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PENSION AND POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
May 26, 2019
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations and Plan Assets
The changes in benefit obligations and plan assets at May 26, 2019 and May 27, 2018 are presented in the following table.
 
Pension Benefits
 
Other Benefits
 
2019
 
2018
 
2019
 
2018
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
3,423.6

 
$
3,548.7

 
$
119.3

 
$
156.9

Service cost
10.9

 
42.8

 
0.1

 
0.2

Interest cost
132.6

 
111.1

 
3.8

 
3.9

Plan participants' contributions
—

 
—

 
2.5

 
4.7

Amendments
1.4

 
0.6

 
(0.8
)
 
(17.2
)
Actuarial loss (gain)
150.1

 
(9.4
)
 
(24.3
)
 
(13.2
)
Plan settlements
—

 
(10.2
)
 
(0.5
)
 
—

Curtailments
—

 
(79.5
)
 
(0.6
)
 
—

Benefits paid
(191.2
)
 
(181.3
)
 
(9.8
)
 
(16.2
)
Currency
(0.6
)
 
0.8

 
(0.2
)
 
0.2

Business acquisitions and divestitures
206.4

 
—

 
1.7

 
—

Benefit obligation at end of year
$
3,733.2

 
$
3,423.6

 
$
91.2

 
$
119.3

Change in Plan Assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
3,355.1

 
$
2,983.6

 
$
3.7

 
$
—

Actual return on plan assets
252.2

 
249.6

 
0.2

 
3.7

Employer contributions
14.7

 
312.6

 
7.3

 
11.5

Plan participants' contributions
—

 
—

 
2.5

 
4.7

Plan settlements
—

 
(10.2
)
 
(0.5
)
 
—

Benefits paid
(191.2
)
 
(181.3
)
 
(9.8
)
 
(16.2
)
Currency
(0.6
)
 
0.8

 
—

 
—

Business acquisitions and divestitures
171.3

 
—

 
 
 
—

Fair value of plan assets at end of year
$
3,601.5

 
$
3,355.1

 
$
3.4

 
$
3.7
Schedule of Funded Status and Amounts Recognized
The funded status and amounts recognized in our Consolidated Balance Sheets at May 26, 2019 and May 27, 2018 were:
 
 
Pension Benefits
 
Other Benefits
 
 
2019
 
2018
 
2019
 
2018
Funded Status
 
$
(131.7
)
 
$
(68.5
)
 
$
(87.8
)
 
$
(115.6
)
Amounts Recognized in Consolidated Balance Sheets
 
 
 
 
 
 
 
 
Other assets
 
$
61.2

 
$
103.0

 
$
2.8

 
$
2.6

Other accrued liabilities
 
(10.2
)
 
(11.8
)
 
(10.8
)
 
(16.2
)
Other noncurrent liabilities
 
(182.7
)
 
(159.7
)
 
(79.8
)
 
(102.0
)
Net Amount Recognized
 
$
(131.7
)
 
$
(68.5
)
 
$
(87.8
)
 
$
(115.6
)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
 
 
 
 
 
 
 
 
Actuarial net loss (gain)
 
$
115.8

 
$
48.8

 
$
(47.8
)
 
$
(25.8
)
Net prior service cost (benefit)
 
12.1

 
13.8

 
(17.1
)
 
(18.4
)
Total
 
$
127.9

 
$
62.6

 
$
(64.9
)
 
$
(44.2
)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 26, 2019 and May 27, 2018
 
 
 
 
 
 
 
 
Discount rate
 
3.88
%
 
4.14
%
 
3.48
%
 
3.81
%
Long-term rate of compensation increase
 
N/A

 
N/A

 
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 26, 2019 and May 27, 2018 were:
 
 
2019
 
2018
Projected benefit obligation
 
$
964.3

 
$
951.1

Accumulated benefit obligation
 
963.7

 
950.1

Fair value of plan assets
 
771.4

 
779.5
Components of Pension Benefit and Other Postretirement Benefit Costs
Components of pension benefit and other postretirement benefit costs included:
 
Pension Benefits
 
Other Benefits
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
$
10.9

 
$
42.8

 
$
56.9

 
$
0.1

 
$
0.2

 
$
0.3

Interest cost
132.6

 
111.1

 
116.8

 
3.8

 
3.9

 
4.6

Expected return on plan assets
(174.4
)
 
(218.3
)
 
(207.4
)
 
—

 
—

 
—

Amortization of prior service cost (benefit)
3.1

 
2.9

 
2.6

 
(2.2
)
 
(3.4
)
 
(6.6
)
Special termination benefits
—

 
—

 
1.5

 
—

 
—

 
—

Recognized net actuarial loss (gain)
5.1

 
3.4

 
1.2

 
(1.4
)
 
—

 
0.5

Settlement loss (gain)
—

 
1.3

 
13.8

 
(1.0
)
 
—

 
—

Curtailment loss (gain)
—

 
0.7

 
1.7

 
(0.6
)
 
—

 
—

Benefit cost — Company plans
(22.7
)
 
(56.1
)
 
(12.9
)
 
(1.3
)
 
0.7

 
(1.2
)
Pension benefit cost — multi-employer plans
6.3

 
7.1

 
12.0

 
—

 
—

 
—

Total benefit (income) cost
$
(16.4
)
 
$
(49.0
)
 
$
(0.9
)
 
$
(1.3
)
 
$
0.7

 
$
(1.2
)
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
 
 
2019
 
2018
 
2019
 
2018
Net actuarial gain (loss)
 
$
(72.1
)
 
$
120.0

 
$
25.1

 
$
16.8

Amendments
 
(1.4
)
 
(0.6
)
 
0.8

 
17.2

Amortization of prior service cost (benefit)
 
3.1

 
2.9

 
(2.2
)
 
(3.4
)
Settlement and curtailment loss (gain)
 
—

 
2.0

 
(1.6
)
 
—

Recognized net actuarial loss (gain)
 
5.1

 
3.4

 
(1.4
)
 
—

Net amount recognized
 
$
(65.3
)
 
$
127.7

 
$
20.7

 
$
30.6
Weighted Average Actuarial Assumption Used to Determine Net Expense
Weighted-Average Actuarial Assumptions Used to Determine Net Expense
 
 
Pension Benefits
 
Other Benefits
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate
 
4.15
%
 
3.90
%
 
3.83
%
 
3.81
%
 
3.33
%
 
3.18
%
Long-term rate of return on plan assets
 
5.17
%
 
7.50
%
 
7.50
%
 
N/A

 
N/A

 
N/A

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

 
N/A

 
N/A
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 26, 2019
 
May 27, 2018
Equity securities
 
7
%
 
21
%
Debt securities
 
85
%
 
58
%
Real estate funds
 
1
%
 
10
%
Multi-strategy hedge funds
 
—
%
 
4
%
Private equity
 
3
%
 
4
%
Other
 
4
%
 
3
%
Total
 
100
%
 
100
%
The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 26, 2019, was as follows:
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
 
$
0.7

 
$
77.7

 
$
—

 
$
78.4

Equity securities:
 
 
 
 
 
 
 
 
U.S. equity securities
 
56.3

 
91.8

 
—

 
148.1

International equity securities
 
87.8

 
0.4

 
—

 
88.2

Fixed income securities:
 
 
 
 
 
 
 
 
Government bonds
 
—

 
748.3

 
—

 
748.3

Corporate bonds
 
—

 
2,255.5

 
—

 
2,255.5

Mortgage-backed bonds
 
—

 
31.1

 
—

 
31.1

Real estate funds
 
0.4

 
—

 
—

 
0.4

Net receivables for unsettled transactions
 
5.6

 
—

 
—

 
5.6

Fair value measurement of pension plan assets in the fair value hierarchy
 
$
150.8

 
$
3,204.8

 
$
—

 
$
3,355.6

Investments measured at net asset value
 
 
 
 
 
 
 
245.9

Total pension plan assets
 


 


 


 
$
3,601.5

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 receivables 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
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 26, 2019
 
May 27, 2018
Initial health care cost trend rate
 
7.20
%
 
7.87
%
Ultimate health care cost trend rate
 
4.5
%
 
4.5
%
Year that the rate reaches the ultimate trend rate
 
2024

 
2024
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
2020
 
$
200.7

 
$
10.9

2021
 
201.3

 
10.1

2022
 
203.9

 
9.3

2023
 
207.1

 
8.5

2024
 
210.0

 
7.8

Succeeding 5 years
 
1,074.8

 
30.2
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
2018
2017
FY19
FY18
FY17
Surcharge
Imposed
Bakery and Confectionary Union and Industry International Pension Plan
52-6118572
/ 001
Red, Critical and Declining
Red, Critical and Declining
RP Implemented
$
0.1

$
1.5

$1.8
No
2/29/2020
Central States, Southeast and Southwest Areas Pension Fund
36-6044243
/ 001
Red, Critical and Declining
Red
RP Implemented
1.8

1.8

1.8
No
5/31/2020
Western Conference of Teamsters Pension Plan
91-6145047
/ 001
Green
Green
N/A
3.2

2.8

4.0
No
06/30/2021
Other Plans
0.9

0.4

0.4
 
 
Total Contributions
$
6.0

$6.5
$8.0