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PENSION AND POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
May 27, 2018
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations and Plan Assets
The changes in benefit obligations and plan assets at May 27, 2018 and May 28, 2017 are presented in the following table.
 
Pension Benefits
 
Other Benefits
 
2018
 
2017
 
2018
 
2017
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
3,548.7

 
$
3,903.0

 
$
156.9

 
$
201.7

Service cost
42.8

 
56.9

 
0.2

 
0.3

Interest cost
111.1

 
116.8

 
3.9

 
4.6

Plan participants' contributions
—

 
—

 
4.7

 
4.7

Amendments
0.6

 
5.5

 
(17.2
)
 
—

Actuarial gain
(9.4
)
 
(51.5
)
 
(13.2
)
 
(32.0
)
Plan settlements
(10.2
)
 
(287.5
)
 
—

 
—

Special termination benefits
—

 
1.5

 
—

 
—

Curtailments
(79.5
)
 
(18.1
)
 
—

 
—

Benefits paid
(181.3
)
 
(169.7
)
 
(16.2
)
 
(19.0
)
Currency
0.8

 
(0.8
)
 
0.2

 
(0.2
)
Business divestitures
—

 
(7.4
)
 
—

 
(3.2
)
Benefit obligation at end of year
$
3,423.6

 
$
3,548.7

 
$
119.3

 
$
156.9

Change in Plan Assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
2,983.6

 
$
2,959.4

 
$
—

 
$
0.1

Actual return on plan assets
276.1

 
346.1

 
3.7

 
—

Employer contributions
312.6

 
163.0

 
11.5

 
14.2

Plan participants' contributions
—

 
—

 
4.7

 
4.7

Plan settlements
(10.2
)
 
(287.5
)
 
—

 
—

Investment and administrative expenses
(26.5
)
 
(26.7
)
 
—

 
—

Benefits paid
(181.3
)
 
(169.7
)
 
(16.2
)
 
(19.0
)
Currency
0.8

 
(1.0
)
 
—

 
—

Fair value of plan assets at end of year
$
3,355.1

 
$
2,983.6

 
$
3.7

 
$
—
Schedule of Funded Status and Amounts Recognized
The funded status and amounts recognized in our Consolidated Balance Sheets at May 27, 2018 and May 28, 2017 were:
 
 
Pension Benefits
 
Other Benefits
 
 
2018
 
2017
 
2018
 
2017
Funded Status
 
$
(68.5
)
 
$
(565.1
)
 
$
(115.6
)
 
$
(156.9
)
Amounts Recognized in Consolidated Balance Sheets
 
 
 
 
 
 
 
 
Other assets
 
$
103.0

 
$
17.1

 
$
2.6

 
$
—

Other accrued liabilities
 
(11.8
)
 
(10.9
)
 
(16.2
)
 
(18.4
)
Other noncurrent liabilities
 
(159.7
)
 
(571.3
)
 
(102.0
)
 
(138.5
)
Net Amount Recognized
 
$
(68.5
)
 
$
(565.1
)
 
$
(115.6
)
 
$
(156.9
)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
 
 
 
 
 
 
 
 
Actuarial net loss (gain)
 
$
48.8

 
$
174.2

 
$
(25.8
)
 
$
(9.0
)
Net prior service cost (benefit)
 
13.8

 
16.0

 
(18.4
)
 
(4.6
)
Total
 
$
62.6

 
$
190.2

 
$
(44.2
)
 
$
(13.6
)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 27, 2018 and May 28, 2017
 
 
 
 
 
 
 
 
Discount rate
 
4.14
%
 
3.90
%
 
3.81
%
 
3.33
%
Long-term rate of compensation increase
 
N/A

 
3.63
%
 
N/A

 
N/A
Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets at May 27, 2018 and May 28, 2017 were:
 
 
2018
 
2017
Projected benefit obligation
 
$
951.1

 
$
3,433.6

Accumulated benefit obligation
 
950.1

 
3,357.1

Fair value of plan assets
 
779.5

 
2,851.4
Components of Pension Benefit and Other Postretirement Benefit Costs
Components of pension benefit and other postretirement benefit costs included:
 
Pension Benefits
 
Other Benefits
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Service cost
$
42.8

 
$
56.9

 
$
93.8

 
$
0.2

 
$
0.3

 
$
0.4

Interest cost
111.1

 
116.8

 
159.8

 
3.9

 
4.6

 
7.5

Expected return on plan assets
(218.3
)
 
(207.4
)
 
(259.9
)
 
—

 
—

 
—

Amortization of prior service cost (benefit)
2.9

 
2.6

 
2.7

 
(3.4
)
 
(6.6
)
 
(7.8
)
Special termination benefits
—

 
1.5

 
25.6

 
—

 
—

 
—

Recognized net actuarial loss
3.4

 
1.2

 
348.5

 
—

 
0.5

 
0.1

Settlement loss
1.3

 
13.8

 
—

 
—

 
—

 
—

Curtailment loss
0.7

 
1.7

 
0.3

 
—

 
—

 
—

Benefit cost — Company plans
(56.1
)
 
(12.9
)
 
370.8

 
0.7

 
(1.2
)
 
0.2

Pension benefit cost — multi-employer plans
7.1

 
12.0

 
42.9

 
—

 
—

 
—

Total benefit (income) cost
$
(49.0
)
 
$
(0.9
)
 
$
413.7

 
$
0.7

 
$
(1.2
)
 
$
0.2
Schedule of Other Changes in Plan Assets and Benefit Obligations
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were:
 
 
Pension Benefits
 
Other Benefits
 
 
2018
 
2017
 
2018
 
2017
Net actuarial gain
 
$
120.0

 
$
183.1

 
$
16.8

 
$
32.4

Amendments
 
(0.6
)
 
(5.5
)
 
17.2

 
(0.4
)
Amortization of prior service cost (benefit)
 
2.9

 
2.9

 
(3.4
)
 
(6.6
)
Settlement and curtailment loss
 
2.0

 
13.8

 
—

 
—

Recognized net actuarial loss
 
3.4

 
1.2

 
—

 
0.5

Net amount recognized
 
$
127.7

 
$
195.5

 
$
30.6

 
$
25.9
Weighted Average Actuarial Assumption Used to Determine Net Expense
Weighted-Average Actuarial Assumptions Used to Determine Net Expense
 
 
Pension Benefits
 
Other Benefits
 
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Discount rate
 
3.90
%
 
3.83
%
 
4.10
%
 
3.33
%
 
3.18
%
 
3.50
%
Long-term rate of return on plan assets
 
7.50
%
 
7.50
%
 
7.75
%
 
N/A

 
N/A

 
N/A

Long-term rate of compensation increase
 
3.63
%
 
3.66
%
 
3.70
%
 
N/A

 
N/A

 
N/A
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss)
The amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net expense during the next year are as follows:
 
 
Pension Benefits
 
Other Benefits
Prior service cost (benefit)
 
$
2.9

 
$
(2.2
)
Net actuarial gain
 
N/A

 
(1.5
)
Schedule of Fair Value of Plan Assets, Summarized by Level
The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 27, 2018, was as follows:
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
 
$
1.0

 
$
65.0

 
$
—

 
$
66.0

Equity securities:
 
 
 
 
 
 
 
 
U.S. equity securities
 
319.8

 
124.0

 
—

 
443.8

International equity securities
 
256.5

 
1.0

 
—

 
257.5

Fixed income securities:
 
 
 
 
 
 
 
 
Government bonds
 
—

 
1,854.8

 
—

 
1,854.8

Corporate bonds
 
—

 
4.7

 
—

 
4.7

Mortgage-backed bonds
 
—

 
9.3

 
—

 
9.3

Real estate funds
 
7.7

 
—

 
—

 
7.7

Master limited partnerships
 
0.4

 
—

 
—

 
0.4

Net payables for unsettled transactions
 
10.9

 
—

 
—

 
10.9

Fair value measurement of pension plan assets in the fair value hierarchy
 
$
596.3

 
$
2,058.8

 
$
—

 
$
2,655.1

Investments measured at net asset value
 
 
 
 
 
 
 
700.0

Total pension plan assets
 


 


 


 
$
3,355.1

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 28, 2017, was as follows:
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
 
$
1.0

 
$
94.0

 
$
—

 
$
95.0

Equity securities:
 
 
 
 
 
 
 
 
U.S. equity securities
 
494.0

 
13.7

 
—

 
507.7

International equity securities
 
249.9

 
13.2

 
—

 
263.1

Fixed income securities:
 
 
 
 
 
 
 
 
Government bonds
 
51.1

 
224.3

 
—

 
275.4

Corporate bonds
 
4.4

 
279.5

 
—

 
283.9

Mortgage-backed bonds
 
63.3

 
6.2

 
—

 
69.5

Real estate funds
 
9.5

 
—

 
—

 
9.5

Master limited partnerships
 
173.5

 
—

 
—

 
173.5

Net receivables for unsettled transactions
 
0.7

 
—

 
—

 
0.7

Fair value measurement of pension plan assets in the fair value hierarchy
 
$
1,047.4

 
$
630.9

 
$
—

 
$
1,678.3

Investments measured at net asset value
 
 
 
 
 
 
 
1,305.3

Total pension plan assets
 
 
 
 
 
 
 
$
2,983.6
Schedule of Pension Plan Weighted-Average Asset Allocations and Target Asset Allocations
Our pension plan weighted-average asset allocations by asset category were as follows:
 
 
May 27, 2018
 
May 28, 2017
Equity securities
 
21
%
 
39
%
Debt securities
 
58
%
 
25
%
Real estate funds
 
10
%
 
11
%
Multi-strategy hedge funds
 
4
%
 
11
%
Private equity
 
4
%
 
4
%
Other
 
3
%
 
10
%
Total
 
100
%
 
100
%
Schedule of Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates have a significant effect on the benefit obligation of the postretirement plans.
Assumed Health Care Cost Trend Rates at:
 
May 27, 2018
 
May 28, 2017
Initial health care cost trend rate
 
7.87
%
 
8.44
%
Ultimate health care cost trend rate
 
4.5
%
 
4.5
%
Year that the rate reaches the ultimate trend rate
 
2024

 
2024
Schedule of the Effect of a One Percentage Point Change in Assumed Health Care Cost Rates
A one percentage point change in assumed health care cost rates would have the following effect:
 
 
One Percent
Increase
 
One Percent
Decrease
Effect on total service and interest cost
 
$
0.3

 
$
(0.3
)
Effect on postretirement benefit obligation
 
3.9

 
(3.5
)
Schedule of Estimated Future Gross Benefit Payments
The following table presents estimated future gross benefit payments for our plans:
 
 
Pension Benefits
 
Health Care and Life Insurance
Benefits
2019
 
$
188.7

 
$
16.4

2020
 
184.2

 
14.7

2021
 
186.5

 
13.4

2022
 
189.0

 
12.1

2023
 
191.3

 
11.0

Succeeding 5 years
 
980.7

 
40.1
Schedule of Contributions for Plans That Are Not Individually Significant
For plans that are not individually significant to Conagra Brands the total amount of contributions is presented in the aggregate.
  
  
Pension Protection Act
Zone Status
FIP /
RP Status
Pending /
Implemented
Contributions by
the Company
(millions)
  
Expiration
Dates of
Collective
Bargaining
Agreements
Pension Fund
EIN / PN
2017
2016
FY18
FY17
FY16
Surcharge
Imposed
Bakery and Confectionary Union and Industry International Pension Plan
52-6118572
/ 001
Red, Critical and Declining
Red, Critical and Declining
RP Implemented
$
1.5

$
1.8

$3.1
No
2/28/2020
Central States, Southeast and Southwest Areas Pension Fund
36-6044243
/ 001
Red, Critical and Declining
Red
RP Implemented
1.8

1.8

1.9
No
5/31/2020
Western Conference of Teamsters Pension Plan
91-6145047
/ 001
Green
Green
N/A
2.8

4.0

5.4
No
06/30/2018
Other Plans
0.4

0.4

0.7
 
 
Total Contributions
$
6.5

$8.0
$11.1