We reflect our results of operations in four reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.

The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States.

The Refrigerated & Frozen reporting segment includes branded, temperature-controlled food products sold in various retail channels in the United States.

The International reporting segment principally includes branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States.

The Foodservice reporting segment includes branded and customized food products, including meals, entrees, sauces and a variety of custom-manufactured culinary products packaged for sale to restaurants and other foodservice establishments primarily in the United States.

Operating profit for each of the segments is based on net sales less all identifiable operating expenses. General corporate expense, net interest expense, and income taxes have been excluded from segment operations.

	Thirteen weeks ended
	August 30, 2020			August 25, 2019
Net sales
Grocery & Snacks	$	1,134.2		$	977.6
Refrigerated & Frozen		1,130.6			959.1
International		219.0			204.4
Foodservice		195.1			249.6
Total net sales	$	2,678.9		$	2,390.7
Operating profit
Grocery & Snacks	$	283.6		$	151.7
Refrigerated & Frozen		240.1			155.6
International		38.5			24.8
Foodservice		24.9			31.1
Total operating profit	$	587.1		$	363.2
Equity method investment earnings		6.5			12.3
General corporate expense		77.2			99.5
Pension and postretirement non-service income		(13.8	)		(9.5	)
Interest expense, net		113.7			122.7
Income tax expense (benefit)		86.7			(11.5	)
Net income	$	329.8		$	174.3
Less: Net income attributable to noncontrolling interests		0.8			0.5
Net income attributable to Conagra Brands, Inc.	$	329.0		$	173.8

	Thirteen weeks ended
	August 30, 2020		August 25, 2019
Frozen		935.6		792.7
Other shelf-stable		715.9		601.4
Snacks		418.3		376.2
Foodservice		195.1		249.6
International		219.0		204.4
Refrigerated		195.0		166.4
Total net sales	$	2,678.9	$	2,390.7

Presentation of Derivative Gains (Losses) for Economic Hedges of Forecasted Cash Flows in Segment Results

Derivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately.

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:

	Thirteen weeks ended
	August 30, 2020			August 25, 2019
Gross derivative losses incurred	$	(4.0	)	$	(7.3	)
Less: Net derivative losses allocated to reporting segments		(1.5	)		(0.1	)
Net derivative losses recognized in general corporate expenses	$	(2.5	)	$	(7.2	)
Net derivative losses allocated to Grocery & Snacks	$	(1.8	)	$	(0.1	)
Net derivative losses allocated to Refrigerated & Frozen		(1.1	)		(0.3	)
Net derivative gains allocated to International		1.6			0.1
Net derivative gains (losses) allocated to Foodservice		(0.2	)		0.2
Net derivative losses included in segment operating profit	$	(1.5	)	$	(0.1	)

As of August 30, 2020, the cumulative amount of net derivative losses from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $6.6 million. This amount reflected net losses of $3.5 million incurred during the thirteen weeks ended August 30, 2020 and net losses of $3.1 million incurred prior to fiscal 2021. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results losses of $3.9 million in fiscal 2021 and losses of $2.7 million in fiscal 2022 and thereafter.

The majority of our manufacturing assets are shared across multiple reporting segments. Output from these facilities used by each reporting segment can change over time. Also, working capital balances are not tracked by reporting segment. Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets by segment. Total depreciation expense was $80.3 million and $81.7 million for the first quarter of fiscal 2021 and 2020, respectively.

Our operations are principally in the United States. With respect to operations outside of the United States, no single foreign country or geographic region was significant with respect to consolidated operations for the first quarter of fiscal 2021 and 2020. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $224.7 million and $211.7 million in the first quarter of fiscal 2021 and 2020, respectively. Our long-lived assets located outside of the United States are not significant.

Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 25% and 26% of consolidated net sales in the first quarter of fiscal 2021 and 2020, respectively, primarily in the Grocery & Snacks and Refrigerated & Frozen segments.

Walmart, Inc. and its affiliates accounted for approximately 33% and 30% of consolidated net receivables as of August 30, 2020 and May 31, 2020, respectively. The Kroger Co. and its affiliates accounted for approximately 11% and 10% of consolidated net receivables as of August 30, 2020 and May 31, 2020, respectively.

We offer certain suppliers access to a third-party service that allows them to view our scheduled payments online. The third-party service also allows suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party. We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third party, or any financial institutions concerning this service. All of our accounts payable remain as obligations to our suppliers as stated in our supplier agreements. As of August 30, 2020 and May 31, 2020, $269.2 million and $258.7 million, respectively, of our total accounts payable is payable to suppliers who utilize this third-party service.