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BUSINESS SEGMENTS AND RELATED INFORMATION (Tables)
 12 Months Ended
May 31, 2020
Segment Reporting [Abstract]  
Schedule of Segment Operations General corporate expense, net interest expense, and income taxes have been excluded from segment operations.

 

 

 

2020

 

 

2019

 

 

2018

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Grocery & Snacks

 

$

4,617.1

 

 

$

3,923.6

 

 

$

3,281.0

 

Refrigerated & Frozen

 

 

4,559.6

 

 

 

3,735.4

 

 

 

2,753.0

 

International

 

 

925.3

 

 

 

864.4

 

 

 

843.5

 

Foodservice

 

 

952.4

 

 

 

1,015.0

 

 

 

1,060.8

 

Total net sales

 

$

11,054.4

 

 

$

9,538.4

 

 

$

7,938.3

 

Operating profit

 

 

 

 

 

 

 

 

 

 

 

 

Grocery & Snacks

 

$

915.2

 

 

$

762.6

 

 

$

722.5

 

Refrigerated & Frozen

 

 

702.2

 

 

 

645.1

 

 

 

479.4

 

International

 

 

100.6

 

 

 

99.8

 

 

 

86.5

 

Foodservice

 

 

97.6

 

 

 

134.3

 

 

 

124.1

 

Total operating profit

 

$

1,815.6

 

 

$

1,641.8

 

 

$

1,412.5

 

Equity method investment earnings

 

 

73.2

 

 

 

75.8

 

 

 

97.3

 

General corporate expenses

 

 

368.5

 

 

 

462.2

 

 

 

459.4

 

Pension and postretirement non-service income

 

 

9.9

 

 

 

35.1

 

 

 

80.4

 

Interest expense, net

 

 

487.1

 

 

 

391.4

 

 

 

158.7

 

Income tax expense

 

 

201.3

 

 

 

218.8

 

 

 

174.6

 

Income from continuing operations

 

$

841.8

 

 

$

680.3

 

 

$

797.5

 

Less: Net income attributable to noncontrolling interests of continuing operations

 

 

1.7

 

 

 

0.1

 

 

 

3.4

 

Income from continuing operations attributable to Conagra Brands, Inc.

 

$

840.1

 

 

$

680.2

 

 

$

794.1

 

 

The following table presents further disaggregation of our net sales:

 

 

 

2020

 

 

2019

 

 

2018

 

Snacks

 

$

1,714.3

 

 

$

1,496.9

 

 

$

1,197.7

 

Other shelf-stable

 

 

2,902.8

 

 

 

2,426.7

 

 

 

2,083.3

 

Frozen

 

 

3,674.1

 

 

 

2,945.4

 

 

 

2,014.8

 

Refrigerated

 

 

885.5

 

 

 

790.0

 

 

 

738.2

 

International

 

 

925.3

 

 

 

864.4

 

 

 

843.5

 

Foodservice

 

 

952.4

 

 

 

1,015.0

 

 

 

1,060.8

 

Total net sales

 

$

11,054.4

 

 

$

9,538.4

 

 

$

7,938.3

 

 
Schedule of Net Derivative Gains (Losses) from Economic Hedges of Forecasted Commodity Consumption and Foreign Currency Risk

The following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology:

 

 

 

2020

 

 

2019

 

 

2018

 

Net derivative losses incurred

 

$

(12.9

)

 

$

(3.6

)

 

$

(0.9

)

Less: Net derivative losses allocated to reporting segments

 

 

(7.4

)

 

 

(1.8

)

 

 

(7.1

)

Net derivative gains (losses) recognized in general corporate expenses

 

$

(5.5

)

 

$

(1.8

)

 

$

6.2

 

Net derivative gains (losses) allocated to Grocery & Snacks

 

$

(4.7

)

 

$

(2.5

)

 

$

0.2

 

Net derivative losses allocated to Refrigerated & Frozen

 

 

(2.5

)

 

 

(1.5

)

 

 

(0.3

)

Net derivative gains (losses) allocated to International

 

 

0.1

 

 

 

2.8

 

 

 

(6.9

)

Net derivative losses allocated to Foodservice

 

 

(0.3

)

 

 

(0.6

)

 

 

(0.1

)

Net derivative losses included in segment operating profit

 

$

(7.4

)

 

$

(1.8

)

 

$

(7.1

)