Stockholders' Equity Note Disclosure [Text Block] |
13. STOCKHOLDERS' EQUITY
The following table presents a reconciliation of our stockholders' equity accounts for the thirteen weeks ended August 28, 2022:
| | Conagra Brands, Inc. Stockholders' Equity | | | | | | | | | |
| | Common Shares | | | Common Stock | | | Additional Paid-in Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Treasury Stock | | | Noncontrolling Interests | | | Total Equity | |
Balance at May 29, 2022 | | | 584.2 | | | $ | 2,921.2 | | | | 2,324.6 | | | $ | 6,550.7 | | | $ | (11.2 | ) | | $ | (2,997.6 | ) | | $ | 74.5 | | | $ | 8,862.2 | |
Stock option and incentive plans | | | | | | | | | | | (1.6 | ) | | | 0.2 | | | | | | | | 16.3 | | | | | | | | 14.9 | |
Currency translation adjustments | | | | | | | | | | | | | | | | | | | (11.5 | ) | | | | | | | (2.1 | ) | | | (13.6 | ) |
Repurchase of common shares | | | | | | | | | | | | | | | | | | | | | | | (50.0 | ) | | | | | | | (50.0 | ) |
Derivative adjustments | | | | | | | | | | | | | | | | | | | (2.1 | ) | | | | | | | | | | | (2.1 | ) |
Pension and postretirement healthcare benefits | | | | | | | | | | | | | | | | | | | 1.4 | | | | | | | | | | | | 1.4 | |
Dividends declared on common stock; $0.33 per share | | | | | | | | | | | | | | | (158.6 | ) | | | | | | | | | | | | | | | (158.6 | ) |
Net income (loss) attributable to Conagra Brands, Inc. | | | | | | | | | | | | | | | (77.5 | ) | | | | | | | | | | | | | | | (77.5 | ) |
Balance at August 28, 2022 | | | 584.2 | | | $ | 2,921.2 | | | $ | 2,323.0 | | | $ | 6,314.8 | | | $ | (23.4 | ) | | $ | (3,031.3 | ) | | $ | 72.4 | | | $ | 8,576.7 | |
The following table presents a reconciliation of our stockholders' equity accounts for the thirteen weeks ended August 29, 2021:
| | Conagra Brands, Inc. Stockholders' Equity | | | | | | | | | |
| | Common Shares | | | Common Stock | | | Additional Paid-in Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Treasury Stock | | | Noncontrolling Interests | | | Total Equity | |
Balance at May 30, 2021 | | | 584.2 | | | $ | 2,921.2 | | | $ | 2,342.1 | | | $ | 6,262.6 | | | $ | 5.8 | | | $ | (2,979.9 | ) | | $ | 79.6 | | | $ | 8,631.4 | |
Stock option and incentive plans | | | | | | | | | | | (37.1 | ) | | | 0.2 | | | | | | | | 21.8 | | | | 0.3 | | | | (14.8 | ) |
Currency translation adjustments | | | | | | | | | | | | | | | | | | | (14.4 | ) | | | | | | | (1.3 | ) | | | (15.7 | ) |
Repurchase of common shares | | | | | | | | | | | | | | | | | | | | | | | (50.0 | ) | | | | | | | (50.0 | ) |
Derivative adjustments | | | | | | | | | | | | | | | | | | | (2.1 | ) | | | | | | | | | | | (2.1 | ) |
Activities of noncontrolling interests | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.3 | | | | 0.3 | |
Pension and postretirement healthcare benefits | | | | | | | | | | | | | | | | | | | 1.3 | | | | | | | | | | | | 1.3 | |
Dividends declared on common stock; $0.3125 per share | | | | | | | | | | | | | | | (149.9 | ) | | | | | | | | | | | | | | | (149.9 | ) |
Net income attributable to Conagra Brands, Inc. | | | | | | | | | | | | | | | 235.4 | | | | | | | | | | | | | | | | 235.4 | |
Balance at August 29, 2021 | | | 584.2 | | | $ | 2,921.2 | | | $ | 2,305.0 | | | $ | 6,348.3 | | | $ | (9.4 | ) | | $ | (3,008.1 | ) | | $ | 78.9 | | | $ | 8,635.9 | |
The following table details the accumulated balances for each component of other comprehensive loss, net of tax:
|
|
August 28, 2022 |
|
|
May 29, 2022 |
|
Currency translation losses, net of reclassification adjustments |
|
$ |
(106.6 |
) |
|
$ |
(95.1 |
) |
Derivative adjustments, net of reclassification adjustments |
|
|
27.7 |
|
|
|
29.8 |
|
Pension and postretirement benefit obligations, net of reclassification adjustments |
|
|
55.5 |
|
|
|
54.1 |
|
Accumulated other comprehensive loss |
|
$ |
(23.4 |
) |
|
$ |
(11.2 |
) |
The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:
|
|
Thirteen Weeks Ended |
|
Affected Line Item in the Condensed Consolidated Statement of Operations1 |
|
|
August 28, 2022 |
|
|
August 29, 2021 |
|
|
Net derivative adjustments: |
|
|
|
|
|
|
|
|
|
Cash flow hedges |
|
$ |
(0.8 |
) |
|
$ |
(0.8 |
) |
Interest expense, net |
Cash flow hedges |
|
|
0.2 |
|
|
|
0.5 |
|
Equity method investment earnings |
|
|
|
(0.6 |
) |
|
|
(0.3 |
) |
Total before tax |
|
|
|
0.2 |
|
|
|
0.1 |
|
Income tax expense |
|
|
$ |
(0.4 |
) |
|
$ |
(0.2 |
) |
Net of tax |
Pension and postretirement liabilities: |
|
|
|
|
|
|
|
|
|
Net actuarial gain |
|
$ |
(1.1 |
) |
|
$ |
(0.8 |
) |
Pension and postretirement non-service income |
|
|
|
(1.1 |
) |
|
|
(0.8 |
) |
Total before tax |
|
|
|
0.4 |
|
|
|
0.2 |
|
Income tax expense |
|
|
$ |
(0.7 |
) |
|
$ |
(0.6 |
) |
Net of tax |
1Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Operations.
|