Note 12 - Stockholders' Equity

9 Months Ended

Feb. 26, 2023

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

12. STOCKHOLDERS' EQUITY

The following table presents a reconciliation of our stockholders' equity accounts for the thirty-nine weeks ended February 26, 2023:

	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 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 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
Stock option and incentive plans						37.9			(2.4	)					3.6			0.5			39.6
Currency translation adjustments												(6.5	)					(1.7	)		(8.2	)
Repurchase of common shares															(100.0	)					(100.0	)
Derivative adjustments												6.6									6.6
Activities of noncontrolling interests																		0.3			0.3
Pension and postretirement healthcare benefits												(1.3	)					(0.1	)		(1.4	)
Dividends declared on common stock; $0.33 per share									(157.8	)											(157.8	)
Net income attributable to Conagra Brands, Inc.									381.9												381.9
Balance at November 27, 2022		584.2	$	2,921.2	$	2,360.9		$	6,536.5		$	(24.6	)	$	(3,127.7	)	$	71.4		$	8,737.7
Stock option and incentive plans						7.3			(0.8	)					8.2			1.5			16.2
Currency translation adjustments												5.8						(1.5	)		4.3
Derivative adjustments												(3.9	)								(3.9	)
Activities of noncontrolling interests																		0.5			0.5
Pension and postretirement healthcare benefits												(0.8	)								(0.8	)
Dividends declared on common stock; $0.33 per share									(157.4	)											(157.4	)
Net income attributable to Conagra Brands, Inc.									341.7												341.7
Balance at February 26, 2023		584.2	$	2,921.2	$	2,368.2		$	6,720.0		$	(23.5	)	$	(3,119.5	)	$	71.9		$	8,938.3

The following table presents a reconciliation of our stockholders' equity accounts for the thirty-nine weeks ended February 27, 2022:

	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
Stock option and incentive plans						12.1			(0.6	)					0.3			0.1			11.9
Currency translation adjustments												(16.2	)					(1.5	)		(17.7	)
Derivative adjustments												1.4									1.4
Activities of noncontrolling interests																		0.4			0.4
Pension and postretirement healthcare benefits												(0.6	)								(0.6	)
Dividends declared on common stock; $0.3125 per share									(149.9	)											(149.9	)
Net income attributable to Conagra Brands, Inc.									275.5												275.5
Balance at November 28, 2021		584.2	$	2,921.2	$	2,317.1		$	6,473.3		$	(24.8	)	$	(3,007.8	)	$	77.9		$	8,756.9
Stock option and incentive plans						11.1			(0.5	)					5.1			0.4			16.1
Currency translation adjustments												10.8						(0.1	)		10.7
Derivative adjustments												1.3									1.3
Activities of noncontrolling interests																		0.5			0.5
Pension and postretirement healthcare benefits												(0.6	)								(0.6	)
Dividends declared on common stock; $0.3125 per share									(150.0	)											(150.0	)
Net income attributable to Conagra Brands, Inc.									218.4												218.4
Balance at February 27, 2022		584.2	$	2,921.2	$	2,328.2		$	6,541.2		$	(13.3	)	$	(3,002.7	)	$	78.7		$	8,853.3

The following table details the accumulated balances for each component of other comprehensive loss, net of tax:

	February 26, 2023			May 29, 2022
Currency translation losses, net of reclassification adjustments	$	(107.3	)	$	(95.1	)
Derivative adjustments, net of reclassification adjustments		30.4			29.8
Pension and postretirement benefit obligations, net of reclassification adjustments		53.4			54.1
Accumulated other comprehensive loss	$	(23.5	)	$	(11.2	)

The following tables summarize the reclassifications from accumulated other comprehensive income (loss) into income:

	Thirteen Weeks Ended						Affected Line Item in the Condensed Consolidated Statement of Earnings1
	February 26, 2023			February 27, 2022
Net derivative adjustments:
Cash flow hedges	$	(0.9	)	$	(0.8	)	Interest expense, net
Cash flow hedges		(0.7	)		0.4		Equity method investment earnings
		(1.6	)		(0.4	)	Total before tax
		0.4			0.2		Income tax expense
	$	(1.2	)	$	(0.2	)	Net of tax
Pension and postretirement liabilities:
Net actuarial gain	$	(1.1	)	$	(0.9	)	Pension and postretirement non-service income
		(1.1	)		(0.9	)	Total before tax
		0.3			0.3		Income tax expense
	$	(0.8	)	$	(0.6	)	Net of tax

	Thirty-Nine Weeks Ended						Affected Line Item in the Condensed Consolidated Statement of Earnings1
	February 26, 2023			February 27, 2022
Net derivative adjustments:
Cash flow hedges	$	(2.5	)	$	(2.3	)	Interest expense, net
Cash flow hedges		(0.7	)		1.3		Equity method investment earnings
		(3.2	)		(1.0	)	Total before tax
		0.9			0.3		Income tax expense
	$	(2.3	)	$	(0.7	)	Net of tax
Pension and postretirement liabilities:
Net prior service cost	$	(0.1	)	$	0.1		Pension and postretirement non-service income
Net actuarial gain		(3.3	)		(2.7	)	Pension and postretirement non-service income
		(3.4	)		(2.6	)	Total before tax
		1.0			0.8		Income tax expense
	$	(2.4	)	$	(1.8	)	Net of tax

¹Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Earnings.