a0performance period, and 2025\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
\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
\n\u00a0
\n \n \nA summary of the activity for performance share awards as of May 28, 2023 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 29, 2022 | \u00a0 | \u00a0 | 1.44 | \u00a0 | \u00a0 | $ | 32.80 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 0.74 | \u00a0 | \u00a0 | $ | 33.13 | \u00a0 |
| Adjustments for performance results attained and dividend equivalents | \u00a0 | \u00a0 | (0.54 | ) | \u00a0 | $ | 28.45 | \u00a0 |
| Forfeited | \u00a0 | \u00a0 | (0.07 | ) | \u00a0 | $ | 34.18 | \u00a0 |
| Nonvested performance shares at May 28, 2023 | \u00a0 | \u00a0 | 1.57 | \u00a0 | \u00a0 | $ | 34.39 | \u00a0 |
\u00a0
\nWe recognized expense of $45.0 million, a benefit of $1.4 million, and expense of $34.9 million for our performance share awards in fiscal 2023, 2022, and 2021, 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\u00a02023 and 2021 was $1.7 million\u00a0and $3.6 million, respectively.
\n\u00a0
\nThe total intrinsic value of performance shares vested (including shares paid in lieu of dividends) during fiscal 2022\u00a0and 2021 was $27.0\u00a0million\u00a0and $33.9\u00a0million, respectively. Performance targets for the three-year performance period ending in fiscal 2022 were not met, resulting in no vesting during fiscal 2023.
\n\u00a0
\nBased on estimates at May 28, 2023, we had $17.0 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. The compensation expense for our PBRSU awards totaled $1.7\u00a0million\u00a0and $2.4\u00a0million for fiscal 2022\u00a0and 2021, respectively.\u00a0The tax expense (benefit) related to our PBRSU awards\u00a0for fiscal 2022 and\u00a02021was $0.4 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 2023, 2022, or 2021.
\n\u00a0
\nA summary of the option activity as of May 28, 2023 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 29, 2022 | \u00a0 | \u00a0 | 2.7 | \u00a0 | \u00a0 | $ | 30.87 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | (0.3 | ) | \u00a0 | $ | 29.95 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 2.9 | \u00a0 |
| Expired | \u00a0 | \u00a0 | (0.1 | ) | \u00a0 | $ | 35.81 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Outstanding at May 28, 2023 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | $ | 30.86 | \u00a0 | \u00a0 | \u00a0 | 2.31 | \u00a0 | \u00a0 | $ | 9.8 | \u00a0 |
| Exercisable at May 28, 2023 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | $ | 30.86 | \u00a0 | \u00a0 | \u00a0 | 2.31 | \u00a0 | \u00a0 | $ | 9.8 | \u00a0 |
\u00a0
\nWe recognized compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occurred. The total intrinsic value of stock options exercised was $2.9 million, $2.0\u00a0million, and $7.0\u00a0million for fiscal 2023, 2022, and 2021, respectively. The closing market price of our common stock on the last trading day of fiscal 2023 was $34.84 per share.
\n\u00a0
\nAt May 28, 2023, we had no unrecognized compensation expense related to stock options.
\n\u00a0
\nCash received from stock option exercises for fiscal 2023, 2022, and 2021 was $10.7 million, $7.8\u00a0million, and $20.5\u00a0million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $0.7 million, $0.5\u00a0million, and $1.7\u00a0million for fiscal 2023, 2022, and 2021, respectively.
\n\u00a0
\n "}]},{"name":"rpt:f-1258","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-1259","factDimensions":{"xbrl:concept":"us-gaap:CommonStockCapitalSharesReservedForFutureIssuance","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cag:ConagraFoodsStockPlanMember"},"factValues":[{"value":"37400000","decimals":-5}]},{"name":"rpt:f-1260","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"cag:StockSettledShareUnitAwardsMember","us-gaap:PlanNameAxis":"cag:ShareUnitAwardsMember"},"factValues":[{"value":"34200000","decimals":-5}]},{"name":"rpt:f-1261","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-1262","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-1263","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"cag:StockSettledShareUnitAwardsMember","us-gaap:PlanNameAxis":"cag:ShareUnitAwardsMember"},"factValues":[{"value":"6200000","decimals":-5}]},{"name":"rpt:f-1264","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-1265","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-1266","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | Stock-Settled | \u00a0 | |||||
| Share Units | \u00a0 | Share Units (in Millions) | \u00a0 | \u00a0 | Weighted Average Grant-Date Fair Value | \u00a0 | ||
| Nonvested share units at May 29, 2022 | \u00a0 | \u00a0 | 2.50 | \u00a0 | \u00a0 | $ | 32.94 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 1.56 | \u00a0 | \u00a0 | $ | 33.28 | \u00a0 |
| Vested/Issued | \u00a0 | \u00a0 | (1.02 | ) | \u00a0 | $ | 29.61 | \u00a0 |
| Forfeited | \u00a0 | \u00a0 | (0.21 | ) | \u00a0 | $ | 34.23 | \u00a0 |
| Nonvested share units at May 28, 2023 | \u00a0 | \u00a0 | 2.83 | \u00a0 | \u00a0 | $ | 34.23 | \u00a0 |
| Performance Shares | \u00a0 | Share Units (in Millions) | \u00a0 | \u00a0 | Weighted Average Grant-Date Fair Value | \u00a0 | ||
| Nonvested performance shares at May 29, 2022 | \u00a0 | \u00a0 | 1.44 | \u00a0 | \u00a0 | $ | 32.80 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 0.74 | \u00a0 | \u00a0 | $ | 33.13 | \u00a0 |
| Adjustments for performance results attained and dividend equivalents | \u00a0 | \u00a0 | (0.54 | ) | \u00a0 | $ | 28.45 | \u00a0 |
| Forfeited | \u00a0 | \u00a0 | (0.07 | ) | \u00a0 | $ | 34.18 | \u00a0 |
| Nonvested performance shares at May 28, 2023 | \u00a0 | \u00a0 | 1.57 | \u00a0 | \u00a0 | $ | 34.39 | \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 29, 2022 | \u00a0 | \u00a0 | 2.7 | \u00a0 | \u00a0 | $ | 30.87 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | (0.3 | ) | \u00a0 | $ | 29.95 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 2.9 | \u00a0 |
| Expired | \u00a0 | \u00a0 | (0.1 | ) | \u00a0 | $ | 35.81 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Outstanding at May 28, 2023 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | $ | 30.86 | \u00a0 | \u00a0 | \u00a0 | 2.31 | \u00a0 | \u00a0 | $ | 9.8 | \u00a0 |
| Exercisable at May 28, 2023 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | $ | 30.86 | \u00a0 | \u00a0 | \u00a0 | 2.31 | \u00a0 | \u00a0 | $ | 9.8 | \u00a0 |
13. PRE-TAX INCOME AND INCOME TAXES
\n\u00a0
\nPre-tax income (including equity method investment earnings) consisted of the following:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| United States | \u00a0 | $ | 803.9 | \u00a0 | \u00a0 | $ | 1,106.0 | \u00a0 | \u00a0 | $ | 1,426.5 | \u00a0 |
| Foreign | \u00a0 | \u00a0 | 98.0 | \u00a0 | \u00a0 | \u00a0 | 72.7 | \u00a0 | \u00a0 | \u00a0 | 68.2 | \u00a0 |
| \u00a0 | \u00a0 | $ | 901.9 | \u00a0 | \u00a0 | $ | 1,178.7 | \u00a0 | \u00a0 | $ | 1,494.7 | \u00a0 |
\u00a0
\n \n \nThe provision for income taxes included the following:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Federal | \u00a0 | $ | 304.6 | \u00a0 | \u00a0 | $ | 186.6 | \u00a0 | \u00a0 | $ | 232.6 | \u00a0 |
| State | \u00a0 | \u00a0 | 42.5 | \u00a0 | \u00a0 | \u00a0 | 48.2 | \u00a0 | \u00a0 | \u00a0 | 31.8 | \u00a0 |
| Foreign | \u00a0 | \u00a0 | 25.7 | \u00a0 | \u00a0 | \u00a0 | 18.4 | \u00a0 | \u00a0 | \u00a0 | 15.3 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 372.8 | \u00a0 | \u00a0 | \u00a0 | 253.2 | \u00a0 | \u00a0 | \u00a0 | 279.7 | \u00a0 |
| Deferred | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Federal | \u00a0 | \u00a0 | (135.8 | ) | \u00a0 | \u00a0 | 34.7 | \u00a0 | \u00a0 | \u00a0 | (63.5 | ) |
| State | \u00a0 | \u00a0 | (14.4 | ) | \u00a0 | \u00a0 | 3.9 | \u00a0 | \u00a0 | \u00a0 | (26.1 | ) |
| Foreign | \u00a0 | \u00a0 | (3.9 | ) | \u00a0 | \u00a0 | (1.3 | ) | \u00a0 | \u00a0 | 3.7 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | (154.1 | ) | \u00a0 | \u00a0 | 37.3 | \u00a0 | \u00a0 | \u00a0 | (85.9 | ) |
| \u00a0 | \u00a0 | $ | 218.7 | \u00a0 | \u00a0 | $ | 290.5 | \u00a0 | \u00a0 | $ | 193.8 | \u00a0 |
\u00a0
\nIncome taxes computed by applying the U.S. Federal statutory rates to income before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Computed U.S. Federal income taxes | \u00a0 | $ | 189.4 | \u00a0 | \u00a0 | $ | 247.5 | \u00a0 | \u00a0 | $ | 313.9 | \u00a0 |
| State income taxes, net of U.S. Federal tax impact | \u00a0 | \u00a0 | 28.9 | \u00a0 | \u00a0 | \u00a0 | 37.2 | \u00a0 | \u00a0 | \u00a0 | 37.4 | \u00a0 |
| Goodwill and intangible impairments | \u00a0 | \u00a0 | 27.5 | \u00a0 | \u00a0 | \u00a0 | 6.1 | \u00a0 | \u00a0 | \u00a0 | 13.6 | \u00a0 |
| Remeasurement of deferred taxes due to legal entity reorganization | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 35.8 | \u00a0 |
| Tax elections under review by the IRS on capital loss utilization | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 25.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Change of valuation allowance on capital loss carryforward | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (188.5 | ) |
| Change of valuation allowance due to certain tax elections | \u00a0 | \u00a0 | (28.1 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Incentive compensation | \u00a0 | \u00a0 | 11.1 | \u00a0 | \u00a0 | \u00a0 | 2.4 | \u00a0 | \u00a0 | \u00a0 | 6.1 | \u00a0 |
| Other | \u00a0 | \u00a0 | (10.1 | ) | \u00a0 | \u00a0 | (27.7 | ) | \u00a0 | \u00a0 | (24.5 | ) |
| \u00a0 | \u00a0 | $ | 218.7 | \u00a0 | \u00a0 | $ | 290.5 | \u00a0 | \u00a0 | $ | 193.8 | \u00a0 |
\u00a0
\nIncome taxes paid, net of refunds, were $407.1 million, $299.1 million, and $286.3 million in fiscal 2023, 2022, and 2021, 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 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | Assets | \u00a0 | \u00a0 | Liabilities | \u00a0 | \u00a0 | Assets | \u00a0 | \u00a0 | Liabilities | \u00a0 | ||||
| Property, plant and equipment | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 306.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 327.2 | \u00a0 |
| Inventory | \u00a0 | 20.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 30.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | |
| Goodwill, trademarks and other intangible assets | \u00a0 | \u00a0 | 437.3 | \u00a0 | \u00a0 | \u00a0 | 941.1 | \u00a0 | \u00a0 | \u00a0 | 405.8 | \u00a0 | \u00a0 | \u00a0 | 1,066.6 | \u00a0 |
| Right-of-use assets | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 47.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 47.9 | \u00a0 |
| Accrued expenses | \u00a0 | \u00a0 | 16.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 12.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Compensation related liabilities | \u00a0 | \u00a0 | 31.9 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 29.3 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Pension and other postretirement benefits | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 23.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 25.1 | \u00a0 |
| Investment in unconsolidated subsidiaries | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 19.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 9.4 | \u00a0 |
| Lease liabilities | \u00a0 | \u00a0 | 54.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 56.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other liabilities that will give rise to future tax deductions | \u00a0 | \u00a0 | 59.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 73.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net capital and operating loss carryforwards | \u00a0 | \u00a0 | 34.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 46.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Research Expenditures | \u00a0 | \u00a0 | 20.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Federal credits | \u00a0 | \u00a0 | 10.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 12.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other | \u00a0 | \u00a0 | 34.9 | \u00a0 | \u00a0 | \u00a0 | 32.8 | \u00a0 | \u00a0 | \u00a0 | 32.0 | \u00a0 | \u00a0 | \u00a0 | 38.6 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 720.9 | \u00a0 | \u00a0 | \u00a0 | 1,369.9 | \u00a0 | \u00a0 | \u00a0 | 698.0 | \u00a0 | \u00a0 | \u00a0 | 1,514.8 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \u00a0 | (457.6 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (455.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net deferred taxes | \u00a0 | $ | 263.3 | \u00a0 | \u00a0 | $ | 1,369.9 | \u00a0 | \u00a0 | $ | 242.5 | \u00a0 | \u00a0 | $ | 1,514.8 | \u00a0 |
\u00a0
\n \n \nThe liability for gross unrecognized tax benefits at May 28, 2023 was $23.7 million, excluding a related liability of $5.6 million for gross interest and penalties. As of May 29, 2022, our gross liability for unrecognized tax benefits was $62.9 million, excluding a related liability of $6.7 million for gross interest and penalties. Interest and penalties recognized in the Consolidated Statements of Earnings was a\u00a0benefit of $1.2 million and $2.1 million in fiscal 2023\u00a0and\u00a02022, respectively, and an expense of $1.4 million in fiscal 2021.
\n\u00a0
\nThe net amount of unrecognized tax benefits at\u00a0 May 28, 2023 and May 29, 2022 that, if recognized, would favorably impact our effective tax rate was $21.3 million and $58.0 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. Tax elections made in conjunction with filing our fiscal 2021 federal tax return are still under review with the IRS. 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 $4.0 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 fiscal years ended\u00a0 May 28, 2023 and May 29, 2022 was as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 |
| Beginning balance | \u00a0 | $ | 62.9 | \u00a0 | \u00a0 | $ | 33.0 | \u00a0 |
| Increases from positions established during prior periods | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 13.2 | \u00a0 |
| Decreases from positions established during prior periods | \u00a0 | \u00a0 | (32.3 | ) | \u00a0 | \u00a0 | (3.2 | ) |
| Increases from positions established during the current period | \u00a0 | \u00a0 | 1.7 | \u00a0 | \u00a0 | \u00a0 | 31.7 | \u00a0 |
| Reductions resulting from lapse of applicable statute of limitation | \u00a0 | \u00a0 | (8.9 | ) | \u00a0 | \u00a0 | (3.1 | ) |
| Decrease from audit settlements | \u00a0 | \u00a0 | (0.1 | ) | \u00a0 | \u00a0 | (8.5 | ) |
| Other adjustments to liability | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (0.2 | ) |
| Ending balance | \u00a0 | $ | 23.7 | \u00a0 | \u00a0 | $ | 62.9 | \u00a0 |
\u00a0
\nWe have approximately $11.8 million of foreign net operating loss carryforwards ($11.5 million will expire between fiscal 2028 and 2043 and $0.3 million have no expiration dates) and $69.2 million of federal net operating loss carryforwards which expire between fiscal 2024 and 2027. Included in net deferred tax liabilities are $18.3 million of tax effected state net operating loss carryforwards which expire in various years ranging from fiscal 2024 to 2043\u00a0and $2.1 million of tax effected state capital loss balances that expire in fiscal year 2027 through 2037. Foreign tax credits of $9.1 million will expire between fiscal 2025 and 2033. State tax credits of approximately $4.0 million will expire in various years ranging from fiscal 2024 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 IRS. 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 2023 was an increase of $2.1 million.\u00a0During fiscal 2023, we concluded that certain tax elections made by a subsidiary had a confidence level of more-likely-than-not which allowed us to release a valuation allowance of\u00a0$28.1 million.\u00a0Additionally, a valuation allowance increased by $30.1 million for an item that was previously reserved as an uncertain tax position. For fiscal 2022, the change\u00a0in the valuation allowance was an increase of $388.0 million, which principally relates to valuation allowances on increases in tax basis from tax elections made on our fiscal 2021 federal tax return that are still under review with the IRS.
\n\u00a0
\n \n \nIn the prior year, we made the assessment 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 have recorded a deferred tax liability of $6.2 million on approximately $123.4 million of earnings at May 28, 2023. 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\u00a0are 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\u00a0
\nOn August 16, 2022, the Inflation Reduction Act of 2022 was signed into law. We continue to evaluate the impact of the recently enacted law, including whether we are subject to the corporate alternative minimum tax. However, we do not expect the impact to be material to our Consolidated Financial Statements.
\n "}]},{"name":"rpt:f-1343","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| United States | \u00a0 | $ | 803.9 | \u00a0 | \u00a0 | $ | 1,106.0 | \u00a0 | \u00a0 | $ | 1,426.5 | \u00a0 |
| Foreign | \u00a0 | \u00a0 | 98.0 | \u00a0 | \u00a0 | \u00a0 | 72.7 | \u00a0 | \u00a0 | \u00a0 | 68.2 | \u00a0 |
| \u00a0 | \u00a0 | $ | 901.9 | \u00a0 | \u00a0 | $ | 1,178.7 | \u00a0 | \u00a0 | $ | 1,494.7 | \u00a0 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Current | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Federal | \u00a0 | $ | 304.6 | \u00a0 | \u00a0 | $ | 186.6 | \u00a0 | \u00a0 | $ | 232.6 | \u00a0 |
| State | \u00a0 | \u00a0 | 42.5 | \u00a0 | \u00a0 | \u00a0 | 48.2 | \u00a0 | \u00a0 | \u00a0 | 31.8 | \u00a0 |
| Foreign | \u00a0 | \u00a0 | 25.7 | \u00a0 | \u00a0 | \u00a0 | 18.4 | \u00a0 | \u00a0 | \u00a0 | 15.3 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 372.8 | \u00a0 | \u00a0 | \u00a0 | 253.2 | \u00a0 | \u00a0 | \u00a0 | 279.7 | \u00a0 |
| Deferred | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Federal | \u00a0 | \u00a0 | (135.8 | ) | \u00a0 | \u00a0 | 34.7 | \u00a0 | \u00a0 | \u00a0 | (63.5 | ) |
| State | \u00a0 | \u00a0 | (14.4 | ) | \u00a0 | \u00a0 | 3.9 | \u00a0 | \u00a0 | \u00a0 | (26.1 | ) |
| Foreign | \u00a0 | \u00a0 | (3.9 | ) | \u00a0 | \u00a0 | (1.3 | ) | \u00a0 | \u00a0 | 3.7 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | (154.1 | ) | \u00a0 | \u00a0 | 37.3 | \u00a0 | \u00a0 | \u00a0 | (85.9 | ) |
| \u00a0 | \u00a0 | $ | 218.7 | \u00a0 | \u00a0 | $ | 290.5 | \u00a0 | \u00a0 | $ | 193.8 | \u00a0 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Computed U.S. Federal income taxes | \u00a0 | $ | 189.4 | \u00a0 | \u00a0 | $ | 247.5 | \u00a0 | \u00a0 | $ | 313.9 | \u00a0 |
| State income taxes, net of U.S. Federal tax impact | \u00a0 | \u00a0 | 28.9 | \u00a0 | \u00a0 | \u00a0 | 37.2 | \u00a0 | \u00a0 | \u00a0 | 37.4 | \u00a0 |
| Goodwill and intangible impairments | \u00a0 | \u00a0 | 27.5 | \u00a0 | \u00a0 | \u00a0 | 6.1 | \u00a0 | \u00a0 | \u00a0 | 13.6 | \u00a0 |
| Remeasurement of deferred taxes due to legal entity reorganization | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 35.8 | \u00a0 |
| Tax elections under review by the IRS on capital loss utilization | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 25.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Change of valuation allowance on capital loss carryforward | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (188.5 | ) |
| Change of valuation allowance due to certain tax elections | \u00a0 | \u00a0 | (28.1 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Incentive compensation | \u00a0 | \u00a0 | 11.1 | \u00a0 | \u00a0 | \u00a0 | 2.4 | \u00a0 | \u00a0 | \u00a0 | 6.1 | \u00a0 |
| Other | \u00a0 | \u00a0 | (10.1 | ) | \u00a0 | \u00a0 | (27.7 | ) | \u00a0 | \u00a0 | (24.5 | ) |
| \u00a0 | \u00a0 | $ | 218.7 | \u00a0 | \u00a0 | $ | 290.5 | \u00a0 | \u00a0 | $ | 193.8 | \u00a0 |
| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | Assets | \u00a0 | \u00a0 | Liabilities | \u00a0 | \u00a0 | Assets | \u00a0 | \u00a0 | Liabilities | \u00a0 | ||||
| Property, plant and equipment | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 306.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 327.2 | \u00a0 |
| Inventory | \u00a0 | 20.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 30.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | |
| Goodwill, trademarks and other intangible assets | \u00a0 | \u00a0 | 437.3 | \u00a0 | \u00a0 | \u00a0 | 941.1 | \u00a0 | \u00a0 | \u00a0 | 405.8 | \u00a0 | \u00a0 | \u00a0 | 1,066.6 | \u00a0 |
| Right-of-use assets | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 47.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 47.9 | \u00a0 |
| Accrued expenses | \u00a0 | \u00a0 | 16.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 12.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Compensation related liabilities | \u00a0 | \u00a0 | 31.9 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 29.3 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Pension and other postretirement benefits | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 23.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 25.1 | \u00a0 |
| Investment in unconsolidated subsidiaries | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 19.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 9.4 | \u00a0 |
| Lease liabilities | \u00a0 | \u00a0 | 54.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 56.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other liabilities that will give rise to future tax deductions | \u00a0 | \u00a0 | 59.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 73.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net capital and operating loss carryforwards | \u00a0 | \u00a0 | 34.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 46.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Research Expenditures | \u00a0 | \u00a0 | 20.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Federal credits | \u00a0 | \u00a0 | 10.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 12.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Other | \u00a0 | \u00a0 | 34.9 | \u00a0 | \u00a0 | \u00a0 | 32.8 | \u00a0 | \u00a0 | \u00a0 | 32.0 | \u00a0 | \u00a0 | \u00a0 | 38.6 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 720.9 | \u00a0 | \u00a0 | \u00a0 | 1,369.9 | \u00a0 | \u00a0 | \u00a0 | 698.0 | \u00a0 | \u00a0 | \u00a0 | 1,514.8 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \u00a0 | (457.6 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (455.5 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Net deferred taxes | \u00a0 | $ | 263.3 | \u00a0 | \u00a0 | $ | 1,369.9 | \u00a0 | \u00a0 | $ | 242.5 | \u00a0 | \u00a0 | $ | 1,514.8 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 |
| Beginning balance | \u00a0 | $ | 62.9 | \u00a0 | \u00a0 | $ | 33.0 | \u00a0 |
| Increases from positions established during prior periods | \u00a0 | \u00a0 | 0.3 | \u00a0 | \u00a0 | \u00a0 | 13.2 | \u00a0 |
| Decreases from positions established during prior periods | \u00a0 | \u00a0 | (32.3 | ) | \u00a0 | \u00a0 | (3.2 | ) |
| Increases from positions established during the current period | \u00a0 | \u00a0 | 1.7 | \u00a0 | \u00a0 | \u00a0 | 31.7 | \u00a0 |
| Reductions resulting from lapse of applicable statute of limitation | \u00a0 | \u00a0 | (8.9 | ) | \u00a0 | \u00a0 | (3.1 | ) |
| Decrease from audit settlements | \u00a0 | \u00a0 | (0.1 | ) | \u00a0 | \u00a0 | (8.5 | ) |
| Other adjustments to liability | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (0.2 | ) |
| Ending balance | \u00a0 | $ | 23.7 | \u00a0 | \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 | Operating Leases | \u00a0 | |||||||
| \u00a0 | Balance Sheet Location | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| ROU assets, net | Other assets | \u00a0 | $ | 199.5 | \u00a0 | \u00a0 | $ | 211.5 | \u00a0 |
| Lease liabilities (current) | Other accrued liabilities | \u00a0 | \u00a0 | 42.3 | \u00a0 | \u00a0 | \u00a0 | 45.3 | \u00a0 |
| Lease liabilities (noncurrent) | Other noncurrent liabilities | \u00a0 | \u00a0 | 186.6 | \u00a0 | \u00a0 | \u00a0 | 199.4 | \u00a0 |
\u00a0
\n \n| \u00a0 | Finance Leases | \u00a0 | |||||||
| \u00a0 | Balance Sheet Location | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| ROU assets, at cost | Property, plant and equipment | \u00a0 | $ | 203.5 | \u00a0 | \u00a0 | $ | 208.0 | \u00a0 |
| Less accumulated depreciation | Less accumulated depreciation | \u00a0 | \u00a0 | (77.2 | ) | \u00a0 | \u00a0 | (64.2 | ) |
| ROU assets, net | Property, plant and equipment, net | \u00a0 | \u00a0 | 126.3 | \u00a0 | \u00a0 | \u00a0 | 143.8 | \u00a0 |
| Lease liabilities (current) | Current installments of long-term debt | \u00a0 | \u00a0 | 17.4 | \u00a0 | \u00a0 | \u00a0 | 20.6 | \u00a0 |
| Lease liabilities (noncurrent) | Senior long-term debt, excluding current installments | \u00a0 | \u00a0 | 95.2 | \u00a0 | \u00a0 | \u00a0 | 110.7 | \u00a0 |
\u00a0
\n \n \nThe components of total lease cost were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Operating lease cost | \u00a0 | $ | 55.3 | \u00a0 | \u00a0 | $ | 52.9 | \u00a0 | \u00a0 | $ | 51.0 | \u00a0 |
| Finance lease cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation of leased assets | \u00a0 | \u00a0 | 16.8 | \u00a0 | \u00a0 | \u00a0 | 16.4 | \u00a0 | \u00a0 | \u00a0 | 19.0 | \u00a0 |
| Interest on lease liabilities | \u00a0 | \u00a0 | 5.3 | \u00a0 | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | 8.2 | \u00a0 |
| Short-term lease cost | \u00a0 | \u00a0 | 11.0 | \u00a0 | \u00a0 | \u00a0 | 7.3 | \u00a0 | \u00a0 | \u00a0 | 5.1 | \u00a0 |
| Total lease cost | \u00a0 | $ | 88.4 | \u00a0 | \u00a0 | $ | 83.1 | \u00a0 | \u00a0 | $ | 83.3 | \u00a0 |
\u00a0
\nThe weighted-average remaining lease terms and weighted-average discount rate for our leases as of\u00a0 May 28, 2023 and May 29, 2022 were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Operating Leases | \u00a0 | \u00a0 | Finance Leases | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||
| Weighted-average remaining lease term (in years) | \u00a0 | \u00a0 | 6.7 | \u00a0 | \u00a0 | \u00a0 | 6.9 | \u00a0 | \u00a0 | \u00a0 | 6.9 | \u00a0 | \u00a0 | \u00a0 | 7.3 | \u00a0 |
| Weighted-average discount rate | \u00a0 | \u00a0 | 3.55 | % | \u00a0 | \u00a0 | 3.21 | % | \u00a0 | \u00a0 | 4.24 | % | \u00a0 | \u00a0 | 4.91 | % |
\u00a0
\nCash flows arising from lease transactions were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Cash paid for amounts included in the measurement of lease liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Operating cash outflows from operating leases | \u00a0 | $ | 57.7 | \u00a0 | \u00a0 | $ | 55.7 | \u00a0 | \u00a0 | $ | 56.0 | \u00a0 |
| Operating cash outflows from finance leases | \u00a0 | \u00a0 | 5.3 | \u00a0 | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | 8.3 | \u00a0 |
| Financing cash outflows from finance leases | \u00a0 | \u00a0 | 25.0 | \u00a0 | \u00a0 | \u00a0 | 31.2 | \u00a0 | \u00a0 | \u00a0 | 24.3 | \u00a0 |
| ROU assets obtained in exchange for new lease liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Operating leases | \u00a0 | \u00a0 | 34.2 | \u00a0 | \u00a0 | \u00a0 | 68.5 | \u00a0 | \u00a0 | \u00a0 | 21.1 | \u00a0 |
| Finance leases | \u00a0 | \u00a0 | 7.8 | \u00a0 | \u00a0 | \u00a0 | 23.6 | \u00a0 | \u00a0 | \u00a0 | 26.1 | \u00a0 |
\u00a0
\nMaturities of lease liabilities by fiscal year as of May 28, 2023 were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Operating Leases | \u00a0 | \u00a0 | Finance Leases | \u00a0 | \u00a0 | Total | \u00a0 | |||
| 2024 | \u00a0 | $ | 51.9 | \u00a0 | \u00a0 | $ | 21.2 | \u00a0 | \u00a0 | $ | 73.1 | \u00a0 |
| 2025 | \u00a0 | \u00a0 | 40.7 | \u00a0 | \u00a0 | \u00a0 | 18.4 | \u00a0 | \u00a0 | \u00a0 | 59.1 | \u00a0 |
| 2026 | \u00a0 | 37.1 | \u00a0 | \u00a0 | \u00a0 | 15.1 | \u00a0 | \u00a0 | \u00a0 | 52.2 | \u00a0 | |
| 2027 | \u00a0 | \u00a0 | 30.5 | \u00a0 | \u00a0 | \u00a0 | 17.0 | \u00a0 | \u00a0 | \u00a0 | 47.5 | \u00a0 |
| 2028 | \u00a0 | \u00a0 | 28.3 | \u00a0 | \u00a0 | \u00a0 | 7.8 | \u00a0 | \u00a0 | \u00a0 | 36.1 | \u00a0 |
| Later years | \u00a0 | \u00a0 | 74.4 | \u00a0 | \u00a0 | \u00a0 | 53.7 | \u00a0 | \u00a0 | \u00a0 | 128.1 | \u00a0 |
| Total lease payments | \u00a0 | \u00a0 | 262.9 | \u00a0 | \u00a0 | \u00a0 | 133.2 | \u00a0 | \u00a0 | \u00a0 | 396.1 | \u00a0 |
| Less: Imputed interest | \u00a0 | \u00a0 | (34.0 | ) | \u00a0 | \u00a0 | (20.6 | ) | \u00a0 | \u00a0 | (54.6 | ) |
| Total lease liabilities | \u00a0 | $ | 228.9 | \u00a0 | \u00a0 | $ | 112.6 | \u00a0 | \u00a0 | $ | 341.5 | \u00a0 |
\u00a0
\nWe have entered into contracts that are or contain a lease that have not yet commenced with aggregate payments totaling $268.5\u00a0million as of May 28, 2023. 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-1506","factDimensions":{"xbrl:concept":"cag:ScheduleOfOperatingAndFinanceLeasesReportedInBalanceSheetTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | Operating Leases | \u00a0 | |||||||
| \u00a0 | Balance Sheet Location | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| ROU assets, net | Other assets | \u00a0 | $ | 199.5 | \u00a0 | \u00a0 | $ | 211.5 | \u00a0 |
| Lease liabilities (current) | Other accrued liabilities | \u00a0 | \u00a0 | 42.3 | \u00a0 | \u00a0 | \u00a0 | 45.3 | \u00a0 |
| Lease liabilities (noncurrent) | Other noncurrent liabilities | \u00a0 | \u00a0 | 186.6 | \u00a0 | \u00a0 | \u00a0 | 199.4 | \u00a0 |
| \u00a0 | Finance Leases | \u00a0 | |||||||
| \u00a0 | Balance Sheet Location | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| ROU assets, at cost | Property, plant and equipment | \u00a0 | $ | 203.5 | \u00a0 | \u00a0 | $ | 208.0 | \u00a0 |
| Less accumulated depreciation | Less accumulated depreciation | \u00a0 | \u00a0 | (77.2 | ) | \u00a0 | \u00a0 | (64.2 | ) |
| ROU assets, net | Property, plant and equipment, net | \u00a0 | \u00a0 | 126.3 | \u00a0 | \u00a0 | \u00a0 | 143.8 | \u00a0 |
| Lease liabilities (current) | Current installments of long-term debt | \u00a0 | \u00a0 | 17.4 | \u00a0 | \u00a0 | \u00a0 | 20.6 | \u00a0 |
| Lease liabilities (noncurrent) | Senior long-term debt, excluding current installments | \u00a0 | \u00a0 | 95.2 | \u00a0 | \u00a0 | \u00a0 | 110.7 | \u00a0 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Operating lease cost | \u00a0 | $ | 55.3 | \u00a0 | \u00a0 | $ | 52.9 | \u00a0 | \u00a0 | $ | 51.0 | \u00a0 |
| Finance lease cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation of leased assets | \u00a0 | \u00a0 | 16.8 | \u00a0 | \u00a0 | \u00a0 | 16.4 | \u00a0 | \u00a0 | \u00a0 | 19.0 | \u00a0 |
| Interest on lease liabilities | \u00a0 | \u00a0 | 5.3 | \u00a0 | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | 8.2 | \u00a0 |
| Short-term lease cost | \u00a0 | \u00a0 | 11.0 | \u00a0 | \u00a0 | \u00a0 | 7.3 | \u00a0 | \u00a0 | \u00a0 | 5.1 | \u00a0 |
| Total lease cost | \u00a0 | $ | 88.4 | \u00a0 | \u00a0 | $ | 83.1 | \u00a0 | \u00a0 | $ | 83.3 | \u00a0 |
| \u00a0 | \u00a0 | Operating Leases | \u00a0 | \u00a0 | Finance Leases | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||
| Weighted-average remaining lease term (in years) | \u00a0 | \u00a0 | 6.7 | \u00a0 | \u00a0 | \u00a0 | 6.9 | \u00a0 | \u00a0 | \u00a0 | 6.9 | \u00a0 | \u00a0 | \u00a0 | 7.3 | \u00a0 |
| Weighted-average discount rate | \u00a0 | \u00a0 | 3.55 | % | \u00a0 | \u00a0 | 3.21 | % | \u00a0 | \u00a0 | 4.24 | % | \u00a0 | \u00a0 | 4.91 | % |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Cash paid for amounts included in the measurement of lease liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Operating cash outflows from operating leases | \u00a0 | $ | 57.7 | \u00a0 | \u00a0 | $ | 55.7 | \u00a0 | \u00a0 | $ | 56.0 | \u00a0 |
| Operating cash outflows from finance leases | \u00a0 | \u00a0 | 5.3 | \u00a0 | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | 8.3 | \u00a0 |
| Financing cash outflows from finance leases | \u00a0 | \u00a0 | 25.0 | \u00a0 | \u00a0 | \u00a0 | 31.2 | \u00a0 | \u00a0 | \u00a0 | 24.3 | \u00a0 |
| ROU assets obtained in exchange for new lease liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Operating leases | \u00a0 | \u00a0 | 34.2 | \u00a0 | \u00a0 | \u00a0 | 68.5 | \u00a0 | \u00a0 | \u00a0 | 21.1 | \u00a0 |
| Finance leases | \u00a0 | \u00a0 | 7.8 | \u00a0 | \u00a0 | \u00a0 | 23.6 | \u00a0 | \u00a0 | \u00a0 | 26.1 | \u00a0 |
| \u00a0 | \u00a0 | Operating Leases | \u00a0 | \u00a0 | Finance Leases | \u00a0 | \u00a0 | Total | \u00a0 | |||
| 2024 | \u00a0 | $ | 51.9 | \u00a0 | \u00a0 | $ | 21.2 | \u00a0 | \u00a0 | $ | 73.1 | \u00a0 |
| 2025 | \u00a0 | \u00a0 | 40.7 | \u00a0 | \u00a0 | \u00a0 | 18.4 | \u00a0 | \u00a0 | \u00a0 | 59.1 | \u00a0 |
| 2026 | \u00a0 | 37.1 | \u00a0 | \u00a0 | \u00a0 | 15.1 | \u00a0 | \u00a0 | \u00a0 | 52.2 | \u00a0 | |
| 2027 | \u00a0 | \u00a0 | 30.5 | \u00a0 | \u00a0 | \u00a0 | 17.0 | \u00a0 | \u00a0 | \u00a0 | 47.5 | \u00a0 |
| 2028 | \u00a0 | \u00a0 | 28.3 | \u00a0 | \u00a0 | \u00a0 | 7.8 | \u00a0 | \u00a0 | \u00a0 | 36.1 | \u00a0 |
| Later years | \u00a0 | \u00a0 | 74.4 | \u00a0 | \u00a0 | \u00a0 | 53.7 | \u00a0 | \u00a0 | \u00a0 | 128.1 | \u00a0 |
| Total lease payments | \u00a0 | \u00a0 | 262.9 | \u00a0 | \u00a0 | \u00a0 | 133.2 | \u00a0 | \u00a0 | \u00a0 | 396.1 | \u00a0 |
| Less: Imputed interest | \u00a0 | \u00a0 | (34.0 | ) | \u00a0 | \u00a0 | (20.6 | ) | \u00a0 | \u00a0 | (54.6 | ) |
| Total lease liabilities | \u00a0 | $ | 228.9 | \u00a0 | \u00a0 | $ | 112.6 | \u00a0 | \u00a0 | $ | 341.5 | \u00a0 |
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. These proceedings have included suits against a number of lead-based 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-based paint and pigment manufacturer owned and operated by a predecessor to Beatrice from 1962 until 1967. These lawsuits have generally sought 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. In the first half of fiscal 2023, we obtained a final judgment in our favor in one such lawsuit that had been brought in Illinois. Pursuant to the settlement of a consolidated lead-based paint and pigment related action in California in 2019, ConAgra Grocery Products is responsible for payments totaling $101.7 million, payable in seven annual installments from fiscal 2020 through fiscal 2026, of which $61.0 million had been paid as of May 28, 2023. As part of the settlement, ConAgra Grocery Products has also provided a guarantee of up to $15.0 million in the event co-defendant, NL Industries, Inc., defaults on its payment obligations. We had accrued $11.8\u00a0million and $28.9\u00a0million, within other accrued liabilities and other noncurrent liabilities, respectively, for this matter as of May 28, 2023.\u00a0
\n\u00a0
\nWe are party to a number of putative class action lawsuits challenging various product claims made in the Company's product labeling. In the first half of fiscal 2023, we settled one such claim, a class action lawsuit captioned, Briseno v. ConAgra Foods, Inc., et al, related to the labeling for\u00a0Wesson\u00ae\u00a0oils\u00a0as 100% natural, for $3.0 million. While we cannot predict with certainty the results of the remaining claims\u00a0or 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
\nIn the first quarter of fiscal 2023, a consolidated shareholder derivative lawsuit against our executive officers alleging violations of the federal securities laws in 2018 captioned Klein v. Arora, et al., was dismissed and the lawsuit was terminated.
\n\u00a0
\nWe are party to matters challenging the Company's wage and hour practices. While we cannot predict with certainty the results of these or any other legal proceedings, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.
\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, the Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for the litigation related to the cooking spray products based on information available to us at the time of our evaluation.
\n\u00a0
\nThe Company reevaluates on a quarterly and annual basis its exposure from the litigation related to the cooking spray products, including studying its claims experience and considering numerous variables that can affect its liability exposure from the litigation related to the cooking spray products on an overall or per lawsuit basis. Based upon its regular reevaluation of its exposure from the litigation related to the cooking spray products, the Company has updated its liability analysis for the litigation related to the cooking spray products through May 28, 2023. Although it is reasonably possible that the amount of the loss ultimately incurred may be in excess of the amounts accrued in our financial statements, we do not expect these cooking spray product\u00a0matters to have a material adverse effect on our financial condition, results of operations, or business.
\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 to October 31 in 2020 and 2021 and from April 1 to October 31 in 2022 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, 2021, and 2022. While a settlement agreement has not been finalized, the parties have tentatively agreed upon a penalty amount of $1.25 million for all of the alleged violations.
\n\u00a0
\nWe are a party to certain environmental proceedings relating to businesses divested by Beatrice prior to our acquisition in fiscal 1991, including litigation and administrative proceedings involving Beatrice's possible status as a potentially responsible party at approximately 35 Superfund, proposed Superfund, or state-equivalent sites (the \"Beatrice sites\"). The Beatrice sites consist of 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 $40.1 million ($1.5 million within other accrued liabilities and $38.6 million within other noncurrent liabilities) as of May 28, 2023,\u00a0a majority of which relates to the Superfund and state-equivalent sites referenced above.
\n\u00a0
\nGuarantees and Other Contingencies
\n\u00a0
\nIn certain limited situations, we will guarantee an obligation of an unconsolidated entity. As of May 28, 2023, we continued to 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\"), remained in place following completion of the Spinoff, and 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, under the Separation Agreement, 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. 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 to 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 28, 2023, the remaining term of this arrangement did not exceed \u00a0years and the maximum amount of future payments we have guaranteed was $8.7\u00a0million.
\n\u00a0
\nGeneral
\n\u00a0
\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 that 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 within SG&A expenses as services are provided.
\n\u00a0
\n "}]},{"name":"rpt:f-1595","factDimensions":{"xbrl:concept":"us-gaap:LitigationSettlementAmountAwardedToOtherParty","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:GuaranteeObligationsByNatureAxis":"cag:BeatriceMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"101700000","decimals":-5}]},{"name":"rpt:f-1596","factDimensions":{"xbrl:concept":"cag:LossContingencySettlementAgreementTermsNumberOfInstallments","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0000023217","us-gaap:GuaranteeObligationsByNatureAxis":"cag:BeatriceMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"7"}]},{"name":"rpt:f-1597","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyAccrualPayments","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:GuaranteeObligationsByNatureAxis":"cag:BeatriceMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"61000000.0","decimals":-6}]},{"name":"rpt:f-1598","factDimensions":{"xbrl:concept":"cag:LitigationSettlementAmountOfGuarantee","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:GuaranteeObligationsByNatureAxis":"cag:BeatriceMember","srt:RangeAxis":"srt:MaximumMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"15000000.0","decimals":-6}]},{"name":"rpt:f-1599","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyAccrualAtCarryingValue","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"cag:OtherAccruedLiabilitiesMember","us-gaap:GuaranteeObligationsByNatureAxis":"cag:BeatriceMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"11800000","decimals":-5}]},{"name":"rpt:f-1600","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyAccrualAtCarryingValue","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:OtherNoncurrentLiabilitiesMember","us-gaap:GuaranteeObligationsByNatureAxis":"cag:BeatriceMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"28900000","decimals":-5}]},{"name":"rpt:f-1601","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyClaimsSettledNumber","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","srt:LitigationCaseAxis":"cag:NegreteVConagraFoodsInMember"},"factValues":[{"value":"1"}]},{"name":"rpt:f-1602","factDimensions":{"xbrl:concept":"us-gaap:LitigationSettlementAmountAwardedToOtherParty","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","srt:LitigationCaseAxis":"cag:NegreteVConagraFoodsInMember"},"factValues":[{"value":"3000000.0","decimals":-6}]},{"name":"rpt:f-1603","factDimensions":{"xbrl:concept":"cag:ThresholdAmountForEnvironmentalMatters","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000.0","decimals":-6}]},{"name":"rpt:f-1604","factDimensions":{"xbrl:concept":"cag:AccruedEnvironmentalLossContingenciesProposedPenaltyAmount","xbrl:period":"2023-05-28T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1250000","decimals":-4}]},{"name":"rpt:f-1605","factDimensions":{"xbrl:concept":"us-gaap:AccrualForEnvironmentalLossContingencies","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:GuaranteeObligationsByNatureAxis":"cag:BeatriceMember"},"factValues":[{"value":"40100000","decimals":-5}]},{"name":"rpt:f-1606","factDimensions":{"xbrl:concept":"us-gaap:AccrualForEnvironmentalLossContingencies","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"cag:OtherAccruedLiabilitiesMember","us-gaap:GuaranteeObligationsByNatureAxis":"cag:BeatriceMember"},"factValues":[{"value":"1500000","decimals":-5}]},{"name":"rpt:f-1607","factDimensions":{"xbrl:concept":"us-gaap:AccrualForEnvironmentalLossContingencies","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:OtherNoncurrentLiabilitiesMember","us-gaap:GuaranteeObligationsByNatureAxis":"cag:BeatriceMember"},"factValues":[{"value":"38600000","decimals":-5}]},{"name":"rpt:f-1608","factDimensions":{"xbrl:concept":"us-gaap:GuaranteeObligationsMaximumExposure","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:GuaranteeObligationsByNatureAxis":"cag:PerformanceAndPaymentGuaranteeMember"},"factValues":[{"value":"75000000.0","decimals":-6}]},{"name":"rpt:f-1609","factDimensions":{"xbrl:concept":"us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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 28, 2023, we had economically hedged certain portions of our anticipated consumption of commodity inputs using derivative instruments with expiration dates through May 2024.
\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 28, 2023, we had economically hedged certain portions of our foreign currency risk in anticipated transactions using derivative instruments with expiration dates through February 2024.
\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 28, 2023 was $31.5\u00a0million.
\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 28, 2023 and May 29, 2022,\u00a0amounts representing right to reclaim cash collateral and an obligation to return cash collateral of $21.3\u00a0and $4.0 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 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Prepaid expenses and other current assets | \u00a0 | $ | 10.0 | \u00a0 | \u00a0 | $ | 7.0 | \u00a0 |
| Other accrued liabilities | \u00a0 | \u00a0 | 3.6 | \u00a0 | \u00a0 | \u00a0 | 2.2 | \u00a0 |
\u00a0
\nThe following table presents our derivative assets and liabilities at May 28, 2023, on a gross basis, prior to the setoff of $8.3 million to total derivative assets and $13.0 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 | $ | 1.1 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | $ | 14.4 | \u00a0 |
| Foreign exchange contracts | Prepaid expenses and other current assets | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | \u00a0 | 2.2 | \u00a0 |
| Total derivatives not designated as hedging instruments | \u00a0 | $ | 1.7 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 16.6 | \u00a0 |
\u00a0
\n \n \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 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 | $ | 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
\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 28, 2023 | \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 | $ | (19.7 | ) |
| Foreign exchange contracts | Cost of goods sold | \u00a0 | \u00a0 | 2.1 | \u00a0 |
| Total losses from derivative instruments not designated as hedging instruments | \u00a0 | $ | (17.6 | ) |
\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 \nAs of May 28, 2023, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $134.6 million\u00a0for purchase\u00a0contracts. As of May 29, 2022, our open commodity contracts had a notional value of $115.3 million and $96.7 million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward and cross currency swap contracts as of\u00a0 May 28, 2023 and May 29, 2022 was $87.3 million and $106.6 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 28, 2023, 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 $0.6 million.
\n\u00a0
\n "}]},{"name":"rpt:f-1611","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-1612","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-1613","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:DerivativeInstrumentRiskAxis":"cag:CashFlowHedgePinnacleMember","us-gaap:StatementEquityComponentsAxis":"us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember"},"factValues":[{"value":"31500000","decimals":-5}]},{"name":"rpt:f-1614","factDimensions":{"xbrl:concept":"us-gaap:DerivativeCollateralObligationToReturnCash","xbrl:period":"2023-05-29T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"iso4217:USD","us-gaap:BalanceSheetLocationAxis":"us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember"},"factValues":[{"value":"21300000","decimals":-5}]},{"name":"rpt:f-1615","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-1616","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Prepaid expenses and other current assets | \u00a0 | $ | 10.0 | \u00a0 | \u00a0 | $ | 7.0 | \u00a0 |
| Other accrued liabilities | \u00a0 | \u00a0 | 3.6 | \u00a0 | \u00a0 | \u00a0 | 2.2 | \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 | $ | 1.1 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | $ | 14.4 | \u00a0 |
| Foreign exchange contracts | Prepaid expenses and other current assets | \u00a0 | \u00a0 | 0.6 | \u00a0 | \u00a0 | Other accrued liabilities | \u00a0 | \u00a0 | 2.2 | \u00a0 |
| Total derivatives not designated as hedging instruments | \u00a0 | $ | 1.7 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 16.6 | \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 | For the Fiscal Year Ended May 28, 2023 | \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 | $ | (19.7 | ) |
| Foreign exchange contracts | Cost of goods sold | \u00a0 | \u00a0 | 2.1 | \u00a0 |
| Total losses from derivative instruments not designated as hedging instruments | \u00a0 | $ | (17.6 | ) |
| \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 |
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
\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 28, 2023 and May 29, 2022 are presented in the following table.
\n\u00a0
\n \n| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||
| Change in Benefit Obligation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Benefit obligation at beginning of year | \u00a0 | $ | 3,132.6 | \u00a0 | \u00a0 | $ | 3,739.2 | \u00a0 | \u00a0 | $ | 64.8 | \u00a0 | \u00a0 | $ | 81.5 | \u00a0 |
| Service cost | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | 8.7 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 |
| Interest cost | \u00a0 | \u00a0 | 124.0 | \u00a0 | \u00a0 | \u00a0 | 83.3 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 |
| Amendments | \u00a0 | \u00a0 | 3.0 | \u00a0 | \u00a0 | \u00a0 | 3.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Actuarial gain | \u00a0 | \u00a0 | (265.5 | ) | \u00a0 | \u00a0 | (503.1 | ) | \u00a0 | \u00a0 | (6.3 | ) | \u00a0 | \u00a0 | (9.5 | ) |
| Benefits paid | \u00a0 | \u00a0 | (199.3 | ) | \u00a0 | \u00a0 | (198.3 | ) | \u00a0 | \u00a0 | (7.3 | ) | \u00a0 | \u00a0 | (8.2 | ) |
| Currency | \u00a0 | \u00a0 | (1.1 | ) | \u00a0 | \u00a0 | (0.9 | ) | \u00a0 | \u00a0 | (0.4 | ) | \u00a0 | \u00a0 | (0.5 | ) |
| Benefit obligation at end of year | \u00a0 | $ | 2,800.2 | \u00a0 | \u00a0 | $ | 3,132.6 | \u00a0 | \u00a0 | $ | 53.2 | \u00a0 | \u00a0 | $ | 64.8 | \u00a0 |
| Change in Plan Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Fair value of plan assets at beginning of year | \u00a0 | $ | 3,294.7 | \u00a0 | \u00a0 | $ | 3,848.8 | \u00a0 | \u00a0 | $ | 3.4 | \u00a0 | \u00a0 | $ | 3.3 | \u00a0 |
| Actual return on plan assets | \u00a0 | \u00a0 | (158.1 | ) | \u00a0 | \u00a0 | (366.1 | ) | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Employer contributions | \u00a0 | \u00a0 | 12.5 | \u00a0 | \u00a0 | \u00a0 | 11.5 | \u00a0 | \u00a0 | \u00a0 | 7.3 | \u00a0 | \u00a0 | \u00a0 | 8.2 | \u00a0 |
| Benefits paid | \u00a0 | \u00a0 | (199.3 | ) | \u00a0 | \u00a0 | (198.4 | ) | \u00a0 | \u00a0 | (7.3 | ) | \u00a0 | \u00a0 | (8.2 | ) |
| Currency | \u00a0 | \u00a0 | (1.3 | ) | \u00a0 | \u00a0 | (1.1 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Fair value of plan assets at end of year | \u00a0 | $ | 2,948.5 | \u00a0 | \u00a0 | $ | 3,294.7 | \u00a0 | \u00a0 | $ | 3.5 | \u00a0 | \u00a0 | $ | 3.4 | \u00a0 |
\u00a0
\nThe $265.5\u00a0million actuarial gain reducing our projected benefit obligation at the end of fiscal 2023\u00a0is principally related to the increase in the discount rate from 4.48% to 5.50%.\u00a0The\u00a0change in interest rates also impacted the fair value of our portfolio of fixed income securities which contributed to the $158.1\u00a0million reduction in\u00a0plan assets in fiscal 2023.
\n\u00a0
\nThe funded status and amounts recognized in our Consolidated Balance Sheets at\u00a0 May 28, 2023 and May 29, 2022 were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||
| Funded Status | \u00a0 | $ | 148.3 | \u00a0 | \u00a0 | $ | 162.1 | \u00a0 | \u00a0 | $ | (49.7 | ) | \u00a0 | $ | (61.4 | ) |
| Amounts Recognized in Consolidated Balance Sheets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other assets | \u00a0 | $ | 249.9 | \u00a0 | \u00a0 | $ | 277.0 | \u00a0 | \u00a0 | $ | 3.3 | \u00a0 | \u00a0 | $ | 3.2 | \u00a0 |
| Other accrued liabilities | \u00a0 | \u00a0 | (9.7 | ) | \u00a0 | \u00a0 | (10.2 | ) | \u00a0 | \u00a0 | (7.2 | ) | \u00a0 | \u00a0 | (8.1 | ) |
| Other noncurrent liabilities | \u00a0 | \u00a0 | (91.9 | ) | \u00a0 | \u00a0 | (104.7 | ) | \u00a0 | \u00a0 | (45.8 | ) | \u00a0 | \u00a0 | (56.5 | ) |
| Net Amount Recognized | \u00a0 | $ | 148.3 | \u00a0 | \u00a0 | $ | 162.1 | \u00a0 | \u00a0 | $ | (49.7 | ) | \u00a0 | $ | (61.4 | ) |
| Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Actuarial net loss (gain) | \u00a0 | $ | 8.1 | \u00a0 | \u00a0 | $ | (30.2 | ) | \u00a0 | $ | (46.5 | ) | \u00a0 | $ | (44.5 | ) |
| Net prior service cost (benefit) | \u00a0 | \u00a0 | 9.6 | \u00a0 | \u00a0 | \u00a0 | 8.0 | \u00a0 | \u00a0 | \u00a0 | (9.2 | ) | \u00a0 | \u00a0 | (11.0 | ) |
| Total | \u00a0 | $ | 17.7 | \u00a0 | \u00a0 | $ | (22.2 | ) | \u00a0 | $ | (55.7 | ) | \u00a0 | $ | (55.5 | ) |
| Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 28, 2023 and May 29, 2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Discount rate | \u00a0 | \u00a0 | 5.50 | % | \u00a0 | \u00a0 | 4.48 | % | \u00a0 | \u00a0 | 5.37 | % | \u00a0 | \u00a0 | 4.24 | % |
| 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
\nThe accumulated benefit obligation for all defined benefit pension plans was $2.80\u00a0billion and $3.13\u00a0billion at May 28, 2023 and May 29, 2022, 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 28, 2023 and May 29, 2022 were as follows:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||
| Projected benefit obligation | \u00a0 | $ | 101.6 | \u00a0 | \u00a0 | $ | 114.9 | \u00a0 |
| Accumulated benefit obligation | \u00a0 | \u00a0 | 101.6 | \u00a0 | \u00a0 | \u00a0 | 114.9 | \u00a0 |
\u00a0
\nComponents of pension and postretirement plan costs included:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | ||||||
| Service cost | \u00a0 | $ | 6.5 | \u00a0 | \u00a0 | $ | 8.7 | \u00a0 | \u00a0 | $ | 11.6 | \u00a0 | \u00a0 | $ | 0.1 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 |
| Interest cost | \u00a0 | \u00a0 | 124.0 | \u00a0 | \u00a0 | \u00a0 | 83.3 | \u00a0 | \u00a0 | \u00a0 | 86.8 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 1.5 | \u00a0 |
| Expected return on plan assets | \u00a0 | \u00a0 | (145.9 | ) | \u00a0 | \u00a0 | (145.4 | ) | \u00a0 | \u00a0 | (140.0 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Amortization of prior service cost (benefit) | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | (1.7 | ) | \u00a0 | \u00a0 | (2.0 | ) | \u00a0 | \u00a0 | (2.1 | ) |
| Recognized net actuarial loss (gain) | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (2.9 | ) | \u00a0 | \u00a0 | 0.8 | \u00a0 | \u00a0 | \u00a0 | (4.4 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (3.5 | ) |
| Settlement gain | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) |
| Curtailment loss | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Pension and postretirement cost (benefit) \u2014 Company plans | \u00a0 | \u00a0 | (13.9 | ) | \u00a0 | \u00a0 | (54.4 | ) | \u00a0 | \u00a0 | (38.3 | ) | \u00a0 | \u00a0 | (3.7 | ) | \u00a0 | \u00a0 | (4.0 | ) | \u00a0 | \u00a0 | (4.4 | ) |
| Pension cost (benefit) \u2014 multi-employer plans | \u00a0 | \u00a0 | 9.2 | \u00a0 | \u00a0 | \u00a0 | 8.1 | \u00a0 | \u00a0 | \u00a0 | 7.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Total pension and postretirement cost (benefit) | \u00a0 | $ | (4.7 | ) | \u00a0 | $ | (46.3 | ) | \u00a0 | $ | (30.9 | ) | \u00a0 | $ | (3.7 | ) | \u00a0 | $ | (4.0 | ) | \u00a0 | $ | (4.4 | ) |
\u00a0
\nIn fiscal 2023, 2022, and 2021, the Company recorded charges of $0.1 million, a gain of $2.9 million, and charges of $0.8 million, respectively, reflecting the year-end write-off of actuarial gains and losses in excess of 10% of our pension liability.
\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 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||
| Net actuarial gain (loss) | \u00a0 | $ | (38.4 | ) | \u00a0 | $ | (8.5 | ) | \u00a0 | $ | 6.3 | \u00a0 | \u00a0 | $ | 9.6 | \u00a0 |
| Amendments | \u00a0 | \u00a0 | (3.0 | ) | \u00a0 | \u00a0 | (3.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Amortization of prior service cost (benefit) | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | (1.7 | ) | \u00a0 | \u00a0 | (2.0 | ) |
| Recognized net actuarial gain | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (2.9 | ) | \u00a0 | \u00a0 | (4.4 | ) | \u00a0 | \u00a0 | (3.5 | ) |
| Currency | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Net amount recognized | \u00a0 | $ | (39.9 | ) | \u00a0 | $ | (13.1 | ) | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | $ | 4.2 | \u00a0 |
\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 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | ||||||
| Discount rate - interest cost | \u00a0 | \u00a0 | 4.09 | % | \u00a0 | \u00a0 | 2.29 | % | \u00a0 | \u00a0 | 2.30 | % | \u00a0 | \u00a0 | 3.83 | % | \u00a0 | \u00a0 | 1.69 | % | \u00a0 | \u00a0 | 1.74 | % |
| Discount rate - service cost | \u00a0 | \u00a0 | 4.74 | % | \u00a0 | \u00a0 | 3.50 | % | \u00a0 | \u00a0 | 3.35 | % | \u00a0 | \u00a0 | 4.60 | % | \u00a0 | \u00a0 | 3.55 | % | \u00a0 | \u00a0 | 3.03 | % |
| Long-term rate of return on plan assets | \u00a0 | \u00a0 | 4.56 | % | \u00a0 | \u00a0 | 3.87 | % | \u00a0 | \u00a0 | 3.74 | % | \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 28, 2023, 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 | $ | 5.7 | \u00a0 | \u00a0 | $ | 152.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 158.3 | \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 | 59.0 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 78.5 | \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 | 562.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 562.2 | \u00a0 |
| Corporate bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1,878.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1,878.1 | \u00a0 |
| Mortgage-backed bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 22.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 22.0 | \u00a0 |
| Net receivables for unsettled transactions | \u00a0 | \u00a0 | 2.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2.6 | \u00a0 |
| Fair value measurement of pension plan assets in the fair value hierarchy | \u00a0 | $ | 101.7 | \u00a0 | \u00a0 | $ | 2,634.4 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 2,736.1 | \u00a0 |
| Investments measured at net asset value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 212.4 | \u00a0 |
| Total pension plan assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 2,948.5 | \u00a0 |
\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 |
| 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
\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, and master limited partnership units, 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 $26.2\u00a0million as of May 28, 2023, 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 28, 2023, no such gates were imposed.
\n\u00a0
\nAs of May 28, 2023, we have unfunded commitments for additional investments of $35.2\u00a0million in private equity funds and $10.1\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 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Equity securities | \u00a0 | \u00a0 | 4 | % | \u00a0 | \u00a0 | 4 | % |
| Debt securities | \u00a0 | \u00a0 | 84 | % | \u00a0 | \u00a0 | 87 | % |
| Real estate funds | \u00a0 | \u00a0 | 1 | % | \u00a0 | \u00a0 | 1 | % |
| Private equity | \u00a0 | \u00a0 | 4 | % | \u00a0 | \u00a0 | 4 | % |
| Other | \u00a0 | \u00a0 | 7 | % | \u00a0 | \u00a0 | 4 | % |
| Total | \u00a0 | \u00a0 | 100 | % | \u00a0 | \u00a0 | 100 | % |
\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: | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Initial health care cost trend rate | \u00a0 | \u00a0 | 6.92 | % | \u00a0 | \u00a0 | 6.32 | % |
| Ultimate health care cost trend rate | \u00a0 | \u00a0 | 4.43 | % | \u00a0 | \u00a0 | 4.44 | % |
| Year that the rate reaches the ultimate trend rate | \u00a0 | 2034 | \u00a0 | \u00a0 | 2029 | \u00a0 |
\u00a0
\nWe currently anticipate making contributions of approximately $12.1\u00a0million to our pension plans in fiscal 2024. We anticipate making contributions of $7.2\u00a0million to our other postretirement plans in fiscal 2024. 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 | \u00a0 | Pension | \u00a0 | \u00a0 | Postretirement | \u00a0 | ||
| \u00a0 | \u00a0 | Plans | \u00a0 | \u00a0 | Plans | \u00a0 | ||
| 2024 | \u00a0 | $ | 204.0 | \u00a0 | \u00a0 | $ | 7.2 | \u00a0 |
| 2025 | \u00a0 | \u00a0 | 203.1 | \u00a0 | \u00a0 | \u00a0 | 6.7 | \u00a0 |
| 2026 | \u00a0 | \u00a0 | 204.7 | \u00a0 | \u00a0 | \u00a0 | 6.2 | \u00a0 |
| 2027 | \u00a0 | \u00a0 | 205.7 | \u00a0 | \u00a0 | \u00a0 | 5.7 | \u00a0 |
| 2028 | \u00a0 | \u00a0 | 206.4 | \u00a0 | \u00a0 | \u00a0 | 5.2 | \u00a0 |
| Succeeding 5 years | \u00a0 | \u00a0 | 1,022.0 | \u00a0 | \u00a0 | \u00a0 | 20.2 | \u00a0 |
\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 | a. | Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. |
\u00a0
\n| \u00a0 | b. | If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. |
\u00a0
\n| \u00a0 | c. | If the Company ceases to have an obligation to contribute to a multiemployer plan in which it had been a contributing employer, it may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of the Company's participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability. |
\u00a0
\nThe Company's participation in multiemployer plans for the fiscal year ended May 28, 2023 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 | \u2022 | The \"EIN / PN\" column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the IRS. |
\u00a0
\n| \u00a0 | \u2022 | The most recent Pension Protection Act Zone Status available for 2022\u00a0and 2021\u00a0is for plan years that ended in calendar years 2022\u00a0and 2021, 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. |
\u00a0
\n| \u00a0 | \u2022 | The \"FIP/RP Status Pending/Implemented\" column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the \"yellow\" zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the \"red\" zone, is pending or has been implemented by the plan as of the end of the plan year that ended in calendar year 2022. |
\u00a0
\n| \u00a0 | \u2022 | Contributions by the Company are the amounts contributed in the Company's fiscal periods ending in the specified year. |
\u00a0
\n| \u00a0 | \u2022 | The \"Surcharge Imposed\" column indicates whether the Company contribution rate for its fiscal year that ended on May 28, 2023 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. |
\u00a0
\n| \u00a0 | \u2022 | The last column lists the expiration dates of the collective bargaining agreements pursuant to which the Company contributes to the plans. |
\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 | \u00a0 | Pension Protection Act Zone Status | \u00a0 | FIP / RP Status | \u00a0 | \u00a0 | Contributions by the Company (millions) | \u00a0 | \u00a0 | \u00a0 | Expiration Dates of Collective | \u00a0 | ||||||||||
| Pension Fund | EIN / PN | 2022 | 2021 | \u00a0 | Pending / Implemented | \u00a0 | \u00a0 | FY23 | \u00a0 | \u00a0 | FY22 | \u00a0 | \u00a0 | FY21 | \u00a0 | Surcharge Imposed | \u00a0 | Bargaining Agreements | \u00a0 | |||
| Central States, Southeast and Southwest Areas Pension Fund | 36-6044243/ 001 | Red, Critical and Declining | Red, Critical and Declining | \u00a0 | RP Implemented | \u00a0 | \u00a0 | \u00a0 | 2.6 | \u00a0 | \u00a0 | \u00a0 | 2.5 | \u00a0 | \u00a0 | \u00a0 | 2.2 | \u00a0 | No | \u00a0 | 5/31/2025 | \u00a0 |
| Western Conference of Teamsters Pension Plan | 91-6145047/ 001 | Green | Green | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | 4.4 | \u00a0 | \u00a0 | \u00a0 | 3.8 | \u00a0 | \u00a0 | \u00a0 | 3.8 | \u00a0 | No | \u00a0 | 4/30/2025 | \u00a0 |
| Other Plans | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2.2 | \u00a0 | \u00a0 | \u00a0 | 1.8 | \u00a0 | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Total Contributions | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 9.2 | \u00a0 | \u00a0 | $ | 8.1 | \u00a0 | \u00a0 | $ | 7.4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
\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 2022.
\n\u00a0
\nCertain of our employees are covered under defined contribution plans. The expense related to these plans was $59.4\u00a0million, $57.9\u00a0million, and $47.6\u00a0million in fiscal 2023, 2022, and 2021, respectively.
\n\u00a0
\n "}]},{"name":"rpt:f-1655","factDimensions":{"xbrl:concept":"us-gaap:ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||
| Change in Benefit Obligation | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Benefit obligation at beginning of year | \u00a0 | $ | 3,132.6 | \u00a0 | \u00a0 | $ | 3,739.2 | \u00a0 | \u00a0 | $ | 64.8 | \u00a0 | \u00a0 | $ | 81.5 | \u00a0 |
| Service cost | \u00a0 | \u00a0 | 6.5 | \u00a0 | \u00a0 | \u00a0 | 8.7 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 |
| Interest cost | \u00a0 | \u00a0 | 124.0 | \u00a0 | \u00a0 | \u00a0 | 83.3 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 |
| Amendments | \u00a0 | \u00a0 | 3.0 | \u00a0 | \u00a0 | \u00a0 | 3.7 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Actuarial gain | \u00a0 | \u00a0 | (265.5 | ) | \u00a0 | \u00a0 | (503.1 | ) | \u00a0 | \u00a0 | (6.3 | ) | \u00a0 | \u00a0 | (9.5 | ) |
| Benefits paid | \u00a0 | \u00a0 | (199.3 | ) | \u00a0 | \u00a0 | (198.3 | ) | \u00a0 | \u00a0 | (7.3 | ) | \u00a0 | \u00a0 | (8.2 | ) |
| Currency | \u00a0 | \u00a0 | (1.1 | ) | \u00a0 | \u00a0 | (0.9 | ) | \u00a0 | \u00a0 | (0.4 | ) | \u00a0 | \u00a0 | (0.5 | ) |
| Benefit obligation at end of year | \u00a0 | $ | 2,800.2 | \u00a0 | \u00a0 | $ | 3,132.6 | \u00a0 | \u00a0 | $ | 53.2 | \u00a0 | \u00a0 | $ | 64.8 | \u00a0 |
| Change in Plan Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Fair value of plan assets at beginning of year | \u00a0 | $ | 3,294.7 | \u00a0 | \u00a0 | $ | 3,848.8 | \u00a0 | \u00a0 | $ | 3.4 | \u00a0 | \u00a0 | $ | 3.3 | \u00a0 |
| Actual return on plan assets | \u00a0 | \u00a0 | (158.1 | ) | \u00a0 | \u00a0 | (366.1 | ) | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Employer contributions | \u00a0 | \u00a0 | 12.5 | \u00a0 | \u00a0 | \u00a0 | 11.5 | \u00a0 | \u00a0 | \u00a0 | 7.3 | \u00a0 | \u00a0 | \u00a0 | 8.2 | \u00a0 |
| Benefits paid | \u00a0 | \u00a0 | (199.3 | ) | \u00a0 | \u00a0 | (198.4 | ) | \u00a0 | \u00a0 | (7.3 | ) | \u00a0 | \u00a0 | (8.2 | ) |
| Currency | \u00a0 | \u00a0 | (1.3 | ) | \u00a0 | \u00a0 | (1.1 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Fair value of plan assets at end of year | \u00a0 | $ | 2,948.5 | \u00a0 | \u00a0 | $ | 3,294.7 | \u00a0 | \u00a0 | $ | 3.5 | \u00a0 | \u00a0 | $ | 3.4 | \u00a0 |
| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||
| Funded Status | \u00a0 | $ | 148.3 | \u00a0 | \u00a0 | $ | 162.1 | \u00a0 | \u00a0 | $ | (49.7 | ) | \u00a0 | $ | (61.4 | ) |
| Amounts Recognized in Consolidated Balance Sheets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other assets | \u00a0 | $ | 249.9 | \u00a0 | \u00a0 | $ | 277.0 | \u00a0 | \u00a0 | $ | 3.3 | \u00a0 | \u00a0 | $ | 3.2 | \u00a0 |
| Other accrued liabilities | \u00a0 | \u00a0 | (9.7 | ) | \u00a0 | \u00a0 | (10.2 | ) | \u00a0 | \u00a0 | (7.2 | ) | \u00a0 | \u00a0 | (8.1 | ) |
| Other noncurrent liabilities | \u00a0 | \u00a0 | (91.9 | ) | \u00a0 | \u00a0 | (104.7 | ) | \u00a0 | \u00a0 | (45.8 | ) | \u00a0 | \u00a0 | (56.5 | ) |
| Net Amount Recognized | \u00a0 | $ | 148.3 | \u00a0 | \u00a0 | $ | 162.1 | \u00a0 | \u00a0 | $ | (49.7 | ) | \u00a0 | $ | (61.4 | ) |
| Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Actuarial net loss (gain) | \u00a0 | $ | 8.1 | \u00a0 | \u00a0 | $ | (30.2 | ) | \u00a0 | $ | (46.5 | ) | \u00a0 | $ | (44.5 | ) |
| Net prior service cost (benefit) | \u00a0 | \u00a0 | 9.6 | \u00a0 | \u00a0 | \u00a0 | 8.0 | \u00a0 | \u00a0 | \u00a0 | (9.2 | ) | \u00a0 | \u00a0 | (11.0 | ) |
| Total | \u00a0 | $ | 17.7 | \u00a0 | \u00a0 | $ | (22.2 | ) | \u00a0 | $ | (55.7 | ) | \u00a0 | $ | (55.5 | ) |
| Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 28, 2023 and May 29, 2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Discount rate | \u00a0 | \u00a0 | 5.50 | % | \u00a0 | \u00a0 | 4.48 | % | \u00a0 | \u00a0 | 5.37 | % | \u00a0 | \u00a0 | 4.24 | % |
| 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 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||
| Projected benefit obligation | \u00a0 | $ | 101.6 | \u00a0 | \u00a0 | $ | 114.9 | \u00a0 |
| Accumulated benefit obligation | \u00a0 | \u00a0 | 101.6 | \u00a0 | \u00a0 | \u00a0 | 114.9 | \u00a0 |
| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | ||||||
| Service cost | \u00a0 | $ | 6.5 | \u00a0 | \u00a0 | $ | 8.7 | \u00a0 | \u00a0 | $ | 11.6 | \u00a0 | \u00a0 | $ | 0.1 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | $ | 0.2 | \u00a0 |
| Interest cost | \u00a0 | \u00a0 | 124.0 | \u00a0 | \u00a0 | \u00a0 | 83.3 | \u00a0 | \u00a0 | \u00a0 | 86.8 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | 1.3 | \u00a0 | \u00a0 | \u00a0 | 1.5 | \u00a0 |
| Expected return on plan assets | \u00a0 | \u00a0 | (145.9 | ) | \u00a0 | \u00a0 | (145.4 | ) | \u00a0 | \u00a0 | (140.0 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Amortization of prior service cost (benefit) | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | 2.3 | \u00a0 | \u00a0 | \u00a0 | (1.7 | ) | \u00a0 | \u00a0 | (2.0 | ) | \u00a0 | \u00a0 | (2.1 | ) |
| Recognized net actuarial loss (gain) | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | (2.9 | ) | \u00a0 | \u00a0 | 0.8 | \u00a0 | \u00a0 | \u00a0 | (4.4 | ) | \u00a0 | \u00a0 | (3.5 | ) | \u00a0 | \u00a0 | (3.5 | ) |
| Settlement gain | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (0.5 | ) |
| Curtailment loss | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Pension and postretirement cost (benefit) \u2014 Company plans | \u00a0 | \u00a0 | (13.9 | ) | \u00a0 | \u00a0 | (54.4 | ) | \u00a0 | \u00a0 | (38.3 | ) | \u00a0 | \u00a0 | (3.7 | ) | \u00a0 | \u00a0 | (4.0 | ) | \u00a0 | \u00a0 | (4.4 | ) |
| Pension cost (benefit) \u2014 multi-employer plans | \u00a0 | \u00a0 | 9.2 | \u00a0 | \u00a0 | \u00a0 | 8.1 | \u00a0 | \u00a0 | \u00a0 | 7.4 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Total pension and postretirement cost (benefit) | \u00a0 | $ | (4.7 | ) | \u00a0 | $ | (46.3 | ) | \u00a0 | $ | (30.9 | ) | \u00a0 | $ | (3.7 | ) | \u00a0 | $ | (4.0 | ) | \u00a0 | $ | (4.4 | ) |
| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | ||||
| Net actuarial gain (loss) | \u00a0 | $ | (38.4 | ) | \u00a0 | $ | (8.5 | ) | \u00a0 | $ | 6.3 | \u00a0 | \u00a0 | $ | 9.6 | \u00a0 |
| Amendments | \u00a0 | \u00a0 | (3.0 | ) | \u00a0 | \u00a0 | (3.7 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 |
| Amortization of prior service cost (benefit) | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 1.9 | \u00a0 | \u00a0 | \u00a0 | (1.7 | ) | \u00a0 | \u00a0 | (2.0 | ) |
| Recognized net actuarial gain | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | (2.9 | ) | \u00a0 | \u00a0 | (4.4 | ) | \u00a0 | \u00a0 | (3.5 | ) |
| Currency | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 0.1 | \u00a0 |
| Net amount recognized | \u00a0 | $ | (39.9 | ) | \u00a0 | $ | (13.1 | ) | \u00a0 | $ | 0.2 | \u00a0 | \u00a0 | $ | 4.2 | \u00a0 |
| \u00a0 | \u00a0 | Pension Plans | \u00a0 | \u00a0 | Postretirement Plans | \u00a0 | ||||||||||||||||||
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | ||||||
| Discount rate - interest cost | \u00a0 | \u00a0 | 4.09 | % | \u00a0 | \u00a0 | 2.29 | % | \u00a0 | \u00a0 | 2.30 | % | \u00a0 | \u00a0 | 3.83 | % | \u00a0 | \u00a0 | 1.69 | % | \u00a0 | \u00a0 | 1.74 | % |
| Discount rate - service cost | \u00a0 | \u00a0 | 4.74 | % | \u00a0 | \u00a0 | 3.50 | % | \u00a0 | \u00a0 | 3.35 | % | \u00a0 | \u00a0 | 4.60 | % | \u00a0 | \u00a0 | 3.55 | % | \u00a0 | \u00a0 | 3.03 | % |
| Long-term rate of return on plan assets | \u00a0 | \u00a0 | 4.56 | % | \u00a0 | \u00a0 | 3.87 | % | \u00a0 | \u00a0 | 3.74 | % | \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 | $ | 5.7 | \u00a0 | \u00a0 | $ | 152.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 158.3 | \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 | 59.0 | \u00a0 | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 78.5 | \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 | 562.2 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 562.2 | \u00a0 |
| Corporate bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1,878.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 1,878.1 | \u00a0 |
| Mortgage-backed bonds | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 22.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 22.0 | \u00a0 |
| Net receivables for unsettled transactions | \u00a0 | \u00a0 | 2.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2.6 | \u00a0 |
| Fair value measurement of pension plan assets in the fair value hierarchy | \u00a0 | $ | 101.7 | \u00a0 | \u00a0 | $ | 2,634.4 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 2,736.1 | \u00a0 |
| Investments measured at net asset value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 212.4 | \u00a0 |
| Total pension plan assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 2,948.5 | \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 |
| 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 | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Equity securities | \u00a0 | \u00a0 | 4 | % | \u00a0 | \u00a0 | 4 | % |
| Debt securities | \u00a0 | \u00a0 | 84 | % | \u00a0 | \u00a0 | 87 | % |
| Real estate funds | \u00a0 | \u00a0 | 1 | % | \u00a0 | \u00a0 | 1 | % |
| Private equity | \u00a0 | \u00a0 | 4 | % | \u00a0 | \u00a0 | 4 | % |
| Other | \u00a0 | \u00a0 | 7 | % | \u00a0 | \u00a0 | 4 | % |
| Total | \u00a0 | \u00a0 | 100 | % | \u00a0 | \u00a0 | 100 | % |
| Assumed Health Care Cost Trend Rates at: | \u00a0 | May 28, 2023 | \u00a0 | \u00a0 | May 29, 2022 | \u00a0 | ||
| Initial health care cost trend rate | \u00a0 | \u00a0 | 6.92 | % | \u00a0 | \u00a0 | 6.32 | % |
| Ultimate health care cost trend rate | \u00a0 | \u00a0 | 4.43 | % | \u00a0 | \u00a0 | 4.44 | % |
| Year that the rate reaches the ultimate trend rate | \u00a0 | 2034 | \u00a0 | \u00a0 | 2029 | \u00a0 |
| \u00a0 | \u00a0 | Pension | \u00a0 | \u00a0 | Postretirement | \u00a0 | ||
| \u00a0 | \u00a0 | Plans | \u00a0 | \u00a0 | Plans | \u00a0 | ||
| 2024 | \u00a0 | $ | 204.0 | \u00a0 | \u00a0 | $ | 7.2 | \u00a0 |
| 2025 | \u00a0 | \u00a0 | 203.1 | \u00a0 | \u00a0 | \u00a0 | 6.7 | \u00a0 |
| 2026 | \u00a0 | \u00a0 | 204.7 | \u00a0 | \u00a0 | \u00a0 | 6.2 | \u00a0 |
| 2027 | \u00a0 | \u00a0 | 205.7 | \u00a0 | \u00a0 | \u00a0 | 5.7 | \u00a0 |
| 2028 | \u00a0 | \u00a0 | 206.4 | \u00a0 | \u00a0 | \u00a0 | 5.2 | \u00a0 |
| Succeeding 5 years | \u00a0 | \u00a0 | 1,022.0 | \u00a0 | \u00a0 | \u00a0 | 20.2 | \u00a0 |
| \u00a0 | \u00a0 | Pension Protection Act Zone Status | \u00a0 | FIP / RP Status | \u00a0 | \u00a0 | Contributions by the Company (millions) | \u00a0 | \u00a0 | \u00a0 | Expiration Dates of Collective | \u00a0 | ||||||||||
| Pension Fund | EIN / PN | 2022 | 2021 | \u00a0 | Pending / Implemented | \u00a0 | \u00a0 | FY23 | \u00a0 | \u00a0 | FY22 | \u00a0 | \u00a0 | FY21 | \u00a0 | Surcharge Imposed | \u00a0 | Bargaining Agreements | \u00a0 | |||
| Central States, Southeast and Southwest Areas Pension Fund | 36-6044243/ 001 | Red, Critical and Declining | Red, Critical and Declining | \u00a0 | RP Implemented | \u00a0 | \u00a0 | \u00a0 | 2.6 | \u00a0 | \u00a0 | \u00a0 | 2.5 | \u00a0 | \u00a0 | \u00a0 | 2.2 | \u00a0 | No | \u00a0 | 5/31/2025 | \u00a0 |
| Western Conference of Teamsters Pension Plan | 91-6145047/ 001 | Green | Green | \u00a0 | N/A | \u00a0 | \u00a0 | \u00a0 | 4.4 | \u00a0 | \u00a0 | \u00a0 | 3.8 | \u00a0 | \u00a0 | \u00a0 | 3.8 | \u00a0 | No | \u00a0 | 4/30/2025 | \u00a0 |
| Other Plans | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2.2 | \u00a0 | \u00a0 | \u00a0 | 1.8 | \u00a0 | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Total Contributions | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | 9.2 | \u00a0 | \u00a0 | $ | 8.1 | \u00a0 | \u00a0 | $ | 7.4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
18. 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
\n \n \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 28, 2023:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Level 1 | \u00a0 | \u00a0 | Level 2 | \u00a0 | \u00a0 | Level 3 | \u00a0 | \u00a0 | Total | \u00a0 | ||||
| Assets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivative assets | \u00a0 | $ | 9.4 | \u00a0 | \u00a0 | $ | 0.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 10.0 | \u00a0 |
| Deferred compensation assets | \u00a0 | \u00a0 | 7.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 7.1 | \u00a0 |
| Available-for-sale debt securities | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 4.0 | \u00a0 | \u00a0 | \u00a0 | 4.0 | \u00a0 |
| Total assets | \u00a0 | $ | 16.5 | \u00a0 | \u00a0 | $ | 0.6 | \u00a0 | \u00a0 | $ | 4.0 | \u00a0 | \u00a0 | $ | 21.1 | \u00a0 |
| Liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivative liabilities | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 3.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 3.6 | \u00a0 |
| Deferred compensation liabilities | \u00a0 | \u00a0 | 67.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 67.0 | \u00a0 |
| Total liabilities | \u00a0 | $ | 67.0 | \u00a0 | \u00a0 | $ | 3.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 70.6 | \u00a0 |
\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 29, 2022:
\n\u00a0
\n \n| \u00a0 | \u00a0 | Level 1 | \u00a0 | \u00a0 | Level 2 | \u00a0 | \u00a0 | Level 3 | \u00a0 | \u00a0 | Total | \u00a0 | ||||
| Assets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivative assets | \u00a0 | $ | 5.7 | \u00a0 | \u00a0 | $ | 1.3 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 7.0 | \u00a0 |
| Deferred compensation assets | \u00a0 | \u00a0 | 7.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 7.5 | \u00a0 |
| Available-for-sale debt securities | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 7.6 | \u00a0 | \u00a0 | \u00a0 | 7.6 | \u00a0 |
| Total assets | \u00a0 | $ | 13.2 | \u00a0 | \u00a0 | $ | 1.3 | \u00a0 | \u00a0 | $ | 7.6 | \u00a0 | \u00a0 | $ | 22.1 | \u00a0 |
| Liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivative liabilities | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 2.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 2.2 | \u00a0 |
| Deferred compensation liabilities | \u00a0 | \u00a0 | 72.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 72.6 | \u00a0 |
| Total liabilities | \u00a0 | $ | 72.6 | \u00a0 | \u00a0 | $ | 2.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 74.8 | \u00a0 |
\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 2023, we recognized a credit loss of $3.9 million within SG&A expenses related to our convertible note receivable.\u00a0 The loss was measured using the best estimate of the present value of cash flows expected to be collected.
\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 $78.9 million, $90.7 million, and $13.0 million for fiscal 2023, 2022, and 2021, respectively. Impairments in our Refrigerated & Frozen segment totaled $496.6 million, $103.9 million, and $76.9 million for fiscal\u00a02023, 2022, and 2021, respectively. Impairments in our International segment totaled $13.7 million, $14.4 million, and $1.0 million for fiscal 2023, 2022, and 2021, respectively.
\n\u00a0
\nDuring fiscal 2023, goodwill impairment charges totaling\u00a0$141.7 million were recognized within our Refrigerated & Frozen segment.\u00a0 The impairments were\u00a0measured using a discounted cash flow valuation model specific to the Sides, Components and Enhancers reporting unit\u00a0(see Note 7).
\n\u00a0
\nDuring fiscal 2023, we recognized impairment charges totaling\u00a0$0.5 million in our Grocery & Snacks segment,\u00a0$5.7 million in our Refrigerated & Frozen segment, and\u00a0$20.5 million in our Foodservice segment. During fiscal 2022, we recognized impairment charges totaling\u00a0$26.3 million in our Grocery & Snacks segment,\u00a0$28.9 million in our Refrigerated & Frozen segment, and\u00a0$14.9 million in our Foodservice segment. The impairments were measured based upon the estimated sales price of a disposal group\u00a0that no longer met the held for sale criteria as of the second quarter of fiscal 2023\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.
\n\u00a0
\nThe carrying amount of long-term debt (including current installments) was $8.60\u00a0billion as of May 28, 2023 and $8.80 billion as of May 29, 2022. Based on current market rates, the fair value of this debt (level 2 liabilities) at\u00a0 May 28, 2023 and May 29, 2022 was estimated at $8.31 billion and $8.85 billion, respectively.
\n\u00a0
\n "}]},{"name":"rpt:f-1995","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | Level 1 | \u00a0 | \u00a0 | Level 2 | \u00a0 | \u00a0 | Level 3 | \u00a0 | \u00a0 | Total | \u00a0 | ||||
| Assets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivative assets | \u00a0 | $ | 9.4 | \u00a0 | \u00a0 | $ | 0.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 10.0 | \u00a0 |
| Deferred compensation assets | \u00a0 | \u00a0 | 7.1 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 7.1 | \u00a0 |
| Available-for-sale debt securities | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 4.0 | \u00a0 | \u00a0 | \u00a0 | 4.0 | \u00a0 |
| Total assets | \u00a0 | $ | 16.5 | \u00a0 | \u00a0 | $ | 0.6 | \u00a0 | \u00a0 | $ | 4.0 | \u00a0 | \u00a0 | $ | 21.1 | \u00a0 |
| Liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivative liabilities | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 3.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 3.6 | \u00a0 |
| Deferred compensation liabilities | \u00a0 | \u00a0 | 67.0 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 67.0 | \u00a0 |
| Total liabilities | \u00a0 | $ | 67.0 | \u00a0 | \u00a0 | $ | 3.6 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 70.6 | \u00a0 |
| \u00a0 | \u00a0 | Level 1 | \u00a0 | \u00a0 | Level 2 | \u00a0 | \u00a0 | Level 3 | \u00a0 | \u00a0 | Total | \u00a0 | ||||
| Assets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivative assets | \u00a0 | $ | 5.7 | \u00a0 | \u00a0 | $ | 1.3 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 7.0 | \u00a0 |
| Deferred compensation assets | \u00a0 | \u00a0 | 7.5 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 7.5 | \u00a0 |
| Available-for-sale debt securities | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 7.6 | \u00a0 | \u00a0 | \u00a0 | 7.6 | \u00a0 |
| Total assets | \u00a0 | $ | 13.2 | \u00a0 | \u00a0 | $ | 1.3 | \u00a0 | \u00a0 | $ | 7.6 | \u00a0 | \u00a0 | $ | 22.1 | \u00a0 |
| Liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivative liabilities | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 2.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 2.2 | \u00a0 |
| Deferred compensation liabilities | \u00a0 | \u00a0 | 72.6 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 72.6 | \u00a0 |
| Total liabilities | \u00a0 | $ | 72.6 | \u00a0 | \u00a0 | $ | 2.2 | \u00a0 | \u00a0 | $ | \u2014 | \u00a0 | \u00a0 | $ | 74.8 | \u00a0 |
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 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Net sales | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Grocery & Snacks | \u00a0 | $ | 4,981.9 | \u00a0 | \u00a0 | $ | 4,697.4 | \u00a0 | \u00a0 | $ | 4,624.7 | \u00a0 |
| Refrigerated & Frozen | \u00a0 | \u00a0 | 5,156.2 | \u00a0 | \u00a0 | \u00a0 | 4,859.3 | \u00a0 | \u00a0 | \u00a0 | 4,774.6 | \u00a0 |
| International | \u00a0 | \u00a0 | 1,002.5 | \u00a0 | \u00a0 | \u00a0 | 970.8 | \u00a0 | \u00a0 | \u00a0 | 938.6 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 1,136.4 | \u00a0 | \u00a0 | \u00a0 | 1,008.4 | \u00a0 | \u00a0 | \u00a0 | 846.8 | \u00a0 |
| Total net sales | \u00a0 | $ | 12,277.0 | \u00a0 | \u00a0 | $ | 11,535.9 | \u00a0 | \u00a0 | $ | 11,184.7 | \u00a0 |
| Operating profit | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Grocery & Snacks | \u00a0 | $ | 1,002.8 | \u00a0 | \u00a0 | $ | 859.5 | \u00a0 | \u00a0 | $ | 1,092.7 | \u00a0 |
| Refrigerated & Frozen | \u00a0 | \u00a0 | 255.0 | \u00a0 | \u00a0 | \u00a0 | 561.1 | \u00a0 | \u00a0 | \u00a0 | 836.5 | \u00a0 |
| International | \u00a0 | \u00a0 | 121.4 | \u00a0 | \u00a0 | \u00a0 | 106.7 | \u00a0 | \u00a0 | \u00a0 | 131.8 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 85.0 | \u00a0 | \u00a0 | \u00a0 | 60.3 | \u00a0 | \u00a0 | \u00a0 | 80.0 | \u00a0 |
| Total operating profit | \u00a0 | $ | 1,464.2 | \u00a0 | \u00a0 | $ | 1,587.6 | \u00a0 | \u00a0 | $ | 2,141.0 | \u00a0 |
| Equity method investment earnings | \u00a0 | \u00a0 | 212.0 | \u00a0 | \u00a0 | \u00a0 | 145.3 | \u00a0 | \u00a0 | \u00a0 | 84.4 | \u00a0 |
| General corporate expenses | \u00a0 | \u00a0 | 388.9 | \u00a0 | \u00a0 | \u00a0 | 241.6 | \u00a0 | \u00a0 | \u00a0 | 364.8 | \u00a0 |
| Pension and postretirement non-service income | \u00a0 | \u00a0 | 24.2 | \u00a0 | \u00a0 | \u00a0 | 67.3 | \u00a0 | \u00a0 | \u00a0 | 54.5 | \u00a0 |
| Interest expense, net | \u00a0 | \u00a0 | 409.6 | \u00a0 | \u00a0 | \u00a0 | 379.9 | \u00a0 | \u00a0 | \u00a0 | 420.4 | \u00a0 |
| Income tax expense | \u00a0 | \u00a0 | 218.7 | \u00a0 | \u00a0 | \u00a0 | 290.5 | \u00a0 | \u00a0 | \u00a0 | 193.8 | \u00a0 |
| Net income | \u00a0 | $ | 683.2 | \u00a0 | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,300.9 | \u00a0 |
| Less: Net income attributable to noncontrolling interests | \u00a0 | \u00a0 | (0.4 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2.1 | \u00a0 |
| Net income attributable to Conagra Brands, Inc. | \u00a0 | $ | 683.6 | \u00a0 | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,298.8 | \u00a0 |
\u00a0
\nThe following table presents further disaggregation of our net sales:
\n\u00a0
\n \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Frozen | \u00a0 | $ | 4,288.1 | \u00a0 | \u00a0 | $ | 4,091.1 | \u00a0 | \u00a0 | $ | 3,948.0 | \u00a0 |
| Staples | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other shelf-stable | \u00a0 | \u00a0 | 2,851.9 | \u00a0 | \u00a0 | \u00a0 | 2,729.5 | \u00a0 | \u00a0 | \u00a0 | 2,830.2 | \u00a0 |
| Refrigerated | \u00a0 | \u00a0 | 868.1 | \u00a0 | \u00a0 | \u00a0 | 768.2 | \u00a0 | \u00a0 | \u00a0 | 826.6 | \u00a0 |
| Snacks | \u00a0 | \u00a0 | 2,130.0 | \u00a0 | \u00a0 | \u00a0 | 1,967.9 | \u00a0 | \u00a0 | \u00a0 | 1,794.5 | \u00a0 |
| International | \u00a0 | \u00a0 | 1,002.5 | \u00a0 | \u00a0 | \u00a0 | 970.8 | \u00a0 | \u00a0 | \u00a0 | 938.6 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 1,136.4 | \u00a0 | \u00a0 | \u00a0 | 1,008.4 | \u00a0 | \u00a0 | \u00a0 | 846.8 | \u00a0 |
| Total net sales | \u00a0 | $ | 12,277.0 | \u00a0 | \u00a0 | $ | 11,535.9 | \u00a0 | \u00a0 | $ | 11,184.7 | \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 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Net derivative gains (losses) incurred | \u00a0 | $ | (17.6 | ) | \u00a0 | $ | 37.1 | \u00a0 | \u00a0 | $ | 9.5 | \u00a0 |
| Less: Net derivative gains (losses) allocated to reporting segments | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | 32.7 | \u00a0 | \u00a0 | \u00a0 | (6.1 | ) |
| Net derivative gains (losses) recognized in general corporate expenses | \u00a0 | $ | (37.1 | ) | \u00a0 | $ | 4.4 | \u00a0 | \u00a0 | $ | 15.6 | \u00a0 |
| Net derivative gains (losses) allocated to Grocery & Snacks | \u00a0 | $ | 6.0 | \u00a0 | \u00a0 | $ | 17.3 | \u00a0 | \u00a0 | $ | (2.3 | ) |
| Net derivative gains (losses) allocated to Refrigerated & Frozen | \u00a0 | \u00a0 | 9.6 | \u00a0 | \u00a0 | \u00a0 | 17.4 | \u00a0 | \u00a0 | \u00a0 | (1.7 | ) |
| Net derivative gains (losses) allocated to International | \u00a0 | \u00a0 | 2.5 | \u00a0 | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | \u00a0 | (1.7 | ) |
| Net derivative gains (losses) allocated to Foodservice | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 1.6 | \u00a0 | \u00a0 | \u00a0 | (0.4 | ) |
| Net derivative gains (losses) included in segment operating profit | \u00a0 | $ | 19.5 | \u00a0 | \u00a0 | $ | 32.7 | \u00a0 | \u00a0 | $ | (6.1 | ) |
\u00a0
\nAs of May 28, 2023, the cumulative amount of net derivative losses from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $21.2 million. This amount reflected net losses of $21.4 million incurred during the fiscal year ended May 28, 2023, as well as net gains of $0.2\u00a0million incurred prior to fiscal 2023. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results net losses of $20.1 million in fiscal 2024\u00a0and $1.1 million in fiscal 2025\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 2023, 2022, and 2021 was $313.1\u00a0million, $316.1\u00a0million, and $328.0\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 2023, 2022, and 2021. Foreign net sales, including sales by domestic segments to customers located outside of the United\u00a0States, were approximately $1.04\u00a0billion, $1.00\u00a0billion, and $960.5\u00a0million in fiscal 2023, 2022, and 2021, 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 28%, 27%, and 26% of consolidated net sales for fiscal 2023, 2022, and 2021, respectively, significantly impacting the Grocery & Snacks and Refrigerated & Frozen segments.
\n\u00a0
\nWalmart, Inc. and its affiliates accounted for approximately 29% and 30% of consolidated net receivables as of May 28, 2023 and May 29, 2022, respectively.
\n\u00a0\u00a0
\n \n \n "}]},{"name":"rpt:f-2075","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2022-05-30T00:00:00/2023-05-29T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":" \n| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Net sales | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Grocery & Snacks | \u00a0 | $ | 4,981.9 | \u00a0 | \u00a0 | $ | 4,697.4 | \u00a0 | \u00a0 | $ | 4,624.7 | \u00a0 |
| Refrigerated & Frozen | \u00a0 | \u00a0 | 5,156.2 | \u00a0 | \u00a0 | \u00a0 | 4,859.3 | \u00a0 | \u00a0 | \u00a0 | 4,774.6 | \u00a0 |
| International | \u00a0 | \u00a0 | 1,002.5 | \u00a0 | \u00a0 | \u00a0 | 970.8 | \u00a0 | \u00a0 | \u00a0 | 938.6 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 1,136.4 | \u00a0 | \u00a0 | \u00a0 | 1,008.4 | \u00a0 | \u00a0 | \u00a0 | 846.8 | \u00a0 |
| Total net sales | \u00a0 | $ | 12,277.0 | \u00a0 | \u00a0 | $ | 11,535.9 | \u00a0 | \u00a0 | $ | 11,184.7 | \u00a0 |
| Operating profit | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Grocery & Snacks | \u00a0 | $ | 1,002.8 | \u00a0 | \u00a0 | $ | 859.5 | \u00a0 | \u00a0 | $ | 1,092.7 | \u00a0 |
| Refrigerated & Frozen | \u00a0 | \u00a0 | 255.0 | \u00a0 | \u00a0 | \u00a0 | 561.1 | \u00a0 | \u00a0 | \u00a0 | 836.5 | \u00a0 |
| International | \u00a0 | \u00a0 | 121.4 | \u00a0 | \u00a0 | \u00a0 | 106.7 | \u00a0 | \u00a0 | \u00a0 | 131.8 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 85.0 | \u00a0 | \u00a0 | \u00a0 | 60.3 | \u00a0 | \u00a0 | \u00a0 | 80.0 | \u00a0 |
| Total operating profit | \u00a0 | $ | 1,464.2 | \u00a0 | \u00a0 | $ | 1,587.6 | \u00a0 | \u00a0 | $ | 2,141.0 | \u00a0 |
| Equity method investment earnings | \u00a0 | \u00a0 | 212.0 | \u00a0 | \u00a0 | \u00a0 | 145.3 | \u00a0 | \u00a0 | \u00a0 | 84.4 | \u00a0 |
| General corporate expenses | \u00a0 | \u00a0 | 388.9 | \u00a0 | \u00a0 | \u00a0 | 241.6 | \u00a0 | \u00a0 | \u00a0 | 364.8 | \u00a0 |
| Pension and postretirement non-service income | \u00a0 | \u00a0 | 24.2 | \u00a0 | \u00a0 | \u00a0 | 67.3 | \u00a0 | \u00a0 | \u00a0 | 54.5 | \u00a0 |
| Interest expense, net | \u00a0 | \u00a0 | 409.6 | \u00a0 | \u00a0 | \u00a0 | 379.9 | \u00a0 | \u00a0 | \u00a0 | 420.4 | \u00a0 |
| Income tax expense | \u00a0 | \u00a0 | 218.7 | \u00a0 | \u00a0 | \u00a0 | 290.5 | \u00a0 | \u00a0 | \u00a0 | 193.8 | \u00a0 |
| Net income | \u00a0 | $ | 683.2 | \u00a0 | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,300.9 | \u00a0 |
| Less: Net income attributable to noncontrolling interests | \u00a0 | \u00a0 | (0.4 | ) | \u00a0 | \u00a0 | \u2014 | \u00a0 | \u00a0 | \u00a0 | 2.1 | \u00a0 |
| Net income attributable to Conagra Brands, Inc. | \u00a0 | $ | 683.6 | \u00a0 | \u00a0 | $ | 888.2 | \u00a0 | \u00a0 | $ | 1,298.8 | \u00a0 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Frozen | \u00a0 | $ | 4,288.1 | \u00a0 | \u00a0 | $ | 4,091.1 | \u00a0 | \u00a0 | $ | 3,948.0 | \u00a0 |
| Staples | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Other shelf-stable | \u00a0 | \u00a0 | 2,851.9 | \u00a0 | \u00a0 | \u00a0 | 2,729.5 | \u00a0 | \u00a0 | \u00a0 | 2,830.2 | \u00a0 |
| Refrigerated | \u00a0 | \u00a0 | 868.1 | \u00a0 | \u00a0 | \u00a0 | 768.2 | \u00a0 | \u00a0 | \u00a0 | 826.6 | \u00a0 |
| Snacks | \u00a0 | \u00a0 | 2,130.0 | \u00a0 | \u00a0 | \u00a0 | 1,967.9 | \u00a0 | \u00a0 | \u00a0 | 1,794.5 | \u00a0 |
| International | \u00a0 | \u00a0 | 1,002.5 | \u00a0 | \u00a0 | \u00a0 | 970.8 | \u00a0 | \u00a0 | \u00a0 | 938.6 | \u00a0 |
| Foodservice | \u00a0 | \u00a0 | 1,136.4 | \u00a0 | \u00a0 | \u00a0 | 1,008.4 | \u00a0 | \u00a0 | \u00a0 | 846.8 | \u00a0 |
| Total net sales | \u00a0 | $ | 12,277.0 | \u00a0 | \u00a0 | $ | 11,535.9 | \u00a0 | \u00a0 | $ | 11,184.7 | \u00a0 |
| \u00a0 | \u00a0 | 2023 | \u00a0 | \u00a0 | 2022 | \u00a0 | \u00a0 | 2021 | \u00a0 | |||
| Net derivative gains (losses) incurred | \u00a0 | $ | (17.6 | ) | \u00a0 | $ | 37.1 | \u00a0 | \u00a0 | $ | 9.5 | \u00a0 |
| Less: Net derivative gains (losses) allocated to reporting segments | \u00a0 | \u00a0 | 19.5 | \u00a0 | \u00a0 | \u00a0 | 32.7 | \u00a0 | \u00a0 | \u00a0 | (6.1 | ) |
| Net derivative gains (losses) recognized in general corporate expenses | \u00a0 | $ | (37.1 | ) | \u00a0 | $ | 4.4 | \u00a0 | \u00a0 | $ | 15.6 | \u00a0 |
| Net derivative gains (losses) allocated to Grocery & Snacks | \u00a0 | $ | 6.0 | \u00a0 | \u00a0 | $ | 17.3 | \u00a0 | \u00a0 | $ | (2.3 | ) |
| Net derivative gains (losses) allocated to Refrigerated & Frozen | \u00a0 | \u00a0 | 9.6 | \u00a0 | \u00a0 | \u00a0 | 17.4 | \u00a0 | \u00a0 | \u00a0 | (1.7 | ) |
| Net derivative gains (losses) allocated to International | \u00a0 | \u00a0 | 2.5 | \u00a0 | \u00a0 | \u00a0 | (3.6 | ) | \u00a0 | \u00a0 | (1.7 | ) |
| Net derivative gains (losses) allocated to Foodservice | \u00a0 | \u00a0 | 1.4 | \u00a0 | \u00a0 | \u00a0 | 1.6 | \u00a0 | \u00a0 | \u00a0 | (0.4 | ) |
| Net derivative gains (losses) included in segment operating profit | \u00a0 | $ | 19.5 | \u00a0 | \u00a0 | $ | 32.7 | \u00a0 | \u00a0 | $ | (6.1 | ) |