SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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. The adjustments are of a normal recurring nature, except as otherwise noted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the ConAgra Foods, Inc. (the "Company," "we," "us," or "our") annual report on Form 10-K for the fiscal year ended May 26, 2013.

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.

Basis of Consolidation — The condensed consolidated financial statements include the accounts of ConAgra Foods, Inc. and all majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we have been determined to be the primary beneficiary are included in our condensed consolidated financial statements from the date such determination is made. All significant intercompany investments, accounts, and transactions have been eliminated.

Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments, and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% corridor) and postretirement health care plans. We generally deem our foreign investments to be essentially permanent in nature and we do not provide for taxes on currency translation adjustments arising from converting the investment denominated in a foreign currency to U.S. dollars. When we determine that a foreign investment, as well as undistributed earnings, are no longer permanent in nature, estimated taxes are provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.

The following details the income tax expense (benefit) on components of other comprehensive income (loss):



	Thirteen weeks ended						Twenty-six weeks ended
	November 24, 2013			November 25, 2012			November 24, 2013		November 25, 2012
Net derivative adjustment	$	(3.6	)	$	(0.1	)	$	23.3	$	(1.7	)
Unrealized gains on available-for-sale securities	0.1			—			0.2		—
Pension and postretirement healthcare liabilities	0.7			0.1			0.7		0.6
	$	(2.8	)	$	—		$	24.2	$	(1.1	)

The following table summarizes the reclassifications from accumulated other comprehensive loss into income for the thirteen weeks and twenty-six weeks ended November 24, 2013:



	Amount reclassified from Accumulated Other Comprehensive Loss						Affected Line Item in the Condensed Consolidated Statement of Earnings
	Thirteen weeks ended			Twenty-six weeks ended
Net derivative adjustment
Fair value hedges	$	0.1		$	0.2		Interest expense, net
Cash flow hedges	(0.1		)	(0.1		)	Interest expense, net
	—			0.1			Total before tax
	—			—			Income tax benefit
	$	—		$	0.1		Net of tax
Amortization of pension and other postretirement benefits:
Net prior service cost	$	(0.9	)	$	(1.7	)	Selling, general and administrative expenses
Net actuarial losses	1.7			3.3			Selling, general and administrative expenses
	0.8			1.6			Total before tax
	(0.3		)	(0.6		)	Income tax benefit
	$	0.5		$	1.0		Net of tax

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

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

Recently Issued Accounting Standards — In July 2013, the FASB issued Accounting Standards Update ("ASU") 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists", which states that entities should present the unrecognized tax benefit as a reduction of the deferred tax asset for a net operating loss ("NOL") or similar tax loss or tax credit carryforward rather than as a liability when the uncertain tax position would reduce the NOL or other carryforward under the tax law. No new disclosures are necessary. This ASU will be effective for the first interim reporting period in fiscal 2015.