1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying Condensed Consolidated Financial Statements of Conagra Brands, Inc. (the \u201cCompany\u201d, \u201cConagra Brands\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d) have been prepared in accordance with U.S. generally accepted accounting principles (\u201cU.S. GAAP\u201d) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. The unaudited financial information reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position, and cash flows for the periods presented. During the first and third quarters of fiscal 2025, we determined that certain assets and liabilities were held for sale. We have reclassified these assets and liabilities within our Condensed Consolidated Balance Sheets for all periods presented (see Note 3).\u00a0In addition, certain other prior year amounts have been reclassified to conform to current period presentation.\u00a0These reclassifications had no effect on net income in our Condensed Consolidated Statements of Earnings.\u00a0Certain costs previously classified as selling, general and administrative (\u201cSG&A\u201d) expenses have been reclassified to other intangible asset impairment charges and loss on divestitures in our Condensed Consolidated Statements of Earnings. All other adjustments are of a normal recurring nature. The results of operations for any quarter or a partial fiscal year period are not necessarily indicative of the results to be expected for other periods or the full fiscal year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024.\u00a0There were no significant changes to our accounting policies from those disclosed in Note 1, \u201cSummary of Significant Accounting Policies\u201d, to the Consolidated Financial Statements in that Form 10-K.
Recently Issued\u00a0Accounting Pronouncements and Disclosure Rules
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosure requirements must be applied retrospectively to all prior periods presented in the financial statements. The effective date for the standard is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are in the process of analyzing the impact of the ASU on our related disclosures. We will adopt this guidance in the fourth quarter of fiscal 2025, when it becomes effective.
In December\u00a02023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures,\u00a0to provide\u00a0more detailed income tax disclosure requirements. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the standard is for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are in the process of analyzing the impact of the ASU on our related disclosures. We will adopt this guidance in the fourth quarter of fiscal 2026, when it becomes effective.
In March 2024, the Securities and Exchange Commission (\u201cSEC\u201d) issued final climate-related disclosure\u00a0rules that will require disclosure of material climate-related risks and material direct greenhouse gas\u00a0emissions from operations owned or controlled (Scope 1) and/or material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. In April 2024, the SEC stayed its implementation of this rule pending the outcome of legal challenges. However, we continue to monitor developments and analyze the potential impact of the new rules on our related disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, to provide disaggregated disclosures of specific expense categories underlying certain income statement expense line items on an annual and interim basis. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the standard is for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are in the process of analyzing the impact of the ASU on our related disclosures.
"}]},{"name":"rpt:f-349","factDimensions":{"xbrl:concept":"us-gaap:BasisOfAccountingPolicyPolicyTextBlock","xbrl:period":"2024-05-27T00:00:00/2025-02-24T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"The accompanying Condensed Consolidated Financial Statements of Conagra Brands, Inc. (the \u201cCompany\u201d, \u201cConagra Brands\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d) have been prepared in accordance with U.S. generally accepted accounting principles (\u201cU.S. GAAP\u201d) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. The unaudited financial information reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position, and cash flows for the periods presented. During the first and third quarters of fiscal 2025, we determined that certain assets and liabilities were held for sale. We have reclassified these assets and liabilities within our Condensed Consolidated Balance Sheets for all periods presented (see Note 3).\u00a0In addition, certain other prior year amounts have been reclassified to conform to current period presentation.\u00a0These reclassifications had no effect on net income in our Condensed Consolidated Statements of Earnings.\u00a0Certain costs previously classified as selling, general and administrative (\u201cSG&A\u201d) expenses have been reclassified to other intangible asset impairment charges and loss on divestitures in our Condensed Consolidated Statements of Earnings. All other adjustments are of a normal recurring nature. The results of operations for any quarter or a partial fiscal year period are not necessarily indicative of the results to be expected for other periods or the full fiscal year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024.\u00a0There were no significant changes to our accounting policies from those disclosed in Note 1, \u201cSummary of Significant Accounting Policies\u201d, to the Consolidated Financial Statements in that Form 10-K.
"}]},{"name":"rpt:f-350","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2024-05-27T00:00:00/2025-02-24T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Recently Issued\u00a0Accounting Pronouncements and Disclosure Rules
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosure requirements must be applied retrospectively to all prior periods presented in the financial statements. The effective date for the standard is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are in the process of analyzing the impact of the ASU on our related disclosures. We will adopt this guidance in the fourth quarter of fiscal 2025, when it becomes effective.
In December\u00a02023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures,\u00a0to provide\u00a0more detailed income tax disclosure requirements. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the standard is for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are in the process of analyzing the impact of the ASU on our related disclosures. We will adopt this guidance in the fourth quarter of fiscal 2026, when it becomes effective.
In March 2024, the Securities and Exchange Commission (\u201cSEC\u201d) issued final climate-related disclosure\u00a0rules that will require disclosure of material climate-related risks and material direct greenhouse gas\u00a0emissions from operations owned or controlled (Scope 1) and/or material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. In April 2024, the SEC stayed its implementation of this rule pending the outcome of legal challenges. However, we continue to monitor developments and analyze the potential impact of the new rules on our related disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, to provide disaggregated disclosures of specific expense categories underlying certain income statement expense line items on an annual and interim basis. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the standard is for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are in the process of analyzing the impact of the ASU on our related disclosures.
"}]},{"name":"rpt:f-351","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationDisclosureTextBlock","xbrl:period":"2024-05-27T00:00:00/2025-02-24T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"2. ACQUISITIONS
In July 2024, we acquired the manufacturing operations of an existing co-manufacturer of our cooking spray products, for a cash purchase price of $51.2 million, including working capital adjustments. Approximately $46.3 million of the purchase price has been classified as goodwill, which is deductible for income tax purposes. The settlement of certain pre-existing contractual agreements between Conagra and the co-manufacturer as part of the transaction resulted in a net gain of $3.4 million within selling, general and administrative expenses in fiscal 2025.
In August 2024, we acquired the outstanding equity of Sweetwood Smoke & Co., maker of FATTY\u00ae smoked meat sticks, for a cash purchase price of $179.4 million, net of cash acquired and including working capital adjustments. Approximately $129.9 million of the purchase price has been classified as goodwill, which is deductible for income tax purposes. Approximately $55.8 million and $5.5 million of the purchase price has been allocated to non-amortizing and amortizing intangible assets, respectively.
For each of these acquisitions, the amounts allocated to goodwill were primarily attributable to anticipated synergies, future growth opportunities, and other intangibles that do not qualify for separate recognition such as an assembled workforce. The results of each of these acquisitions, subsequent to the acquisition closings, are primarily included in the Grocery & Snacks segment and through February 23, 2025, were not material to our Condensed Consolidated Statements of Earnings.
Under the acquisition method of accounting, the assets acquired and liabilities assumed in these acquisitions were recorded at their respective estimated fair values at the date of acquisition. We expect to finalize the purchase price allocation in the fourth quarter of fiscal 2025.
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Divestitures
During the first quarter of fiscal 2025, we completed the sale of our 51.8% ownership stake in Agro Tech Foods Limited (\u201cATFL\u201d) for net proceeds of\u00a0$76.8 million. Prior to the transaction, our majority ownership of ATFL was consolidated within our International segment. We recognized a loss of $2.3 million on the sale within loss on divestitures in the first quarter of fiscal 2025. In connection with this divestiture, we also released $41.8 million and $38.0 million of currency translation losses from accumulated other comprehensive loss and noncontrolling interests, respectively. In the second quarter of fiscal 2024, we recognized an impairment charge of $34.2 million within loss on divestitures related to this business.
The assets and liabilities related to ATFL have been reclassified as assets and liabilities held for sale within our Condensed Consolidated Balance Sheet for the period presented prior to the divestiture. The assets and liabilities related to ATFL classified as held for sale reflected in our Condensed Consolidated Balance Sheet were as follows:
\u00a0\u00a0\u00a0\u00a0 | May 26, 2024 | ||
Current assets | $ | 32.0 | |
Noncurrent assets (including goodwill of $46.4 million) | 89.2 | ||
Current liabilities | 14.8 | ||
Noncurrent liabilities | 1.9 |
Other Assets Held for Sale
As a result of management\u2019s decision to exit a certain manufacturing facility and related warehouse in our Refrigerated & Frozen segment in fiscal 2024, we began to actively market these assets during the first quarter of fiscal 2025. We anticipate entering into a definitive agreement to sell these assets in the next twelve months. Accordingly, these assets have been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for all periods presented.
We have initiated plans to sell businesses with operating results primarily included within our Grocery & Snacks, Refrigerated & Frozen, and International segments. During the third quarter of fiscal 2025, these businesses met the criteria to be classified as held for sale. The assets and liabilities have been reclassified as assets and liabilities held for sale within our Condensed Consolidated Balance Sheets for all periods presented and are expected to be sold within twelve months of initiating our plans.\u00a0As a result, based on our current estimates regarding these planned transactions, we recognized an impairment charge of $27.2\u00a0million in our Refrigerated & Frozen segment within loss on divestitures in the third quarter of fiscal 2025.
In addition, we actively market certain other assets from time to time. These assets have also been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for periods prior to the disposal of the individual asset groups.
The assets and liabilities currently classified as held for sale reflected in our Condensed Consolidated Balance Sheets were as follows:
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | May 26, 2024 | |||
Current assets | $ | 81.4 | $ | 101.5 | ||
Noncurrent assets (including goodwill of $247.5 million and $256.8 million, respectively) | 529.8 | 561.8 | ||||
Current liabilities | 2.7 | 2.7 | ||||
Noncurrent liabilities | 0.9 | 2.9 |
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\u00a0\u00a0\u00a0\u00a0 | May 26, 2024 | ||
Current assets | $ | 32.0 | |
Noncurrent assets (including goodwill of $46.4 million) | 89.2 | ||
Current liabilities | 14.8 | ||
Noncurrent liabilities | 1.9 |
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | May 26, 2024 | |||
Current assets | $ | 81.4 | $ | 101.5 | ||
Noncurrent assets (including goodwill of $247.5 million and $256.8 million, respectively) | 529.8 | 561.8 | ||||
Current liabilities | 2.7 | 2.7 | ||||
Noncurrent liabilities | 0.9 | 2.9 |
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4. RESTRUCTURING ACTIVITIES
See our Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended\u00a0May 26, 2024 for additional information on our restructuring activities.
Conagra Restructuring Plan
From fiscal 2019 through February 23, 2025, we have\u00a0approved $345.9 million ($90.1\u00a0million of cash charges and $255.8 million of non-cash charges) and recognized cumulative charges of $310.2\u00a0million as part of a restructuring plan to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network (the \u201cConagra Restructuring Plan\u201d). In the third quarter and first\u00a0three quarters of fiscal 2025, we recognized charges of $6.9\u00a0million and $90.7 million, respectively, in connection with the Conagra Restructuring Plan. In the third quarter and first three quarters of fiscal 2024, we recognized charges of $1.5 million and $28.9 million, respectively, in connection with the Conagra Restructuring Plan. We incur costs related to the Conagra Restructuring Plan over a multi-year period.
During the first three quarters\u00a0of fiscal 2025, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:
Grocery & | Refrigerated | ||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Snacks | \u00a0\u00a0\u00a0\u00a0 | & Frozen | \u00a0\u00a0\u00a0\u00a0 | International | \u00a0\u00a0\u00a0\u00a0 | Corporate | \u00a0\u00a0\u00a0\u00a0 | Total | ||||||
Accelerated depreciation | $ | 2.2 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 2.2 | |||||
Other cost of goods sold | 2.3 | 5.2 | (0.1) | \u2014 | 7.4 | ||||||||||
Total cost of goods sold | 4.5 | 5.2 | (0.1) | \u2014 | 9.6 | ||||||||||
Severance and related costs | 0.1 | 6.1 | (0.3) | 2.4 | 8.3 | ||||||||||
Asset impairment (net of gains on disposal) | 2.7 | 65.1 | (1.9) | \u2014 | 65.9 | ||||||||||
Contract/lease termination | 1.2 | \u2014 | 0.3 | 0.1 | 1.6 | ||||||||||
Other SG&A | 2.3 | 2.1 | 0.7 | 0.2 | 5.3 | ||||||||||
Total SG&A | 6.3 | 73.3 | (1.2) | 2.7 | 81.1 | ||||||||||
Total | $ | 10.8 | $ | 78.5 | $ | (1.3) | $ | 2.7 | $ | 90.7 |
Included in the above results are $18.2\u00a0million of\u00a0charges that have resulted or will result in cash outflows and $72.5\u00a0million in non-cash charges.
Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first three quarters\u00a0of fiscal\u00a02025 were as follows:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Costs | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||||||||
Incurred and | |||||||||||||||
Balance at | Charged to | Costs Paid or | Changes in | Balance at | |||||||||||
May 26, 2024 | Expense | Otherwise Settled | Estimates | February 23, 2025 | |||||||||||
Severance and related costs | $ | 9.8 | $ | 9.1 | $ | (7.8) | $ | (0.8) | $ | 10.3 | |||||
Contract/lease termination | \u2014 | 1.6 | (1.6) | \u2014 | \u2014 | ||||||||||
Other costs | 0.6 | 8.3 | (7.5) | \u2014 | 1.4 | ||||||||||
Total | $ | 10.4 | $ | 19.0 | $ | (16.9) | $ | (0.8) | $ | 11.7 |
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Grocery & | Refrigerated | ||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Snacks | \u00a0\u00a0\u00a0\u00a0 | & Frozen | \u00a0\u00a0\u00a0\u00a0 | International | \u00a0\u00a0\u00a0\u00a0 | Corporate | \u00a0\u00a0\u00a0\u00a0 | Total | ||||||
Accelerated depreciation | $ | 2.2 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 2.2 | |||||
Other cost of goods sold | 2.3 | 5.2 | (0.1) | \u2014 | 7.4 | ||||||||||
Total cost of goods sold | 4.5 | 5.2 | (0.1) | \u2014 | 9.6 | ||||||||||
Severance and related costs | 0.1 | 6.1 | (0.3) | 2.4 | 8.3 | ||||||||||
Asset impairment (net of gains on disposal) | 2.7 | 65.1 | (1.9) | \u2014 | 65.9 | ||||||||||
Contract/lease termination | 1.2 | \u2014 | 0.3 | 0.1 | 1.6 | ||||||||||
Other SG&A | 2.3 | 2.1 | 0.7 | 0.2 | 5.3 | ||||||||||
Total SG&A | 6.3 | 73.3 | (1.2) | 2.7 | 81.1 | ||||||||||
Total | $ | 10.8 | $ | 78.5 | $ | (1.3) | $ | 2.7 | $ | 90.7 |
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Costs | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||||||||
Incurred and | |||||||||||||||
Balance at | Charged to | Costs Paid or | Changes in | Balance at | |||||||||||
May 26, 2024 | Expense | Otherwise Settled | Estimates | February 23, 2025 | |||||||||||
Severance and related costs | $ | 9.8 | $ | 9.1 | $ | (7.8) | $ | (0.8) | $ | 10.3 | |||||
Contract/lease termination | \u2014 | 1.6 | (1.6) | \u2014 | \u2014 | ||||||||||
Other costs | 0.6 | 8.3 | (7.5) | \u2014 | 1.4 | ||||||||||
Total | $ | 10.4 | $ | 19.0 | $ | (16.9) | $ | (0.8) | $ | 11.7 |
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5. DEBT AND REVOLVING CREDIT FACILITY
Senior Notes
During the fourth quarter of fiscal 2024, we repaid the entire outstanding $1.0 billion aggregate principal amount of our 4.30% senior notes on their maturity date of May 1, 2024. The repayment was funded by an unsecured term loan described below, along with the issuance of commercial paper and operating cash flows.
During the first quarter of fiscal 2024, we repaid the entire\u00a0outstanding $500.0 million aggregate principal amount of our 0.50% senior notes on their maturity date of August 11, 2023. The repayment was primarily funded using the net proceeds from\u00a0the issuance of $500.0 million aggregate principal amount of 5.30% senior notes due October 1, 2026.
Term Loans
During the second quarter of fiscal 2023, we borrowed the full $500.0 million aggregate principal amount available under our unsecured term loan (the \u201cTerm Loan\u201d) from a syndicate of financial institutions. During the second quarter of fiscal 2024, we
prepaid\u00a0$250.0 million of the aggregate principal amount outstanding under the Term Loan. During the second quarter of fiscal 2025, we prepaid the remaining $250.0 million of the aggregate principal amount outstanding under the Term Loan.
During the fourth quarter of fiscal 2024, we entered into an unsecured Term Loan Agreement with a financial institution and borrowed the full principal amount, $300.0 million, available thereunder (the \u201c2024 Term Loan\u201d). The 2024 Term Loan matures on April 29, 2025.
Revolving Credit Facility
At February 23, 2025, we had a\u00a0revolving credit facility\u00a0(the \u201cRevolving Credit Facility\u201d) with a syndicate of financial institutions providing for a maximum aggregate principal amount outstanding at any one time of $2.0 billion (subject to increase to a maximum aggregate principal amount of $2.5 billion with consent of the lenders). The Revolving Credit Facility matures on August 26, 2027 and is unsecured. The Company may request the term of the Revolving Credit Facility\u00a0be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. As of February 23, 2025, there were no outstanding borrowings under the Revolving Credit Facility.
Debt Covenants
The Revolving Credit Facility\u00a0generally requires our ratio of earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d) to interest expense to be not less than 3.0 to 1.0 and our ratio of funded net debt to EBITDA not to exceed 4.5 to 1.0, with each ratio to be calculated on a rolling four-quarter basis. As of February 23, 2025, we were in compliance with all financial covenants under the Revolving Credit Facility.
Commercial Paper
As of February 23, 2025 and May 26, 2024, we had $535.0\u00a0million and $586.0\u00a0million, respectively, outstanding under our commercial paper program.
Interest Expense
Net interest expense consisted\u00a0of:
Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Long-term debt | $ | 88.9 | $ | 103.9 | $ | 275.2 | $ | 314.7 | ||||
Short-term debt | 14.5 | 6.1 | 48.0 | 21.6 | ||||||||
Interest income | (0.4) | (1.4) | (1.9) | (3.3) | ||||||||
Interest capitalized | (2.1) | (2.1) | (6.4) | (7.2) | ||||||||
| $ | 100.9 | $ | 106.5 | $ | 314.9 | $ | 325.8 |
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Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Long-term debt | $ | 88.9 | $ | 103.9 | $ | 275.2 | $ | 314.7 | ||||
Short-term debt | 14.5 | 6.1 | 48.0 | 21.6 | ||||||||
Interest income | (0.4) | (1.4) | (1.9) | (3.3) | ||||||||
Interest capitalized | (2.1) | (2.1) | (6.4) | (7.2) | ||||||||
| $ | 100.9 | $ | 106.5 | $ | 314.9 | $ | 325.8 |
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6. FINANCING ARRANGEMENTS
Supplier Financing Arrangements
In order to manage our cash flow and related liquidity, we work with our suppliers to optimize our terms and conditions, which include the extension of payment terms. A number of factors may impact our future payment terms, including our relative creditworthiness, overall market liquidity, and changes in interest rates and other general economic conditions. Certain suppliers have access to third-party services that allow them to view our scheduled payments online and finance advances on our scheduled payments at the sole discretion of the supplier and the third-party. Our current payment terms with these suppliers, which we deem to be commercially reasonable, range up to 120 days. We have no direct financial relationship with the financial institutions utilized by the third parties, and we have pledged no assets in connection with our accounts\u00a0payable programs. All amounts due to participating suppliers are paid to the third party on the original invoice due dates, regardless of whether a particular invoice was sold. Supplier participation in these agreements is voluntary.\u00a0As of February 23, 2025 and May 26, 2024, $269.0\u00a0million and $334.1\u00a0million, respectively, of our total accounts and other payables were payable to suppliers who utilized these\u00a0third-party services.\u00a0The associated payments are included in net cash flows from operating activities within our Condensed Consolidated Statements of Cash Flows.
We have also concluded that certain obligations to our suppliers, including amounts due and scheduled payment terms, are impacted by\u00a0these third-party service programs and these arrangements are classified as notes payable within our Condensed Consolidated Balance Sheets. The proceeds and payments associated with short-term borrowings are reflected as financing activities within our Condensed
Consolidated Statements of Cash Flows.\u00a0As of both February 23, 2025 and May 26, 2024, we\u00a0had approximately $43.2\u00a0million of short-term borrowings related to these arrangements.
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The change in the carrying amount of goodwill for the\u00a0first three quarters\u00a0of fiscal 2025, excluding amounts classified as held for sale (see Note 3), was as follows:
\u00a0\u00a0\u00a0\u00a0 | Grocery & Snacks | \u00a0\u00a0\u00a0\u00a0 | Refrigerated & Frozen | \u00a0\u00a0\u00a0\u00a0 | International | \u00a0\u00a0\u00a0\u00a0 | Foodservice | \u00a0\u00a0\u00a0\u00a0 | Total | ||||||
Balance as of May 26, 2024 | $ | 4,486.8 | $ | 4,916.6 | $ | 202.4 | $ | 720.1 | $ | 10,325.9 | |||||
Acquisitions | 176.2 | \u2014 | \u2014 | \u2014 | 176.2 | ||||||||||
Currency translation | \u2014 | \u2014 | (2.3) | \u2014 | (2.3) | ||||||||||
Balance as of February 23, 2025 | $ | 4,663.0 | $ | 4,916.6 | $ | 200.1 | $ | 720.1 | $ | 10,499.8 |
Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows:
February 23, 2025 | May 26, 2024 | |||||||||||
Gross | Gross | |||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Amount | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Amount | \u00a0\u00a0\u00a0\u00a0 | Amortization | |||||
Non-amortizing intangible assets | ||||||||||||
Brands and trademarks | $ | 1,853.7 | $ | \u2014 | $ | 1,816.8 | $ | \u2014 | ||||
Amortizing intangible assets | ||||||||||||
Customer relationships and intellectual property | 1,214.9 | 581.5 | 1,210.6 | 542.6 | ||||||||
| $ | 3,068.6 | $ | 581.5 | $ | 3,027.4 | $ | 542.6 |
During the second quarter of fiscal 2025, we reorganized our reporting units in the Refrigerated & Frozen and Grocery & Snacks segments. This required us to reassign assets and liabilities between the reporting units, assess whether there were indicators of impairment for the impacted reporting units, 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 typically estimated using a discounted cash flow method. The fair value of our indefinite-lived intangibles is determined using the \"relief from royalty\" methodology. Both the \u201crelief from royalty\u201d methodology and the discounted cash flow method 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\u00a0five\u00a0years) and a terminal period (considering expected long-term growth rates and trends).\u00a0We used a discount rate\u00a0of\u00a07.50% and a terminal growth rate that ranged between 1% to 1.5% in estimating the fair value of our reporting units. Estimating 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.
As a result of our impairment tests, in the second quarter of fiscal 2025 we recognized impairment charges of $18.9 million for certain brands with continued lower than expected sales and profit margins. These charges were recorded within other intangible asset impairment charges in our Grocery & Snacks and Refrigerated & Frozen segments. There were no impairments to goodwill.
Amortizing intangible assets carry a remaining weighted average life of approximately 17\u00a0years. Amortization expense was $13.5\u00a0million and $40.4\u00a0million for the\u00a0third quarter and first three quarters of fiscal 2025, respectively, and $13.4 million and $40.2 million for the third quarter and first three quarters of fiscal 2024, respectively.\u00a0Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of February 23, 2025, amortization expense is estimated to average $41.9\u00a0million for each of the next five years.
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Balance as of May 26, 2024 | $ | 4,486.8 | $ | 4,916.6 | $ | 202.4 | $ | 720.1 | $ | 10,325.9 | |||||
Acquisitions | 176.2 | \u2014 | \u2014 | \u2014 | 176.2 | ||||||||||
Currency translation | \u2014 | \u2014 | (2.3) | \u2014 | (2.3) | ||||||||||
Balance as of February 23, 2025 | $ | 4,663.0 | $ | 4,916.6 | $ | 200.1 | $ | 720.1 | $ | 10,499.8 |
February 23, 2025 | May 26, 2024 | |||||||||||
Gross | Gross | |||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Amount | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Amount | \u00a0\u00a0\u00a0\u00a0 | Amortization | |||||
Non-amortizing intangible assets | ||||||||||||
Brands and trademarks | $ | 1,853.7 | $ | \u2014 | $ | 1,816.8 | $ | \u2014 | ||||
Amortizing intangible assets | ||||||||||||
Customer relationships and intellectual property | 1,214.9 | 581.5 | 1,210.6 | 542.6 | ||||||||
| $ | 3,068.6 | $ | 581.5 | $ | 3,027.4 | $ | 542.6 |
8. DERIVATIVE FINANCIAL INSTRUMENTS
See our Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024, for additional information on our derivative activities.
Derivatives Designated as Cash Flow Hedges
During the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our issuance of long-term debt to help finance the acquisition of Pinnacle Foods,\u00a0Inc. 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. The unamortized amount at February 23, 2025\u00a0was $26.0 million.
Economic Hedges of Forecasted Cash Flows
Many of our derivatives do not qualify for, and we do not currently designate certain commodity or foreign currency derivatives to achieve, hedge accounting treatment. We reflect realized and unrealized gains and losses from derivatives used to economically hedge anticipated commodity consumption and to mitigate foreign currency cash flow risk in earnings immediately within general corporate expense (within cost of goods sold). The gains and losses are reclassified to segment operating results in the period in which the underlying item being economically hedged is recognized in cost of goods sold. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results immediately.
The following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology:
Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
$ | 8.0 | $ | (8.3) | $ | 12.0 | $ | 1.2 | |||||
Less: Net derivative gains (losses) allocated to reporting segments | 0.3 | (1.5) | (5.3) | (8.4) | ||||||||
Net derivative gains (losses) recognized in general corporate expenses | $ | 7.7 | $ | (6.8) | $ | 17.3 | $ | 9.6 | ||||
Net derivative losses allocated to Grocery & Snacks | $ | (1.3) | $ | (0.6) | $ | (5.4) | $ | (3.8) | ||||
Net derivative losses allocated to Refrigerated & Frozen | (1.1) | (0.2) | (3.4) | (0.4) | ||||||||
Net derivative gains (losses) allocated to International | 2.9 | (0.7) | 4.2 | (4.3) | ||||||||
Net derivative gains (losses) allocated to Foodservice | (0.2) | \u2014 | (0.7) | 0.1 | ||||||||
Net derivative gains (losses) included in segment operating profit | $ | 0.3 | $ | (1.5) | $ | (5.3) | $ | (8.4) |
The fair values of our derivative positions were not material as of\u00a0 February 23, 2025 and were Level 1 or Level 2 assets or liabilities in the fair value hierarchy (see Note 16 for further information). We have not significantly changed our valuation techniques from prior periods.
The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Condensed Consolidated Statements of Earnings were as follows:
Location in Condensed Consolidated | Gains (Losses) Recognized on | |||||||
Derivatives Not Designated as Hedging Instruments | \u00a0\u00a0\u00a0\u00a0 | Recognized on Derivatives | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | ||
Commodity contracts | Cost of goods sold | $ | 6.4 | $ | (6.6) | |||
Foreign exchange contracts | Cost of goods sold | 1.6 | (1.7) | |||||
Total gains (losses) from derivative instruments not designated as hedging instruments | $ | 8.0 | $ | (8.3) |
Location in Condensed Consolidated | Gains (Losses) Recognized on | |||||||
Derivatives Not Designated as Hedging Instruments | \u00a0\u00a0\u00a0\u00a0 | Recognized on Derivatives | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | ||
Commodity contracts | Cost of goods sold | $ | 2.0 | $ | 5.0 | |||
Foreign exchange contracts | Cost of goods sold | 10.0 | (3.8) | |||||
Total gains from derivative instruments not designated as hedging instruments | $ | 12.0 | $ | 1.2 |
As of February 23, 2025, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $65.4 million for purchase contracts. As of May 26, 2024, our open commodity contracts had a notional value of $88.2 million\u00a0for purchase contracts and $11.0 million for sales contracts. The notional amount of our foreign currency forward contracts as of February 23, 2025 and May 26, 2024 was $83.9 million and $101.5 million, respectively.
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\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
$ | 8.0 | $ | (8.3) | $ | 12.0 | $ | 1.2 | |||||
Less: Net derivative gains (losses) allocated to reporting segments | 0.3 | (1.5) | (5.3) | (8.4) | ||||||||
Net derivative gains (losses) recognized in general corporate expenses | $ | 7.7 | $ | (6.8) | $ | 17.3 | $ | 9.6 | ||||
Net derivative losses allocated to Grocery & Snacks | $ | (1.3) | $ | (0.6) | $ | (5.4) | $ | (3.8) | ||||
Net derivative losses allocated to Refrigerated & Frozen | (1.1) | (0.2) | (3.4) | (0.4) | ||||||||
Net derivative gains (losses) allocated to International | 2.9 | (0.7) | 4.2 | (4.3) | ||||||||
Net derivative gains (losses) allocated to Foodservice | (0.2) | \u2014 | (0.7) | 0.1 | ||||||||
Net derivative gains (losses) included in segment operating profit | $ | 0.3 | $ | (1.5) | $ | (5.3) | $ | (8.4) |
Location in Condensed Consolidated | Gains (Losses) Recognized on | |||||||
Derivatives Not Designated as Hedging Instruments | \u00a0\u00a0\u00a0\u00a0 | Recognized on Derivatives | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | ||
Commodity contracts | Cost of goods sold | $ | 6.4 | $ | (6.6) | |||
Foreign exchange contracts | Cost of goods sold | 1.6 | (1.7) | |||||
Total gains (losses) from derivative instruments not designated as hedging instruments | $ | 8.0 | $ | (8.3) |
Location in Condensed Consolidated | Gains (Losses) Recognized on | |||||||
Derivatives Not Designated as Hedging Instruments | \u00a0\u00a0\u00a0\u00a0 | Recognized on Derivatives | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | ||
Commodity contracts | Cost of goods sold | $ | 2.0 | $ | 5.0 | |||
Foreign exchange contracts | Cost of goods sold | 10.0 | (3.8) | |||||
Total gains from derivative instruments not designated as hedging instruments | $ | 12.0 | $ | 1.2 |
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9. SHARE-BASED PAYMENTS
For the third quarter and first three quarters of fiscal 2025, we recognized total stock-based compensation expense (including restricted stock units and\u00a0performance shares) of $6.3 million and $36.1 million, respectively. For the third quarter and first three quarters of fiscal 2024, we recognized total stock-based compensation expense of $15.2 million and $18.7 million, respectively. In the first three quarters of fiscal 2025,\u00a0we granted 2.2\u00a0million restricted stock units at a weighted average grant date price of $29.81 per share unit and 0.7\u00a0million performance shares at a weighted average grant date price of $29.86 per share.
Performance shares are granted to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goals for the -year performance periods ending in fiscal 2025 (the \u201c2025 performance period\u201d) and\u00a0\u00a0(the \u201c2026\u00a0performance period\u201d) are based on our net sales and diluted earnings per share (\u201cEPS\u201d) growth, subject to certain adjustments, measured over the defined performance period, with each year of the performance period weighted one-third.\u00a0The performance goals\u00a0for the -year performance period\u00a0ending in fiscal\u00a02027 (the \u201c2027 performance period\u201d) is\u00a0based on our net sales and diluted EPS on a three-year cumulative basis, subject to certain adjustments, measured over the defined performance period. For each of the 2025\u00a0performance period, 2026\u00a0performance period, and 2027\u00a0performance period, the awards actually earned will range from zero 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.
Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in our performance share plan, any shares earned will be distributed after the end of the performance period, and generally only if the participant continues to be employed with the Company through the date of distribution. For awards where performance against the performance target has not been certified, the value of the performance shares is adjusted based upon the market price of our common stock and current forecasted performance against the performance targets at the end of each reporting period and amortized as compensation expense over the vesting period. Forfeitures are accounted for as they occur.
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Basic earnings per share is calculated on the basis of weighted average outstanding shares of common stock. Diluted earnings\u00a0per share is computed on the basis of basic weighted average outstanding shares of common stock adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities.
The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:
Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Net income attributable to Conagra Brands, Inc. common stockholders: | $ | 145.1 | $ | 308.6 | $ | 896.4 | $ | 914.5 | ||||
Weighted average shares outstanding: | ||||||||||||
Basic weighted average shares outstanding | 478.1 | 478.8 | 478.4 | 478.5 | ||||||||
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities | 1.2 | 1.2 | 1.3 | 1.4 | ||||||||
Diluted weighted average shares outstanding | 479.3 | 480.0 | 479.7 | 479.9 |
For the third quarter and first three quarters of fiscal 2025, there were 1.6 million and 1.3 million stock options outstanding, respectively, that were excluded from the computation of diluted weighted average shares because the effect was antidilutive. For the third quarter and first three quarters of fiscal 2024, there were 1.3 million and 1.1 million stock options outstanding, respectively, that were excluded from the computation.
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\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Net income attributable to Conagra Brands, Inc. common stockholders: | $ | 145.1 | $ | 308.6 | $ | 896.4 | $ | 914.5 | ||||
Weighted average shares outstanding: | ||||||||||||
Basic weighted average shares outstanding | 478.1 | 478.8 | 478.4 | 478.5 | ||||||||
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities | 1.2 | 1.2 | 1.3 | 1.4 | ||||||||
Diluted weighted average shares outstanding | 479.3 | 480.0 | 479.7 | 479.9 |
11. INVENTORIES
The major classes of inventories were as follows:
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | May 26, 2024 | |||
Raw materials and packaging | $ | 297.2 | $ | 297.8 | ||
Work in process | 281.3 | 277.1 | ||||
Finished goods | 1,264.8 | 1,301.0 | ||||
Supplies and other | 111.2 | 105.6 | ||||
Total | $ | 1,954.5 | $ | 1,981.5 |
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\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | May 26, 2024 | |||
Raw materials and packaging | $ | 297.2 | $ | 297.8 | ||
Work in process | 281.3 | 277.1 | ||||
Finished goods | 1,264.8 | 1,301.0 | ||||
Supplies and other | 111.2 | 105.6 | ||||
Total | $ | 1,954.5 | $ | 1,981.5 |
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12. INCOME TAXES
In the third quarter of fiscal 2025 and 2024, we recognized income tax expense of\u00a0$43.9 million and $95.9 million, respectively. The effective tax rate (calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings) was\u00a023.3% and\u00a023.7% for the\u00a0third quarter of fiscal 2025 and 2024, respectively. In the first three quarters of fiscal 2025 and 2024, we recognized an income tax benefit of $33.5 million and income tax expense of $297.1 million, respectively. The effective tax rate was (3.9)% and 24.5% for the first three quarters of fiscal 2025 and 2024, respectively.
The effective tax rate in the third quarter of fiscal 2025 reflected additional tax expense associated with non-deductible goodwill related to assets held for sale for which an impairment charge was recognized. During the third quarter of fiscal 2025, goodwill impairment charges totaling $8.3 million were recognized with no associated tax benefit.
The effective tax rate in the first three quarters of fiscal 2025 reflected the above-cited items, as well as a $9.1 million benefit from the settlement of tax issues that were previously reserved and a $220.8 million deferred tax benefit related to the release of valuation allowances booked against certain deferred tax assets. Recent interactions with the U.S. Internal Revenue Service (IRS) regarding certain elections that had previously been under IRS review make the realization of certain deferred tax assets likely. The realization of these deferred tax assets allows for both current and future tax deductions through 2036.
The effective tax rate in the first three quarters of fiscal 2024 reflected the impact of an impairment of goodwill that is non-deductible for tax purposes, and tax expense associated with no longer asserting permanent reinvestment of a foreign subsidiary when we reclassified certain assets and liabilities to held for sale. During the first three quarters of fiscal 2024, goodwill impairment charges totaling $20.7 million were recognized with no associated tax benefit.
We have previously 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\u00a0recorded a deferred tax liability of $2.2 million on approximately $43.1 million of cumulative earnings as of February 23, 2025. The deferred tax liability relates to local
withholding taxes that will be owed when this cash is distributed. In the first quarter of fiscal 2025, we paid $16.9 million of withholding taxes previously accrued in connection with the restructuring of our ownership interest in Ardent Mills.
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Litigation Matters
We are a party to certain litigation matters as a result of our acquisition of Beatrice Company (\u201cBeatrice\u201d) in fiscal 1991, including litigation proceedings related to lead-based pigment businesses divested by Beatrice prior to our acquisition. 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. We have denied liability, both on the merits of the claims and on the basis that we do not believe we are the successor to any such liability. In one such action, we agreed to pay $101.7 million, in seven annual installments from fiscal 2020 through fiscal 2026 (of which $85.0 million had been paid as of February 23, 2025), as part of a 2019 settlement, which also included a guarantee of up to $15.0 million in payments to be made in the event of default by a co-defendant, NL Industries,\u202fInc. We had accrued $16.9 million within other accrued liabilities as of February 23, 2025 and $28.9 million ($11.8 million within other accrued liabilities and $17.1 million within other noncurrent liabilities) as of May 26, 2024.\u00a0
We 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 our cooking spray products and we have denied liability, however, we cannot predict with certainty the results of these proceedings. For example, during fiscal 2024, a jury entered a verdict against the Company for $3.1 million in compensatory damages and $4.0 million in punitive damages in one of these lawsuits captioned Reese v. Conagra Brands, Inc., et al. The Company believes adequate provision has been made in its Condensed 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. Additionally, we have put the applicable insurance carriers on notice of these cooking spray matters and had recognized a related insurance receivable of $71.7 million ($54.6 million within receivables and $17.1 million within other assets) as of February 23, 2025 and $14.7 million ($7.1 million within receivables and $7.6 million within other assets) as of May 26, 2024 in connection with a settlement agreement with two of these insurance carriers.\u00a0
We are party to various other lawsuits including product liability claims, putative class action lawsuits challenging various product claims made in the Company\u2019s product labeling, and matters challenging the Company\u2019s 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.\u00a0
Our accrual for all litigation matters, including those matters described above that are probable\u202fand estimable, was $203.8 million ($159.5 million within other accrued liabilities and $44.3 million within other noncurrent liabilities) as of February 23, 2025\u202fand $76.3\u202fmillion ($30.4 million within other accrued liabilities and $45.9\u202fmillion within other noncurrent liabilities) as of\u202fMay 26, 2024.\u00a0
Environmental Matters
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.\u00a0
We 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\u2019s possible status as a potentially responsible party at approximately 35 Superfund, proposed Superfund, or state-equivalent sites (the \u201cBeatrice sites\u201d). 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 $36.7 million ($3.2 million within and $33.5 million within ) as of February 23, 2025 and $39.3 million ($3.3 million within and $36.0 million within ) as of May 26, 2024, a majority of which relates to the Superfund and state-equivalent sites referenced above.
General
After taking into account liabilities recognized for all of the foregoing matters, management believes the ultimate resolution of such matters should not have a material adverse effect on our financial condition, results of operations, or liquidity; however, it is reasonably
possible that a change of the estimates of any of the foregoing matters may occur in the future that could have a material adverse effect on our financial condition, results of operations, or liquidity.\u00a0
Costs of legal services associated with the foregoing matters are recognized within SG&A expenses as services are provided.\u00a0
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PENSION AND POSTRETIREMENT BENEFITS
We have defined benefit retirement plans (\u201cpension plans\u201d) 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.
During the second quarter of fiscal 2024, the Company provided a voluntary lump-sum settlement offer to certain vested participants in the salaried and hourly pension plans in order to reduce a portion of the pension obligation. During the third quarter of fiscal 2024, approximately $135\u00a0million was distributed from the pension plan assets in connection with this offer. The lump-sum settlement did exceed our service and interest cost for our hourly pension plans, which required a remeasurement\u00a0in the third quarter of fiscal 2024. In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligations from\u00a05.52% to 5.20%, as of December 31, 2023. The settlement and related remeasurement resulted in the recognition of an immaterial settlement loss, reflected in pension and postretirement non-service income (expense), as well as a loss\u00a0in\u00a0other comprehensive income (loss) totaling $6.8\u00a0million in the third quarter of fiscal 2024.
Components of pension and postretirement plan costs (benefits) are:
Pension Plans | ||||||||||||
Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Service cost | $ | 1.4 | $ | 1.5 | $ | 4.1 | $ | 4.4 | ||||
Interest cost | 34.4 | 36.1 | 101.8 | 109.5 | ||||||||
Expected return on plan assets | (37.0) | (35.3) | (109.4) | (106.9) | ||||||||
Amortization of prior service cost | 0.4 | 0.4 | 1.2 | 1.2 | ||||||||
Settlement loss | \u2014 | 1.1 | \u2014 | 1.1 | ||||||||
Pension cost (benefit) \u2014 Company plans | (0.8) | 3.8 | (2.3) | 9.3 | ||||||||
Pension cost (benefit) \u2014 multi-employer plans | 2.1 | 2.1 | 7.3 | 6.9 | ||||||||
Total pension cost (benefit) | $ | 1.3 | $ | 5.9 | $ | 5.0 | $ | 16.2 |
Postretirement Plans | ||||||||||||
Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Service cost | $ | \u2014 | $ | \u2014 | $ | 0.1 | $ | 0.1 | ||||
Interest cost | 0.6 | 0.7 | 1.8 | 2.0 | ||||||||
Amortization of prior service cost (benefit) | (0.4) | (0.4) | (1.3) | (1.2) | ||||||||
Recognized net actuarial gain | (1.1) | (1.2) | (3.4) | (3.6) | ||||||||
Total postretirement cost (benefit) | $ | (0.9) | $ | (0.9) | $ | (2.8) | $ | (2.7) |
The Company uses a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation of pension service and interest cost.
The weighted-average discount rates for service and interest costs under the spot-rate approach used for pension cost in fiscal 2025 were 5.72% and 5.51%, respectively.
During the third quarter and first three quarters of fiscal 2025, we contributed $3.2\u00a0million and $9.1 million, respectively, to our pension plans and contributed $1.7\u00a0million and $5.1 million, respectively, to our postretirement plans. Based upon the current funded status of the plans and the current interest rate environment, we anticipate making further contributions of approximately $2.6\u00a0million to our pension plans during the remainder of fiscal 2025. We anticipate making further contributions of approximately $1.5\u00a0million to our postretirement plans during the remainder of fiscal 2025. These estimates are based on ERISA guidelines, current tax laws, plan asset performance, and liability assumptions, which are subject to change.
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Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Service cost | $ | 1.4 | $ | 1.5 | $ | 4.1 | $ | 4.4 | ||||
Interest cost | 34.4 | 36.1 | 101.8 | 109.5 | ||||||||
Expected return on plan assets | (37.0) | (35.3) | (109.4) | (106.9) | ||||||||
Amortization of prior service cost | 0.4 | 0.4 | 1.2 | 1.2 | ||||||||
Settlement loss | \u2014 | 1.1 | \u2014 | 1.1 | ||||||||
Pension cost (benefit) \u2014 Company plans | (0.8) | 3.8 | (2.3) | 9.3 | ||||||||
Pension cost (benefit) \u2014 multi-employer plans | 2.1 | 2.1 | 7.3 | 6.9 | ||||||||
Total pension cost (benefit) | $ | 1.3 | $ | 5.9 | $ | 5.0 | $ | 16.2 |
Postretirement Plans | ||||||||||||
Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Service cost | $ | \u2014 | $ | \u2014 | $ | 0.1 | $ | 0.1 | ||||
Interest cost | 0.6 | 0.7 | 1.8 | 2.0 | ||||||||
Amortization of prior service cost (benefit) | (0.4) | (0.4) | (1.3) | (1.2) | ||||||||
Recognized net actuarial gain | (1.1) | (1.2) | (3.4) | (3.6) | ||||||||
Total postretirement cost (benefit) | $ | (0.9) | $ | (0.9) | $ | (2.8) | $ | (2.7) |
15. STOCKHOLDERS\u2019 EQUITY
The following table presents a reconciliation of our stockholders\u2019 equity accounts for the\u00a0thirty-nine weeks ended February 23, 2025:
Conagra Brands, Inc. Stockholders' Equity | |||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||
Common | Common | Paid-in | Retained | Comprehensive | Treasury | Noncontrolling | Total | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Stock | \u00a0\u00a0\u00a0\u00a0 | Capital | \u00a0\u00a0\u00a0\u00a0 | Earnings | \u00a0\u00a0\u00a0\u00a0 | Loss | \u00a0\u00a0\u00a0\u00a0 | Stock | \u00a0\u00a0\u00a0\u00a0 | Interests | \u00a0\u00a0\u00a0\u00a0 | Equity | ||||||||
Balance at May 26, 2024 | 584.2 | $ | 2,921.2 | $ | 2,363.2 | $ | 6,276.3 | $ | (35.5) | $ | (3,084.8) | $ | 70.9 | $ | 8,511.3 | ||||||||
Stock option and incentive plans | (33.5) | (0.5) | 34.8 | 0.8 | |||||||||||||||||||
Currency translation adjustments | 22.5 | 38.0 | 60.5 | ||||||||||||||||||||
Repurchase of common shares | (64.0) | (64.0) | |||||||||||||||||||||
Derivative adjustments | (3.3) | (3.3) | |||||||||||||||||||||
Activities of noncontrolling interests | (108.9) | (108.9) | |||||||||||||||||||||
Pension and postretirement healthcare benefits | 0.2 | 0.2 | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.8) | (167.8) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 466.8 | 466.8 | |||||||||||||||||||||
Balance at August 25, 2024 | 584.2 | $ | 2,921.2 | $ | 2,329.7 | $ | 6,574.8 | $ | (16.1) | $ | (3,114.0) | $ | \u2014 | $ | 8,695.6 | ||||||||
Stock option and incentive plans | 7.8 | (0.3) | 1.3 | 8.8 | |||||||||||||||||||
Currency translation adjustments | (19.4) | (19.4) | |||||||||||||||||||||
Derivative adjustments | (1.0) | (1.0) | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (0.8) | (0.8) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.0) | (167.0) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 284.5 | 284.5 | |||||||||||||||||||||
Balance at November 24, 2024 | 584.2 | $ | 2,921.2 | $ | 2,337.5 | $ | 6,692.0 | $ | (37.3) | $ | (3,112.7) | $ | \u2014 | $ | 8,800.7 | ||||||||
Stock option and incentive plans | 4.8 | (0.1) | 1.3 | 6.0 | |||||||||||||||||||
Currency translation adjustments | (4.4) | (4.4) | |||||||||||||||||||||
Derivative adjustments | (0.3) | (0.3) | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (0.9) | (0.9) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.1) | (167.1) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 145.1 | 145.1 | |||||||||||||||||||||
Balance at February 23, 2025 | 584.2 | $ | 2,921.2 | $ | 2,342.3 | $ | 6,669.9 | $ | (42.9) | $ | (3,111.4) | $ | \u2014 | $ | 8,779.1 |
The following table presents a reconciliation of our stockholders\u2019 equity accounts for the thirty-nine weeks ended February 25, 2024:
Conagra Brands, Inc. Stockholders' Equity | |||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||
Common | Common | Paid-in | Retained | Comprehensive | Treasury | Noncontrolling | Total | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Stock | \u00a0\u00a0\u00a0\u00a0 | Capital | \u00a0\u00a0\u00a0\u00a0 | Earnings | \u00a0\u00a0\u00a0\u00a0 | Loss | \u00a0\u00a0\u00a0\u00a0 | Stock | \u00a0\u00a0\u00a0\u00a0 | Interests | \u00a0\u00a0\u00a0\u00a0 | Equity | ||||||||
Balance at May 28, 2023 | 584.2 | $ | 2,921.2 | $ | 2,376.9 | $ | 6,599.4 | $ | (44.4) | $ | (3,116.3) | $ | 70.5 | $ | 8,807.3 | ||||||||
Stock option and incentive plans | (42.9) | 1.1 | 25.6 | (16.2) | |||||||||||||||||||
Currency translation adjustments | 10.7 | (0.1) | 10.6 | ||||||||||||||||||||
Derivative adjustments | 1.6 | 1.6 | |||||||||||||||||||||
Activities of noncontrolling interests | 0.2 | 0.2 | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (0.8) | (0.8) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.3) | (167.3) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 319.7 | 319.7 | |||||||||||||||||||||
Balance at August 27, 2023 | 584.2 | $ | 2,921.2 | $ | 2,334.0 | $ | 6,752.9 | $ | (32.9) | $ | (3,090.7) | $ | 70.6 | $ | 8,955.1 | ||||||||
Stock option and incentive plans | 5.6 | (0.4) | 1.1 | 0.3 | 6.6 | ||||||||||||||||||
Currency translation adjustments | (5.6) | (0.7) | (6.3) | ||||||||||||||||||||
Derivative adjustments | 0.8 | 0.8 | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (1.0) | (1.0) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.2) | (167.2) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 286.2 | 286.2 | |||||||||||||||||||||
Balance at November 26, 2023 | 584.2 | $ | 2,921.2 | $ | 2,339.6 | $ | 6,871.5 | $ | (38.7) | $ | (3,089.6) | $ | 70.2 | $ | 9,074.2 | ||||||||
Stock option and incentive plans | 14.1 | (1.0) | 1.7 | 14.8 | |||||||||||||||||||
Currency translation adjustments | 4.6 | 0.2 | 4.8 | ||||||||||||||||||||
Derivative adjustments | (4.1) | (4.1) | |||||||||||||||||||||
Activities of noncontrolling interests | 0.2 | 0.2 | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (5.6) | (5.6) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.4) | (167.4) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 308.6 | 308.6 | |||||||||||||||||||||
Balance at February 25, 2024 | 584.2 | $ | 2,921.2 | $ | 2,353.7 | $ | 7,011.7 | $ | (43.8) | $ | (3,087.9) | $ | 70.6 | $ | 9,225.5 |
The following table details the accumulated balances for each component of other comprehensive loss, net of tax:
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | May 26, 2024 | |||
Currency translation losses, net of reclassification adjustments | $ | (90.5) | $ | (89.2) | ||
Derivative adjustments, net of reclassification adjustments | 24.6 | 29.2 | ||||
Pension and postretirement benefit obligations, net of reclassification adjustments | 23.0 | 24.5 | ||||
Accumulated other comprehensive loss | $ | (42.9) | $ | (35.5) |
The following tables summarize\u00a0the reclassifications from accumulated other comprehensive income (loss) into income:
Affected Line Item in the Condensed Consolidated Statement of | ||||||||
Thirteen Weeks Ended | Earnings1 | |||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | ||||
Net derivative adjustments: | ||||||||
Cash flow hedges | $ | (0.7) | $ | (0.9) | Interest expense, net | |||
Cash flow hedges | (0.9) | (1.2) | Equity method investment earnings | |||||
| (1.6) | (2.1) | Total before tax | |||||
| 0.4 | 0.5 | Income tax expense | |||||
| $ | (1.2) | $ | (1.6) | Net of tax | |||
Pension and postretirement liabilities: | ||||||||
Pension settlement | $ | \u2014 | $ | 1.1 | Pension and postretirement non-service income | |||
Net prior service cost (benefit) | (0.1) | \u2014 | Pension and postretirement non-service income | |||||
Net actuarial gain | (1.1) | (1.2) | Pension and postretirement non-service income | |||||
| (1.2) | (0.1) | Total before tax | |||||
| 0.3 | \u2014 | Income tax expense | |||||
| $ | (0.9) | $ | (0.1) | Net of tax |
Affected Line Item in the Condensed Consolidated Statement of | ||||||||
Thirty-Nine\u00a0Weeks\u00a0Ended | Earnings1 | |||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | ||||
Net derivative adjustments: | ||||||||
Cash flow hedges | $ | (2.0) | $ | (2.7) | Interest expense, net | |||
Cash flow hedges | (3.3) | (3.5) | Equity method investment earnings | |||||
| (5.3) | (6.2) | Total before tax | |||||
| 1.3 | 1.5 | Income tax expense | |||||
| $ | (4.0) | $ | (4.7) | Net of tax | |||
Pension and postretirement liabilities: | ||||||||
Pension settlement | $ | \u2014 | $ | 1.1 | Pension and postretirement non-service income | |||
Net prior service cost (benefit) | (0.1) | \u2014 | Pension and postretirement non-service income | |||||
Net actuarial gain | (3.4) | (3.6) | Pension and postretirement non-service income | |||||
(3.5) | (2.5) | Total before tax | ||||||
0.9 | 0.6 | Income tax expense | ||||||
| $ | (2.6) | $ | (1.9) | Net of tax | |||
Currency translation losses | $ | 41.8 | $ | \u2014 | Selling, general and administrative expenses 2 | |||
41.8 | \u2014 | Total before tax | ||||||
\u2014 | \u2014 | Income tax expense | ||||||
$ | 41.8 | $ | \u2014 | Net of tax |
1Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Earnings.
2Amount represents the reclassification for currency translation losses in connection with the sale of ATFL (see Note 3).
"}]},{"name":"rpt:f-741","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfStockholdersEquityTableTextBlock","xbrl:period":"2024-05-27T00:00:00/2025-02-24T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Conagra Brands, Inc. Stockholders' Equity | |||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||
Common | Common | Paid-in | Retained | Comprehensive | Treasury | Noncontrolling | Total | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Stock | \u00a0\u00a0\u00a0\u00a0 | Capital | \u00a0\u00a0\u00a0\u00a0 | Earnings | \u00a0\u00a0\u00a0\u00a0 | Loss | \u00a0\u00a0\u00a0\u00a0 | Stock | \u00a0\u00a0\u00a0\u00a0 | Interests | \u00a0\u00a0\u00a0\u00a0 | Equity | ||||||||
Balance at May 26, 2024 | 584.2 | $ | 2,921.2 | $ | 2,363.2 | $ | 6,276.3 | $ | (35.5) | $ | (3,084.8) | $ | 70.9 | $ | 8,511.3 | ||||||||
Stock option and incentive plans | (33.5) | (0.5) | 34.8 | 0.8 | |||||||||||||||||||
Currency translation adjustments | 22.5 | 38.0 | 60.5 | ||||||||||||||||||||
Repurchase of common shares | (64.0) | (64.0) | |||||||||||||||||||||
Derivative adjustments | (3.3) | (3.3) | |||||||||||||||||||||
Activities of noncontrolling interests | (108.9) | (108.9) | |||||||||||||||||||||
Pension and postretirement healthcare benefits | 0.2 | 0.2 | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.8) | (167.8) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 466.8 | 466.8 | |||||||||||||||||||||
Balance at August 25, 2024 | 584.2 | $ | 2,921.2 | $ | 2,329.7 | $ | 6,574.8 | $ | (16.1) | $ | (3,114.0) | $ | \u2014 | $ | 8,695.6 | ||||||||
Stock option and incentive plans | 7.8 | (0.3) | 1.3 | 8.8 | |||||||||||||||||||
Currency translation adjustments | (19.4) | (19.4) | |||||||||||||||||||||
Derivative adjustments | (1.0) | (1.0) | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (0.8) | (0.8) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.0) | (167.0) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 284.5 | 284.5 | |||||||||||||||||||||
Balance at November 24, 2024 | 584.2 | $ | 2,921.2 | $ | 2,337.5 | $ | 6,692.0 | $ | (37.3) | $ | (3,112.7) | $ | \u2014 | $ | 8,800.7 | ||||||||
Stock option and incentive plans | 4.8 | (0.1) | 1.3 | 6.0 | |||||||||||||||||||
Currency translation adjustments | (4.4) | (4.4) | |||||||||||||||||||||
Derivative adjustments | (0.3) | (0.3) | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (0.9) | (0.9) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.1) | (167.1) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 145.1 | 145.1 | |||||||||||||||||||||
Balance at February 23, 2025 | 584.2 | $ | 2,921.2 | $ | 2,342.3 | $ | 6,669.9 | $ | (42.9) | $ | (3,111.4) | $ | \u2014 | $ | 8,779.1 |
Conagra Brands, Inc. Stockholders' Equity | |||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||
Common | Common | Paid-in | Retained | Comprehensive | Treasury | Noncontrolling | Total | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Stock | \u00a0\u00a0\u00a0\u00a0 | Capital | \u00a0\u00a0\u00a0\u00a0 | Earnings | \u00a0\u00a0\u00a0\u00a0 | Loss | \u00a0\u00a0\u00a0\u00a0 | Stock | \u00a0\u00a0\u00a0\u00a0 | Interests | \u00a0\u00a0\u00a0\u00a0 | Equity | ||||||||
Balance at May 28, 2023 | 584.2 | $ | 2,921.2 | $ | 2,376.9 | $ | 6,599.4 | $ | (44.4) | $ | (3,116.3) | $ | 70.5 | $ | 8,807.3 | ||||||||
Stock option and incentive plans | (42.9) | 1.1 | 25.6 | (16.2) | |||||||||||||||||||
Currency translation adjustments | 10.7 | (0.1) | 10.6 | ||||||||||||||||||||
Derivative adjustments | 1.6 | 1.6 | |||||||||||||||||||||
Activities of noncontrolling interests | 0.2 | 0.2 | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (0.8) | (0.8) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.3) | (167.3) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 319.7 | 319.7 | |||||||||||||||||||||
Balance at August 27, 2023 | 584.2 | $ | 2,921.2 | $ | 2,334.0 | $ | 6,752.9 | $ | (32.9) | $ | (3,090.7) | $ | 70.6 | $ | 8,955.1 | ||||||||
Stock option and incentive plans | 5.6 | (0.4) | 1.1 | 0.3 | 6.6 | ||||||||||||||||||
Currency translation adjustments | (5.6) | (0.7) | (6.3) | ||||||||||||||||||||
Derivative adjustments | 0.8 | 0.8 | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (1.0) | (1.0) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.2) | (167.2) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 286.2 | 286.2 | |||||||||||||||||||||
Balance at November 26, 2023 | 584.2 | $ | 2,921.2 | $ | 2,339.6 | $ | 6,871.5 | $ | (38.7) | $ | (3,089.6) | $ | 70.2 | $ | 9,074.2 | ||||||||
Stock option and incentive plans | 14.1 | (1.0) | 1.7 | 14.8 | |||||||||||||||||||
Currency translation adjustments | 4.6 | 0.2 | 4.8 | ||||||||||||||||||||
Derivative adjustments | (4.1) | (4.1) | |||||||||||||||||||||
Activities of noncontrolling interests | 0.2 | 0.2 | |||||||||||||||||||||
Pension and postretirement healthcare benefits | (5.6) | (5.6) | |||||||||||||||||||||
Dividends declared on common stock; $0.35 per share | (167.4) | (167.4) | |||||||||||||||||||||
Net income attributable to Conagra Brands, Inc. | 308.6 | 308.6 | |||||||||||||||||||||
Balance at February 25, 2024 | 584.2 | $ | 2,921.2 | $ | 2,353.7 | $ | 7,011.7 | $ | (43.8) | $ | (3,087.9) | $ | 70.6 | $ | 9,225.5 |
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | May 26, 2024 | |||
Currency translation losses, net of reclassification adjustments | $ | (90.5) | $ | (89.2) | ||
Derivative adjustments, net of reclassification adjustments | 24.6 | 29.2 | ||||
Pension and postretirement benefit obligations, net of reclassification adjustments | 23.0 | 24.5 | ||||
Accumulated other comprehensive loss | $ | (42.9) | $ | (35.5) |
Affected Line Item in the Condensed Consolidated Statement of | ||||||||
Thirteen Weeks Ended | Earnings1 | |||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | ||||
Net derivative adjustments: | ||||||||
Cash flow hedges | $ | (0.7) | $ | (0.9) | Interest expense, net | |||
Cash flow hedges | (0.9) | (1.2) | Equity method investment earnings | |||||
| (1.6) | (2.1) | Total before tax | |||||
| 0.4 | 0.5 | Income tax expense | |||||
| $ | (1.2) | $ | (1.6) | Net of tax | |||
Pension and postretirement liabilities: | ||||||||
Pension settlement | $ | \u2014 | $ | 1.1 | Pension and postretirement non-service income | |||
Net prior service cost (benefit) | (0.1) | \u2014 | Pension and postretirement non-service income | |||||
Net actuarial gain | (1.1) | (1.2) | Pension and postretirement non-service income | |||||
| (1.2) | (0.1) | Total before tax | |||||
| 0.3 | \u2014 | Income tax expense | |||||
| $ | (0.9) | $ | (0.1) | Net of tax |
Affected Line Item in the Condensed Consolidated Statement of | ||||||||
Thirty-Nine\u00a0Weeks\u00a0Ended | Earnings1 | |||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | ||||
Net derivative adjustments: | ||||||||
Cash flow hedges | $ | (2.0) | $ | (2.7) | Interest expense, net | |||
Cash flow hedges | (3.3) | (3.5) | Equity method investment earnings | |||||
| (5.3) | (6.2) | Total before tax | |||||
| 1.3 | 1.5 | Income tax expense | |||||
| $ | (4.0) | $ | (4.7) | Net of tax | |||
Pension and postretirement liabilities: | ||||||||
Pension settlement | $ | \u2014 | $ | 1.1 | Pension and postretirement non-service income | |||
Net prior service cost (benefit) | (0.1) | \u2014 | Pension and postretirement non-service income | |||||
Net actuarial gain | (3.4) | (3.6) | Pension and postretirement non-service income | |||||
(3.5) | (2.5) | Total before tax | ||||||
0.9 | 0.6 | Income tax expense | ||||||
| $ | (2.6) | $ | (1.9) | Net of tax | |||
Currency translation losses | $ | 41.8 | $ | \u2014 | Selling, general and administrative expenses 2 | |||
41.8 | \u2014 | Total before tax | ||||||
\u2014 | \u2014 | Income tax expense | ||||||
$ | 41.8 | $ | \u2014 | Net of tax |
1Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Earnings.
2Amount represents the reclassification for currency translation losses in connection with the sale of ATFL (see Note 3).
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FAIR VALUE MEASUREMENTS
Financial Accounting Standards Board guidance establishes a three-level fair value hierarchy based upon the assumptions (inputs) used to price assets or liabilities. The three levels of inputs used to measure fair value are as follows:
Level 1\u00a0\u2014 Unadjusted quoted prices in active markets for identical assets or liabilities,
Level\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
Level\u00a03\u00a0\u2014 Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability.
The fair values of our Level 2 derivative instruments were determined using valuation models that use market observable inputs including both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity and foreign currency option and forward contracts.
The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of February 23, 2025:
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Net Value | |||||
Assets: | ||||||||||||
Derivative assets | $ | 2.8 | $ | 3.2 | $ | \u2014 | $ | 6.0 | ||||
Deferred compensation assets | 6.1 | \u2014 | \u2014 | 6.1 | ||||||||
Available-for-sale debt securities | \u2014 | \u2014 | 2.5 | 2.5 | ||||||||
Total assets | $ | 8.9 | $ | 3.2 | $ | 2.5 | $ | 14.6 | ||||
Liabilities: | ||||||||||||
Derivative liabilities | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | ||||
Deferred compensation liabilities | 71.2 | \u2014 | \u2014 | 71.2 | ||||||||
Total liabilities | $ | 71.2 | $ | \u2014 | $ | \u2014 | $ | 71.2 |
The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 26, 2024:
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Net Value | |||||
Assets: | ||||||||||||
Derivative assets | $ | 2.3 | $ | 0.7 | $ | \u2014 | $ | 3.0 | ||||
Deferred compensation assets | 6.3 | \u2014 | \u2014 | 6.3 | ||||||||
Available-for-sale debt securities | \u2014 | \u2014 | 2.9 | 2.9 | ||||||||
Total assets | $ | 8.6 | $ | 0.7 | $ | 2.9 | $ | 12.2 | ||||
Liabilities: | ||||||||||||
Derivative liabilities | $ | \u2014 | $ | 3.6 | $ | \u2014 | $ | 3.6 | ||||
Deferred compensation liabilities | 70.4 | \u2014 | \u2014 | 70.4 | ||||||||
Total liabilities | $ | 70.4 | $ | 3.6 | $ | \u2014 | $ | 74.0 |
Nonrecurring Fair Value Measurements
Certain assets and liabilities, including long-lived assets, goodwill, asset retirement obligations, and equity investments are measured at fair value on a nonrecurring basis using Level 3 inputs.
Impairment of Assets Held for Sale
In the third quarter of fiscal 2025, we recognized an impairment charge totaling $27.2 million in our Refrigerated & Frozen segment. The impairment was measured based upon the estimated sales price of the disposal group (see Note 3).
In the second quarter of fiscal 2024, we recognized an impairment charge totaling $34.2 million in our International segment. The impairment was measured based upon the estimated sales price of the disposal group (see Note 3).
Impairment of Intangible Assets
In the second quarter of fiscal 2025, we recognized charges for the impairment of indefinite-lived brands of $18.2 million in our Refrigerated & Frozen segment and $0.7 million in our Grocery & Snacks segment. The fair value of these brands was estimated using the \u201crelief from royalty\u201d method (see Note 7).
Other Asset Impairments
In the second quarter of fiscal 2025, we recognized charges of $64.7 million in our Refrigerated & Frozen segment for the impairment of certain long-lived assets based upon a discounted cash flow valuation model and included in restructuring activities (see Note 4). The impairments were based upon management\u2019s intent to exit a manufacturing facility which became probable in the second quarter of fiscal 2025, which reduced the future expected cash flows to be generated at this facility.
In the first quarter of fiscal 2024, we recognized charges for the impairment of certain long-lived assets based upon a discounted cash flow valuation model and included in restructuring activities. Impairments totaled $0.6 million in our Grocery & Snacks segment
and $14.1 million in our International segment. The majority of these impairment charges were based upon management\u2019s decision to exit certain manufacturing facilities in fiscal 2024, which reduced the future expected cash flows to be generated at these facilities.
Long-Term Debt Fair Value
The carrying amount of long-term debt (including current installments) was $7.27 billion and $7.51 billion as of February 23, 2025 and May 26, 2024, respectively. Based on current market rates, the fair value of this debt (level 2 liabilities) at February 23, 2025 and May 26, 2024 was estimated at $7.12\u00a0billion and $7.26 billion, respectively.
"}]},{"name":"rpt:f-959","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock","xbrl:period":"2024-05-27T00:00:00/2025-02-24T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of February 23, 2025:
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Net Value | |||||
Assets: | ||||||||||||
Derivative assets | $ | 2.8 | $ | 3.2 | $ | \u2014 | $ | 6.0 | ||||
Deferred compensation assets | 6.1 | \u2014 | \u2014 | 6.1 | ||||||||
Available-for-sale debt securities | \u2014 | \u2014 | 2.5 | 2.5 | ||||||||
Total assets | $ | 8.9 | $ | 3.2 | $ | 2.5 | $ | 14.6 | ||||
Liabilities: | ||||||||||||
Derivative liabilities | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | ||||
Deferred compensation liabilities | 71.2 | \u2014 | \u2014 | 71.2 | ||||||||
Total liabilities | $ | 71.2 | $ | \u2014 | $ | \u2014 | $ | 71.2 |
The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 26, 2024:
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Net Value | |||||
Assets: | ||||||||||||
Derivative assets | $ | 2.3 | $ | 0.7 | $ | \u2014 | $ | 3.0 | ||||
Deferred compensation assets | 6.3 | \u2014 | \u2014 | 6.3 | ||||||||
Available-for-sale debt securities | \u2014 | \u2014 | 2.9 | 2.9 | ||||||||
Total assets | $ | 8.6 | $ | 0.7 | $ | 2.9 | $ | 12.2 | ||||
Liabilities: | ||||||||||||
Derivative liabilities | $ | \u2014 | $ | 3.6 | $ | \u2014 | $ | 3.6 | ||||
Deferred compensation liabilities | 70.4 | \u2014 | \u2014 | 70.4 | ||||||||
Total liabilities | $ | 70.4 | $ | 3.6 | $ | \u2014 | $ | 74.0 |
17. BUSINESS SEGMENTS AND RELATED INFORMATION
We reflect our results of operations in four reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.
The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States.
The Refrigerated & Frozen reporting segment principally includes branded, temperature-controlled food products sold in various retail channels in the United States.
The International reporting segment principally includes branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States.
The Foodservice reporting segment includes branded and customized food products, including meals, entrees, sauces and a variety of custom-manufactured culinary products packaged for sale to restaurants and other foodservice establishments primarily in the United States.
We do not aggregate operating segments when determining our reporting segments.
Operating profit\u00a0for each of the segments is based on net sales less all identifiable operating expenses. General corporate expense;\u00a0pension and postretirement non-service income (expense);\u00a0interest expense, net;\u00a0income taxes;\u00a0and equity method investment earnings have been excluded from segment operations.
Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Net sales | ||||||||||||
Grocery & Snacks | $ | 1,245.4 | $ | 1,286.0 | $ | 3,749.1 | $ | 3,784.0 | ||||
Refrigerated & Frozen | 1,115.6 | 1,202.4 | 3,540.5 | 3,692.5 | ||||||||
International | 223.9 | 271.7 | 726.4 | 811.5 | ||||||||
Foodservice | 256.1 | 272.8 | 815.0 | 857.0 | ||||||||
Total net sales | $ | 2,841.0 | $ | 3,032.9 | $ | 8,831.0 | $ | 9,145.0 | ||||
Operating profit | ||||||||||||
Grocery & Snacks | $ | 237.6 | $ | 299.3 | $ | 779.9 | $ | 837.2 | ||||
Refrigerated & Frozen | 95.7 | 201.5 | 374.3 | 620.9 | ||||||||
International | 33.1 | 42.2 | 107.6 | 71.8 | ||||||||
Foodservice | 28.6 | 35.4 | 99.5 | 117.5 | ||||||||
Total operating profit | $ | 395.0 | $ | 578.4 | $ | 1,361.3 | $ | 1,647.4 | ||||
Equity method investment earnings | 47.4 | 41.2 | 125.0 | 131.0 | ||||||||
General corporate expense | 155.6 | 107.0 | 317.7 | 238.5 | ||||||||
Pension and postretirement non-service income (expense) | 3.1 | (1.4) | 9.3 | (2.1) | ||||||||
Interest expense, net | 100.9 | 106.5 | 314.9 | 325.8 | ||||||||
Income tax expense (benefit) | 43.9 | 95.9 | (33.5) | 297.1 | ||||||||
Net income | $ | 145.1 | $ | 308.8 | $ | 896.5 | $ | 914.9 | ||||
Less: Net income attributable to noncontrolling interests | \u2014 | 0.2 | 0.1 | 0.4 | ||||||||
Net income attributable to Conagra Brands, Inc. | $ | 145.1 | $ | 308.6 | $ | 896.4 | $ | 914.5 |
The following table presents further disaggregation of our net sales:
Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Frozen | $ | 944.4 | $ | 1,021.8 | $ | 2,998.0 | $ | 3,076.3 | ||||
Staples | ||||||||||||
Other shelf-stable | 717.5 | 750.1 | 2,158.8 | 2,174.9 | ||||||||
Refrigerated | 171.2 | 180.6 | 542.5 | 616.2 | ||||||||
Snacks | 527.9 | 535.9 | 1,590.3 | 1,609.1 | ||||||||
Foodservice | 256.1 | 272.8 | 815.0 | 857.0 | ||||||||
International | 223.9 | 271.7 | 726.4 | 811.5 | ||||||||
Total net sales | $ | 2,841.0 | $ | 3,032.9 | $ | 8,831.0 | $ | 9,145.0 |
To be consistent with the manner in which we present certain disaggregated net sales information to investors, we have categorized certain net sales of our segments as \u201cStaples\u201d, which includes all of our U.S. domestic retail refrigerated products and other shelf-stable grocery products. Management continues to regularly review financial results and make decisions about allocating resources based upon the four reporting segments outlined above.
Assets by Segment
The majority of our manufacturing assets are shared across multiple reporting segments. Output from these facilities used by each reporting segment can change over time. Also, working capital balances are not tracked by reporting segment. Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets by segment. Total depreciation expense was $84.8 million and $254.5 million for the third quarter and first three quarters of fiscal 2025, respectively. Total depreciation expense was $82.4 million and $251.5 million for the third quarter and first three quarters of fiscal 2024, respectively.
"}]},{"name":"rpt:f-1005","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2024-05-27T00:00:00/2025-02-24T00:00:00","xbrl:entity":"cik:0000023217","xbrl:unit":"cag:segment"},"factValues":[{"value":"4"}]},{"name":"rpt:f-1006","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2024-05-27T00:00:00/2025-02-24T00:00:00","xbrl:entity":"cik:0000023217"},"factValues":[{"value":"Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Net sales | ||||||||||||
Grocery & Snacks | $ | 1,245.4 | $ | 1,286.0 | $ | 3,749.1 | $ | 3,784.0 | ||||
Refrigerated & Frozen | 1,115.6 | 1,202.4 | 3,540.5 | 3,692.5 | ||||||||
International | 223.9 | 271.7 | 726.4 | 811.5 | ||||||||
Foodservice | 256.1 | 272.8 | 815.0 | 857.0 | ||||||||
Total net sales | $ | 2,841.0 | $ | 3,032.9 | $ | 8,831.0 | $ | 9,145.0 | ||||
Operating profit | ||||||||||||
Grocery & Snacks | $ | 237.6 | $ | 299.3 | $ | 779.9 | $ | 837.2 | ||||
Refrigerated & Frozen | 95.7 | 201.5 | 374.3 | 620.9 | ||||||||
International | 33.1 | 42.2 | 107.6 | 71.8 | ||||||||
Foodservice | 28.6 | 35.4 | 99.5 | 117.5 | ||||||||
Total operating profit | $ | 395.0 | $ | 578.4 | $ | 1,361.3 | $ | 1,647.4 | ||||
Equity method investment earnings | 47.4 | 41.2 | 125.0 | 131.0 | ||||||||
General corporate expense | 155.6 | 107.0 | 317.7 | 238.5 | ||||||||
Pension and postretirement non-service income (expense) | 3.1 | (1.4) | 9.3 | (2.1) | ||||||||
Interest expense, net | 100.9 | 106.5 | 314.9 | 325.8 | ||||||||
Income tax expense (benefit) | 43.9 | 95.9 | (33.5) | 297.1 | ||||||||
Net income | $ | 145.1 | $ | 308.8 | $ | 896.5 | $ | 914.9 | ||||
Less: Net income attributable to noncontrolling interests | \u2014 | 0.2 | 0.1 | 0.4 | ||||||||
Net income attributable to Conagra Brands, Inc. | $ | 145.1 | $ | 308.6 | $ | 896.4 | $ | 914.5 |
Thirteen Weeks Ended | Thirty-Nine\u00a0Weeks\u00a0Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | \u00a0\u00a0\u00a0\u00a0 | February 23, 2025 | \u00a0\u00a0\u00a0\u00a0 | February 25, 2024 | |||||
Frozen | $ | 944.4 | $ | 1,021.8 | $ | 2,998.0 | $ | 3,076.3 | ||||
Staples | ||||||||||||
Other shelf-stable | 717.5 | 750.1 | 2,158.8 | 2,174.9 | ||||||||
Refrigerated | 171.2 | 180.6 | 542.5 | 616.2 | ||||||||
Snacks | 527.9 | 535.9 | 1,590.3 | 1,609.1 | ||||||||
Foodservice | 256.1 | 272.8 | 815.0 | 857.0 | ||||||||
International | 223.9 | 271.7 | 726.4 | 811.5 | ||||||||
Total net sales | $ | 2,841.0 | $ | 3,032.9 | $ | 8,831.0 | $ | 9,145.0 |