10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended May 30, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                   to

Commission File No. 1-7275

CONAGRA BRANDS, INC.

(Exact name of registrant as specified in its charter)

Delaware	47-0248710
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
222 W. Merchandise Mart Plaza, Suite 1300 Chicago, Illinois	60654
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (312) 549-5000

Securities registered pursuant to section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $5.00 par value	CAG	New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☑    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐     No  ☑

The aggregate market value of the voting common stock of Conagra Brands, Inc. held by non-affiliates on November 27, 2020 (the last business day of the Registrant's most recently completed second fiscal quarter) was approximately $17,559,528,469 based upon the closing sale price on the New York Stock Exchange on such date.

At June 27, 2021, 480,326,127 common shares were outstanding.

Documents Incorporated by Reference

Portions of the Registrant’s definitive Proxy Statement for the Registrant's 2021 Annual Meeting of Stockholders (the "2021 Proxy Statement") are incorporated by reference into Part III.

Table of Contents

PART I		3
Item 1	Business	3
Item 1A	Risk Factors	9
Item 1B	Unresolved Staff Comments	19
Item 2	Properties	19
Item 3	Legal Proceedings	20
Item 4	Mine Safety Disclosures	20
PART II		21
Item 5	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	21
Item 6	[Reserved]	21
Item 7	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	36
Item 8	Financial Statements and Supplementary Data	38
	Consolidated Statements of Earnings for the Fiscal Years Ended May 2021, 2020, and 2019	38
	Consolidated Statements of Comprehensive Income for the Fiscal Years Ended May 2021, 2020, and 2019	39
	Consolidated Balance Sheets as of May 30, 2021 and May 31, 2020	40
	Consolidated Statements of Common Stockholders' Equity for the Fiscal Years Ended May 2021, 2020, and 2019	41
	Consolidated Statements of Cash Flows for the Fiscal Years Ended May 2021, 2020, and 2019	42
	Notes to Consolidated Financial Statements	43
Item 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	89
Item 9A	Controls and Procedures	89
Item 9B	Other Information	89
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	90
PART III		91
Item 10	Directors, Executive Officers and Corporate Governance	91
Item 11	Executive Compensation	91
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	91
Item 13	Certain Relationships and Related Transactions, and Director Independence	92
Item 14	Principal Accountant Fees and Services	92
PART IV		93
Item 15	Exhibits and Financial Statement Schedules	93
Item 16	Form 10-K Summary	99
Signatures		100

PART I

This annual report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results, performance, or achievements could differ materially from those projected in the forward-looking statements as a result of a number of risks, uncertainties, and other factors. For a discussion of important factors that could cause our results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by our forward-looking statements, please refer to Item 1A, Risk Factors and Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations below.

ITEM 1. BUSINESS

General Development of Business

Conagra Brands, Inc. (the "Company", "Conagra Brands", "we", "us", or "our"), headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, the Company combines a rich heritage of making great food with a sharpened focus on innovation. The Company's portfolio is evolving to satisfy people's changing food preferences. Its iconic brands such as Birds Eye^®, Duncan Hines^®, Healthy Choice^®, Marie Callender's^®, Reddi-wip^®, and Slim Jim^®, as well as emerging brands, including Angie's^® BOOMCHICKAPOP^®, Duke's^®, Earth Balance^®, Gardein^®, and Frontera^®, offer choices for every occasion.

We began as a Midwestern flour-milling company and entered other commodity-based businesses throughout our history. We were initially incorporated as a Nebraska corporation in 1919 and reincorporated as a Delaware corporation in 1976. Over time, we transformed into the branded, pure-play consumer packaged goods food company we are today. Growing our food businesses has also been fueled by innovation, organic growth of our brands, and expansion into adjacent categories, including through acquisitions. We are focused on delivering sustainable, profitable growth with strong and improving returns on our invested capital.

On October 26, 2018, we completed our acquisition of Pinnacle Foods Inc. ("Pinnacle"). As a result of the acquisition, Pinnacle became a wholly-owned subsidiary of the Company.

Narrative Description of Business

We compete throughout the food industry and focus on adding value for our customers who operate in the retail food and foodservice channels.

Our operations, including our reporting segments, are described below. Our locations, including manufacturing facilities, within each reporting segment, are described in Item 2, Properties.

Reporting Segments

Our reporting segments are as follows:

Grocery & Snacks

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

Refrigerated & Frozen

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

International

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.

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Foodservice

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.

Unconsolidated Equity Investments

We have two unconsolidated equity investments. Our most significant equity method investment is Ardent Mills, a milling business.

Acquisitions

On October 26, 2018, we completed the acquisition of Pinnacle, a branded packaged foods company specializing in shelf-stable and frozen foods. As a result of the acquisition, Pinnacle became a wholly-owned subsidiary of the Company. See Note 2, "Acquisitions", to the Consolidated Financial Statements contained in this report for further information.

Divestitures

During the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters^® business for net proceeds of $50.6 million, subject to final working capital adjustments. The results of operations of the divested Egg Beaters^® business were primarily included in our Refrigerated and Frozen segment, and to a lesser extent within our International and Foodservice segments, for the periods preceding the completion of the transaction. The assets and liabilities of this business have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheets for all periods presented prior to the divestiture.

During the third quarter of fiscal 2021, we completed the sale of our Peter Pan^® peanut butter business for net proceeds of $101.5 million, including working capital adjustments but subject to final adjustments for certain tax benefits. The business results were previously reported primarily within our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments, for the periods preceding the completion of the transaction. The assets and liabilities of this business have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheets for all periods presented prior to the divestiture.

General

The following comments pertain to all of our reporting segments.

Conagra Brands is a branded consumer packaged goods food company that operates in many sectors of the food industry, with a significant focus on the sale of branded, private branded, and value-added consumer food, as well as foodservice items and ingredients. We use many different raw materials, most of which are commodities. The prices paid for raw materials used in making our food generally reflect factors such as weather, commodity market fluctuations, currency fluctuations, tariffs, and the effects of governmental agricultural programs. Although the prices of raw materials can be expected to fluctuate as a result of these factors, we believe such raw materials to be in adequate supply and generally available from numerous sources. From time to time, we have faced increased costs for many of our significant raw materials, packaging, and energy inputs. We seek to mitigate higher input costs through productivity and pricing initiatives and the use of derivative instruments to economically hedge a portion of forecasted future consumption.

We experience intense competition for sales of our food items in our major markets. Our food items compete with widely advertised, well-known, branded food, as well as private branded and customized food items. Some of our competitors are larger and have greater resources than we have. We compete primarily on the basis of quality, value, customer service, brand recognition, and brand loyalty.

Demand for certain of our food items may be influenced by holidays, changes in seasons, or other annual events. For example, sales of frozen foods tend to be marginally higher during the winter months, seafood sales are highest during Lent, in advance of the Easter holiday, and production of certain of our products occurs seasonally, during or immediately following the purchase of agricultural crops.

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We manufacture primarily for stock; we fill our customer orders from finished goods inventories. While at any given time there may be some backlog of orders, such backlog is not material in respect to annual net sales, and the changes of backlog orders from time to time are not significant.

Our intellectual property rights, including our trademarks, licensing agreements, trade secrets, patents, and copyrights are of material importance to our business and we attempt to protect such rights by pursuing remedies available to us under trademark, copyright, trade secret, and patent laws, as well as entering into licensing, third-party nondisclosure and assignment agreements, and policing of third-party misuses of our intellectual property. Some of our food items are sold under brands that have been licensed from others, including under the P.F. Chang’s^®, Bertolli^®, and Libby’s^® trademarks. We also own certain intellectual property rights that are licensed to third parties, such as the Alexia^® trademark. While many of these licensing arrangements are perpetual in nature, others must be periodically renegotiated or renewed pursuant to their terms. We also actively develop and maintain a portfolio of patents, although no single patent is considered material to the business as a whole. We have proprietary trade secrets, technology, know-how, processes, and other intellectual property rights that are not registered.

Our operations are subject to various laws and regulations administered by federal, state, local, and foreign government agencies, including, but not limited to, the United States Department of Agriculture, the Federal Food and Drug Administration, the Occupational Safety and Health Administration, the Environmental Protection Agency, and the Department of Labor. In particular, the processing, packaging, transportation, storage, distribution, advertising, labeling, quality, and safety of food products, the health and safety of our employees, and the protection of the environment are each subject to governmental regulation. Additionally, we are subject to data privacy and security regulations, tax and securities regulations, accounting and reporting standards, and other financial laws and regulations. We believe that we are in compliance with such laws and regulations in all material respects and do not expect that continued compliance with such regulations will have a material effect upon capital expenditures, earnings, or our competitive position.

Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 26% of consolidated net sales for each of fiscal 2021 and 2020 and 24% of consolidated net sales for fiscal 2019.

Human Capital Resources

At Conagra, we believe that our employees are the driving force behind our success. We believe that the success and growth of our business depend in large part on our ability to attract, develop, and retain a diverse population of talented and high-performing employees at all levels of our organization. We leverage our six timeless values, which form the framework of our Company culture, to guide our approach to human capital management:

• Integrity: Doing the right things and doing things right

• External Focus: Centering on the consumer, customer, competitor, and investor

• Broad-Mindedness: Seeking out and respecting varied perspectives, embracing collaboration, and assuming positive intent

• Agility: Converting insights into action with the speed of an entrepreneur

• Leadership by all: Simplifying, making decisions, inspiring others, and acting like an owner

• Focus on results: Leveraging a "refuse-to-lose" obsession with impact and value creation

We have developed key recruitment, development, and retention strategies and objectives that guide our human capital management approach. These strategies and objectives are advanced through a number of programs, policies, and initiatives, as described below.

As of May 30, 2021, we had approximately 18,600 employees, primarily in the United States. Approximately 46% of our employees are parties to collective bargaining agreements. We believe our relationships with employees and their representative organizations are good.

Safety and Health: The health and safety of our employees is our top priority. We are focused on maintaining a strong culture of safety, in which all employees commit to protecting themselves and their colleagues. During fiscal year 2021, our Occupational Safety & Health Administration Incident Rate was 2.00 incidents per 100 full-time workers, as compared to 1.69 incidents per 100 full-time workers in fiscal 2020 and 2.28 incidents per 100 full-time workers in fiscal 2019. We compare our incident rate to that of the average for companies in the food manufacturing sector, as published by the Bureau of Labor Statistics.

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In each of the last three fiscal years, our incident rate has been below the industry average. Our health and safety team audits each of our facilities every two years to ensure compliance with safety regulations and corporate policies. The team documents the audit results and tracks corrective actions to ensure we hold ourselves accountable for providing a safe work environment.

Beginning in February 2020 and over the course of the COVID-19 pandemic, our senior leadership has relied on cross-functional teams (a COVID-19 pandemic team, Return to Office team, and Vaccine Preparedness team), to review and assess the evolving situation, and to recommend risk mitigation actions for the health and safety of our employees. In order to enhance the safety of our employees during the COVID-19 pandemic, these teams have recommended, and we have implemented, various measures, including the installation of physical barriers between employees; employee screening protocols; facility cleaning and sanitation protocols; policies on the use of personal protective equipment; and robust employee leave policies. We have also executed a phased return to office approach to enable in-person work for corporate personnel, implemented work-from-home initiatives for certain office personnel, and provided increased access to COVID-19 vaccines for production facilities and corporate locations.

Diversity and Inclusion: We strive to nourish an inclusive culture that encourages openness, acceptance, and individual authenticity. We believe that an inclusive culture drives employee engagement.

At Conagra, diversity is more than race, gender, sexual orientation, and disability. All backgrounds, perspectives, styles, and opinions are valued and belong at Conagra, and we harness the power of diversity and inclusion ("D&I") to accelerate innovation and growth and as key enablers of shareholder value creation.

We approach diversity from the top-down, exemplified by our Board of Directors (the "Board") and our Senior Leadership Team: three of our 11 directors are racially/ethnically diverse, three of our 11 directors are women, and four of 10 members of our Senior Leadership Team are women. We believe that a diverse team with a variety of viewpoints adds value to our business decision making and innovation by encouraging and incorporating a variety of perspectives and experiences.

During fiscal 2021, we launched numerous efforts to amplify our commitment to a diverse and inclusive workforce:

• We established a Diversity and Inclusion Leadership Council (the "Council"), comprised of our Senior Leadership and Human Resource Diversity and Inclusion teams, to set our D&I strategy, track our D&I progress, and ensure execution of our D&I initiatives.

• The Council refreshed the Company's D&I strategic plan during fiscal 2021, and declared a focus on recruiting, advocating for, and developing diverse talent. In each of these areas, we have multiple strategic initiatives underway. Core aspects of our strategy include building a strong entry-level pipeline; providing development opportunities for underrepresented groups, internal and external; and committing to develop and advance our talent along the way. Examples of recruitment, advocacy, and development initiatives launched during fiscal 2021 include the following:

• In October 2020, we launched Conagra's inclusive leadership development program. Through the end of fiscal 2021, we have trained over 1,400 people managers in inclusive leadership practices.

• In November 2020, we partnered with The Hatchery Chicago to create a twelve-week culinary internship program for individuals from underrepresented communities.

• In May 2021, we announced a partnership with the Thurgood Marshall College Fund and the Hispanic Scholarship Fund through which Conagra will make donations to each organization for college scholarships in an effort to ensure that black and brown students receive equitable access to higher education opportunities. Conagra employees will also actively engage with scholarship recipients to provide professional development opportunities.

• Throughout fiscal 2021, the Human Resources Committee of our Board (the "HR Committee") received regular updates from management on our D&I progress. The HR Committee has embedded D&I into its standing agenda and intends to discuss the topic at every regularly scheduled meeting it holds in fiscal 2022.

We also continue to provide diversity and inclusion training for employees to highlight issues that impact underrepresented communities and to reduce the effects of bias in the workplace. Our goal is to create a culture of belonging, where everyone can experience inclusion. We want to be a place where people trust and respect one another. While we value and embrace diversity, we also celebrate what we all have in common—our energy and passion for making great food and great brands.

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Learning and Development: We believe that by enabling employee development, we better position Conagra to meet current and future business needs and increase employee retention. By providing employees with learning and development opportunities, we empower them to build knowledge and skills and feel fulfilled in their work at Conagra.

We leverage a variety of processes to enable employee learning and development at Conagra:

• Employees have access to a variety of learning tools at Conagra, covering a wide array of topics. Our office-based employees can also access thousands of learning modules on-demand at their desks.

• Individual objectives are set each year, providing employees with clear expectations for their performance in the short-term. Regular performance evaluations provide employees with feedback and growth opportunities.

• Salaried employees are encouraged to develop Individual Development Plans ("IDP"). IDPs serve as a personal action plan, under which employees engage with their manager in ongoing development conversations, so that long-term career goals and developmental activities can be reviewed.

Compensation and Benefits: We offer competitive compensation and benefits to attract the best talent and to support the overall well-being of our employees. Through our holistic approach to benefits, we provide our employees with resources to help them thrive. We offer a wide range of benefits across areas such as health, family, finance, community, and time away, including healthcare and wellness benefits, adoption and surrogacy assistance, family care resources, a 401(k) plan, family leave, and paid time off. A more complete discussion of our approach to employee compensation and benefits can be found in our Proxy Statement for the 2021 Annual Shareholders' Meeting.

Additional information regarding our human capital management is available in our 2020 Citizenship Report that can be found on our website at https://www.conagrabrands.com/our-company/corporate-social-responsibility. Information on our website, including our 2020 Citizenship Report, is not incorporated by reference into this Annual Report on Form 10-K.

Information About Our Executive Officers

The names, ages, and positions of our executive officers as of July 23, 2021 are listed below:

Name	Title & Capacity	Age	Year First Appointed an Executive Officer
Sean M. Connolly	President and Chief Executive Officer	55	2015
David S. Marberger	Executive Vice President and Chief Financial Officer	56	2016
Colleen R. Batcheler	Executive Vice President, General Counsel and Corporate Secretary	47	2008
Charisse Brock	Executive Vice President, Chief Human Resources Officer	59	2015
Thomas M. McGough	Executive Vice President and Co-Chief Operating Officer	56	2013
Darren C. Serrao	Executive Vice President and Co-Chief Operating Officer	55	2015
Robert G. Wise	Senior Vice President, Corporate Controller	53	2012

Sean M. Connolly has served as our President and Chief Executive Officer and a member of the Board since April 6, 2015. Prior to that, he served as President and Chief Executive Officer and a director of The Hillshire Brands Company (a branded food products company) from June 2012 to August 2014, Executive Vice President of Sara Lee Corporation (the predecessor to Hillshire), and Chief Executive Officer, Sara Lee North American Retail and Foodservice, from January 2012 to June 2012. Prior to joining Hillshire, Mr. Connolly served as President of Campbell North America, the largest division of Campbell Soup Company (a branded food products company), from October 2010 to December 2011, President, Campbell USA from 2008 to 2010, and President, North American Foodservice for Campbell from 2007 to 2008. Before joining Campbell in 2002, he served in various marketing and brand management roles at The Procter & Gamble Company (a consumer packaged goods company).

David S. Marberger has served as Executive Vice President and Chief Financial Officer since August 2016. Prior to joining Conagra Brands, he served as Chief Financial Officer of Prestige Brands Holdings, Inc. (a provider of over-the-counter healthcare products) from October 2015 until July 2016. Prior to that, Mr. Marberger served as the Senior Vice President and Chief Financial Officer of Godiva Chocolatier, Inc. (a global manufacturer and supplier of premium chocolates) from 2008 until October 2015. Prior to that, Mr. Marberger served Tasty Baking Company (a manufacturer and supplier of baked goods) as Executive Vice

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President and Chief Financial Officer from 2006 to 2008 and as Senior Vice President and Chief Financial Officer from 2003 to 2006. From 1993 until 2003, he served in various roles at Campbell Soup Company (a branded food products company), where he last held the position of Vice President, Finance, Food and Beverage Division.

Colleen R. Batcheler has served as Executive Vice President, General Counsel and Corporate Secretary since September 2009 and served as Senior Vice President, General Counsel and Corporate Secretary from February 2008 until September 2009. Ms. Batcheler joined Conagra Brands in June 2006 as Vice President, Chief Securities Counsel and Assistant Corporate Secretary. In September 2006, she was named Corporate Secretary. From 2003 until joining Conagra Brands, Ms. Batcheler served as Vice President and Corporate Secretary of Albertson's, Inc. (a retail food and drug chain). Prior to that, she served as Associate Counsel with The Cleveland Clinic Foundation (a non-profit academic medical center) and an associate with Jones Day (a law firm).

Charisse Brock has served as Executive Vice President and Chief Human Resources Officer since November 2015 and previously served as Senior Vice President and Interim Chief Human Resources Officer from August 2015 until November 2015. Prior to serving in these roles, Ms. Brock served as Vice President of Human Resources for the Consumer Foods segment of Conagra Brands from September 2010 until August 2015. Ms. Brock joined Conagra Brands in 2004 as Director of Human Resources, supporting the Refrigerated Foods Group. Prior to joining Conagra Brands, she served for 15 years at The Quaker Oats Company (a branded food products company) (which was acquired by PepsiCo during her tenure) in its Consumer Foods Division.

Thomas M. McGough has served as Executive Vice President and Co-Chief Operating Officer since October 2018. Prior to that, he served as the Company's President, Operating Segments from May 2017 until October 2018 and as the Company's President of Consumer Foods from May 2013 until May 2017. Mr. McGough also served as President, Grocery Products from 2011 until May 2013 and as Vice President in the Company's Consumer Foods organization from 2007 to 2011. Prior to joining the Company, Mr. McGough served in various roles at H.J. Heinz (a food processing company), where he began his career in 1990.

Darren C. Serrao has served as Executive Vice President and Co-Chief Operating Officer since October 2018. Prior to that, he served as Executive Vice President, Chief Growth Officer from August 2015 to October 2018. Prior to joining the Company, Mr. Serrao served as Senior Vice President, Chief Marketing and Commercial Officer at Campbell Soup Company (a branded food products company) from February 2015 until August 2015 and as Senior Vice President of Innovation and Business Development for Campbell North America from July 2011 until February 2015. Mr. Serrao has also held several profit and loss and marketing positions during his career, including roles with PepsiCo and Unilever.

Robert G. Wise has served as Senior Vice President, Corporate Controller since December 2012. Mr. Wise joined Conagra Brands in March 2003 and has held various positions of increasing responsibility with Conagra Brands, including Vice President, Assistant Corporate Controller from March 2006 until January 2012 and Vice President, Corporate Controller from January 2012 until December 2012. Prior to joining Conagra Brands, Mr. Wise served in various roles at KPMG LLP (an accounting firm) from October 1995 until March 2003.

Foreign Operations

Foreign operations information is set forth in Note 20, "Business Segments and Related Information", to the Consolidated Financial Statements contained in this report.

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Available Information

We make available, free of charge through the "Investors—Financial Reports & Filings" link on our Internet website at http://www.conagrabrands.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission (the "SEC"). We use our Internet website, through the "Investors" link, as a channel for routine distribution of important information, including news releases, analyst presentations, and financial information. The information on our website is not, and will not be deemed to be, a part of this annual report on Form 10-K or incorporated into any of our other filings with the SEC.

We have also posted on our website our (1) Corporate Governance Principles, (2) Code of Conduct, (3) Code of Ethics for Senior Corporate Officers, and (4) Charters for the Audit/Finance Committee, Nominating and Corporate Governance Committee, and Human Resources Committee. Stockholders may also obtain copies of these items at no charge by writing to: Corporate Secretary, Conagra Brands, Inc., 222 Merchandise Mart Plaza, Suite 1300, Chicago, IL, 60654.

ITEM 1A. RISK FACTORS

Our business is subject to various risks and uncertainties. Any of the risks and uncertainties described below could materially adversely affect our business, financial condition, and results of operations and should be considered in evaluating us. Although the risks are organized by headings and each risk is described separately, many of the risks are interrelated. While we believe we have identified and discussed below the key risk factors affecting our business, there may be additional risks and uncertainties that are not presently known or that are not currently believed to be significant that may adversely affect our business, performance, or financial condition in the future.

COVID-19 Pandemic Risks

The COVID-19 pandemic could have an adverse impact on our business, financial condition, and results of operations.

Although we have experienced challenges in connection with the COVID-19 pandemic, including temporary closings of production facilities, employee illnesses, increased costs, supply chain interruptions and reduced demand in our Foodservice segment, the pandemic has not to-date had a net negative impact on our liquidity or results of operations. However, the continued spread of COVID-19 could negatively impact our business, financial condition, and results of operations in a number of ways in the future. These impacts could include, but are not limited to:

• shutdowns or slowdowns of one or more of our production facilities;

• disruptions in our supply chain and in our ability to obtain ingredients, packaging, and other sourced materials due to labor shortages, governmental restrictions, or the failure of our suppliers, distributors, or manufacturers to meet their obligations to us;

• continued increases in raw material and commodity costs;

• the inability of a significant portion of our workforce, including our management team, to work as a result of illness or government restrictions;

• shifts and volatility in consumer spending and purchasing behaviors; and

• reduced availability of credit or financing upon acceptable terms or at all.

The duration and extent of the impact from the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of the virus, the emergence and spread of variants, infection rates in areas where we operate, the extent and effectiveness of containment actions, including the continued availability and effectiveness of vaccines in the markets where we operate, and the impact of these and other factors on our employees, customers, suppliers, distributors, and manufacturers. Should these conditions persist for a prolonged period, the COVID-19 pandemic, including any of the above factors and others that are currently unknown, could have a material adverse effect on our business, financial condition, and results of operations. The impact of the COVID-19 pandemic may also exacerbate other risks discussed in this Item 1A, Risk Factors, any of which could have a material effect on us.    

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Market Risks

Deterioration of general economic conditions could harm our business and results of operations.

Our business and results of operations have in the past been and may continue to be adversely affected by changes in national or global economic conditions, including inflation, interest rates, availability of capital markets, consumer spending rates, energy availability and costs (including fuel surcharges), the negative impacts caused by pandemics and public health crises (including the COVID-19 pandemic), and the effects of governmental initiatives to manage economic conditions.

Volatility in financial markets and deterioration of national and global economic conditions has impacted and could continue to impact our business and operations in a variety of ways, including as follows:

• consumers shifting purchases to more generic, lower-priced, or other value offerings, or foregoing certain purchases altogether during economic downturns, which could result in a reduction in sales of higher margin products or a shift in our product mix to lower margin offerings adversely affecting the results of our operations;

• decreased demand in the restaurant business (including due to the COVID-19 pandemic), particularly casual and fine dining, may adversely affect our Foodservice operations;

• volatility in commodity and other input costs could substantially impact our result of operations;

• volatility in the equity markets or interest rates could substantially impact our pension costs and required pension contributions; and

• it may become more costly or difficult to obtain debt or equity financing to fund operations or investment opportunities, or to refinance our debt in the future, in each case on terms and within a time period acceptable to us.

Credit Risks

Our existing and future debt may limit cash flow available to invest in the ongoing needs of our business and could prevent us from fulfilling our debt obligations or returning cash to stockholders.

As of May 30, 2021, we had total debt of approximately $9.01 billion, including approximately $8.21 billion aggregate principal amount of outstanding senior notes. Our ability to make payments on our debt, fund our other liquidity needs, make planned capital expenditures and return cash to stockholders, will depend on our ability to generate cash in the future. Our historical financial results have been, and we anticipate that our future financial results will be, subject to fluctuations. Our ability to generate cash, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control. We cannot guarantee that our business will generate sufficient cash flow from our operations or that future borrowings will be available to us in an amount sufficient to enable us to make payments of our debt, fund other liquidity needs, make planned capital expenditures or return cash to stockholders.

Our level of debt could have important consequences. For example, it could:

• make it more difficult for us to satisfy our debt service obligations;

• restrict us from making strategic acquisitions or taking advantage of favorable business opportunities;

• restrict us from repurchasing shares of our common stock;

• negatively impact our ability to pay a cash dividend at an attractive level;

• limit flexibility to plan for, or react to, changes in the businesses and industries in which we operate, which may adversely affect our operating results and ability to meet our debt service obligations;

• limit our ability to refinance our indebtedness or increase the cost of such indebtedness;

• require us to dedicate a substantial portion of our cash flow from operations to the payment of debt service, reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions, and other general corporate purposes;  

• increase our vulnerability to adverse economic or industry conditions, including changes in interest rates;

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• limit our ability to obtain additional financing in the future to fund our working capital requirements, capital expenditures, acquisitions, investment, debt service obligations, and other general operating requirements or to enable us to react to changes in our business; or

• place us at a competitive disadvantage compared to businesses in our industry that have less debt.

Additionally, any failure to meet required payments on our debt, or failure to comply with any covenants in the instruments governing our debt, could result in an event of default under the terms of those instruments and a downgrade to our credit ratings. In the event of a default, the holders of our debt could elect to declare all the amounts outstanding under such instruments to be due and payable. Any default under the agreements governing our debt and the remedies sought by the holders of such debt could render us unable to pay principal and interest on our debt.

Recently, we have increasingly accessed the commercial paper markets for ongoing funding requirements. A downgrade in our credit ratings would increase our borrowing costs and could affect our ability to issue commercial paper. Additionally, disruptions in the commercial paper market or other effects of volatile economic conditions on the credit markets could also reduce the amount of commercial paper that we could issue and raise our borrowing costs.

A significant portion of our operations are conducted through our subsidiaries. As a result, our ability to generate sufficient cash flow for our needs is dependent to some extent on the earnings of our subsidiaries and the payment of those earnings to us in the form of dividends, loans, or advances and through repayment of loans or advances from us. Our subsidiaries are separate and distinct legal entities. Our subsidiaries have no obligation to pay any amounts due on our debt to provide us with funds to meet our cash flow needs, whether in the form of dividends, distributions, loans, or other payments. In addition, any payment of dividends, loans, or advances by our subsidiaries could be subject to statutory or contractual restrictions. Payments to us by our subsidiaries will also be contingent upon our subsidiaries' earnings and business considerations. Our right to receive any assets of any of our subsidiaries upon their liquidation or reorganization will be effectively subordinated to the claims of that subsidiary's creditors, including trade creditors. In addition, even if we are a creditor of any of our subsidiaries, our rights as a creditor would be subordinate to any security interest in the assets of our subsidiaries and any indebtedness of our subsidiaries senior to that held by us. Finally, changes in the laws of foreign jurisdictions in which we operate may adversely affect the ability of some of our foreign subsidiaries to repatriate funds to us.

Competition Risks

Increased competition may result in reduced sales or profits.

The food industry is highly competitive, and further consolidation in the industry would likely increase competition. Our principal competitors have substantial financial, marketing, and other resources. Increased competition can reduce our sales due to loss of market share or the need to reduce prices to respond to competitive and customer pressures. Competitive pressures also may restrict our ability to increase prices, including in response to commodity and other cost increases. We sell branded, private brand, and customized food products, as well as commercially branded foods. Our branded products have an advantage over private brand products primarily due to advertising and name recognition, although private brand products typically sell at a discount to those of branded competitors. In addition, when branded competitors focus on price and promotion, the environment for private brand producers becomes more challenging because the price difference between private brand products and branded products may become less significant. In most product categories, we compete not only with other widely advertised branded products, but also with other private label and store brand products that are generally sold at lower prices. A strong competitive response from one or more of our competitors to our marketplace efforts, or a consumer shift towards more generic, lower-priced, or other value offerings, could result in us reducing pricing, increasing marketing or other expenditures, or losing market share. Our margins and profits could decrease if a reduction in prices or increased costs are not counterbalanced with increased sales volume.

In addition, substantial growth in e-commerce has encouraged the entry of new competitors and business models, intensifying competition by simplifying distribution and lowering barriers to entry. The expanding presence of e-commerce retailers has impacted, and may continue to impact, consumer preferences and market dynamics, which in turn may negatively affect our sales or profits.

If we do not achieve the appropriate cost structure in the highly competitive food industry, our profitability could decrease.

Our future success and earnings growth depend in part on our ability to achieve the appropriate cost structure and operate efficiently in the highly competitive food industry, particularly in an environment of volatile input costs. We continue to

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implement profit-enhancing initiatives that impact our supply chain and general and administrative functions. These initiatives are focused on cost-saving opportunities in procurement, manufacturing, logistics, and customer service, as well as general and administrative overhead levels. Gaining additional efficiencies may become more difficult over time. Our failure to reduce costs through productivity gains or by eliminating redundant costs resulting from acquisitions could adversely affect our profitability and weaken our competitive position. If we do not continue to effectively manage costs and achieve additional efficiencies, our competitiveness and our profitability could decrease.

Commodity Risks

We are subject to increases in the price of raw materials, labor, manufacturing, distribution, and other inputs necessary for the production and distribution of our products, and we may not be able to fully offset this input cost inflation on a timely basis or at all.

Many of the components of our cost of goods sold are subject to price increases that are attributable to factors beyond our control, including but not limited to, changes in crop size, product scarcity, demand dynamics, currency rates, water supply, weather conditions, import and export requirements, and other factors. The cost of raw materials, labor, manufacturing, energy, fuel, packaging materials, and other inputs related to the production and distribution of our products can also increase unexpectedly.

In the latter part of fiscal 2021 and the early part of fiscal 2022, input costs have increased materially and at a rapid rate. We expect the pressures of input cost inflation to continue into fiscal 2022.

The Company uses a variety of strategies to seek to offset this input cost inflation. However, we may not be able to generate sufficient productivity improvements, price increases or commodity hedging benefits to fully offset these costs, or do so on an acceptable timeline. To the extent we are unable to offset present and future input cost increases, our operating results could be materially and adversely affected.

Increases in commodity costs may have a negative impact on profits.

We use many different commodities such as wheat, corn, oats, soybeans, beef, pork, poultry, steel, aluminum, and energy. Commodities are subject to price volatility caused by commodity market fluctuations, supply and demand, currency fluctuations, external conditions such as weather, and changes in governmental agricultural and energy policies and regulations. In addition, recent world events have increased the risks posed by international trade disputes, tariffs, and sanctions. We procure a wide spectrum of commodities globally and could potentially face increased prices for commodities sourced from nations that could be impacted by trade disputes, tariffs, or sanctions. Commodity price increases will result in increases in raw material, packaging, and energy costs and operating costs. We may not be able to increase our product prices and achieve cost savings that fully offset these increased costs; and increasing prices may result in reduced sales volume, reduced margins, and profitability. We have experience in hedging against commodity price increases; however, these practices and experience reduce, but do not eliminate, the risk of negative profit impacts from commodity price increases. We do not fully hedge against changes in commodity prices, and the risk management procedures that we use may not always work as we intend.

Volatility in the market value of derivatives we use to manage exposures to fluctuations in commodity prices will cause volatility in our gross margins and net earnings.

We utilize derivatives to manage price risk for some of our principal ingredients and energy costs, including grains (wheat, corn, and oats), oils, beef, pork, poultry, and energy. Changes in the values of these derivatives are generally recorded in earnings currently, resulting in volatility in both gross margin and net earnings. These gains and losses are reported in cost of goods sold in our Consolidated Statements of Earnings and in unallocated general corporate expenses in our segment operating results until we utilize the underlying input in our manufacturing process, at which time the gains and losses are reclassified to segment operating profit. We may experience volatile earnings as a result of these accounting treatments.

Strategic Transaction Risks

We may not realize the benefits that we anticipated from the Pinnacle Foods acquisition.

The benefits that are expected to result from the Pinnacle acquisition will continue to depend, in part, on our ability to realize the anticipated growth opportunities and cost synergies as the result of the acquisition. Our success in realizing these growth opportunities and cost synergies, and the timing of this realization, depends on the successful integration of Pinnacle.

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In fiscal 2019, we announced a restructuring and integration plan related to the ongoing integration of Pinnacle for the purpose of achieving significant cost synergies (the "Pinnacle Integration Restructuring Plan"). We expect to continue incurring material charges over a multi-year period for exit and disposal activities under U.S. generally accepted accounting principles. We recognized charges of $31.7 million, $73.8 million, and $168.2 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2021, 2020, and 2019, respectively.

The successful implementation of the Pinnacle Integration Restructuring Plan presents significant organizational design and infrastructure challenges. In many cases, it requires successful negotiations with third parties, including labor organizations, suppliers, business partners, and other stakeholders. In addition, the Pinnacle Integration Restructuring Plan may not advance our business strategy as expected. Events and circumstances, such as financial or strategic difficulties, delays, and unexpected costs may occur that could result in our not realizing all or any of the anticipated benefits or our not realizing the anticipated benefits on our expected timetable. If we are unable to realize the anticipated savings and cost synergies of the Pinnacle Integration Restructuring Plan, our ability to fund other initiatives may be adversely affected. Any failure to implement the Pinnacle Integration Restructuring Plan in accordance with our expectations could adversely affect our financial condition, results of operations, and cash flows.

The process of integrating operations could cause an interruption of, or loss of momentum in, our activities. Members of our senior management may be required to devote considerable amounts of time to this integration process, which will decrease the time they will have to manage the Company, service existing customers, attract new customers, and develop new products or strategies. If senior management is not able to effectively manage the integration process, or if any significant business activities are interrupted as a result of the integration process, our business could suffer. There can be no assurance that we will successfully or cost-effectively integrate Pinnacle. The failure to do so could have a material adverse effect on our business, financial condition, and results of operations.

If we are unable to complete acquisitions or integrate acquired businesses, our financial results could be materially and adversely affected.

From time to time, we evaluate acquisition candidates that may strategically fit our business objectives. If we are unable to complete acquisitions or to successfully integrate and develop acquired businesses, our financial results could be materially and adversely affected. Moreover, we may incur asset impairment charges related to acquisitions that reduce our profitability.

Our acquisition activities may present financial, managerial, and operational risks. Those risks include diversion of management attention from existing businesses, difficulties integrating personnel and financial and other systems, effective and immediate implementation of control environment processes across our employee population, adverse effects on existing business relationships with suppliers and customers, inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings, potential loss of customers or key employees of acquired businesses, and indemnities and potential disputes with the sellers. Any of these factors could affect our sales, financial condition, and results of operations.

If we are unable to complete certain divestitures, our financial results could be materially and adversely affected.

From time to time, we may divest businesses that do not meet our strategic objectives or do not meet our growth or profitability targets. We may not be able to complete desired divestitures on terms favorable to us. Gains or losses on the sales of, or lost operating income from, those businesses may affect our profitability and margins. Moreover, we may incur asset impairment charges related to divestitures that reduce our profitability.

Our divestiture activities may present financial, managerial, and operational risks. Those risks include diversion of management attention from existing businesses, difficulties separating personnel and financial and other systems, possible need for providing transition services to buyers, adverse effects on existing business relationships with suppliers and customers and indemnities and potential disputes with the buyers. Any of these factors could adversely affect our product sales, financial condition, and results of operations.

We may be exposed to claims and liabilities or incur operational difficulties as a result of our spinoff of the Lamb Weston business (the "Spinoff").

The Spinoff involves a number of risks, including, among other things, certain indemnification risks. In connection with the Spinoff, we entered into a separation and distribution agreement and various other agreements (including a transition services

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agreement, a tax matters agreement, an employee matters agreement, and a trademark license agreement), which we refer to as the Lamb Weston agreements. The Lamb Weston agreements govern the Spinoff and the relationship between the two companies going forward.

The Lamb Weston agreements provide for indemnification obligations designed to make Lamb Weston financially responsible for certain liabilities that may exist relating to its business activities, whether incurred prior to or after the distribution, including any pending or future litigation. It is possible that a court would disregard the allocation agreed to between us and Lamb Weston and require us to assume responsibility for obligations allocated to Lamb Weston. Third parties could also seek to hold us responsible for any of these liabilities or obligations, and the indemnity rights we have under the separation and distribution agreement may not be sufficient to fully cover all of these liabilities and obligations. Even if we are successful in obtaining indemnification, we may have to bear costs temporarily. In addition, our indemnity obligations to Lamb Weston may be significant. These risks could negatively affect our business, financial condition, or results of operations. The Lamb Weston agreements could also lead to disputes over rights to certain shared property and rights and over the allocation of costs and revenues for products and operations. If Lamb Weston is unable to satisfy its obligations under these agreements, including its indemnification obligations, we could incur losses.

Operating Risks

We may be subject to product liability claims and product recalls, which could negatively impact our profitability.

We sell food products for human consumption, which involves risks such as product contamination or spoilage, product tampering, other adulteration of food products, mislabeling, and misbranding. We may be subject to liability if the consumption of any of our products causes injury, illness, or death. In addition, we will voluntarily recall products in the event of contamination or damage. We have issued recalls and have from time to time been and currently are involved in lawsuits relating to our food products. A significant product liability judgment or a widespread product recall may negatively impact our sales and profitability for a period of time depending on the costs of the recall, the destruction of product inventory, product availability, competitive reaction, customer reaction, and consumer attitudes. Even if a product liability claim is unsuccessful or is not fully pursued, the negative publicity surrounding any assertion that our products caused illness or injury could adversely affect our reputation with existing and potential customers and our corporate and brand image.

Additionally, as a manufacturer and marketer of food products, we are subject to extensive regulation by the U.S. Food and Drug Administration and other federal, state, and local government agencies. The Food, Drug & Cosmetic Act and the Food Safety Modernization Act and their respective regulations govern, among other things, the manufacturing, composition and ingredients, packaging, and safety of food products. Some aspects of these laws use a strict liability standard for imposing sanctions on corporate behavior; meaning that no intent is required to be established. If we fail to comply with applicable laws and regulations, we may be subject to civil remedies, including fines, injunctions, recalls, or seizures, as well as criminal sanctions, any of which could have a material adverse effect on our business, financial condition, or results of operations.

Any damage to our reputation could have a material adverse effect on our business, financial condition, and results of operations.

Maintaining a good reputation is critical to selling our products. Product contamination or tampering, the failure to maintain high standards for product quality, safety, and integrity, including with respect to raw materials and ingredients obtained from suppliers, or allegations of product quality issues, mislabeling, or contamination, even if untrue, may reduce demand for our products or cause production and delivery disruptions. Our reputation could also be adversely impacted by any of the following, or by adverse publicity (whether or not valid) relating thereto: the failure to maintain high ethical, social, and environmental standards for all of our operations and activities; the failure to achieve any stated goals with respect to the nutritional profile of our products; our research and development efforts; or our environmental impact, including use of agricultural materials, packaging, energy use, and waste management. Moreover, the growing use of social and digital media by consumers has greatly increased the speed and extent that information or misinformation and opinions can be shared. Failure to comply with local laws and regulations, to maintain an effective system of internal controls or to provide accurate and timely financial information could also hurt our reputation. Damage to our reputation or loss of consumer confidence in our products for any of these or other reasons could result in decreased demand for our products and could have a material adverse effect on our business, financial condition, and results of operations, as well as require additional resources to rebuild our reputation.

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Due to the seasonality of the business, our revenue and operating results may vary from quarter to quarter.

Our sales and cash flows are affected by seasonal cyclicality. Sales of frozen foods, including frozen vegetables and frozen complete bagged meals, tend to be marginally higher during the winter months. Seafood sales peak during Lent, in advance of the Easter holiday. Since many of the raw materials we process are agricultural crops, production of these products is predominantly seasonal, occurring during and immediately following the purchase of such crops. For these reasons, sequential quarterly comparisons are not a good indication of our performance or how we may perform in the future. If we are unable to obtain access to working capital or if seasonal fluctuations are greater than anticipated, there could be a material adverse effect on our financial condition, results of operations, or cash flows.

Customer Risks

We must identify changing consumer preferences and develop and offer food products to meet their preferences.

Consumer preferences evolve over time and the success of our food products depends on our ability to identify the tastes and dietary habits of consumers and to offer products that appeal to their preferences, including concerns of consumers regarding health and wellness, obesity, product attributes, and ingredients. Introduction of new products and product extensions requires significant development and marketing investment.

Trends indicate that people are generally cooking at home more often as a result of the COVID-19 pandemic, and our consumers are repurchasing our products across a number of our leading brands at higher rates. If our products fail to meet changing consumer preferences or habits, or if we fail to introduce new and improved products on a timely basis, then the return on that investment will be less than anticipated and our strategy to grow sales and profits with investments in acquisitions, marketing, and innovation will be less successful. Similarly, demand for our products could be affected by consumer concerns or perceptions regarding the health effects of ingredients such as sodium, trans fats, sugar, processed wheat, or other product ingredients or attributes.

Changes in our relationships with significant customers or suppliers could adversely affect us.

During fiscal 2021, our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 26% of our consolidated net sales. There can be no assurance that Walmart, Inc. and other significant customers will continue to purchase our products in the same quantities or on the same terms as in the past, particularly as increasingly powerful retailers continue to demand lower pricing. The loss of a significant customer or a material reduction in sales to a significant customer could materially and adversely affect our product sales, financial condition, and results of operations.

The sophistication and buying power of our customers could have a negative impact on profits.

Our customers, such as supermarkets, warehouse clubs, and food distributors, have continued to consolidate, resulting in fewer customers on which we can rely for business. These consolidations, the growth of supercenters, and the growth of e-commerce customers have produced large, sophisticated customers with increased buying power and negotiating strength who are more capable of resisting price increases and who can demand lower pricing, increased promotional programs, or specialty tailored products. In addition, larger retailers have the scale to develop supply chains that permit them to operate with reduced inventories or to develop and market their own retailer brands. These customers may also in the future use more of their shelf space, currently used for our products, for their store brand products. We continue to implement initiatives to counteract these pressures. However, if the larger size of these customers results in additional negotiating strength and/or increased private label or store brand competition, our profitability could decline.

Consolidation also increases the risk that adverse changes in our customers' business operations or financial performance will have a corresponding material adverse effect on us. For example, if our customers cannot access sufficient funds or financing, then they may delay, decrease, or cancel purchases of our products, or delay or fail to pay us for previous purchases.

Third-Party Partner Risks

Disruption of our supply chain could have an adverse impact on our business, financial condition, and results of operations.

Our ability to make, move, and sell our products is critical to our success. Damage or disruption to our supply chain, including third-party manufacturing or transportation and distribution capabilities, due to weather, including any potential effects of climate change, natural disaster, fire or explosion, terrorism, pandemics (such as the COVID-19 pandemic), strikes,

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government action, or other reasons beyond our control or the control of our suppliers and business partners, could impair our ability to manufacture or sell our products. Failure to take adequate steps to mitigate the likelihood or potential impact of such events, or to effectively manage such events if they occur, particularly when a product is sourced from a single supplier or location, could adversely affect our business or financial results. In addition, disputes with significant suppliers, including disputes regarding pricing or performance, could adversely affect our ability to supply products to our customers and could materially and adversely affect our product sales, financial condition, and results of operations.

In particular, we continue to monitor the COVID-19 pandemic and its potential impact on our supply chain and our consolidated results of operations. Although our products are manufactured in North America and we source the significant majority of our ingredients and raw materials from North America, due to restrictions resulting from the COVID-19 pandemic, global supply may become constrained, which may cause the price of certain ingredients and raw materials used in our products to increase and/or we may experience disruptions to our operations.

The termination or expiration of current co-manufacturing arrangements could reduce our sales volume and adversely affect our results of operations.

Our businesses periodically enter into co-manufacturing arrangements with manufacturers of products. The terms of these agreements vary. Although many agreements are for a relatively short period of time, some of the co-manufacturing agreements are for extended periods. Volumes produced under each of these agreements can fluctuate significantly based upon the product's life cycle, product promotions, alternative production capacity, and other factors, none of which are under our direct control. Our future ability to enter into co-manufacturing arrangements is not guaranteed, and a decrease in current co-manufacturing levels could have a significant negative impact on sales volume.

As we outsource certain functions, we become more dependent on the third parties performing those functions.

As part of a concerted effort to achieve cost savings and efficiencies, we have entered into agreements with third-party service providers under which we have outsourced certain information systems, sales, finance, accounting, and other functions, and we may enter into managed services agreements with respect to other functions in the future. If any of these third-party service providers do not perform according to the terms of the agreements, or if we fail to adequately monitor their performance, we may not be able to achieve the expected cost savings or we may have to incur additional costs to correct errors made by such service providers, and our reputation could be harmed. Depending on the function involved, such errors may also lead to business interruption, damage or disruption of information technology systems, processing inefficiencies, the loss of or damage to intellectual property or non-public company sensitive information, effects on financial reporting, litigation or remediation costs, or damage to our reputation, any of which could have a material adverse effect on our business.

If any of our third-party service providers experience a cyber breach or system failure, their businesses could be negatively impacted, and it may result in disruption to our end-to-end supply chain or affect our ability to fulfill customer orders, both of which could have a material adverse effect on our business. If our third-party service providers do not respond or perform effectively in connection with a cyber breach or system failure, our business may be impacted. In addition, if we transition functions to one or more new, or among existing, external service providers, we may experience challenges that could have a material adverse effect on our results of operations or financial condition.

Our operations are dependent on a wide array of third parties.

The success of our end-to-end supply chain relies on the continued performance of a wide array of third parties. Suppliers, co-manufacturers, third-party outsourcers, warehousing partners, and transportation providers are among our critical partners. Although we take steps to qualify and audit third parties with whom we do business, we cannot guarantee that all third parties will perform dependably or at all. It is possible that events beyond our control, such as operational failures, labor issues, cybersecurity events, pandemics or other health issues, such as COVID-19, or other issues could impact our unaffiliated third parties. If our third parties fail to deliver on their commitments, introduce unplanned risk to our operations (e.g., through cyber activity), or are unable to fulfill their obligations, we could experience manufacturing challenges, shipment delays, increased costs, or lost revenue.

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Legal, Regulatory, and Environmental Risks

If we fail to comply with the many laws applicable to our business, we may face lawsuits or incur significant fines and penalties. In addition, changes in such laws may lead to increased costs.

Our business is subject to a variety of governmental laws and regulations, including food and drug laws, environmental laws, laws related to advertising and marketing practices, accounting standards, taxation requirements, competition laws, employment laws, data privacy laws, and anti-corruption laws, among others, in and outside of the United States. Our operations are subject to various laws and regulations administered by federal, state, local and foreign government agencies, including, but not limited to, the United States Department of Agriculture, the Federal Food and Drug Administration, the Occupational Safety and Health Administration, the Environmental Protection Agency, and the Department of Labor. In particular, the processing, packaging, transportation, storage, distribution, advertising, labeling, quality, and safety of food products, the health and safety of our employees, and the protection of the environment are each subject to governmental regulation. Additionally, we are subject to data privacy and security regulations, tax and securities regulations, accounting and reporting standards, and other financial laws and regulations. Our failure to comply with applicable laws and regulations could subject us to lawsuits, administrative penalties, and civil remedies, including fines, injunctions, and recalls of our products. In addition, changes in applicable laws and regulations, including changes in taxation requirements and new or increased tariffs on products imported from certain countries, may lead to increased costs and could negatively affect our business, financial condition, and results of operations.

Our operations are also subject to extensive and increasingly stringent regulations administered by the Environmental Protection Agency, which pertain to the discharge of materials into the environment and the handling and disposition of wastes. Failure to comply with these regulations can have serious consequences, including civil and administrative penalties and negative publicity. Changes in applicable laws or regulations or evolving interpretations thereof, including increased government regulations to limit carbon dioxide and other greenhouse gas emissions as a result of concern over climate change, may result in increased compliance costs, capital expenditures, and other financial obligations for us, which could affect our profitability or impede the production or distribution of our products, and affect our net operating revenues.

Climate change, or legal, regulatory, or market measures to address climate change, may negatively affect our business and operations.

There is growing concern that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. In the event that such climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as wheat, tomatoes, and a wide array of vegetables. Adverse weather conditions and natural disasters can reduce crop size and crop quality, which in turn could reduce our supplies of raw materials, lower recoveries of usable raw materials, increase the prices of our raw materials, increase our cost of transporting and storing raw materials, or disrupt our production schedules.

We may also be subjected to decreased availability or less favorable pricing for water as a result of such change, which could impact our manufacturing and distribution operations. In addition, natural disasters and extreme weather conditions may disrupt the productivity of our facilities or the operation of our supply chain. The increasing concern over climate change also may result in more regional, federal, and/or global legal and regulatory requirements to reduce or mitigate the effects of greenhouse gases. In the event that such regulation is enacted and is more aggressive than the sustainability measures that we are currently undertaking to monitor our emissions and improve our energy efficiency, we may experience significant increases in our costs of operation and delivery. In particular, increasing regulation of fuel emissions could substantially increase the distribution and supply chain costs associated with our products. As a result, climate change could negatively affect our business and operations.

Cybersecurity and Information Technology Risks

Our business operations could be disrupted if our information technology systems fail to perform adequately.

We rely on information technology networks and systems, including the Internet, to process, transmit, and store information, to manage and support a variety of business processes and activities, and to comply with regulatory, legal, and tax requirements. Our information technology systems, some of which are dependent on services provided by third parties, may be vulnerable to damage, interruption, or shutdown due to any number of causes outside of our control such as catastrophic events, natural disasters, fires, power outages, systems failures, telecommunications failures, employee error or malfeasance, security breaches, computer viruses or other malicious codes, ransomware, unauthorized access attempts, denial of service attacks,

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phishing, hacking, and other cyberattacks. While we have experienced threats to our data and systems, to date, we are not aware that we have experienced a material breach. Cyberattacks are occurring more frequently, are constantly evolving in nature and are becoming more sophisticated. We may incur significant costs in protecting against or remediating cyberattacks or other cyber incidents.

Sophisticated cybersecurity threats pose a potential risk to the security and viability of our information technology systems, as well as the confidentiality, integrity, and availability of the data stored on those systems, including cloud-based platforms. In addition, new technology that could result in greater operational efficiency may further expose our computer systems to the risk of cyber-attacks. If we do not allocate and effectively manage the resources necessary to build and sustain the proper technology infrastructure and associated automated and manual control processes, we could be subject to billing and collection errors, business disruptions, or damage resulting from security breaches. If any of our significant information technology systems suffer severe damage, disruption, or shutdown, and our business continuity plans do not effectively resolve the issues in a timely manner, our product sales, financial condition, and results of operations may be materially and adversely affected, and we could experience delays in reporting our financial results. In addition, there is a risk of business interruption, violation of data privacy laws and regulations, litigation, and reputational damage from leakage of confidential information. Any interruption of our information technology systems could have operational, reputational, legal, and financial impacts that may have a material adverse effect on our business.

Additionally, we regularly move data across national borders to conduct our operations and, consequently, are subject to a variety of laws and regulations in the United States and other jurisdictions regarding privacy, data protection, and data security, including those related to the collection, storage, handling, use, disclosure, transfer, and security of personal data, including the European Union General Data Protection Regulation. Our efforts to comply with privacy and data protection laws may impose significant costs and challenges that are likely to increase over time.

Employee Risks

We rely on our management team and other key personnel.

We depend on the skills, working relationships, and continued services of key personnel, including our experienced management team. In addition, our ability to achieve our operating goals depends on our ability to identify, hire, train, and retain qualified individuals. If key employees terminate their employment, including by becoming ill as a result of the COVID-19 pandemic, our business activities may be adversely affected. Our business activities may also be adversely affected if we are unable to locate suitable replacements for any key employees who leave, or offer employment to potential replacements on reasonable terms.

We compete with other companies both within and outside of our industry for talented personnel. If we do not successfully compete for the best talent, our business activities may be adversely affected.

Our results could be adversely impacted as a result of increased pension, labor, and people-related expenses.

Our labor costs include wages and the cost of providing employee benefits including pension, health and welfare, and severance benefits. The annual cost of providing these benefits varies as a result of factors such as the availability of skilled labor, the costs of health care, and the outcome of collectively bargained wage and benefit agreements. In addition, changes in interest rates, mortality rates, health care costs, early retirement rates, investment returns, and the market value of plan assets can affect the funded status of our defined benefit plans and cause volatility in the future funding requirements of the plans. A significant increase in our wage and benefit costs, pension obligations, or future funding requirements could have a negative impact on our results of operations and cash flows from operations.

Goodwill or Other Intangible Assets Risks

Impairment in the carrying value of goodwill or other intangibles could result in the incurrence of impairment charges and negatively impact our net worth.

As of May 30, 2021, we had goodwill of $11.37 billion and other intangibles of $4.16 billion. The net carrying value of goodwill represents the fair value of acquired businesses in excess of identifiable assets and liabilities as of the acquisition date (or subsequent impairment date, if applicable). The net carrying value of other intangibles represents the fair value of trademarks, customer relationships, and other acquired intangibles as of the acquisition date (or subsequent impairment date, if applicable), net of accumulated amortization. Goodwill and other acquired intangibles expected to contribute indefinitely to our cash flows are

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not amortized, but must be evaluated by management at least annually for impairment. Amortized intangible assets are evaluated for impairment whenever events or changes in circumstance indicate that the carrying amounts of these assets may not be recoverable. Impairments to goodwill and other intangible assets may be caused by factors outside our control, such as the inability to quickly replace lost co-manufacturing business, increasing competitive pricing pressures, lower than expected revenue and profit growth rates, changes in industry EBITDA (earnings before interest, taxes, depreciation and amortization) multiples, changes in discount rates based on changes in cost of capital (interest rates, etc.), or the bankruptcy of a significant customer. Any impairment to goodwill or other intangible assets could negatively impact our net worth.

Intellectual Property Risks

Our intellectual property rights are valuable, and any inability to protect them could have an adverse impact on our business, financial condition, and results of operations.

Our intellectual property rights, including our trademarks, licensing agreements, trade secrets, patents, and copyrights, are a significant and valuable aspect of our business. We attempt to protect our intellectual property rights by pursuing remedies available to us under trademark, copyright, trade secret, and patent laws, as well as entering into licensing, third-party nondisclosure and assignment agreements and policing of third-party misuses of our intellectual property. If we fail to adequately protect the intellectual property rights we have now or may acquire in the future, or if there occurs any change in law or otherwise that serves to reduce or remove the current legal protections of our intellectual property, then our financial results could be materially and adversely affected.

Certain of our intellectual property rights, including the P.F. Chang's^®, Bertolli^®, and Libby's^® trademarks, are owned by third parties and licensed to us, and others, such as Alexia^®, are owned by us and licensed to third parties. While many of these licensing arrangements are perpetual in nature, others must be periodically renegotiated or renewed pursuant to their terms. If in the future we are unable to renew such a licensing arrangement pursuant to its terms and conditions, or if we fail to renegotiate such a licensing arrangement, then our financial results could be materially and adversely affected.

There is also a risk that other parties may have intellectual property rights covering some of our brands, products, or technology. If any third parties bring a claim of intellectual property infringement against us, we may be subject to costly and time-consuming litigation, diverting the attention of management and our employees. If we are unsuccessful in defending against such claims, we may be subject to, among other things, significant damages, injunctions against development and sale of certain products, or we may be required to enter into costly licensing agreements, any of which could have an adverse impact on our business, financial condition, and results of operations.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

Our headquarters are located in Chicago, Illinois. Other general offices, shared service centers, and product development facilities are located in Nebraska and the District of Columbia. We also lease a limited number of domestic sales offices. International general offices are located in Canada, China, Mexico, Panama, and the Philippines.

We maintain a number of stand-alone distribution facilities. In addition, there are warehouses at most of our manufacturing facilities.

Utilization of manufacturing capacity varies by manufacturing plant based upon the type of products assigned and the level of demand for those products. Management believes that our manufacturing and processing plants are well maintained and are generally adequate to support the current operations of the business.

As of July 23, 2021, we had forty-one domestic manufacturing facilities located in Arkansas, California, Colorado, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Minnesota, Missouri, Nebraska, Nevada, Ohio, Pennsylvania, Tennessee, Washington, and Wisconsin. We also have international manufacturing facilities in Canada and Mexico, and interests in the ownership of international manufacturing facilities in India, Bangladesh, Sri Lanka, and Mexico.

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We own most of our manufacturing facilities. However, a limited number of plants and parcels of land with the related manufacturing equipment are leased. Substantially all of our transportation equipment and forward-positioned distribution centers containing finished goods are leased or operated by third parties.

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. Therefore, it is impracticable to disclose them by segment.

ITEM 3. LEGAL PROCEEDINGS

For information on legal proceedings, please refer to Note 16 “Contingencies,” to the Consolidated Financial Statements contained in this report.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock is listed on the New York Stock Exchange, where it trades under the ticker symbol: CAG. At June 27, 2021, there were approximately 14,163 stockholders of record.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

No shares of common stock were purchased during the fourth quarter of fiscal 2021.

ITEM 6. [RESERVED]

The Company has elected to early adopt the amendment to Item 301 of Regulation S-K and is no longer required to provide five years of selected financial data.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis is intended to provide a summary of significant factors relevant to our financial performance and condition. The discussion and analysis should be read together with our consolidated financial statements and related notes in Item 8, Financial Statements and Supplementary Data. Results for the fiscal year ended May 30, 2021 are not necessarily indicative of results that may be attained in the future.

FORWARD-LOOKING STATEMENTS

The information contained in this report includes forward-looking statements within the meaning of the federal securities laws. Examples of forward-looking statements include statements regarding our expected future financial performance or position, results of operations, business strategy, plans and objectives of management for future operations, and other statements that are not historical facts. You can identify forward-looking statements by their use of forward-looking words, such as "may", "will", "anticipate", "expect", "believe", "estimate", "intend", "plan", "should", "seek", or comparable terms.

Readers of this report should understand that these forward-looking statements are not guarantees of performance or results. Forward-looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. These risks, uncertainties, and factors include, among other things: the risk that the cost savings and any other synergies from the acquisition of Pinnacle Foods Inc. (the "Pinnacle acquisition") may not be fully realized or may take longer to realize than expected; the risk that the Pinnacle acquisition may not be accretive within the expected timeframe or to the extent anticipated; the risks that the Pinnacle acquisition and related integration will create disruption to the Company and its management and impede the achievement of business plans; risks related to our ability to achieve the intended benefits of other recent acquisitions and divestitures; risks associated with general economic and industry conditions; risks associated with our ability to successfully execute our long-term value creation strategies; risks related to our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; risks related to our ability to execute operating and restructuring plans and achieve targeted operating efficiencies from cost-saving initiatives and to benefit from trade optimization programs; risks related to the effectiveness of our hedging activities and ability to respond to volatility in commodities; risks related to the Company's competitive environment and related market conditions; risks related to our ability to respond to changing consumer preferences and the success of our innovation and marketing investments; risks related to the ultimate impact of any product recalls and litigation, including litigation related to the lead paint and pigment matters, as well as any securities litigation, including securities class action lawsuits; risk associated with actions of governments and regulatory bodies that affect our businesses, including the ultimate impact of new or revised regulations or interpretations; risks related to the impact of the COVID-19 pandemic on our business, suppliers, consumers, customers, and employees; risks related to our forecasts of consumer eat-at-home habits as the impacts of the COVID-19 pandemic abate; risks related to the availability and prices of supply chain resources, including raw materials, packaging and transportation, including any negative effects caused by changes in inflation rates, weather conditions, or health pandemics; disruptions or inefficiencies in our supply chain and/or operations, including from the COVID-19 pandemic; risks associated with actions by our customers, including changes in distribution and purchasing terms; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; risks related to a material failure in or breach of our or our vendors' information technology systems; the amount and timing of future dividends, which remain subject to Board approval and depend on market and other conditions; and other risks described in our reports filed from time to time with the SEC. We caution readers not to place undue reliance on any forward-looking statements included in this report, which speak only as of the date of this report. We undertake no responsibility to update these statements, except as required by law.

The discussion that follows should be read together with the consolidated financial statements and related notes contained in this report. Results for fiscal 2021 are not necessarily indicative of results that may be attained in the future.

EXECUTIVE OVERVIEW

Conagra Brands, headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, the Company combines a rich heritage of making great food with a sharpened focus on innovation. The Company's portfolio is evolving to satisfy people's changing food preferences. Its iconic brands such as Birds Eye^®, Duncan Hines^®, Healthy Choice^®, Marie Callender's^®, Reddi-wip^®, and Slim Jim^®, as well as emerging brands, including Angie's^® BOOMCHICKAPOP^®, Duke's^®, Earth Balance^®, Gardein^®, and Frontera^®, offer choices for every occasion.

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Fiscal 2021 Results

Fiscal 2021 performance compared to fiscal 2020 reflected an increase in net sales, with organic (excludes the impacts of foreign exchange, divested businesses, as well as the impact of the 53^rd week on fiscal 2020) increases in all of our operating segments with the exception of our Foodservice segment, in each case compared to fiscal 2020. Organic net sales for our retail segments (inclusive of Grocery & Snacks, Refrigerated & Frozen, and International) were positively impacted by the increase in at-home food consumption as a result of the COVID-19 pandemic, with sales declines in our Foodservice segment due to lower traffic in away-from-home food outlets.

Overall gross margin increased due to increased net sales, supply chain realized productivity, cost synergies associated with the Pinnacle acquisition, favorable margin mix, and fixed cost leverage. These benefits were partially offset by higher input cost inflation, higher transportation costs, lost profits due to divested businesses, COVID-19 related expenses, and the exclusion of the 53^rd week in fiscal 2020. Overall segment operating profit increased in all of our operating segments with the exception of our Foodservice segment. Corporate expenses were relatively flat year-over-year, but included various items impacting comparability as discussed below. We experienced an increase in equity method investment earnings, a decrease in interest expense, and a decrease in income tax expense, in each case compared to fiscal 2020.

Diluted earnings per share in fiscal 2021 were $2.66. Diluted earnings per share in fiscal 2020 were $1.72. Diluted earnings per share were affected by higher net income as well as several significant items affecting the comparability of year-over-year results of continuing operations (see "Items Impacting Comparability" below).

In the fourth quarter fiscal 2021, we experienced higher than expected input cost inflation, including higher transportation and supply chain costs, that negatively impacted gross margins. We expect input cost inflation to be materially higher in fiscal 2022. Supply chain realized productivity and pricing actions will mitigate some of the inflationary pressures, but we do not expect such benefits to occur in time to fully offset the incremental costs in fiscal 2022. As our estimates of inflation for fiscal 2022 continue to change, it is impractical to quantify the impact at this time.

Items Impacting Comparability

Items of note impacting comparability of results for continuing operations for fiscal 2021 included the following:

• a non-cash income tax benefit of $115.6 million associated with a restructuring of our ownership interest in the Ardent Mills joint venture, which primarily relates to a release of a valuation allowance due to the generation of capital gains,

• charges totaling $90.9 million ($69.9 million after-tax) related to the impairment of intangible assets,

• charges totaling $77.9 million ($58.3 million after-tax) in connection with our restructuring plans,

• charges totaling $68.7 million ($51.5 million after-tax) related to the early extinguishment of debt,

• a gain of $65.5 million ($34.5 million after-tax) associated with the divestiture of certain businesses,

• an income tax benefit of $37.0 million related to a release of valuation allowance associated with the divestiture of certain businesses,

• an income tax benefit of $7.6 million related to certain final tax regulations on prior year federal tax matters,

• consulting expenses totaling $7.2 million ($5.4 million after-tax) primarily associated with securing tax benefits for a new production facility (the associated tax benefits will be recognized in future periods),

• a loss of $7.1 million ($5.3 million after-tax) related to the early exit of an unfavorable contract associated with a recent divestiture, and

• charges totaling $5.7 million ($4.3 million after-tax) associated with costs incurred for acquisitions and divestitures.

Items of note impacting comparability of results from continuing operations for fiscal 2020 included the following:

• charges totaling $165.5 million ($127.0 million after-tax) related to the impairment of intangible assets,

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• charges totaling $139.5 million ($106.8 million after-tax) in connection with our restructuring plans,

• charges totaling $59.0 million ($55.0 million after-tax) related to the impairment of businesses held for sale,

• an income tax benefit of $51.2 million associated primarily related to the reorganization of various legacy Pinnacle legal entities and state tax planning strategies,

• charges totaling $42.9 million ($32.1 million after-tax) related to pension plan lump-sum settlements and a remeasurement of our hourly and non-qualified pension plan liability,

• a gain of $11.9 million ($8.9 million after-tax) related to a contract settlement,

• charges totaling $10.1 million ($7.6 million after-tax) related to legal and environmental matters, and

• charges totaling $5.3 million ($3.9 million after-tax) associated with costs incurred for acquisitions and divestitures.

In addition, fiscal 2020 earnings per share benefited by approximately $0.05 as a result of the fiscal year including 53 weeks.

Segment presentation of gains and losses from derivatives used for economic hedging of anticipated commodity input costs and economic hedging of foreign currency exchange rate risks of anticipated transactions are discussed in the segment review below.

Divestitures

During the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters^® business for net proceeds of $50.6 million, subject to final working capital adjustments. The results of operations of the divested Egg Beaters^® business were primarily included in our Refrigerated & Frozen segment, and to a lesser extent within our International and Foodservice segments, for the periods preceding the completion of the transaction.

During the third quarter of fiscal 2021, we completed the sale of our Peter Pan^® peanut butter business for net proceeds of $101.5 million, including working capital adjustments but subject to final adjustments for certain tax benefits. The results of operations of the divested Peter Pan^® peanut butter business were primarily included in our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments, for the periods preceding the completion of the transaction.

During the third quarter of fiscal 2020, we completed the sale of our Lender's^® bagel business for net proceeds of $33.3 million, including working capital adjustments. The results of operations of the divested Lender’s^® bagel business were primarily included in our Refrigerated & Frozen segment, and to a lesser extent within our Foodservice segment, for the periods preceding the completion of the transaction.

During the second quarter of fiscal 2020, we completed the sale of our Direct Store Delivery ("DSD") snacks business, for net proceeds of $137.5 million, including working capital adjustments. The results of operations of the divested DSD snacks business were included in our Grocery & Snacks segment for the periods preceding the completion of the transaction.

Restructuring Plans

In December 2018, our Board approved a restructuring and integration plan related to the ongoing integration of the operations of Pinnacle, which we acquired in October 2018 (the "Pinnacle Integration Restructuring Plan"), for the purpose of achieving significant cost synergies between the companies, as a result of which we expect to incur material charges for exit and disposal activities under U.S. generally accepted accounting principles ("U.S. GAAP"). We expect to incur approximately $358.0 million of charges ($283.5 million of cash charges and $74.5 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. The Board and/or our senior management have authorized incurrence of these charges. We recognized charges of $31.7 million, $73.8 million, and $168.2 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2021, 2020, and 2019, respectively. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a multi-year period.

In fiscal 2019, senior management initiated a restructuring plan (the "Conagra Restructuring Plan") for costs incurred in connection with actions taken to improve selling, general and administrative ("SG&A") expense effectiveness and efficiencies and to optimize our supply chain network. Although we remain unable to make good faith estimates relating to the entire Conagra Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2021, including the estimated amounts or range of amounts for each major type of cost expected to be incurred, and the charges that have resulted or will result in cash outflows. As of May 30, 2021, we had approved the incurrence of $172.2 million ($45.4 million of cash charges and $126.8 million of non-

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cash charges) for several projects associated with the Conagra Restructuring Plan. We have incurred or expect to incur $157.3 million of charges ($36.9 million of cash charges and $120.4 million of non-cash charges) for actions identified to date under the Conagra Restructuring Plan. We recognized charges of $46.2 million, $64.4 million, and $2.2 million in connection with the Conagra Restructuring Plan in fiscal 2021, 2020, and 2019, respectively. We expect to incur costs related to the Conagra Restructuring Plan over a multi-year period.

COVID-19 Pandemic

We have continued to monitor the impact of the COVID-19 pandemic on all aspects of our business. Throughout fiscal 2021, we experienced higher net sales for our products in both of our Grocery & Snacks and Refrigerated & Frozen segments until the fourth quarter of fiscal 2021, as we began to lap the initial surge in demand at the beginning of the pandemic. We have also experienced reduced demand for our foodservice products across all of our major markets as consumer traffic in away-from-home food outlets decreased as a result of the COVID-19 pandemic. However, as states have reopened their economies during 2021, our foodservice net sales have improved compared to the initial months of the pandemic.  

As we progress through fiscal 2022, we generally expect retail demand levels to remain elevated versus pre-pandemic levels and we expect foodservice demand levels to return to more historical norms. However, there still remains uncertainty with the pandemic and such trends ultimately depend on the length and severity of the pandemic, inclusive of the introduction of new strains of the virus; the federal, state, and local government actions taken in response; continued vaccine availability and effectiveness; and the macroeconomic environment. In fiscal 2022, we also expect to see inflationary headwinds but anticipate that they will be partially mitigated by supply chain realized productivity and price increases that began to be introduced at the end of fiscal 2021. We also expect a decrease in costs related to the COVID-19 pandemic and a decrease in supply chain costs as we continue to recover our supply and service levels. We will continue to evaluate the extent to which the COVID-19 pandemic will impact our business, consolidated results of operations, and financial condition.

During fiscal 2021, our operating margins benefitted from fixed cost leverage, reduced travel expenses, and lower trade promotional activity on certain brands. That benefit was partially offset by several factors including higher transportation and warehousing costs, employee safety and sanitation costs, and employee compensation costs, which combined accounted for an estimated $143 million of additional incremental costs in fiscal 2021. Similar incremental costs starting in the fourth quarter of fiscal 2020 were estimated to be approximately $40 million. While we expect these incremental costs to decrease in fiscal 2022, the timing and amount of such decrease is dependent upon the ultimate length and severity of the pandemic as outlined above.

Beginning in February 2020 and over the course of the COVID-19 pandemic, we created COVID-19 pandemic, Return to Office, and Vaccine Preparedness teams, in order to review and assess the evolving COVID-19 pandemic, and to recommend risk mitigation actions for the health and safety of our employees. In order to enhance the safety of our employees during the COVID-19 pandemic, these teams have recommended and implemented various measures, including the installation of physical barriers between employees in production facilities, cleaning and sanitation protocols for both production and office spaces, execution of a phased return to office approach to enable in-person work for corporate personnel, implementation of work-from-home initiatives for certain office personnel, and increased access to vaccines for production facilities and corporate locations. The implementation of such safety measures has not resulted in any meaningful change to our financial control environment.

All of our production facilities remain open and there has been minimal disruption to our supply chain network to date, including with respect to the supply of our ingredients, packaging, or other sourced materials. However, we cannot predict the ultimate COVID-19 impact on our suppliers, distributors, and manufacturers.

SEGMENT REVIEW

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

Grocery & Snacks

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

Refrigerated & Frozen

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

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International

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.

Foodservice

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

Presentation of Derivative Gains (Losses) from 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 generally 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. See Note 20 "Business Segments and Related Information", to the Consolidated Financial Statements contained in this report for further discussion.

Presentation of Information

Below is a detailed discussion and comparison of our results of operations for the fiscal years ended May 30, 2021 and May 31, 2020. For a discussion of changes from the fiscal year ended May 26, 2019 to the fiscal year ended May 31, 2020, refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended May 31, 2020 (filed July 24, 2020).

Fiscal 2021 compared to Fiscal 2020

Net Sales

($ in millions) Reporting Segment	Fiscal 2021 Net Sales		Fiscal 2020 Net Sales		% Inc (Dec)
Grocery & Snacks	$	4,637.5	$	4,617.1		0	%
Refrigerated & Frozen		4,774.6		4,559.6		5	%
International		938.6		925.3		1	%
Foodservice		834.0		952.4		(12	)%
Total	$	11,184.7	$	11,054.4		1	%

Grocery & Snacks net sales for fiscal 2021 included an increase in volumes of 4%, excluding the impact of divestitures and the 53^rd week in fiscal 2020, compared to the prior-year period. This result reflected an increase across multiple categories due to increased at-home eating and some replenishment of customer inventory levels that had been depleted in connection with the COVID-19 pandemic. Price/mix increased 2%, excluding the impact of divestitures, compared to the prior-year period due to favorable product mix, lower promotional trade activity, and the favorable impact of a $7.4 million change in estimate associated with our fiscal 2020 fourth quarter trade accrual. The inclusion of an additional week of results in fiscal 2020 accounted for an incremental 2% of net sales in the prior-year period. Fiscal 2021 and 2020 included $34.7 million and $113.9 million, respectively, of net sales related to our Peter Pan^® peanut butter business, which was sold in the third quarter of fiscal 2021. Fiscal 2021 and 2020 included $3.6 million and $8.0 million, respectively, of net sales related to our H.K. Anderson^® business, which was sold in the second quarter of fiscal 2021. Fiscal 2020 included $23.1 million of net sales related to our private label peanut butter business, which we exited in the third quarter of fiscal 2020. Fiscal 2020 also included $46.1 million of net sales related to our DSD snacks business, which was sold in the second quarter of fiscal 2020.

Refrigerated & Frozen net sales for fiscal 2021 included an increase in volumes of 4%, excluding the impact of divestitures and the 53^rd week in fiscal 2020, compared to fiscal 2020. The increase in sales volumes was a result of increased at-home eating

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and some replenishment of customer inventory levels that had been depleted in connection with the COVID-19 pandemic. Price/mix increased 4% for fiscal 2021, excluding the impact of divestitures, compared to fiscal 2020 due to favorable mix, lower promotional trade activity, favorable pricing, and the favorable impact of a $7.4 million change in estimate associated with our fiscal 2020 fourth quarter trade accrual. The inclusion of an additional week of results in fiscal 2020 accounted for an incremental 2% of net sales in the prior-year period. Fiscal 2021 and 2020 included $40.8 million and $41.0 million, respectively, of net sales related to our Egg Beaters^® business, which was sold in the fourth quarter of fiscal 2021. Fiscal 2020 included $23.2 million of net sales related to our Lender's^® bagel business, which was sold in the third quarter of fiscal 2020.

International net sales for fiscal 2021 included an increase in price/mix of 4% compared to fiscal 2020 due to lower promotional trade activity, inflation-justified pricing, favorable mix, and the favorable impact of a $2.8 million change in estimate associated with our fiscal 2020 fourth quarter trade accrual. Volumes, excluding the impact of divestitures and the 53^rd week in fiscal 2020, were flat when compared to the prior-year period. The inclusion of an additional week of results in fiscal 2020 accounted for an incremental 2% of net sales in the prior-year period. Fiscal 2021 and 2020 included $1.4 million and $5.2 million, respectively, of net sales related to our Peter Pan^® peanut butter business.

Foodservice net sales for fiscal 2021 included a decrease in volumes of 13%, excluding the impact of divestitures and the 53^rd week in fiscal 2020, compared to the prior-year period. The decline in volume reflected lower traffic in away-from-home food outlets as a result of the COVID-19 pandemic. Price/mix, excluding the impact of divestitures, increased 3% in fiscal 2021 compared to fiscal 2020, reflecting inflation-related pricing and lower trade activity. The inclusion of an additional week of results in fiscal 2020 accounted for an incremental 1% of net sales in the prior-year period. Fiscal 2021 and 2020 included $1.0 million and $3.4 million, respectively, of net sales related to our Peter Pan^® peanut butter business. Fiscal 2021 and 2020 included $0.6 million and $2.4 million, respectively, of net sales related to our H.K. Anderson^® business. Fiscal 2020 included $6.6 million and $4.6 million of net sales related to our Lender's^® bagel and private label peanut butter businesses, respectively.

SG&A Expenses (Includes general corporate expenses)

SG&A expenses totaled $1.40 billion for fiscal 2021, a decrease of $219.5 million compared to fiscal 2020. SG&A expenses for fiscal 2021 reflected the following:

Items impacting comparability of earnings

• expenses of $90.9 million related to the impairment of certain brand intangible assets,

• expenses of $68.7 million associated with the early extinguishment of debt,

• gains totaling $65.5 million related to divestitures of certain businesses,

• expenses of $40.8 million in connection with our restructuring plans,

• consulting expenses of $7.2 million primarily associated with securing tax benefits for a new production facility (the associated tax benefits will be recognized in future periods),

• a loss of $7.1 million related to the early exit of an unfavorable contract associated with a recent divestiture,

• expenses of $5.7 million associated with costs incurred for acquisitions and divestitures, and

• a net expense of $2.6 million related to a previous legal matter.

Other changes in expenses compared to fiscal 2020

• an increase in advertising and promotion expense of $27.3 million driven by higher eCommerce investments,

• a decrease in salary, wage, and fringe benefit expense of $17.3 million, largely due to achieved synergies from the Pinnacle acquisition and lower employer-related 401(k) costs,

• a decrease in incentive compensation expense of $15.3 million, due to further exceeding certain performance targets in the prior year period,

• a decrease in travel and entertainment expense of $14.4 million, in part due to reduced travel from the COVID-19 pandemic,

• an increase in share-based payment and deferred compensation expense of $12.7 million, due to an increase in stock price and exceeding certain performance targets,

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• an increase of $9.9 million in foreign currency transaction gains, primarily due to the strengthening of the Canadian dollar,

• a decrease in depreciation expense of $5.4 million,

• a decrease in royalty expense of $5.3 million, in part due to the expiration of a royalty agreement, and

• a decrease in lease expense of $4.0 million.

SG&A expenses for fiscal 2020 included the following items impacting the comparability of earnings:

• expenses of $165.5 million related to the impairment of certain brand intangible assets,

• expenses of $105.7 million in connection with our restructuring plans,

• expense of $59.0 million related to the impairment of businesses held for sale,

• a benefit of $11.9 million related to a contract settlement,

• charges totaling $10.1 million related to legal and environmental matters,

• expenses of $5.3 million associated with costs incurred for acquisitions and divestitures, and

• a net loss of $1.7 million related to divestitures of businesses.

Segment Operating Profit (Earnings before general corporate expenses, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings)

($ in millions) Reporting Segment	Fiscal 2021 Operating Profit		Fiscal 2020 Operating Profit		% Inc (Dec)
Grocery & Snacks	$	1,093.8	$	915.2		20	%
Refrigerated & Frozen		836.5		702.2		19	%
International		131.8		100.6		31	%
Foodservice		78.9		97.6		(19	)%

Grocery & Snacks operating profit for fiscal 2021 reflected an increase in gross profits of $34.3 million compared to fiscal 2020. The higher gross profit was driven by the net sales growth discussed above, the benefits of supply chain realized productivity, favorable margin mix, fixed cost leverage, and cost synergies associated with the Pinnacle acquisition, partially offset by the impact of the 53^rd week of our prior fiscal year, the impacts of input cost inflation, higher transportation costs, a reduction in profit associated with the divestiture of our HK Anderson^® and Peter Pan^® peanut butter businesses and the exit of our private label peanut butter business, and pandemic-related costs. Pandemic-related costs included investments in employee safety protocols, bonuses paid to supply chain employees, and costs necessary to meet elevated levels of demand. Operating profit of the Grocery & Snacks segment was impacted by expense of $27.8 million and $58.4 million related to our restructuring plans in fiscal 2021 and 2020, respectively. Fiscal 2021 and 2020 included certain brand intangible impairment charges of $13.0 million and $46.4 million, respectively. Fiscal 2021 included gains totaling $55.1 million related to the divestitures of certain businesses. Fiscal 2020 also included a charge of $31.4 million related to the impairment of a business held for sale, a benefit of $11.9 million related to a contract settlement, and costs of $3.0 million related to divestitures.

Refrigerated & Frozen operating profit for fiscal 2021 reflected an increase in gross profits of $61.9 million compared to fiscal 2020 due to the net sales growth discussed above, the benefits of supply chain realized productivity, favorable margin mix, cost synergies associated with the Pinnacle acquisition, and fixed cost leverage, partially offset by the impact of the 53^rd week of our prior fiscal year, the impacts of input cost inflation, higher transportation costs, a reduction in profit associated with the divestiture of our Lender's^® bagel business, and pandemic-related costs. Operating profit of the Refrigerated & Frozen segment was impacted by charges of $76.9 million and $110.8 million related to the impairment of certain brand intangible assets during fiscal 2021 and 2020, respectively. Fiscal 2021 and 2020 included $26.8 million and $15.8 million, respectively, of charges related to our restructuring plans. Fiscal 2021 also included a gain of $10.4 million related to the divestiture of our Egg Beater's^® business, reduced by a loss of $7.1 million related to the early exit of an unfavorable contract associated with the divestiture. In addition, operating profit of the Refrigerated & Frozen segment included $27.6 million related to the impairment of a business held for sale in fiscal 2020. Advertising and promotion expenses for fiscal 2021 increased by $23.8 million compared to fiscal 2020.

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International operating profit for fiscal 2021 reflected an increase in gross profits of $18.3 million compared to fiscal 2020 due to the net sales growth discussed above, the benefits of supply chain realized productivity, fixed cost leverage, and favorable product mix, partially offset by the impact of the 53^rd week of our prior fiscal year, the impacts of input cost inflation, higher transportation costs, and a reduction in profit associated with the divestiture of our Peter Pan^® peanut butter business. International gross profits also reflected a decrease of $5.8 million due to foreign exchange rates compared to the prior-year period. Operating profit of the International segment was impacted by charges of $1.0 million and $8.3 million related to the impairment of certain brand intangible assets during fiscal 2021 and 2020, respectively.

Foodservice operating profit for fiscal 2021 reflected a decrease in gross profits of $26.0 million compared to fiscal 2020, reflecting lower traffic in away-from-home food outlets due to the COVID-19 pandemic, input cost inflation, the impact of the 53^rd week of our prior fiscal year, pandemic-related costs, and a reduction in profit associated with the divestitures of our Lender's^® bagel, H.K. Anderson^®, and Peter Pan^® peanut butter businesses and the exit of our private label peanut butter business, partially offset by supply chain realized productivity and fixed cost leverage.

Pension and Postretirement Non-service Income

In fiscal 2021, pension and postretirement non-service income was $54.5 million, an increase of $44.6 million compared to fiscal 2020. The increase was driven by a charge of $44.8 million in fiscal 2020 compared to a charge of $0.8 million in fiscal 2021 related to the year-end write-off of actuarial losses in excess of 10% of our pension liability. The increase in losses outside of the 10% corridor in the prior year was driven by a reduction of the discount rate used to remeasure the pension obligations to present value and a reduction in asset values for certain plan assets.

Interest Expense, Net

In fiscal 2021, net interest expense was $420.4 million, a decrease of $66.7 million, or 14%, from fiscal 2020. The decrease was driven by an overall reduction of our debt balances. See Note 4, "Long-Term Debt", to the Consolidated Financial Statements contained in this report for further discussion.

Income Taxes

Our income tax expense was $193.8 million and $201.3 million in fiscal 2021 and 2020, respectively. The effective tax rate (calculated as the ratio of income tax expense to pre-tax income from continuing operations, inclusive of equity method investment earnings) was approximately 13% and 19% for fiscal 2021 and 2020, respectively. See Note 14, "Pre-Tax Income and Income Taxes", to the Consolidated Financial Statements contained in this report for a discussion on the change in effective tax rates.

In fiscal 2021, we completed a restructuring of our ownership interest in Ardent Mills that utilized a portion of our capital loss carryforward prior to its expiration. Also in fiscal 2021, we completed several other transactions related to retained assets in conjunction with the divestitures of the Peter Pan^® peanut butter and Egg Beaters^® businesses that we believe will utilize a portion of the remaining capital loss carryforward. These transactions are subject to certain elections and are currently under review by the Internal Revenue Service. We believe they may result in increases to the tax basis in those assets and if successful would result in tax benefits being realized in future periods.

We expect our effective tax rate in fiscal 2022, exclusive of any unusual transactions or tax events, to be approximately 23%-24%.

Equity Method Investment Earnings

We include our share of the earnings of certain affiliates based on our economic ownership interest in the affiliates. Our most significant affiliate is the Ardent Mills joint venture. Our share of earnings from our equity method investment earnings were $84.4 million and $73.2 million for fiscal 2021 and 2020, respectively. Results for fiscal 2020 included a gain of $4.1 million from the sale of assets by the Ardent Mills joint venture. Ardent Mills earnings for fiscal 2021 reflected favorable market conditions.

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Earnings Per Share

Diluted earnings per share in fiscal 2021 and 2020 were $2.66 and $1.72, respectively. The increase in diluted earnings per share reflected higher net income. In addition, see "Items Impacting Comparability" above as several significant items affected the comparability of year-over-year results of operations.

LIQUIDITY AND CAPITAL RESOURCES

Sources of Liquidity and Capital

The primary objective of our financing strategy is to maintain a prudent capital structure that provides us flexibility to pursue our growth objectives. We use a combination of equity and short and long-term debt. We use short-term debt principally to finance ongoing operations, including our seasonal requirements for working capital (accounts receivable, prepaid expenses and other current assets, and inventories, less accounts payable, accrued payroll, and other accrued liabilities). We are committed to maintaining solid investment grade credit ratings.

Management believes that existing cash balances, cash flows from operations, existing credit facilities, our commercial paper program, and access to capital markets will provide sufficient liquidity to meet our debt obligations, including any repayment of debt or refinancing of debt, working capital needs, planned capital expenditures, and payment of anticipated quarterly dividends for at least the next twelve months.

Borrowing Facilities and Long-Term Debt

At May 30, 2021, we had a revolving credit facility (the "Revolving Credit Facility") with a syndicate of financial institutions providing for a maximum aggregate principal amount outstanding at any one time of $1.6 billion (subject to increase to a maximum aggregate principal amount of $2.1 billion with the consent of the lenders). The Revolving Credit Facility matures on July 11, 2024 and is unsecured. The term of the Revolving Credit Facility may be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. We have historically used a credit facility principally as a back-up for our commercial paper program. As of May 30, 2021, there were no outstanding borrowings under the Revolving Credit Facility.

We had $705.7 million outstanding under our commercial paper program as of May 30, 2021, and no amounts outstanding as of May 31, 2020. The highest level of borrowings during fiscal 2021 was $1.05 billion.  

During the fourth quarter of fiscal 2021, we repaid the remaining outstanding $195.9 million aggregate principal amount of our 9.75% subordinated notes on their maturity date of March 1, 2021. The repayment was primarily funded by the issuance of commercial paper.

A summary of our long-term debt balances as of May 30, 2021 can be found in Note 4, "Long-Term Debt", to the Consolidated Financial Statements contained in this report. The weighted-average coupon interest rate of the long-term debt obligations outstanding as of May 30, 2021, was approximately 4.6%.

We expect to maintain or have access to sufficient liquidity to retire or refinance long-term debt upon maturity, from operating cash flows, our commercial paper program, access to the capital markets, and our Revolving Credit Facility. We continuously evaluate opportunities to refinance our debt; however, any refinancing is subject to market conditions and other factors, including financing options that may be available to us from time to time, and there can be no assurance that we will be able to successfully refinance any debt on commercially acceptable terms at all.

As of the end of fiscal 2021, our senior long-term debt ratings were all investment grade. A significant downgrade in our credit ratings would not affect our ability to borrow amounts under the Revolving Credit Facility, although borrowing costs would increase. A downgrade of our short-term credit ratings would impact our ability to borrow under our commercial paper program by negatively impacting borrowing costs and causing shorter durations, as well as making access to commercial paper more difficult, or impossible.

Our most restrictive debt agreement (the Revolving Credit Facility) generally requires our ratio of EBITDA to interest expense not be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed certain decreasing specified levels, ranging from 4.75 through the first quarter of fiscal 2022 to 3.75 from the second quarter of fiscal 2023 and thereafter. Each ratio is to be calculated on a rolling four-quarter basis. As of May 30, 2021, we were in compliance with all financial covenants.

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On July 13, 2021, subsequent to our fiscal year end, we entered into an amendment to the Revolving Credit Facility. The amendment modifies the ratio of funded debt to EBITDA financial covenant to require a ratio of not greater than 4.50 on a rolling four-quarter basis.

Equity and Dividends

We repurchase shares of our common stock from time to time after considering market conditions and in accordance with repurchase limits authorized by our Board. Under the share repurchase authorization, we may repurchase our shares periodically over several years, depending on market conditions and other factors, and may do so in open market purchases or privately negotiated transactions. The share repurchase authorization has no expiration date. During fiscal 2021, we repurchased 8.8 million shares of our common stock under this authorization for an aggregate of $298.1 million. The Company’s total remaining share repurchase authorization as of May 30, 2021, was $1.12 billion.

On April 16, 2021, we announced that our Board had authorized a quarterly dividend payment of $0.275 per share, which was paid on June 2, 2021, to stockholders of record as of the close of business on April 30, 2021. Subsequent to our fiscal year end, our Board approved a 14% increase to our annualized dividend rate. The Board approved a quarterly dividend of $0.3125 per share to be paid on September 2, 2021 to stockholders of record as of the close of business on August 3, 2021.

Contractual Obligations

As part of our ongoing operations, we enter into contractual arrangements that obligate us to make future cash payments. These obligations impact our liquidity and capital resource needs. In addition to principal and interest payments on our outstanding long-term debt and notes payable balances, discussed above, our contractual obligations primarily consist of leases payments, income taxes, pension and postretirement benefits, and unconditional purchase obligations.

A summary of our operating and finance lease obligations as of May 30, 2021 can be found in Note 15, "Leases", to the Consolidated Financial Statements contained in this report.

The liability for gross unrecognized tax benefits related to uncertain tax positions was $33.0 million as of May 30, 2021. See Note 14, "Pre-Tax Income and Income Taxes", to the Consolidated Financial Statements contained in this report for information related to income taxes.

As of May 30, 2021, we had an aggregate funded pension asset of $109.6 million and an aggregate unfunded postretirement benefit obligation totaling $78.2 million. We expect to make payments totaling approximately $12.3 million and $9.0 million in fiscal 2022 to fund our pension and postretirement plans, respectively. See Note 18, "Pension and Postretirement Benefits", to the Consolidated Financial Statements and "Critical Accounting Estimates – Employment-Related Benefits" contained in this report for further discussion of our pension obligation and factors that could affect estimates of these obligations.

As of May 30, 2021, our unconditional purchase obligations (i.e., obligations to transfer funds in the future for fixed or minimum quantities of goods or services at fixed or minimum prices, such as "take-or-pay" contracts) totaled approximately $2.51 billion. Approximately $1.82 billion of this balance is due in fiscal 2022. Included in this amount are open purchase orders and other supply agreements totaling approximately $1.53 billion, which are generally settleable in the ordinary course of business in less than one year. Some are not legally binding and/or may be cancellable. Warehousing service agreements totaling approximately $400 million and obligations for leases that have not yet commenced totaling $272.2 million as of May 30, 2021, make up a majority of our remaining unconditional purchase obligations with various terms of up to 20 years.

Capital Expenditures

We continue to make investments in our business and operating facilities. Our preliminary estimate of capital expenditures for fiscal 2022 is approximately $475 million.

Supplier Arrangements

In fiscal 2017, we began a program to 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

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relationship with the suppliers, the third party, or any financial institutions concerning this service. All balances remain as obligations to our suppliers as stated in our supplier agreements and are reflected in accounts payable within our Consolidated Balance Sheets. The associated payments are included in net cash flows from operating activities within our Consolidated Statements of Cash Flows. As of May 30, 2021 and May 31, 2020, $279.3 million and $258.7 million, respectively, of our total accounts payable was payable to suppliers who utilize this third-party service.  

The program commenced at about the same time that we began an initiative to negotiate extended payment terms with our suppliers. Although difficult to predict, we generally expect the incremental cash flow benefits associated with these extended payment terms to increase at a slower rate in the future. A number of factors may impact our future payment terms, including our relative creditworthiness, overall market liquidity, and changes in interest rates and other general economic conditions.  

Cash Flows

In fiscal 2021, we used $474.1 million of cash, which was the net result of $1.47 billion generated from operating activities, $340.3 million used in investing activities, $1.61 billion used in financing activities, and an increase of $7.7 million due to the effects of changes in foreign currency exchange rates.

Cash generated from operating activities totaled $1.47 billion in fiscal 2021, as compared to $1.84 billion generated in fiscal 2020. Operating cash flows for fiscal 2021 reflected increased net sales in our retail segments from COVID-19 pandemic-related demand as well as decreased interest payments. This was partially offset by increased tax payments compared to fiscal 2020. Tax payments for fiscal 2021 included approximately $47.0 million of fourth quarter fiscal 2020 tax payments, which were deferred due to the extension of the deadline for certain federal cash tax payments. Comparative changes in working capital balances were most notably impacted by inventory rebuilding in fiscal 2021, as certain brands had previously been on allocation due to high demand through the pandemic. Further, our inventory balances also have experienced recent input cost inflation which is giving rise to larger inventory amounts period over period. Operating cash flows benefited from the continued deferral of employer payroll taxes under the Coronavirus Aid, Relief, and Economic Security Act, which totaled $33.9 million for fiscal 2021. Payment of such amounts will occur in fiscal 2022 and 2023.

Cash used in investing activities totaled $340.3 million in fiscal 2021 compared to $153.8 million in fiscal 2020. Investing activities in fiscal 2021 consisted primarily of capital expenditures totaling $506.4 million, partially offset by net proceeds totaling $160.9 million from the sale of our Egg Beaters^®, Peter Pan^® peanut butter, and H.K. Anderson^® businesses. Investing activities in fiscal 2020 consisted mainly of capital expenditures of $369.5 million and the net proceeds from divestitures totaling $194.6 million, including the sales of our DSD snacks and Lender's^® bagel businesses.

Cash used in financing activities totaled $1.61 billion in fiscal 2021 compared to $1.37 billion in fiscal 2020. Financing activities in fiscal 2021 principally reflect repayments of long-term debt of $2.51 billion, the issuance of long-term debt totaling $988.2 million, net short-term borrowings of $706.3 million, cash dividends paid of $474.6 million, and common stock repurchases of $298.1 million. Financing activities in fiscal 2020 consisted principally of the repayment of long-term debt totaling $947.5 million and cash dividends paid of $413.6 million.

Cash Held by International Subsidiaries

The Company had cash and cash equivalents of $79.2 million at May 30, 2021, and $553.3 million at May 31, 2020, of which $72.4 million at May 30, 2021, and $80.5 million at May 31, 2020, was held in foreign countries. We believe that our foreign subsidiaries have invested or will invest any undistributed earnings indefinitely, or that any undistributed earnings will be remitted in a tax-neutral transaction, and, therefore, do not provide deferred taxes on the cumulative undistributed earnings of our foreign subsidiaries.

CRITICAL ACCOUNTING ESTIMATES

The process of preparing financial statements requires the use of estimates on the part of management. The estimates used by management are based on our historical experiences combined with management's understanding of current facts and circumstances. Certain of our accounting estimates are considered critical as they are both important to the portrayal of our financial condition and results and require significant or complex judgment on the part of management. The following is a summary of certain accounting estimates considered critical by management.

Our Audit/Finance Committee has reviewed management's development, selection, and disclosure of the critical accounting estimates.

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Marketing Costs—We offer various forms of trade promotions which are mostly recorded as a reduction in revenue. The methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Our promotional activities are conducted either through the retail trade or directly with consumers and included activities such as in-store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized as a reduction of revenue at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are recognized as a change in management estimate in a subsequent period.

We have recognized trade promotion liabilities of $146.8 million as of May 30, 2021. Changes in the assumptions used in estimating the cost of any individual customer marketing program would not result in a material change in our results of operations or cash flows.

Income Taxes—Our income tax expense is based on our income, statutory tax rates, and tax planning opportunities available in the various jurisdictions in which we operate. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining our income tax expense and in evaluating our tax positions, including evaluating uncertainties. Management reviews tax positions at least quarterly and adjusts the balances as new information becomes available. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Such assets arise because of temporary differences between the tax bases of assets and liabilities and their carrying amounts in our consolidated balance sheets, as well as from net operating loss and tax credit carryforwards. Management evaluates the recoverability of these future tax deductions by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings, and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. Management uses historical experience and short and long-range business forecasts to develop such estimates. Further, we employ various prudent and feasible tax planning strategies to facilitate the recoverability of future deductions. To the extent management does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established.

Further information on income taxes is provided in Note 14, "Pre-tax Income and Income Taxes", to the Consolidated Financial Statements contained in this report.

Environmental Liabilities—Environmental liabilities are accrued when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. Management works with independent third-party specialists in order to effectively assess our environmental liabilities. Management estimates our environmental liabilities based on evaluation of investigatory studies, extent of required clean-up, our known volumetric contribution, other potentially responsible parties, and our experience in remediating sites. Environmental liability estimates may be affected by changing governmental or other external determinations of what constitutes an environmental liability or an acceptable level of clean-up. Management's estimate as to our potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements. Insurance companies and other indemnitors are notified of any potential claims and periodically updated as to the general status of known claims. We do not discount our environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. To the extent that there are changes in the evaluation factors identified above, management's estimate of environmental liabilities may also change.

We have recognized a reserve of approximately $61.5 million for environmental liabilities as of May 30, 2021. The reserve for each site is determined based on an assessment of the most likely required remedy and a related estimate of the costs required to effect such remedy.

Employment-Related Benefits—We incur certain employment-related expenses associated with pensions and postretirement health care benefits. In order to measure the annual expense associated with these employment-related benefits, management must make a variety of estimates including, but not limited to, discount rates used to measure the present value of certain liabilities, assumed rates of return on assets set aside to fund these expenses, compensation increases, employee turnover rates, anticipated mortality rates, and anticipated health care costs. The estimates used by management are based on our historical experience as well as current facts and circumstances. We use third-party specialists to assist management in appropriately measuring the expense associated with these employment-related benefits. Different estimates used by management could result in us recognizing different amounts of expense over different periods of time.

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The Company uses a split discount rate (the "spot-rate approach") for the U.S. plans and certain foreign plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation of pension service and interest cost.

We have recognized a pension liability of $135.4 million and $254.5 million and a postretirement liability of $81.2 million and $89.3 million as of the end of fiscal 2021 and 2020, respectively. We also have recognized a pension asset of $245.0 million and $202.4 million as of the end of fiscal 2021 and 2020, respectively, as certain individual plans of the Company had a positive funded status.

We recognize cumulative changes in the fair value of pension plan assets and net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plan's projected benefit obligation ("the corridor") in current period expense annually as of our measurement date, which is our fiscal year-end, or when measurement is required otherwise under U.S. GAAP.

We recognized pension expense (benefit) from Company plans of $(38.3) million, $5.9 million, and $(22.7) million in fiscal 2021, 2020, and 2019, respectively. Such amounts reflect the year-end write-off of actuarial losses in excess of 10% of our pension liability of $0.8 million, $44.8 million, and $5.1 million in fiscal 2021, 2020, and 2019, respectively. This also reflected expected returns on plan assets of $140.0 million, $170.2 million, and $174.4 million in fiscal 2021, 2020, and 2019, respectively. We contributed $27.6 million, $17.5 million, and $14.7 million to the pension plans of our continuing operations in fiscal 2021, 2020, and 2019, respectively. We anticipate contributing approximately $12.3 million to our pension plans in fiscal 2022.

One significant assumption for pension plan accounting is the discount rate. We use a spot-rate approach, discussed above. This approach focuses on measuring the service cost and interest cost components of net periodic benefit cost by using individual spot rates derived from a high-quality corporate bond yield curve and matched with separate cash flows for each future year instead of a single weighted-average discount rate approach.

Based on this information, the discount rate selected by us for determination of pension expense was 2.98% for fiscal 2021, 3.88% for fiscal 2020, and 4.15% for fiscal 2019. We selected a weighted-average discount rate of 3.50% and 2.29% for determination of service and interest expense, respectively, for fiscal 2022. A 25-basis point increase in our discount rate assumption as of the end of fiscal 2021 would increase our annual pension expense for our pension plans in fiscal 2022 by $5.2 million. A 25-basis point decrease in our discount rate assumption as of the end of fiscal 2021 would decrease our annual pension expense for our pension plans in fiscal 2022 by $5.7 million. For our year-end pension obligation determination, we selected discount rates of 3.04% and 2.98% for fiscal years 2021 and 2020, respectively.

Another significant assumption used to account for our pension plans is the expected long-term rate of return on plan assets. In developing the assumed long-term rate of return on plan assets for determining pension expense, we consider long-term historical returns (arithmetic average) of the plan's investments, the asset allocation among types of investments, estimated long-term returns by investment type from external sources, and the current economic environment. Based on this information, we selected 3.74% for the weighted-average expected long-term rate of return on plan assets for determining our fiscal 2021 pension expense. A 25-basis point increase/decrease in our weighted-average expected long-term rate of return assumption as of the beginning of fiscal 2021 would decrease/increase annual pension expense for our pension plans by $9.3 million. We selected a weighted-average expected rate of return on plan assets of 3.87% to be used to determine our pension expense for fiscal 2022. A 25-basis point increase/decrease in our expected long-term rate of return assumption as of the beginning of fiscal 2022 would decrease/increase annual pension expense for our pension plans by $9.4 million.

We also provide certain postretirement health care benefits. We recognized postretirement benefit income of $4.4 million, $4.2 million, and $1.3 million in fiscal 2021, 2020, and 2019, respectively. We anticipate contributing approximately $9.0 million to our postretirement health care plans in fiscal 2022.

The postretirement benefit expense and obligation are also dependent on our assumptions used for the actuarially determined amounts. These assumptions include discount rates (discussed above), health care cost trend rates, inflation rates, retirement rates, mortality rates (also discussed above), and other factors. The health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends. Assumed inflation rates are based on an evaluation of external market indicators. Retirement and mortality rates are based primarily on actual plan experience. The discount rate we selected for determination of postretirement expense was 2.39% for fiscal 2021, 3.48% for fiscal 2020, and 3.81% for fiscal 2019. We have selected a weighted-average discount rate of 2.51% for determination of postretirement expense for fiscal 2022. A 25-basis point increase/decrease in our discount rate assumption would not have resulted in a material change to postretirement expense for our plans. We have assumed the initial year increase in cost of health care to be 6.53%, with the trend rate decreasing to 4.44% by 2029.

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Business Combinations, Impairment of Long-Lived Assets (including property, plant and equipment), Identifiable Intangible Assets, and Goodwill—We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the closing of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is often required in estimating the fair value of assets acquired, particularly intangible assets. As a result, in the case of significant acquisitions we normally obtain the assistance of a third-party valuation specialist in estimating fair values of tangible and intangible assets. The fair value estimates are based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions.

We reduce the carrying amounts of long-lived assets (including property, plant and equipment) to their fair values when their carrying amount is determined to not be recoverable. We generally compare undiscounted estimated future cash flows of an asset or asset group to the carrying values of the asset or asset group. If the undiscounted estimated future cash flows exceed the carrying values of the asset or asset group, no impairment is recognized. If the undiscounted estimated future cash flows are less than the carrying values of the asset or asset group, we write-down the asset or assets to their estimated fair values. The estimates of fair value are generally in the form of appraisal, or by discounting estimated future cash flows of the asset or asset group.

Determining the useful lives of intangible assets also requires management judgment. Certain brand intangibles are expected to have indefinite lives based on their history and our plans to continue to support and build the acquired brands, while other acquired intangible assets (e.g., customer relationships) are expected to have determinable useful lives. Our estimates of the useful lives of definite-lived intangible assets are primarily based upon historical experience, the competitive and macroeconomic environment, and our operating plans. The costs of definite-lived intangibles are amortized to expense over their estimated life.

We reduce the carrying amounts of indefinite-lived intangible assets, and goodwill to their fair values when the fair value of such assets is determined to be less than their carrying amounts (i.e., assets are deemed to be impaired). Fair value is typically estimated using a discounted cash flow analysis, which requires us to estimate the future cash flows anticipated to be generated by the particular asset being tested for impairment as well as to select a discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, we consider historical results adjusted to reflect current and anticipated operating conditions. Estimating future cash flows requires significant judgment by management in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows could produce different impairment amounts (or none at all) for long-lived assets and identifiable intangible assets.

In assessing other intangible assets not subject to amortization for impairment, we have the option to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of such an intangible asset is less than its carrying amount. If we determine that it is not more likely than not that the fair value of such an intangible asset is less than its carrying amount, then we are not required to perform any additional tests for assessing intangible assets for impairment. However, if we conclude otherwise or elect not to perform the qualitative assessment, then we are required to perform a quantitative impairment test that involves a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

If we perform a quantitative impairment test in evaluating impairment of our indefinite lived brands/trademarks, we utilize a "relief from royalty" methodology. The methodology determines the fair value of each brand through use of a discounted cash flow model that incorporates an estimated "royalty rate" we would be able to charge a third party for the use of the particular brand. When determining the future cash flow estimates, we estimate future net sales and a fair market royalty rate for each applicable brand and an appropriate discount rate to measure the present value of the anticipated cash flows. Estimating future net sales requires significant judgment by management in such areas as future economic conditions, product pricing, and consumer trends. In determining an appropriate discount rate to apply to the estimated future cash flows, we consider the current interest rate environment and our estimated cost of capital.

Goodwill is tested annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or

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declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill.

In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test.

Under the qualitative assessment, various events and circumstances that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). Furthermore, management considers the results of the most recent quantitative impairment test completed for a reporting unit and compares the weighted average cost of capital between the current and prior years for each reporting unit.

Under the quantitative impairment test, the evaluation involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. Fair value is typically estimated using a discounted cash flow analysis, which requires us to estimate the future cash flows anticipated to be generated by the reporting unit being tested for impairment as well as to select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, we consider historical results adjusted to reflect current and anticipated operating conditions. We estimate cash flows for the reporting unit over a discrete period (typically five years) and the terminal period (considering expected long term growth rates and trends). Estimating future cash flows requires significant judgment by management in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows or significant changes in risk-adjusted discount rates due to changes in market conditions could produce substantially different estimates of the fair value of the reporting unit.

As of May 30, 2021, we have goodwill of $11.37 billion, indefinite-lived intangibles of $3.30 billion and definite-lived intangibles of $856.4 million. The amount of goodwill and intangibles increased significantly during fiscal 2019 as a result of the Pinnacle acquisition. In the first quarter of fiscal 2020, we reorganized our reporting segments to incorporate the Pinnacle business into our legacy reporting segments, to reflect how the business is now being managed. We tested goodwill for impairment both prior to and subsequent to the reallocation of Pinnacle goodwill and there were no impairments of goodwill.  

Historically, we have experienced impairments in brand intangibles and goodwill as a result of declining sales and other economic conditions. For instance, in fiscal 2021 and 2020, we recorded total intangibles impairments of $90.9 million and $165.5 million respectively, primarily related to our recently acquired Pinnacle brands. In fiscal 2019, we recorded total intangibles impairments of $89.6 million, primarily related to our Chef Boyardee^® brand intangible.  

With the addition of Pinnacle intangibles that were recorded at fair value in fiscal 2019, we continue to be more susceptible to impairment charges in the future if our long-term sales forecasts, royalty rates, and other assumptions change as a result of lower than expected performance or other economic conditions. We will monitor these assumptions as management continues to achieve expected synergies, gross margin improvement, and long-term sales growth on certain key brands acquired in the acquisition including, but not limited to, Birds Eye^®, Duncan Hines^®, Gardein^® and Vlasic^®.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The principal market risks affecting us during fiscal 2021 and 2020 were exposures to price fluctuations of commodity and energy inputs, interest rates, and foreign currencies.

Commodity Market Risk

We purchase commodity inputs such as wheat, corn, oats, soybean meal, soybean oil, meat, dairy products, nuts, sugar, natural gas, electricity, and packaging materials to be used in our operations. These commodities are subject to price fluctuations that may create price risk. We enter into commodity hedges to manage this price risk using physical forward contracts or derivative instruments. We have policies governing the hedging instruments our businesses may use. These policies include limiting the dollar risk exposure for each of our businesses. We also monitor the amount of associated counter-party credit risk for all non-exchange-traded transactions.

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Interest Rate Risk

We may use interest rate swaps to manage the effect of interest rate changes on the fair value of our existing debt as well as the forecasted interest payments for the anticipated issuance of debt.

As of May 30, 2021 and May 31, 2020, the fair value of our long-term debt (including current installments) was estimated at $9.76 billion and $11.35 billion, respectively, based on current market rates. As of May 30, 2021 and May 31, 2020, a 1% increase in interest rates would decrease the fair value of our fixed rate debt by approximately $682.2 million and $704.8 million, respectively, while a 1% decrease in interest rates would increase the fair value of our fixed rate debt by approximately $779.8 million and $809.5 million, respectively.

Foreign Currency Risk

In order to reduce exposures for our processing activities related to changes in foreign currency exchange rates, we may enter into forward exchange or option contracts for transactions denominated in a currency other than the functional currency for certain of our operations. This activity primarily relates to economically hedging against foreign currency risk in purchasing inventory and capital equipment, sales of finished goods, and future settlement of foreign denominated assets and liabilities.

Value-at-Risk (VaR)

We employ various tools to monitor our derivative risk, including value-at-risk ("VaR") models. We perform simulations using historical data to estimate potential losses in the fair value of current derivative positions. We use price and volatility information for the prior 90 days in the calculation of VaR that is used to monitor our daily risk. The purpose of this measurement is to provide a single view of the potential risk of loss associated with derivative positions at a given point in time based on recent changes in market prices. Our model uses a 95% confidence level. Accordingly, in any given one-day time period, losses greater than the amounts included in the table below are expected to occur only 5% of the time. We include commodity swaps, futures, and options and foreign exchange forwards, swaps, and options in this calculation. The following table provides an overview of our average daily VaR for our energy, agriculture, and foreign exchange positions for fiscal 2021 and 2020.

	Fair Value Impact
In Millions	Average During the Fiscal Year Ended May 30, 2021		Average During the Fiscal Year Ended May 31, 2020
Processing Activities
Energy commodities	$	0.6	$	0.4
Agriculture commodities		0.5		0.5
Other commodities		—		0.1
Foreign exchange		1.0		0.8

37

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Conagra Brands, Inc. and Subsidiaries

Consolidated Statements of Earnings

(in millions, except per share amounts)

	For the Fiscal Years Ended May
	2021			2020			2019
Net sales	$	11,184.7		$	11,054.4		$	9,538.4
Costs and expenses:
Cost of goods sold		8,005.5			7,984.8			6,885.4
Selling, general and administrative expenses		1,403.0			1,622.5			1,473.4
Pension and postretirement non-service income		(54.5	)		(9.9	)		(35.1	)
Interest expense, net		420.4			487.1			391.4
Income from continuing operations before income taxes and equity method investment earnings		1,410.3			969.9			823.3
Income tax expense		193.8			201.3			218.8
Equity method investment earnings		84.4			73.2			75.8
Income from continuing operations		1,300.9			841.8			680.3
Loss from discontinued operations, net of tax		—			—			(1.9	)
Net income	$	1,300.9		$	841.8		$	678.4
Less: Net income attributable to noncontrolling interests		2.1			1.7			0.1
Net income attributable to Conagra Brands, Inc.	$	1,298.8		$	840.1		$	678.3
Earnings per share — basic
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders	$	2.67		$	1.72		$	1.53
Income from discontinued operations attributable to Conagra Brands, Inc. common stockholders		—			—			—
Net income attributable to Conagra Brands, Inc. common stockholders	$	2.67		$	1.72		$	1.53
Earnings per share — diluted
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders	$	2.66		$	1.72		$	1.53
Loss from discontinued operations attributable to Conagra Brands, Inc. common stockholders		—			—			(0.01	)
Net income attributable to Conagra Brands, Inc. common stockholders	$	2.66		$	1.72		$	1.52

The accompanying Notes are an integral part of the consolidated financial statements.

38

Conagra Brands, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(in millions)

	For the Fiscal Years Ended May
	2021									2020									2019
	Pre-Tax Amount			Tax (Expense) Benefit			After -Tax Amount			Pre-Tax Amount			Tax (Expense) Benefit			After-Tax Amount			Pre-Tax Amount			Tax (Expense) Benefit			After- Tax Amount
Net income	$	1,494.7		$	(193.8	)	$	1,300.9		$	1,043.1		$	(201.3	)	$	841.8		$	900.0		$	(221.6	)	$	678.4
Other comprehensive income:
Derivative adjustments:
Unrealized derivative adjustments		0.4			(1.8	)		(1.4	)		(7.1	)		1.8			(5.3	)		45.5			(11.4	)		34.1
Reclassification for derivative adjustments included in net income		(1.6	)		1.0			(0.6	)		(3.3	)		0.9			(2.4	)		(1.9	)		0.5			(1.4	)
Currency translation adjustments:
Unrealized currency translation gains (losses)		53.3			(1.5	)		51.8			(42.7	)		1.4			(41.3	)		(10.2	)		—			(10.2	)
Reclassification for currency translation losses included in net income		—			—			—			—			—			—			10.4			—			10.4
Pension and postretirement benefit obligations:
Unrealized pension and postretirement benefit obligations		95.1			(23.6	)		71.5			63.2			(15.9	)		47.3			(43.8	)		10.9			(32.9	)
Reclassification for pension and postretirement benefit obligations included in net income		(3.6	)		0.9			(2.7	)		(5.5	)		1.4			(4.1	)		(1.5	)		0.4			(1.1	)
Comprehensive income		1,638.3			(218.8	)		1,419.5			1,047.7			(211.7	)		836.0			898.5			(221.2	)		677.3
Comprehensive income (loss) attributable to noncontrolling interests		6.1			(0.8	)		5.3			(3.9	)		(0.9	)		(4.8	)		(1.7	)		(0.1	)		(1.8	)
Comprehensive income attributable to Conagra Brands, Inc.	$	1,632.2		$	(218.0	)	$	1,414.2		$	1,051.6		$	(210.8	)	$	840.8		$	900.2		$	(221.1	)	$	679.1

The accompanying Notes are an integral part of the consolidated financial statements.

39

Conagra Brands, Inc. and Subsidiaries

Consolidated Balance Sheets

(in millions, except share data)

	May 30, 2021			May 31, 2020
ASSETS
Current assets
Cash and cash equivalents	$	79.2		$	553.3
Receivables, less allowance for doubtful accounts of $3.2 and $2.6		793.9			860.8
Inventories		1,734.0			1,364.8
Prepaid expenses and other current assets		95.0			93.9
Current assets held for sale		—			13.1
Total current assets		2,702.1			2,885.9
Property, plant and equipment
Land and land improvements		156.5			139.2
Buildings, machinery and equipment		4,492.7			4,088.6
Furniture, fixtures, office equipment and other		674.4			656.2
Construction in progress		301.1			243.8
		5,624.7			5,127.8
Less accumulated depreciation		(3,016.2	)		(2,762.4	)
Property, plant and equipment, net		2,608.5			2,365.4
Goodwill		11,373.5			11,361.5
Brands, trademarks and other intangibles, net		4,157.6			4,302.4
Other assets		1,349.3			1,273.4
Noncurrent assets held for sale		4.6			115.4
	$	22,195.6		$	22,304.0
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Notes payable	$	707.4		$	1.1
Current installments of long-term debt		23.1			845.5
Accounts payable		1,655.9			1,507.1
Accrued payroll		175.2			189.4
Other accrued liabilities		744.6			725.8
Current liabilities held for sale		—			18.5
Total current liabilities		3,306.2			3,287.4
Senior long-term debt, excluding current installments		8,275.2			8,900.8
Other noncurrent liabilities		1,982.8			2,165.1
Total liabilities		13,564.2			14,353.3
Commitments and contingencies (Note 16)
Common stockholders' equity
Common stock of $5 par value, authorized 1,200,000,000 shares;    issued 584,219,229		2,921.2			2,921.2
Additional paid-in capital		2,342.1			2,323.2
Retained earnings		6,262.6			5,471.2
Accumulated other comprehensive income (loss)		5.8			(109.6	)
Less treasury stock, at cost, 103,934,839 and 97,057,311 common shares		(2,979.9	)		(2,729.9	)
Total Conagra Brands, Inc. common stockholders' equity		8,551.8			7,876.1
Noncontrolling interests		79.6			74.6
Total stockholders' equity		8,631.4			7,950.7
	$	22,195.6		$	22,304.0

The accompanying Notes are an integral part of the consolidated financial statements.

40

Conagra Brands, Inc. and Subsidiaries

Consolidated Statements of Common Stockholders' Equity

(in millions)

	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 27, 2018		567.9	$	2,839.7	$	1,180.0		$	4,744.9		$	(110.5	)	$	(4,977.9	)	$	80.4		$	3,756.6
Stock option and incentive plans						(6.7	)		0.1						39.6		0.1				33.1
Adoption of ASU 2016-01									0.6			(0.6	)								—
Adoption of ASU 2014-09									0.5												0.5
Currency translation adjustments												2.1						(1.9	)		0.2
Issuance of treasury shares					638.2										2,178.1						2,816.3
Issuance of common stock	16.3		81.5		474.2																555.7
Derivative adjustments												32.7									32.7
Activities of noncontrolling interests						0.3												0.5			0.8
Pension and postretirement healthcare benefits												(34.0	)								(34.0	)
Dividends declared on common stock; $0.85 per share									(376.5	)											(376.5	)
Net income attributable to Conagra Brands, Inc.									678.3												678.3
Balance at May 26, 2019		584.2		2,921.2		2,286.0			5,047.9			(110.3	)		(2,760.2	)		79.1			7,463.7
Stock option and incentive plans						37.2			(2.9	)					30.3						64.6
Currency translation adjustments												(34.8	)					(6.5	)		(41.3	)
Derivative adjustments												(7.7	)								(7.7	)
Activities of noncontrolling interests																		2.0			2.0
Pension and postretirement healthcare benefits												43.2									43.2
Dividends declared on common stock; $0.85 per share									(413.9	)											(413.9	)
Net income attributable to Conagra Brands, Inc.									840.1												840.1
Balance at May 31, 2020		584.2		2,921.2		2,323.2			5,471.2			(109.6	)		(2,729.9	)		74.6			7,950.7
Stock option and incentive plans						18.9			(3.1	)					48.1			0.2			64.1
Adoption of ASU 2016-13									(1.1	)											(1.1	)
Currency translation adjustments												48.6						3.2			51.8
Repurchase of common shares															(298.1	)					(298.1	)
Derivative adjustments												(2.0	)								(2.0	)
Activities of noncontrolling interests																		1.6			1.6
Pension and postretirement healthcare benefits												68.8									68.8
Dividends declared on common stock; $1.0375 per share									(503.2	)											(503.2	)
Net income attributable to Conagra Brands, Inc.									1,298.8												1,298.8
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

The accompanying Notes are an integral part of the consolidated financial statements.

41

Conagra Brands, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in millions)

	For the Fiscal Years Ended May
	2021			2020			2019
Cash flows from operating activities:
Net income	$	1,300.9		$	841.8		$	678.4
Loss from discontinued operations		—			—			(1.9	)
Income from continuing operations		1,300.9			841.8			680.3
Adjustments to reconcile income from continuing operations to net cash flows from operating    activities:
Depreciation and amortization		387.7			388.9			333.0
Asset impairment charges		95.5			259.9			93.8
Loss (gain) on divestitures		(65.5	)		2.2			(69.4	)
Loss on extinguishment of debt		68.7			1.0			5.5
Significant litigation accruals		—			—			(39.3	)
Proceeds from the settlement of interest rate swaps		—			—			47.5
Novation of a legacy guarantee		—			—			(27.3	)
Equity method investment earnings in excess of distributions		(27.9	)		(21.8	)		(20.8	)
Stock-settled share-based payments expense		63.9			59.2			33.7
Contributions to pension plans		(27.6	)		(17.5	)		(14.7	)
Pension expense (benefit)		(38.3	)		5.9			(22.7	)
Other items		9.1			10.3			12.3
Change in operating assets and liabilities excluding effects of business acquisitions and    dispositions:
Receivables		66.1			(43.8	)		(69.1	)
Inventories		(364.3	)		163.5			78.0
Deferred income taxes and income taxes payable, net		(92.5	)		23.1			83.7
Prepaid expenses and other current assets		(8.5	)		(13.6	)		(19.1	)
Accounts payable		141.4			234.4			38.2
Accrued payroll		(14.3	)		15.9			0.1
Other accrued liabilities		(60.2	)		(66.8	)		(9.4	)
Deferred employer payroll taxes		33.9			—			—
Net cash flows from operating activities - continuing operations		1,468.1			1,842.6			1,114.3
Net cash flows from operating activities - discontinued operations		—			—			11.2
Net cash flows from operating activities		1,468.1			1,842.6			1,125.5
Cash flows from investing activities:
Additions to property, plant and equipment		(506.4	)		(369.5	)		(353.1	)
Sale of property, plant and equipment		2.5			14.0			22.5
Purchase of business, net of cash acquired		—			—			(5,119.2	)
Proceeds from divestitures, net of cash divested		160.9			194.6			281.5
Purchase of marketable securities		(11.8	)		(46.8	)		(61.0	)
Sales of marketable securities		14.5			53.8			52.2
Other items		—			0.1			11.1
Net cash flows from investing activities		(340.3	)		(153.8	)		(5,166.0	)
Cash flows from financing activities:
Issuances of commercial paper, maturities greater than 90 days		298.6			—			—
Repayments of commercial paper, maturities greater than 90 days		(298.6	)		—			—
Net issuances (repayments) of other short-term borrowings		706.3			0.1			(277.3	)
Issuance of long-term debt		988.2			—			8,310.5
Repayment of long-term debt		(2,514.5	)		(947.5	)		(3,972.7	)
Debt issuance costs and bridge financing fees		(6.2	)		—			(95.2	)
Payment of intangible asset financing arrangement		(12.9	)		(13.6	)		(14.0	)
Issuance of Conagra Brands, Inc. common shares, net		—			—			555.7
Repurchase of Conagra Brands, Inc. common shares		(298.1	)		—			—
Cash dividends paid		(474.6	)		(413.6	)		(356.2	)
Exercise of stock options and issuance of other stock awards, including tax withholdings		(0.1	)		4.8			(1.6	)
Other items		2.3			(0.6	)		0.6
Net cash flows from financing activities		(1,609.6	)		(1,370.4	)		4,149.8
Effect of exchange rate changes on cash and cash equivalents and restricted cash		7.7			(1.7	)		(0.7	)
Net change in cash and cash equivalents and restricted cash		(474.1	)		316.7			108.6
Cash and cash equivalents and restricted cash at beginning of year		554.3			237.6			129.0
Cash and cash equivalents and restricted cash at end of year	$	80.2		$	554.3		$	237.6

The accompanying Notes are an integral part of the consolidated financial statements.

42

Notes to Consolidated Financial Statements

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fiscal Year — The fiscal year of Conagra Brands, Inc. ("Conagra Brands", "Company", "we", "us", or "our") ends the last Sunday in May. The fiscal years for the consolidated financial statements presented consist of a 52-week period for fiscal 2021, a 53-week period for fiscal 2020, and a 52-week period for fiscal year 2019.

Basis of Consolidation — The consolidated financial statements include the accounts of Conagra Brands, Inc. and all majority-owned subsidiaries. All significant intercompany investments, accounts, and transactions have been eliminated.

Investments in Unconsolidated Affiliates — The investments in, and the operating results of, 50%-or-less-owned entities not required to be consolidated are included in the consolidated financial statements on the basis of the equity method of accounting.

We review our investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary includes, but is not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. Management's assessment as to whether any decline in value is other than temporary is based on our ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. Management generally considers our investments in equity method investees to be strategic long-term investments. Therefore, management completes its assessments with a long-term viewpoint. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment.

Cash and Cash Equivalents — Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition, including short-term time deposits and government agency and corporate obligations, are classified as cash and cash equivalents.

Receivables — Receivables from customers generally do not bear interest. Terms and collection vary by location and channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem them uncollectible.

The following table details the balances of our allowance for doubtful accounts and changes therein:

	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Other1		Deductions from Reserves2		Balance at Close of Period
Year ended May 30, 2021	$	2.6		0.6		0.7		0.7	$	3.2
Year ended May 31, 2020	$	2.2		1.2		0.1		0.9	$	2.6
Year ended May 26, 2019	$	1.7		0.6		0.5		0.6	$	2.2

¹ Primarily relates to translation, the adoption of Accounting Standards Update ("ASU") 2016-13, and the acquisition of Pinnacle Foods Inc. ("Pinnacle").

² Bad debts charged off and adjustments to previous reserves, less recoveries.

43

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 31, 2020, May 26, 2019, and May 27, 2018

(columnar dollars in millions except per share amounts)

Inventories — We use the lower of cost (determined using the first-in, first-out method) or market for valuing inventories.

Property, Plant and Equipment — Property, plant and equipment are carried at cost. Depreciation has been calculated using the straight-line method over the estimated useful lives of the respective classes of assets as follows:

Land improvements	1 - 40 years
Buildings	15 - 40 years
Machinery and equipment	3 - 20 years
Furniture, fixtures, office equipment and other	5 - 15 years

We review property, plant and equipment for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Recoverability of an asset considered "held-and-used" is determined by comparing the carrying amount of the asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying amount is greater than the undiscounted net cash flows expected to be generated by the asset, the asset's carrying amount is reduced to its estimated fair value. An asset considered "held-for-sale" is reported at the lower of the asset's carrying amount or fair value.

During fiscal 2021, 2020, and 2019 our capital expenditures totaled $506.4 million, $369.5 million, and $353.1 million, respectively. Accrued and unpaid capital expenditures as of May 30, 2021, May 31, 2020, May 26, 2019, and May 27, 2018 totaled $123.7 million, $112.9 million, $64.4 million, and $40.6 million, respectively.

Goodwill and Other Identifiable Intangible Assets — Goodwill and other identifiable intangible assets with indefinite lives (e.g., brands or trademarks) are not amortized and are tested annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill and other intangible assets.

In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test.

Under the goodwill qualitative assessment, various events and circumstances that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). Furthermore, management considers the results of the most recent quantitative impairment test completed for a reporting unit and compares the weighted average cost of capital between the current and prior years for each reporting unit.

Under the goodwill quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. Refer to Note 19 for the definition of the levels in the fair value hierarchy. The inputs used to calculate the fair value include a number of subjective factors, such as estimates of future cash flows, estimates of our future cost structure, discount rates for our estimated cash flows, required level of working capital, assumed terminal value, and time horizon of cash flow forecasts.

In assessing other intangible assets not subject to amortization for impairment, we have the option to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of such an intangible asset is less than its carrying amount. If we determine that it is not more likely than not that the fair value of such an intangible asset is less than its carrying amount, then we are not required to perform any additional

44

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

tests for assessing intangible assets for impairment. However, if we conclude otherwise or elect not to perform the qualitative assessment, then we are required to perform a quantitative impairment test that involves a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

In fiscal 2021, 2020, and 2019 we elected to perform a quantitative impairment test for other intangible assets not subject to amortization. The estimates of fair value of intangible assets not subject to amortization are determined using a "relief from royalty" methodology, which is used in estimating the fair value of our brands/trademarks. Discount rate assumptions are based on an assessment of the risk inherent in the projected future cash flows generated by the respective intangible assets. Also subject to judgment are assumptions about royalty rates.

Identifiable intangible assets with definite lives (e.g., licensing arrangements with contractual lives or customer relationships) are amortized over their estimated useful lives and tested for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. Identifiable intangible assets with definite lives are evaluated for impairment using a process similar to that used in evaluating elements of property, plant and equipment. If impaired, the asset is written down to its fair value.

Refer to Note 8 for discussion of the impairment charges related to goodwill and intangible assets in fiscal 2021, 2020, and 2019.

Fair Values of Financial Instruments — Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value.

Environmental Liabilities — Environmental liabilities are accrued when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. We use third-party specialists to assist management in appropriately measuring the obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. We do not discount our environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. Management's estimate of our potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements. We do not reduce our environmental liabilities for potential insurance recoveries.

Employment-Related Benefits — Employment-related benefits associated with pensions, postretirement health care benefits, and workers' compensation are expensed as such obligations are incurred. The recognition of expense is impacted by estimates made by management, such as discount rates used to value these liabilities, future health care costs, and employee accidents incurred but not yet reported. We use third-party specialists to assist management in appropriately measuring the obligations associated with employment-related benefits.

We recognize changes in the fair value of pension plan assets and net actuarial gains or losses in excess of 10% of the greater of the market-related value of plan assets or the plan's projected benefit obligation (the "corridor") in current period expense annually as of our measurement date, which is our fiscal year-end, or when measurement is required otherwise under U.S. generally accepted accounting principles ("GAAP").

Revenue Recognition — Our revenues primarily consist of the sale of food products that are sold to retailers and foodservice customers through direct sales forces, broker, and distributor arrangements. These revenue contracts generally have single performance obligations. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to our customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs. Amounts billed and due from our customers are classified as receivables and require payment on a short-term basis and, therefore, we do not have any significant financing components.

We recognize revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. We assess the goods

45

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

and services promised in our customers' purchase orders and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct.

We offer various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Our promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are recognized as a change in management estimate in a subsequent period.

Advertising Costs — Advertising costs are expensed as incurred. Advertising and promotion expenses totaled $258.0 million, $230.7 million, and $253.4 million in fiscal 2021, 2020, and 2019, respectively, and are included in selling, general and administrative ("SG&A") expenses.

Research and Development — We incurred expenses of $51.3 million, $56.4 million, and $56.1 million for research and development activities in fiscal 2021, 2020, and 2019, respectively.

Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments (prior to the adoption of ASU 2016-01), and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% "corridor") and postretirement health care plans. On foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. When we determine that a foreign investment, as well as undistributed earnings, are no longer permanent in nature, estimated taxes will be provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.

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

	2021			2020			2019
Currency translation losses, net of reclassification adjustments	$	(77.1	)	$	(125.7	)	$	(90.9	)
Derivative adjustments, net of reclassification adjustments		24.3			26.3			34.0
Pension and postretirement benefit obligations, net of reclassification adjustments		58.6			(10.2	)		(53.4	)
Accumulated other comprehensive income (loss)1	$	5.8		$	(109.6	)	$	(110.3	)

¹ Net of unrealized gains on available-for-sale securities reclassified to retained earnings as a result of the adoption of ASU 2016-01 in fiscal 2019 in the amount of $0.6 million.

46

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:

										Affected Line Item in the Consolidated Statement of Earnings1
	2021			2020			2019
Net derivative adjustments:
Cash flow hedges	$	(3.2	)	$	(3.3	)	$	(1.9	)	Interest expense, net
Cash flow hedges		(0.5	)		—			—		Selling, general and administrative expenses
Cash flow hedges		2.1			—			—		Equity method investment earnings
		(1.6	)		(3.3	)		(1.9	)	Total before tax
		1.0			0.9			0.5		Income tax expense
	$	(0.6	)	$	(2.4	)	$	(1.4	)	Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost	$	0.2		$	0.6		$	0.9		Pension and postretirement non-service income
Net actuarial gain		(3.5	)		(4.6	)		(1.4	)	Pension and postretirement non-service income
Pension settlement		—			(2.1	)		—		Pension and postretirement non-service income
Postretirement healthcare settlement		(0.5	)		(0.2	)		(1.0	)	Pension and postretirement non-service income
Curtailment		0.2			0.8			—		Pension and postretirement non-service income
		(3.6	)		(5.5	)		(1.5	)	Total before tax
		0.9			1.4			0.4		Income tax expense
	$	(2.7	)	$	(4.1	)	$	(1.1	)	Net of tax
Currency translation losses	$	—		$	—		$	10.4		Selling, general and administrative expenses
		—			—			10.4		Total before tax
		—			—			—		Income tax expense
	$	—		$	—		$	10.4		Net of tax

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

Foreign Currency Transaction Gains and Losses — We recognized net foreign currency transaction gains of $8.2 million in fiscal 2021 and net foreign currency transaction losses of $1.7 million and $2.3 million in fiscal 2020 and 2019, respectively, in SG&A expenses.

Business Combinations — We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

Reclassifications and other changes — Certain prior year amounts have been reclassified to conform with current year presentation.

Use of Estimates — Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets, liabilities, revenues, and expenses as reflected in the consolidated financial statements. Actual results could differ from these estimates.

Accounting Changes — In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), to update the methodology used to measure current expected credit losses. This ASU applies to financial assets measured at amortized cost, including loans, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments and guarantees. We adopted this ASU in the first quarter of fiscal 2021 using the modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements and related disclosures.

47

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

In February 2016, the FASB issued ASU 2016-02, Leases, Topic 842, which requires lessees to reflect most leases on their balance sheet as assets and obligations. We adopted this ASU in the first quarter of fiscal 2020 using the optional transition method provided under ASU 2018-11, Leases, Topic 842: Targeted Improvement, issued in July 2018, allowing for application of the standard at adoption date, with recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We also elected certain practical expedients permitted under the transition guidance, including not reassessing whether existing contracts contain leases and carrying forward the historical classification of leases. The most significant impact of adoption on our Consolidated Financial Statements was the recognition of right-of-use ("ROU") assets and lease liabilities for operating leases. Our accounting for finance leases remained substantially unchanged. Upon adoption, we had total lease assets of $238.4 million and total lease liabilities of $267.0 million. The difference is primarily due to prepaid and deferred rent balances that were reclassified to the ROU asset value. The adoption of this ASU did not result in a cumulative-effect adjustment to the opening balance of retained earnings and did not impact our Consolidated Statements of Earnings or our Consolidated Statements of Cash Flows. See Note 15 for additional information related to our lease arrangements.

2. ACQUISITIONS

On October 26, 2018, we acquired Pinnacle, a branded packaged foods company specializing in shelf-stable and frozen foods. Pursuant to the Agreement and Plan of Merger, dated as of June 26, 2018 (the "Merger Agreement"), among the Company, Pinnacle, and Patriot Merger Sub Inc., a wholly-owned subsidiary of the Company that ceased to exist at the effective time of the merger, each outstanding share of Pinnacle common stock was converted into the right to receive $43.11 per share in cash and 0.6494 shares of common stock, par value $5.00 per share, of the Company ("Company Shares") (together, the "Merger Consideration"), with cash payable in lieu of fractional shares of Company Shares. The total amount of consideration paid in connection with the acquisition was approximately $8.03 billion and consisted of: (1) cash of $5.17 billion ($5.12 billion net of cash acquired); (2) 77.5 million Company Shares, with an approximate value of $2.82 billion, issued out of the Company's treasury; and (3) replacement awards issued to former Pinnacle employees representing the fair value attributable to pre-combination service (see Note 13) of $51.1 million.

In connection with the acquisition, we issued long-term debt of $8.33 billion (see Note 4) (which included funding under a new term loan agreement) and received cash proceeds of $575.0 million ($555.7 million net of related fees) from the issuance of common stock in an underwritten public offering. We used such proceeds for the payment of the cash portion of the Merger Consideration, the repayment of Pinnacle debt acquired, the refinancing of certain Conagra Brands debt, and the payment of related fees and expenses.

As a result of the Pinnacle acquisition, we recognized a total of $7.03 billion of goodwill and $3.52 billion of brands, trademarks and other intangibles. Of the total goodwill, $236.7 million is deductible for tax purposes. Amortizable brands, trademarks and other intangibles totaled $668.7 million and have a weighted average estimated useful life of 25 years. Goodwill represents the excess of the consideration transferred over the fair values of the assets acquired and liabilities assumed and is primarily attributable to synergies and intangible assets such as assembled workforce which are not separately recognizable.

The following unaudited pro forma financial information presents the combined results of operations as if the acquisition of Pinnacle had occurred at the beginning of the year acquired, fiscal 2019. These unaudited pro forma results may not necessarily reflect the actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations.

	2019
Pro forma net sales	$	10,788.1
Pro forma net income from continuing operations attributable to Conagra Brands, Inc.	$	803.8

The pro forma results include adjustments for amortization of acquired intangible assets, depreciation, and interest expense on debt issued to finance the acquisition as well as the related income taxes. The pro forma results also include the following material nonrecurring adjustments, along with the related income tax effect of the adjustments:

• Acquisition related costs incurred by the Company and Pinnacle of $62.7 million and $66.8 million, respectively, during fiscal 2019 were excluded from the pro forma results.

• Non-recurring expense of $53.0 million for fiscal 2019 related to the fair value adjustment to acquisition-date inventory estimated to have been sold was excluded from the pro forma results.

48

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

• Non-recurring expense of $45.7 million for fiscal 2019 related to securing bridge financing for the acquisition were excluded from the pro forma results.

3. RESTRUCTURING ACTIVITIES

Pinnacle Integration Restructuring Plan

In December 2018, our Board of Directors (the "Board") approved a restructuring and integration plan related to the ongoing integration of the operations of Pinnacle, which we acquired in October 2018 (the "Pinnacle Integration Restructuring Plan"), for the purpose of achieving significant cost synergies between the companies, as a result of which we expect to incur material charges for exit and disposal activities under U.S. GAAP. We expect to incur approximately $358.0 million ($283.5 million of cash charges and $74.5 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. The Board and/or our senior management have authorized incurrence of these charges. We recognized charges of $31.7 million, $73.8 million, and $168.2 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2021, 2020, and 2019, respectively. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a multi-year period.

We anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2021):

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	7.6	$	5.2	$	—	$	—	$	12.8
Other cost of goods sold		3.8		7.4		0.7		—		11.9
Total cost of goods sold		11.4		12.6		0.7		—		24.7
Severance and related costs		—		4.3		1.5		112.4		118.2
Asset impairment (net of gains on disposal)		30.3		4.0		—		2.6		36.9
Accelerated depreciation		—		—		—		7.4		7.4
Contract/lease termination		7.7		8.2		0.8		15.9		32.6
Consulting/professional fees		1.0		—		0.8		104.7		106.5
Other selling, general and administrative expenses		5.8		4.6		0.3		21.0		31.7
Total selling, general and administrative expenses		44.8		21.1		3.4		264.0		333.3
Consolidated total	$	56.2	$	33.7	$	4.1	$	264.0	$	358.0

During fiscal 2021, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:

	Grocery & Snacks		Refrigerated & Frozen			Corporate			Total
Accelerated depreciation	$	—	$	2.5		$	—		$	2.5
Other cost of goods sold		0.5		1.4			—			1.9
Total cost of goods sold		0.5		3.9			—			4.4
Severance and related costs		—		(0.9	)		(2.7	)		(3.6	)
Asset impairment (net of gains on disposal)		0.1		0.2			(0.3	)		—
Contract/lease termination		1.8		—			0.8			2.6
Consulting/professional fees		0.5		—			22.2			22.7
Other selling, general and administrative expenses		2.8		1.0			1.8			5.6
Total selling, general and administrative expenses		5.2		0.3			21.8			27.3
Consolidated total	$	5.7	$	4.2		$	21.8		$	31.7

Included in the above results are $28.5 million of charges that have resulted or will result in cash outflows and $3.2 million in non-cash charges.

49

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

We recognized the following cumulative (plan inception to May 30, 2021) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	0.6	$	4.6	$	—	$	—	$	5.2
Other cost of goods sold		2.3		2.9		0.7		—		5.9
Total cost of goods sold		2.9		7.5		0.7		—		11.1
Severance and related costs		—		3.4		1.5		112.4		117.3
Asset impairment (net of gains on disposal)		0.3		4.0		—		2.6		6.9
Accelerated depreciation		—		—		—		7.4		7.4
Contract/lease termination		1.8		—		0.8		15.9		18.5
Consulting/professional fees		0.7		—		0.8		89.5		91.0
Other selling, general and administrative expenses		2.8		1.1		0.3		17.3		21.5
Total selling, general and administrative expenses		5.6		8.5		3.4		245.1		262.6
Consolidated total	$	8.5	$	16.0	$	4.1	$	245.1	$	273.7

Included in the above results are $240.9 million of charges that have resulted or will result in cash outflows and $32.8 million in non-cash charges.

Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for fiscal 2021 were as follows:

	Balance at May 31, 2020		Costs Incurred and Charged to Expense		Costs Paid or Otherwise Settled			Changes in Estimates			Balance at May 30, 2021
Severance and related costs	$	23.6	$	0.1	$	(14.9	)	$	(3.7	)	$	5.1
Contract/lease termination		0.5		2.6		(3.1	)		—			—
Consulting/professional fees		7.5		22.7		(26.3	)		—			3.9
Other costs		—		6.8		(6.8	)		—			—
Total	$	31.6	$	32.2	$	(51.1	)	$	(3.7	)	$	9.0

Conagra Restructuring Plan

In fiscal 2019, senior management initiated a restructuring plan (the "Conagra Restructuring Plan") for costs incurred in connection with actions taken to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network. Although we remain unable to make good faith estimates relating to the entire Conagra Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2021, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. As of May 30, 2021, we had approved the incurrence of $172.2 million ($45.4 million of cash charges and $126.8 million of non-cash charges) for several projects associated with the Conagra Restructuring Plan. We have incurred or expect to incur $157.3 million of charges ($36.9 million of cash charges and $120.4 million of non-cash charges) for actions identified to date under the Conagra Restructuring Plan. We recognized charges of $46.2 million, $64.4 million, and $2.2 million in connection with the Conagra Restructuring Plan in fiscal 2021, 2020, and 2019, respectively. We expect to incur costs related to the Conagra Restructuring Plan over a multi-year period.

50

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

We anticipate that we will recognize the following pre-tax expenses in association with the Conagra Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2021):

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	34.7	$	49.7	$	—	$	—	$	84.4
Other cost of goods sold		8.9		2.1		—		—		11.0
Total cost of goods sold		43.6		51.8		—		—		95.4
Severance and related costs		12.0		2.2		1.1		2.1		17.4
Asset impairment (net of gains on disposal)		27.1		0.3		0.1		—		27.5
Contract/lease termination		0.1		—		—		0.1		0.2
Consulting/professional fees		—		—		—		0.7		0.7
Other selling, general and administrative expenses		10.7		4.6		—		0.2		15.5
Total selling, general and administrative expenses		49.9		7.1		1.2		3.1		61.3
Total	$	93.5	$	58.9	$	1.2	$	3.1	$	156.7
Pension and postretirement non-service income										0.6
Consolidated total									$	157.3

During fiscal 2021, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

	Grocery & Snacks		Refrigerated & Frozen		International			Corporate		Total
Accelerated depreciation	$	7.9	$	22.5	$	—		$	—	$	30.4
Other cost of goods sold		2.3		—		—			—		2.3
Total cost of goods sold		10.2		22.5		—			—		32.7
Severance and related costs		5.7		—		(0.1	)		1.4		7.0
Asset impairment (net of gains on disposal)		2.1		0.1		—			—		2.2
Other selling, general and administrative expenses		4.1		—		—			0.2		4.3
Total selling, general and administrative expenses		11.9		0.1		(0.1	)		1.6		13.5
Total	$	22.1	$	22.6	$	(0.1	)	$	1.6	$	46.2

Included in the above results are $11.3 million of charges that have resulted or will result in cash outflows and $34.9 million in non-cash charges.

We recognized the following cumulative (plan inception to May 30, 2021) pre-tax expenses for the Conagra Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	32.0	$	26.7	$	—	$	—	$	58.7
Other cost of goods sold		4.8		0.2		—		—		5.0
Total cost of goods sold		36.8		26.9		—		—		63.7
Severance and related costs		10.4		1.8		1.1		2.1		15.4
Asset impairment (net of gains on disposal)		27.1		0.3		0.1		—		27.5
Contract/lease termination		—		—		—		0.1		0.1
Other selling, general and administrative expenses		5.0		0.3		—		0.2		5.5
Total selling, general and administrative expenses		42.5		2.4		1.2		2.4		48.5
Total	$	79.3	$	29.3	$	1.2	$	2.4	$	112.2
Pension and postretirement non-service income										0.6
Consolidated total									$	112.8

51

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Included in the above results are $24.1 million of charges that have resulted or will result in cash outflows and $88.7 million in non-cash charges.

Liabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2021 were as follows:

	Balance at May 31, 2020		Costs Incurred and Charged to Expense		Costs Paid or Otherwise Settled			Changes in Estimates			Balance at May 30, 2021
Severance and related costs	$	6.5	$	7.4	$	(3.8	)	$	(0.4	)	$	9.7
Other costs		—		4.3		(4.3	)		—			—
Total	$	6.5	$	11.7	$	(8.1	)	$	(0.4	)	$	9.7

4. LONG-TERM DEBT

	May 30, 2021			May 31, 2020
5.4% senior debt due November 2048	$	1,000.0		$	1,000.0
4.65% senior debt due January 2043		176.7			176.7
6.625% senior debt due August 2039		91.4			91.4
5.3% senior debt due November 2038		1,000.0			1,000.0
8.25% senior debt due September 2030		300.0			300.0
4.85% senior debt due November 2028		1,300.0			1,300.0
7.0% senior debt due October 2028		382.2			382.2
1.375% senior debt due November 2027		1,000.0			—
6.7% senior debt due August 2027		9.2			9.2
7.125% senior debt due October 2026		262.5			262.5
4.6% senior debt due November 2025		1,000.0			1,000.0
4.3% senior debt due May 2024		1,000.0			1,000.0
3.2% senior debt due January 2023		437.0			837.0
3.25% senior debt due September 2022		250.0			250.0
3.8% senior debt due October 2021		—			1,200.0
9.75% subordinated debt due March 2021		—			195.9
LIBOR plus 0.50% senior debt due October 2020		—			500.0
4.95% senior debt due August 2020		—			126.6
0.45% to 9.59% lease financing obligations due on various dates through 2035		139.1			155.1
Other indebtedness		0.1			0.1
Total face value of debt		8,348.2			9,786.7
Unamortized fair value adjustment		19.9			21.2
Unamortized discounts		(25.8	)		(17.2	)
Unamortized debt issuance costs		(44.0	)		(44.6	)
Adjustment due to hedging activity		—			0.2
Less current installments		(23.1	)		(845.5	)
Total long-term debt	$	8,275.2		$	8,900.8

52

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 30, 2021, are as follows:

2022	$	23.1
2023		706.8
2024		1,015.8
2025		14.3
2026		1,020.8

Pinnacle Acquisition Financing

In the first quarter of fiscal 2019, in connection with the announcement of the acquisition of Pinnacle, we secured $9.0 billion in fully committed bridge financing. Prior to the acquisition, we capitalized financing costs related to the bridge financing of $45.7 million to be amortized over the commitment period. Our net interest expense included $11.9 million for fiscal 2019 as a result of this amortization. The bridge facility was terminated in connection with the acquisition, and we recognized $33.8 million of expense within SG&A expenses in fiscal 2019 for the remaining unamortized financing costs.

During the second quarter of fiscal 2019, to finance a portion of our acquisition of Pinnacle, we issued senior unsecured notes in an aggregate principal amount of $7.025 billion.

During the second quarter of fiscal 2019, to finance a portion of our acquisition of Pinnacle, we also entered into a term loan agreement (the "Term Loan Agreement") with a syndicate of financial institutions providing for term loans to the Company in an aggregate principal amount of up to $1.30 billion. Our borrowings under the Term Loan Agreement consisted of a $650.0 million tranche of three-year term loans maturing on October 26, 2021 and a $650.0 million tranche of five-year term loans maturing on October 26, 2023. During fiscal 2019, we repaid $900.0 million under the Term Loan Agreement and we repaid the remaining $400.0 million outstanding under the Term Loan Agreement during fiscal 2020. The Term Loan Agreement was terminated following these repayments.

In connection with our acquisition of Pinnacle, we prepaid in full $2.40 billion of obligations and liabilities of Pinnacle under or in respect of Pinnacle's credit agreement and other debt agreements. We also redeemed $350.0 million in aggregate principal amount of Pinnacle's outstanding 5.875% senior notes due January 15, 2024 and recognized a charge of $3.9 million in fiscal 2019 as a cost of early retirement of debt.

In the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts (see Note 17) to hedge a portion of the interest rate risk related to our anticipated issuance of long-term debt to help finance the Pinnacle acquisition. During the second quarter of fiscal 2019, we terminated the interest rate swap contracts and received proceeds of $47.5 million. This gain was deferred in accumulated other comprehensive income and is being amortized as a reduction of interest expense over the lives of the related debt instruments. Our net interest expense was reduced by $3.3 million, $3.5 million and $2.0 million in fiscal 2021, fiscal 2020, and fiscal 2019, respectively, due to the impact of these interest rate swap contracts.

General

During the fourth quarter of fiscal 2021, we repaid the remaining outstanding $195.9 million aggregate principal amount of our 9.75% subordinated notes on the maturity date of March 1, 2021.

During the third quarter of fiscal 2021, we redeemed $400.0 million aggregate principal amount of our 3.20% senior notes due January 25, 2023, prior to maturity, resulting in a loss of $24.4 million within SG&A expenses as a cost of early extinguishment of debt.

During the second quarter of fiscal 2021, we issued $1.0 billion aggregate principal amount of 1.375% senior notes due November 1, 2027 (the "2027 Senior Notes"). We also redeemed the entire outstanding $1.20 billion aggregate principal amount of our 3.80% senior notes prior to their maturity date of October 22, 2021, resulting in a net loss of $44.3 million within SG&A expenses as a cost of early extinguishment of debt. This redemption was primarily funded using the net proceeds from the issuance of the 2027 Senior Notes.

53

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

During the second quarter of fiscal 2021, we also repaid the entire outstanding $500.0 million aggregate principal amount of our floating rate notes on the maturity date of October 9, 2020.

During the first quarter of fiscal 2021, we repaid the remaining outstanding $126.6 million aggregate principal amount of our 4.95% senior notes on their maturity date of August 15, 2020.

In fiscal 2020, we redeemed the entire outstanding $525.0 million aggregate principal amount of our floating rate notes due October 22, 2020 in two separate redemptions totaling $250.0 million and $275.0 million in the third and fourth quarters of fiscal 2020, respectively.

In the fourth quarter of fiscal 2020, we entered into an unsecured term loan agreement (the "Credit Agreement") with a financial institution. The Credit Agreement provided for delayed draw term loans to the Company in an aggregate principal amount not to exceed $600.0 million (subject to increase to a maximum aggregate principal amount of $750.0 million) through October 9, 2020. We did not borrow under the Credit Agreement, and it was terminated in the second quarter of fiscal 2021.

Net interest expense consists of:

	2021			2020			2019
Long-term debt	$	430.0		$	495.9		$	385.9
Short-term debt		2.5			0.9			15.0
Interest income		(1.9	)		(3.1	)		(6.8	)
Interest capitalized		(10.2	)		(6.6	)		(2.7	)
	$	420.4		$	487.1		$	391.4

Interest paid from continuing operations was $445.6 million, $494.6 million, and $375.6 million in fiscal 2021, 2020, and 2019, respectively.

5. CREDIT FACILITIES AND BORROWINGS

At May 30, 2021, we had a revolving credit facility (the "Revolving Credit Facility") with a syndicate of financial institutions providing for a maximum aggregate principal amount outstanding at any one time of $1.6 billion (subject to increase to a maximum aggregate principal amount of $2.1 billion with the consent of the lenders). The Revolving Credit Facility matures on July 11, 2024 and is unsecured. The term of the Revolving Credit Facility may be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. As of May 30, 2021, there were no outstanding borrowings under the Revolving Credit Facility.

The Revolving Credit Facility contains events of default customary for unsecured investment grade credit facilities with corresponding grace periods. The Revolving Credit Facility contains customary affirmative and negative covenants for unsecured investment grade credit facilities of this type. It generally requires our ratio of EBITDA to interest expense not to be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed certain decreasing specified levels, ranging from 4.75 through the first quarter of fiscal 2022 to 3.75 from the second quarter of fiscal 2023 and thereafter, with each ratio to be calculated on a rolling four-quarter basis. As of May 30, 2021, we were in compliance with all financial covenants under the Revolving Credit Facility.

On July 13, 2021, subsequent to our fiscal year end, we entered into an amendment to the Revolving Credit Facility. The amendment modifies the ratio of funded debt to EBITDA financial covenant to require a ratio of not greater than 4.50 on a rolling four-quarter basis.  

We finance our short-term liquidity needs with existing cash balances, cash flows from operations, and commercial paper borrowings. As of May 30, 2021, we had $705.7 million outstanding under our commercial paper program at an average weighted interest rate of 0.36%. There were no outstanding borrowings under our commercial paper program as of May 31, 2020.

54

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

6. DIVESTITURES AND ASSETS HELD FOR SALE

Divestitures

During the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters^® business for net proceeds of $50.6 million, subject to final working capital adjustments. The business results were previously reported primarily within our Refrigerated & Frozen segment, and to a lesser extent within our International and Foodservice segments. We recognized a gain on the sale of $10.4 million, included within SG&A expenses. In connection with the sale of our Egg Beaters^® business, we also recognized a loss of $7.1 million within SG&A expenses related to the early exit of an unfavorable contract.

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Egg Beaters^® business were as follows:

	May 31, 2020
Current assets	$	3.0
Noncurrent assets (including goodwill of $27.5 million)		48.1
Current liabilities		13.1

During the third quarter of fiscal 2021, we completed the sale of our Peter Pan^® peanut butter business for net proceeds of $101.5 million, including working capital adjustments but subject to final adjustments for certain tax benefits. The business results were previously reported primarily within our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments. We recognized a gain on the sale of $49.8 million, included within SG&A expenses.

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Peter Pan^® peanut butter business were as follows:

	May 31, 2020
Current assets	$	8.8
Noncurrent assets (including goodwill of $44.9 million)		55.3
Current liabilities		5.4

During the second quarter of fiscal 2021, we completed the sale of our H.K. Anderson^® business for net proceeds of $8.7 million, including working capital adjustments. The business results were previously reported in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We recognized a gain on the sale of $5.3 million, included within SG&A expenses.

The assets classified as held for sale reflected in our Consolidated Balance Sheets related to the H.K. Anderson^® business were as follows:

	May 31, 2020
Current assets	$	1.3
Noncurrent assets (including goodwill of $2.4 million)		2.6

During the third quarter of fiscal 2020, we completed the sale of our Lender's^® bagel business for net proceeds of $33.3 million, including working capital adjustments. The business results were previously reported primarily in our Refrigerated & Frozen segment, and to a lesser extent within our Foodservice segment. In connection with the sale of our Lender's^® bagel business, we recognized an impairment charge of $27.6 million within SG&A expenses in the second quarter of fiscal 2020.

 During the second quarter of fiscal 2020, we completed the sale of our Direct Store Delivery ("DSD") snacks business for net proceeds of $137.5 million, including final working capital adjustments. The business results were previously reported in our Grocery & Snacks segment. In connection with the sale of our DSD snacks business, we recognized an impairment charge of $31.4 million within SG&A expenses in the first quarter of fiscal 2020.

55

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

During the third quarter of fiscal 2020, we completed the sale of our peanut butter manufacturing facility in Streator, Illinois. The sale was part of a broader initiative to optimize the Company's peanut butter business, which also included the decision to exit the manufacture and sale of private label peanut butter. The business results were previously reported primarily in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We received net proceeds of $24.8 million, including working capital adjustments. In connection with this divestiture, we recognized impairment charges of $23.0 million within SG&A expenses in the first half of fiscal 2020. These charges have been included in restructuring activities.

During the fourth quarter of fiscal 2019, we completed the sale of our Italian-based frozen pasta business, Gelit, for proceeds net of cash divested of $80.1 million, including final working capital adjustments. The business results were previously reported primarily in our Refrigerated & Frozen segment. We recognized a gain on the sale of $23.1 million, included within SG&A expenses.

During the fourth quarter of fiscal 2019, we completed the sale of our Wesson^® oil business for net proceeds of $168.3 million, including final working capital adjustments. The business results were previously reported primarily in our Grocery & Snacks segment, and to a lesser extent within the Foodservice and International segments. We recognized a gain on the sale of $33.1 million, included within SG&A expenses.

During the first quarter of fiscal 2019, we completed the sale of our Del Monte^® processed fruit and vegetable business in Canada, which was previously reported in our International segment, for combined proceeds of $32.2 million. We recognized a gain on the sale of $13.2 million, included within SG&A expenses.

Lamb Weston Spinoff

On November 9, 2016, we completed the spinoff of Lamb Weston Holdings, Inc. ("Lamb Weston"). As of such date, we did not beneficially own any equity interest in Lamb Weston and no longer consolidated Lamb Weston into our financial results. Included within discontinued operations during fiscal 2019 was an after-tax loss of $2.8 million due primarily to an income tax adjustment.

Private Brands Operations

On February 1, 2016, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. Included within discontinued operations during fiscal 2019 was after-tax income of $0.9 million related to the Private Brands operations.

Other Assets Held for Sale

From time to time, we actively market certain other assets. Balances totaling $4.6 million and $9.4 million at May 30, 2021 and May 31, 2020, respectively, have been reclassified as noncurrent assets held for sale within our Consolidated Balance Sheets for periods prior to the disposal of these individual asset groups.

7. INVESTMENTS IN JOINT VENTURES

The total carrying value of our equity method investments at the end of fiscal 2021 and 2020 was $841.8 million and $798.7 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and a 50% ownership interest in one other joint venture. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month.

In fiscal 2021, we had purchases from our equity method investees of $28.7 million. Total dividends received from equity method investments in fiscal 2021 were $56.5 million.

In fiscal 2020, we had purchases from our equity method investees of $32.5 million. Total dividends received from equity method investments in fiscal 2020 were $51.4 million.

In fiscal 2019, we had purchases from our equity method investees of $39.4 million. Total dividends received from equity method investments in fiscal 2019 were $55.0 million.

56

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Summarized combined financial information for our equity method investments on a 100% basis is as follows:

	2021		2020		2019
Net sales:
Ardent Mills	$	3,407.6	$	3,393.9	$	3,476.0
Other		238.8		225.0		195.4
Total net sales	$	3,646.4	$	3,618.9	$	3,671.4
Gross margin:
Ardent Mills	$	360.6	$	313.1	$	281.9
Other		47.3		49.4		45.5
Total gross margin	$	407.9	$	362.5	$	327.4
Earnings after income taxes:
Ardent Mills	$	169.6	$	144.5	$	151.9
Other		19.5		19.3		18.1
Total earnings after income taxes	$	189.1	$	163.8	$	170.0

	May 30, 2021		May 31, 2020
Ardent Mills:
Current assets	$	1,101.5	$	1,010.6
Noncurrent assets		1,848.2		1,720.2
Current liabilities		524.1		454.8
Noncurrent liabilities		563.0		503.4
Other:
Current assets	$	95.0	$	87.1
Noncurrent assets		36.8		24.5
Current liabilities		39.9		44.1
Noncurrent liabilities		10.6		8.3

8. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The change in the carrying amount of goodwill for fiscal 2021 and 2020, excluding amounts classified as held for sale (see Note 6), was as follows:

	Grocery & Snacks		Refrigerated & Frozen		International			Foodservice		Total
Balance as of May 26, 2019	$	4,694.7	$	5,619.2	$	299.0		$	747.7	$	11,360.6
Purchase accounting adjustments		3.5		5.9		0.7			—		10.1
Currency translation		—		—		(9.2	)		—		(9.2	)
Balance as of May 31, 2020	$	4,698.2	$	5,625.1	$	290.5		$	747.7	$	11,361.5
Currency translation		—		—		12.0			—		12.0
Balance as of May 30, 2021	$	4,698.2	$	5,625.1	$	302.5		$	747.7	$	11,373.5

57

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows:

	2021				2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets	$	3,301.2	$	—	$	3,388.7	$	—
Amortizing intangible assets		1,235.3		378.9		1,232.1		318.4
	$	4,536.5	$	378.9	$	4,620.8	$	318.4

In the first quarter of fiscal 2021, management changed its reporting of certain brands within two reporting units in our Refrigerated & Frozen segment. The total goodwill in our Refrigerated & Frozen segment remains unchanged, but we reassigned goodwill between the two reporting units. We evaluated goodwill for impairment both prior to and subsequent to the change, and there were no impairments. For the Sides, Components, Enhancers reporting unit that was impacted by the management change, based upon a quantitative impairment test, the excess fair value over the carrying value was approximately 20%, which remained relatively consistent with our prior year quantitative impairment test.

Fair value is typically estimated using a discounted cash flow analysis which requires us to estimate the future cash flows as well as to select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, we consider historical results adjusted to reflect current and anticipated operating conditions. We estimate cash flows for a reporting unit over a discrete period (typically five years) and a terminal period (considering expected long-term growth rates and trends). We used a discount rate for our Sides, Components, Enhancers reporting unit of 6.25% and a terminal growth rate slightly in excess of 1%. Estimating the fair value of individual reporting units requires us to make assumptions and estimates in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows, discount rates, or terminal growth rates could produce substantially different estimates of the fair value of the reporting units.

In the fourth quarter of fiscal 2021, we performed our annual goodwill impairment assessment on all of our reporting units and found no indicators of impairment. We completed a qualitative assessment which considered, among other things, an increase in our market capitalization from our previous testing date, the current interest rate environment, and recent events which have had a positive impact on our financial results for most of our reporting units. However, we will continue to evaluate the impact of any significant changes in consumer purchasing behaviors, government restrictions, input cost inflation, or other macroeconomic conditions which could change certain assumptions that result in future impairments. While retail sales have increased due to higher than anticipated consumer demand for our products throughout the COVID-19 pandemic, our Foodservice segment has experienced a negative impact with decreased away-from-home eating occasions. We continue to believe this is a temporary decline as seen with improving trends in our Foodservice segment in the fourth quarter of fiscal 2021. As such, we have determined that there was no impairment triggering event as it was not more likely than not that the fair value of this reporting unit is less than its carrying amount. 

Amortizing intangible assets, carrying a remaining weighted-average life of approximately 19 years, are principally composed of customer relationships and acquired intellectual property. For fiscal 2021, 2020, and 2019, we recognized amortization expense of $59.7 million, $59.8 million, and $49.1 million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 30, 2021, amortization expense for the next five years is estimated to be as follows:

2022	$	59.5
2023		57.2
2024		53.9
2025		53.9
2026		43.8

For our non-amortizing intangible assets, which are comprised of brands and trademarks, we use a "relief from royalty" methodology in estimating fair value. During fiscal 2021, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $90.9 million, primarily within our Grocery & Snacks and Refrigerated

58

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

& Frozen segments. Udi’s^® was the most notable brand with impairment in fiscal 2021 largely due to lower than expected sales and profit margins which resulted in a reduction to our assumed royalty rate.

During the first quarter of fiscal 2020, we recorded impairment charges totaling $19.3 million within our Refrigerated & Frozen segment and Grocery & Snacks segment for certain brands for which management changed its business strategy and that continued to have lower than expected sales and profit margins. This impairment was included within SG&A expenses.

During fiscal 2020, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $146.2 million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments, largely associated with brands that were recorded at fair value in recent acquisitions. The more notable brands with impairments included Frontera^®, Gardein^®, Glutino^®, Hungry Man^®, and Udi’s^®. While most of our recently acquired brands continue to remain on track with previous assumptions, these brands have had lower than expected sales or profit margins which have led to some revisions in our original assumptions (most notably declines in our assumed royalty rates).     

During fiscal 2019, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $76.5 million for our Chef Boyardee^® and Red Fork^® brands in our Grocery & Snacks segment. We also recognized impairment charges of $13.1 million for our Aylmer^® and Sundrop^® brands in our International segment.

9. EARNINGS PER SHARE

Basic earnings per share is calculated on the basis of weighted average outstanding shares of common stock. Diluted earnings per share is computed on the basis of basic weighted average outstanding shares of common stock adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities. During the second quarter of fiscal 2019, we issued 77.5 million shares of our common stock out of treasury to the former stockholders of Pinnacle pursuant to the terms of the Merger Agreement. In addition, we issued 16.3 million shares of our common stock, par value $5.00 per share, in an underwritten public offering in connection with the financing of the Pinnacle acquisition, with net proceeds of $555.7 million (see Note 2).

The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:

	2021		2020		2019
Net income attributable to Conagra Brands, Inc. common stockholders:
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders	$	1,298.8	$	840.1	$	680.2
Loss from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders		—		—		(1.9	)
Net income attributable to Conagra Brands, Inc. common stockholders	$	1,298.8	$	840.1	$	678.3
Weighted average shares outstanding:
Basic weighted average shares outstanding		485.8		487.3		444.0
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities		2.0		1.3		1.6
Diluted weighted average shares outstanding		487.8		488.6		445.6

For fiscal 2021, 2020, and 2019, there were 0.4 million, 1.9 million, and 2.0 million stock options outstanding, respectively, that were excluded from the computation of diluted weighted average shares because the effect was antidilutive.

59

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

10. INVENTORIES

The major classes of inventories were as follows:

	May 30, 2021		May 31, 2020
Raw materials and packaging	$	290.7	$	291.6
Work in process		125.1		125.2
Finished goods		1,238.1		874.7
Supplies and other		80.1		73.3
Total	$	1,734.0	$	1,364.8

11. OTHER NONCURRENT LIABILITIES

Other noncurrent liabilities consisted of:

	May 30, 2021		May 31, 2020
Postretirement health care and pension obligations	$	197.3	$	324.9
Noncurrent income tax liabilities		1,271.4		1,330.1
Noncurrent lease liabilities (see Note 15)		188.3		206.1
Self-insurance liabilities		30.5		37.5
Asset retirement obligations		42.4		13.4
Environmental liabilities (see Note 16)		59.0		61.5
Legal settlement costs (see Note 16)		52.0		63.1
Technology agreement liability		—		14.6
Other		141.9		113.9
	$	1,982.8	$	2,165.1

12. CAPITAL STOCK

The total number of shares we are authorized to issue is 1,218,050,000 shares, which shares may be issued as follows: 1,200,000,000 shares of common stock, par value $5.00 per share; 150,000 shares of Class B Preferred Stock, par value $50.00 per share; 250,000 shares of Class C Preferred Stock, par value $100.00 per share; 1,100,000 shares of Class D Preferred Stock, no par value per share; and 16,550,000 shares of Class E Preferred Stock, no par value per share. There were no preferred shares issued or outstanding as of May 30, 2021.

We have repurchased our shares of common stock from time to time after considering market conditions and in accordance with repurchase limits authorized by our Board. During fiscal 2021, we repurchased 8.8 million shares of our common stock for $298.1 million.

13. SHARE-BASED PAYMENTS

In accordance with stockholder-approved equity incentive plans, we grant stock-based compensation awards, including restricted stock units, cash-settled restricted stock units, performance shares, performance-based restricted stock units, stock options, and stock appreciation rights. The shares delivered upon vesting or lapse of restriction under any such arrangement may consist, in whole or part, of treasury stock or authorized but unissued stock, not reserved for any other purpose.

On September 19, 2014, our stockholders approved the Conagra Brands, Inc. 2014 Stock Plan (as amended effective December 11, 2017, the "Plan"). The Plan authorizes the issuance of up to 40.3 million shares of Conagra Brands common stock. In addition to the shares under the 2014 Stock Plan, certain shares of Conagra Brands common stock subject to outstanding awards under predecessor stock plans that expire, lapse, are cancelled, terminated, forfeited, otherwise become unexercisable, or are settled for cash are available for issuance. At May 30, 2021, approximately 39.5 million shares were reserved for granting new share-based awards.

60

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Share Unit Awards

In accordance with stockholder-approved equity incentive plans, we grant awards of restricted stock units and cash-settled restricted stock units ("share units") to employees and directors. These awards generally have requisite service periods of three years. Under each such award, stock or cash (as applicable) is issued without direct cost to the employee. We estimate the fair value of the share units based upon the market price of our stock at the date of grant. Certain share unit grants do not provide for the payment of dividend equivalents to the participant during the requisite service period (the "vesting period"). For those grants, the value of the grants is reduced by the net present value of the foregone dividend equivalent payments.

We recognize compensation expense for share unit awards on a straight-line basis over the requisite service period, accounting for forfeitures as they occur. All cash-settled restricted stock units were marked-to-market and presented within other current and noncurrent liabilities in our Consolidated Balance Sheets prior to final payout in fiscal 2021. The compensation expense for our stock-settled share unit awards totaled $28.1 million, $24.5 million, and $23.9 million for fiscal 2021, 2020, and 2019, respectively. The tax benefit related to the stock-settled share unit award compensation expense for fiscal 2021, 2020, and 2019 was $6.1 million, $5.3 million, and $6.0 million, respectively. The compensation expense for our cash-settled share unit awards totaled $1.0 million, $4.2 million, and $17.5 million for fiscal 2021, 2020, and 2019, respectively. The tax benefit related to the cash-settled share unit award compensation expense for fiscal 2021, 2020, and 2019 was $0.3 million, $1.1 million, and $4.4 million, respectively.

During the second quarter of fiscal 2019, in connection with the completion of the Pinnacle acquisition, we granted 2.0 million cash-settled share unit awards at a grant date fair value of $36.37 per share unit to Pinnacle employees in replacement of their unvested restricted share unit awards that were outstanding as of the closing date. Included in the compensation expense described above for fiscal 2020 and 2019 is expense of $1.0 million and $18.9 million, respectively, for accelerated vesting of awards related to Pinnacle integration restructuring activities, net of the impact of marking-to-market these awards based on a lower market price of shares of Conagra Brands common stock. Approximately $36.3 million of the fair value of the replacement share unit awards granted to Pinnacle employees was attributable to pre-combination service and was included in the purchase price and established as a liability. Included in the fiscal 2020 and 2019 expense for cash-settled share unit awards above is expense of $0.2 million and income of $6.7 million, respectively, related to the mark-to-market of this liability. As of May 30, 2021, there were no remaining cash-settled share unit awards.

The following table summarizes the nonvested share units as of May 30, 2021 and changes during the fiscal year then ended:

	Stock-Settled					Cash-Settled
Share Units	Share Units (in Millions)			Weighted Average Grant-Date Fair Value		Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested share units at May 31, 2020		2.38		$	31.76		0.12		$	36.37
Granted		0.93		$	36.72		—		$	—
Vested/Issued		(0.68	)	$	33.77		(0.12	)	$	36.37
Forfeited		(0.14	)	$	32.69		—		$	—
Nonvested share units at May 30, 2021		2.49		$	33.00		—		$	—

During fiscal 2021, 2020, and 2019, we granted 0.9 million, 1.3 million, and 0.9 million stock-settled share units, respectively, with a weighted average grant date fair value of $36.72, $28.32, and $35.43 per share unit, respectively. No cash-settled share unit awards were granted in fiscal 2021 or 2020.

The total intrinsic value of stock-settled share units vested was $24.6 million, $14.2 million, and $24.6 million during fiscal 2021, 2020, and 2019, respectively. The total intrinsic value of cash-settled share units vested was $4.3 million, $24.3 million, and $50.5 million during fiscal 2021, 2020, and 2019, respectively.

At May 30, 2021, we had $28.2 million of total unrecognized compensation expense that will be recognized over a weighted average period of 1.7 years related to stock-settled share unit awards.

61

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Performance Share Awards

In accordance with stockholder-approved equity incentive plans, we grant performance shares to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goals for the three-year performance periods ending in fiscal 2021 (the "2021 performance period") and fiscal 2022 ("2022 performance period") are based on our diluted earnings per share ("EPS") compound annual growth rate ("CAGR"), subject to certain adjustments, measured over the defined performance periods. The performance goal for one-third of the target number of performance shares for the three-year performance period ending in fiscal 2023 (the "2023 performance period") is based on our fiscal 2021 diluted EPS CAGR, subject to certain adjustments. The performance goal for the final two-thirds of the target number of performance shares granted for the 2023 performance period is based on our diluted EPS CAGR, subject to certain adjustments, measured over the two-year period ending in fiscal 2023. For each of the 2021 performance period, 2022 performance period, and 2023 performance period, the awards actually earned will range from zero to two hundred percent of the targeted number of performance shares for such performance period. Dividend equivalents are paid on the portion of performance shares actually earned at our regular dividend rate in additional shares of common stock.

Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in our performance share plan, any shares earned will be distributed after the end of the performance period, and generally only if the participant continues to be employed with the Company through the date of distribution. For awards where performance against the performance target has not been certified, the value of the performance shares is adjusted based upon the market price of our common stock and current forecasted performance against the performance targets at the end of each reporting period and amortized as compensation expense over the vesting period. Forfeitures are accounted for as they occur.

A summary of the activity for performance share awards as of May 30, 2021 and changes during the fiscal year then ended is presented below:

Performance Shares	Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested performance shares at May 31, 2020		1.49		$	32.27
Granted		0.48		$	36.82
Adjustments for performance results attained and dividend equivalents		0.48		$	33.82
Vested/Issued		(0.93	)	$	33.82
Forfeited		(0.01	)	$	33.43
Nonvested performance shares at May 30, 2021		1.51		$	33.25

The compensation expense for our performance share awards totaled $34.9 million, $31.8 million, and $8.2 million for fiscal 2021, 2020, and 2019, respectively. The tax benefit related to the compensation expense for fiscal 2021, 2020, and 2019 was $3.6 million, $2.9 million, and $2.1 million, respectively.

The total intrinsic value of performance shares vested (including shares paid in lieu of dividends) during fiscal 2021, 2020, and 2019 was $33.9 million, $8.4 million, and $15.7 million, respectively.

Based on estimates at May 30, 2021, we had $19.8 million of total unrecognized compensation expense related to performance shares that will be recognized over a weighted average period of 1.7 years.

Performance-Based Restricted Stock Unit Awards

On April 15, 2019 (the "grant date"), we made grants of performance-based restricted stock unit ("PBRSU") awards to the Company's named executive officers and a limited group of other senior officers of the Company. A total of 0.2 million PBRSU awards were granted with a grant date fair value of $41.82 per PBRSU.

The PBRSU awards are awards of share units with vesting contingent on our achievement of certain absolute total shareholder return performance ("TSR") goals over a performance period beginning on the grant date and ending May 27, 2022 (the "PBRSU performance period"). If PBRSUs are earned based on absolute TSR and absolute TSR meets or exceeds a

62

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

predetermined rate, they become eligible for an upward adjustment of 25% based on our relative TSR for the PBRSU performance period versus the median TSR of the S&P 500 Index ("RTSR"). Each PBRSU award payout can range from 0% to 500% of the initial target grant and will not exceed 8.6 times the grant value of each grantee's PBRSU award (including earned dividend equivalents).

Compensation expense for the awards is recognized over the PBRSU performance period based upon the grant date fair value. The grant date fair value was estimated using a Monte-Carlo simulation model with a risk-free rate of 2.35% and an expected volatility of 24.92%. The model includes no expected dividend yield as the PBRSUs earn dividend equivalents.

We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. The compensation expense for our PBRSU awards totaled $2.4 million, $2.7 million, and $0.3 million for fiscal 2021, 2020, and 2019 respectively. The tax benefit related to the compensation expense for fiscal 2021, 2020, and 2019 was $0.2 million, $0.2 million, and $0.1 million, respectively. Based on estimates at May 30, 2021, we had $2.3 million of total unrecognized compensation expense related to the PBRSU awards that will be recognized over a period of one year.

Stock Option Awards

In accordance with stockholder-approved equity incentive plans, we granted stock options to employees and directors for the purchase of common stock at prices equal to its fair value at the date of grant. Stock options become exercisable under various vesting schedules (typically three years) and generally expire seven to ten years after the date of grant. No stock options were granted in fiscal 2021, 2020, or 2019.

A summary of the option activity as of May 30, 2021 and changes during the fiscal year then ended is presented below:

Options	Number of Options (in Millions)			Weighted Average Exercise Price		Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in Millions)
Outstanding at May 31, 2020		3.8		$	30.07
Exercised		(0.8	)	$	27.47			$	7.0
Outstanding at May 30, 2021		3.0		$	30.70		4.16	$	22.5
Exercisable at May 30, 2021		3.0		$	30.70		4.16	$	22.5

We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. The total intrinsic value of stock options exercised was $7.0 million, $3.8 million, and $7.9 million for fiscal 2021, 2020, and 2019, respectively. The closing market price of our common stock on the last trading day of fiscal 2021 was $38.10 per share.

Compensation expense for stock option awards totaled $0.2 million and $2.2 million for fiscal 2020 and 2019, respectively. Included in the compensation expense for stock option awards for fiscal 2019 was $0.2 million related to stock options granted by a subsidiary in the subsidiary's shares to the subsidiary's employees. The tax benefit related to the stock option expense for fiscal 2020 and 2019 was $0.1 million and $0.5 million, respectively.

At May 30, 2021, we had no unrecognized compensation expense related to stock options.

Cash received from stock option exercises for fiscal 2021, 2020, and 2019 was $20.5 million, $11.0 million, and $12.4 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $1.7 million, $1.4 million, and $2.3 million for fiscal 2021, 2020, and 2019, respectively.

63

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Stock Appreciation Rights Awards

During the second quarter of fiscal 2019, in connection with the completion of the Pinnacle acquisition, we granted 2.3 million cash-settled stock appreciation rights with a fair value estimated at closing date using a Black-Scholes option-pricing model and a grant date price of $36.37 per share to Pinnacle employees in replacement of their unvested stock option awards that were outstanding as of the closing date. Approximately $14.8 million of the fair value of the replacement awards granted to Pinnacle employees was attributable to pre-combination service and was included in the purchase price and established as a liability. As of May 30, 2021, there were no remaining stock appreciation rights.

The compensation income for our cash-settled stock appreciation rights totaled $0.3 million and $13.7 million for fiscal 2020 and fiscal 2019, respectively. Included in this amount for fiscal 2019 is income of $14.0 million related to the mark-to-market of the liability established in connection with the Pinnacle acquisition and expense of $0.2 million for accelerated vesting of awards related to Pinnacle integration restructuring activities, net of the impact of marking-to-market these awards based on a lower market price of Conagra common shares. The related tax expense for fiscal 2020 and fiscal 2019 was $0.1 million and $3.4 million, respectively

14. PRE-TAX INCOME AND INCOME TAXES

Pre-tax income from continuing operations (including equity method investment earnings) consisted of the following:

	2021		2020		2019
United States	$	1,426.5	$	978.3	$	826.6
Foreign		68.2		64.8		72.5
	$	1,494.7	$	1,043.1	$	899.1

The provision for income taxes included the following:

	2021			2020			2019
Current
Federal	$	232.6		$	188.2		$	125.4
State		31.8			25.5			22.6
Foreign		15.3			9.5			21.6
		279.7			223.2			169.6
Deferred
Federal		(63.5	)		37.6			40.1
State		(26.1	)		(62.3	)		19.0
Foreign		3.7			2.8			(9.9	)
		(85.9	)		(21.9	)		49.2
	$	193.8		$	201.3		$	218.8

64

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows:

	2021			2020			2019
Computed U.S. Federal income taxes	$	313.9		$	219.0		$	188.8
State income taxes, net of U.S. Federal tax impact		37.4			29.6			34.1
Goodwill and intangible impairments		13.6			11.2			12.5
Remeasurement of deferred taxes due to legal entity reorganization		35.8			(40.9	)		16.9
State tax impact of combining Pinnacle business		—			—			(12.0	)
Change of valuation allowance on capital loss carryforward		(188.5	)		—			(32.2	)
Other		(18.4	)		(17.6	)		10.7
	$	193.8		$	201.3		$	218.8

Income taxes paid, net of refunds, were $286.3 million, $178.0 million, and $133.8 million in fiscal 2021, 2020, and 2019, respectively.

The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:

	May 30, 2021					May 31, 2020
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	281.7	$	—		$	258.4
Inventory		19.5			—		19.5			—
Goodwill, trademarks and other intangible assets		—			1,118.4		—			1,108.4
Right-of-use assets		—			45.5		—			51.0
Accrued expenses		12.0			—		13.4			—
Compensation related liabilities		36.5			—		36.3			—
Pension and other postretirement benefits		—			9.8		35.2			—
Investment in unconsolidated subsidiaries		—			2.6		—			196.2
Lease liabilities		54.4			—		61.3			—
Other liabilities that will give rise to future tax deductions		96.2			—		88.1			—
Net capital and operating loss carryforwards		53.8			—		753.4			—
Federal credits		16.1			—		17.5			—
Other		33.9			33.1		52.7			31.8
		322.4			1,491.1		1,077.4			1,645.8
Less: Valuation allowance		(67.5	)		—		(728.3	)		—
Net deferred taxes	$	254.9		$	1,491.1	$	349.1		$	1,645.8

The liability for gross unrecognized tax benefits at May 30, 2021 was $33.0 million, excluding a related liability of $8.8 million for gross interest and penalties. Included in the balance at May 30, 2021 are $0.8 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. Any associated interest and penalties imposed would affect the tax rate. As of May 31, 2020, our gross liability for unrecognized tax benefits was $35.8 million, excluding a related liability of $7.4 million for gross interest and penalties. Interest and penalties recognized in the Consolidated Statements of Earnings was an expense of $1.4 million in fiscal 2021, a benefit of $4.3 million in fiscal 2020, and an expense of $1.2 million in fiscal 2019.

The net amount of unrecognized tax benefits at May 30, 2021 and May 31, 2020 that, if recognized, would favorably impact our effective tax rate was $28.2 million and $30.3 million, respectively.

65

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

We accrue interest and penalties associated with uncertain tax positions as part of income tax expense.

We conduct business and file tax returns in numerous countries, states, and local jurisdictions. The U.S. Internal Revenue Service ("IRS") has completed its audit of the Company for tax years through fiscal 2020. All resulting significant items for fiscal 2020 and prior years have been settled with the IRS, with the exception of fiscal 2016. Statutes of limitation for pre-acquisition tax years of Pinnacle generally remain open for calendar year 2003 and subsequent years principally related to net operating losses. Other major jurisdictions where we conduct business generally have statutes of limitations ranging from three to five years.

We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $13.2 million over the next twelve months due to various federal, state, and foreign audit settlements and the expiration of statutes of limitations.

The change in the unrecognized tax benefits for the year ended May 30, 2021 was:

Beginning balance on May 31, 2020	$	35.8
Increases from positions established during prior periods		0.8
Decreases from positions established during prior periods		(2.6	)
Increases from positions established during the current period		2.6
Reductions resulting from lapse of applicable statute of limitation		(4.3	)
Other adjustments to liability		0.7
Ending balance on May 30, 2021	$	33.0

We have approximately $13.3 million of foreign net operating loss carryforwards ($9.8 million will expire between fiscal 2022 and 2042 and $3.5 million have no expiration dates) and $106.8 million of federal net operating loss carryforwards which expire between fiscal 2022 and 2027. Included in net deferred tax liabilities are $30.7 million of tax effected state net operating loss carryforwards which expire in various years ranging from fiscal 2022 to 2040 and $3.8 million of tax effected state capital loss balances that expire in fiscal year 2031. Foreign tax credits of $14.3 million will expire between fiscal 2025 and 2031. State tax credits of approximately $5.2 million will expire in various years ranging from fiscal 2023 to 2028.

Federal capital loss carryforwards related to the Private Brands divestiture of approximately $1.9 billion expired at the end of fiscal 2021. Accordingly, we have removed the deferred tax asset and the related valuation allowance from our balance sheet. Tax effected state capital loss carryforwards related to the Private Brands divestiture of approximately $91.9 million also expired at the end of fiscal 2021 and were removed from the balance sheet, including the related valuation allowance.

In fiscal 2021, we completed a restructuring of our ownership interest in Ardent Mills that utilized a portion of our capital loss carryforward prior to its expiration. Also in fiscal 2021, we completed several other transactions related to retained assets in conjunction with the divestiture of the Peter Pan^® peanut butter and Egg Beaters^® businesses that we believe will utilize a portion of the remaining capital loss carryforward. These transactions are subject to certain elections and are currently under review by the Internal Revenue Service. We believe they may result in increases to the tax basis in those assets and if successful would result in tax benefits being realized in future periods.

We have recognized a valuation allowance for the portion of the net operating loss carryforwards, capital loss carryforwards, tax credit carryforwards, and other deferred tax assets we believe are not more likely than not to be realized. The net change in the valuation allowance for fiscal 2021 was a decrease of $653.9 million. For fiscal 2020 and 2019, changes in the valuation allowance were a decrease of $9.8 million and $1.5 million, respectively. The current year change principally relates to decreases in the valuation allowances on the capital loss carryforward generated from the sale of our Private Brands operations. Valuation allowances were released on capital losses that were utilized against capital gains generated on the divestures of the Peter Pan^® peanut butter and Egg Beaters^® businesses and the restructuring of our ownership interest in Ardent Mills. Valuation allowances were also removed on the Federal and state capital losses that expired at the end of fiscal 2021.

66

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

We believe that our foreign subsidiaries have invested or will invest any undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction, and, therefore, do not provide deferred taxes on the cumulative undistributed earnings of our foreign subsidiaries.

15. LEASES

We have operating and finance leases of certain warehouses, plants, land, office space, production and distribution equipment, automobiles, and office equipment. We determine whether an agreement is or contains a lease at lease inception. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease.

As most of our leases do not provide an implicit interest rate, we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease.

We have elected not to separate lease and non-lease components of an agreement for all underlying asset classes prospectively from the ASU 2016-02, Leases, Topic 842 adoption date.

Any lease arrangements with an initial term of twelve months or less are not recorded on our Consolidated Balance Sheet. We recognize lease cost for these lease arrangements on a straight-line basis over the lease term.

Our lease terms may include options to extend or terminate the lease. We consider these options in determining the lease term used to establish our ROU asset and lease liabilities. A limited number of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Leases reported in our Consolidated Balance Sheet were as follows:

	Operating Leases
	Balance Sheet Location	May 30, 2021		May 31, 2020
ROU assets, net	Other assets	$	188.5	$	209.3
Lease liabilities (current)	Other accrued liabilities		36.6		44.4
Lease liabilities (noncurrent)	Other noncurrent liabilities		188.3		206.1

	Finance Leases
	Balance Sheet Location	May 30, 2021			May 31, 2020
ROU assets, at cost	Property, plant and equipment	$	217.6		$	220.4
Less accumulated depreciation	Less accumulated depreciation		(60.2	)		(53.6	)
ROU assets, net	Property, plant and equipment, net		157.4			166.8
Lease liabilities (current)	Current installments of long-term debt		23.1			22.2
Lease liabilities (noncurrent)	Senior long-term debt, excluding current installments		116.0			132.9

The components of total lease cost were as follows:

67

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

	2021		2020
Operating lease cost	$	51.0	$	63.7
Finance lease cost
Depreciation of leased assets		19.0		15.4
Interest on lease liabilities		8.2		9.1
Short-term lease cost		5.1		3.8
Total lease cost	$	83.3	$	92.0

We recognized accelerated operating lease cost of $9.9 million and impairments of ROU assets of $2.9 million within SG&A expenses in fiscal 2020. These charges are included in the Pinnacle Integration Restructuring Plan.

Rent expense under all operating leases was $83.5 million in fiscal 2019.

The weighted-average remaining lease terms and weighted-average discount rate for our leases as of May 30, 2021 and May 31, 2020 were as follows:

	Operating Leases						Finance Leases
	2021			2020			2021			2020
Weighted-average remaining lease term (in years)		8.1			8.5			7.7			8.0
Weighted-average discount rate		3.51	%		3.61	%		4.95	%		5.29	%

Cash flows arising from lease transactions were as follows:

	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	56.0	$	59.5
Operating cash outflows from finance leases		8.3		9.2
Financing cash outflows from finance leases		24.3		22.5
ROU assets obtained in exchange for new lease liabilities:
Operating leases		21.1		41.6
Finance leases		26.1		12.2

Non-cash issuances of capital lease obligations totaling $23.5 million are excluded from cash flows from investing and financing activities on the Consolidated Statements of Cash Flows for fiscal 2019.

Maturities of lease liabilities by fiscal year as of May 30, 2021 were as follows:

	Operating Leases			Finance Leases			Total
2022	$	46.5		$	28.5		$	75.0
2023		41.2			25.3			66.5
2024		32.4			20.4			52.8
2025		24.4			18.3			42.7
2026		20.9			15.0			35.9
Later years		102.8			63.9			166.7
Total lease payments		268.2			171.4			439.6
Less: Imputed interest		(43.3	)		(32.3	)		(75.6	)
Total lease liabilities	$	224.9		$	139.1		$	364.0

68

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

We have entered into contracts that are or contain a lease that have not yet commenced with aggregate payments totaling $272.2 million as of May 30, 2021. This amount primarily relates to a warehouse facility with a future minimum lease commitment of $257.7 million. We expect to take control of this leased asset in fiscal 2023.

16. CONTINGENCIES

Litigation Matters

We are a party to certain litigation matters relating to our acquisition of Beatrice Company ("Beatrice") in fiscal 1991, including litigation proceedings related to businesses divested by Beatrice prior to our acquisition of the company. These proceedings have included suits against a number of lead paint and pigment manufacturers, including ConAgra Grocery Products Company, LLC, a wholly owned subsidiary of the Company ("ConAgra Grocery Products") as alleged successor to W. P. Fuller & Co., a lead paint and pigment manufacturer owned and operated by a predecessor to Beatrice from 1962 until 1967. These lawsuits generally seek damages for personal injury, property damage, economic loss, and governmental expenditures allegedly caused by the use of lead-based paint, and/or injunctive relief for inspection and abatement. When such lawsuits have been brought, ConAgra Grocery Products has denied liability, both on the merits of the claims and on the basis that we do not believe it to be the successor to any liability attributable to W. P. Fuller & Co. Decisions favorable to us were rendered in Rhode Island, New Jersey, Wisconsin, and Ohio. ConAgra Grocery Products was held liable for the abatement of a public nuisance in California, and the case was dismissed pursuant to settlement in July 2019 as discussed in the following paragraph. We remain a defendant in one active suit in Illinois. The Illinois suit seeks class-wide relief for reimbursement of costs associated with the testing of lead levels in blood. We do not believe it is probable that we have incurred any liability with respect to the Illinois case, nor is it possible to estimate any potential exposure.

In California, a number of cities and counties joined in a consolidated action seeking abatement of an alleged public nuisance in the form of lead-based paint potentially present on the interior of residences, regardless of its condition. On September 23, 2013, a trial of the California case concluded in the Superior Court of California for the County of Santa Clara, and on January 27, 2014, the court entered a judgment (the "Judgment") against ConAgra Grocery Products and two other defendants ordering the creation of a California abatement fund in the amount of $1.15 billion. Liability was joint and several. The Company appealed the Judgment, and on November 14, 2017 the California Court of Appeal for the Sixth Appellate District reversed in part, holding that the defendants were not liable to pay for abatement of homes built after 1950, but affirmed the Judgment as to homes built before 1951. The Court of Appeal remanded the case to the trial court with directions to recalculate the amount of the abatement fund estimated to be necessary to cover the cost of remediating pre-1951 homes, and to hold an evidentiary hearing regarding appointment of a suitable receiver. ConAgra Grocery Products and the other defendants petitioned the California Supreme Court for review of the decision, which we believe to be an unprecedented expansion of current California law. On February 14, 2018, the California Supreme Court denied the petition and declined to review the merits of the case, and the case was remanded to the trial court for further proceedings. ConAgra Grocery Products and the other defendants sought further review of certain issues from the Supreme Court of the United States, but on October 15, 2018, the Supreme Court declined to review the case. On September 4, 2018, the trial court recalculated its estimate of the amount needed to remediate pre-1951 homes in the plaintiff jurisdictions to be $409.0 million. As of July 10, 2019, the parties reached an agreement in principle to resolve this matter, which agreement was approved by the trial court on July 24, 2019, and the action against ConAgra Grocery Products was dismissed with prejudice. Pursuant to the settlement, ConAgra Grocery Products will pay a total of $101.7 million in seven installments to be paid annually from fiscal 2020 through fiscal 2026. As part of the settlement, ConAgra Grocery Products has provided a guarantee of up to $15.0 million in the event co-defendant, NL Industries, Inc., defaults on its payment obligations.

We have accrued $11.6 million and $52.0 million, within other accrued liabilities and other noncurrent liabilities, respectively, for this matter as of May 30, 2021. The extent of insurance coverage is uncertain and the Company's carriers are on notice; however, any possible insurance recovery has not been considered for purposes of determining our liability.

We are party to a number of putative class action lawsuits challenging various product claims made in the Company's product labeling. These matters include Briseno v. ConAgra Foods, Inc. in which it is alleged that the labeling for Wesson^® oils as 100% natural is false and misleading because the oils contain genetically modified plants and organisms. In February 2015, the U.S. District Court for the Central District of California granted class certification to permit plaintiffs to pursue state law claims. The Company appealed to the United States Court of Appeals for the Ninth Circuit, which affirmed class certification in January 2017. The Supreme Court of the United States declined to review the decision and the case was remanded to the trial court for further proceedings. On April 4, 2019, the trial court granted preliminary approval of a settlement in this matter. In the second

69

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

quarter of fiscal 2020, a single objecting class member appealed the court's decision approving the settlement to the United States Court of Appeals for the Ninth Circuit. On June 1, 2021, the appellate court rejected the settlement and remanded to the trial court for further proceedings. While we cannot predict with certainty the results of this or any other legal proceeding challenging our product claims, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

We are party to matters challenging the Company's wage and hour practices. These matters include a number of class actions consolidated under the caption Negrete v. ConAgra Foods, Inc., et al, pending in the U.S. District Court for the Central District of California, in which the plaintiffs allege a pattern of violations of California and/or federal law at several current and former Company manufacturing facilities across the State of California. On June 21, 2021, the trial court granted preliminary approval of a settlement in this matter. If final approval is obtained, the settlement will require a payment by the Company of $9.0 million, which we have accrued within other accrued liabilities. While we cannot predict with certainty the results of this or any other legal proceeding, we do not expect this matter to have a material adverse effect on our financial condition, results of operations, or business.

We are party to a number of matters asserting product liability claims against the Company related to certain Pam^® and other cooking spray products. These lawsuits generally seek damages for personal injuries allegedly caused by defects in the design, manufacture, or safety warnings of the cooking spray products. We have put the Company's insurance carriers on notice. While we cannot predict with certainty the results of these or any other legal proceedings, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

The Company, its directors, and several of its executive officers are defendants in several class actions alleging violations of federal securities laws. The lawsuits assert that the Company's officers made material misstatements and omissions that caused the market to have an unrealistically positive assessment of the Company's financial prospects in light of the acquisition of Pinnacle, thus causing the Company's securities to be overvalued prior to the release of the Company's consolidated financial results on December 20, 2018 for the second quarter of fiscal year 2019. The first of these lawsuits, captioned West Palm Beach Firefighters' Pension Fund v. Conagra Brands, Inc., et al., with which subsequent lawsuits alleging similar facts have been consolidated, was filed on February 22, 2019 in the U.S. District Court for the Northern District of Illinois. That consolidated lawsuit was dismissed with prejudice on December 23, 2020 for failure to state a claim. On January 22, 2021, the plaintiff filed a notice of appeal of the trial court’s decision to the U.S. Court of Appeals for the Seventh Circuit. In addition, on May 9, 2019, a stockholder filed a derivative action on behalf of the Company against the Company's directors captioned Klein v. Arora, et al. in the U.S. District Court for the Northern District of Illinois asserting harm to the Company due to alleged breaches of fiduciary duty and mismanagement in connection with the Pinnacle acquisition. On July 9, 2019, September 20, 2019, and March 10, 2020, the Company received three separate demands from stockholders under Delaware law to inspect the Company's books and records related to the Board of Directors' review of the Pinnacle business, acquisition, and the Company's public statements related to them. On July 22, 2019 and August 6, 2019, respectively, two additional stockholder derivative lawsuits captioned Opperman v. Connolly, et al. and Dahl v. Connolly, et al. were filed in the U.S. District Court for the Northern District of Illinois asserting similar facts and claims as the Klein v. Arora, et al. matter. On October 21, 2019, the Company received an additional demand from a stockholder under Delaware law to appoint a special committee to investigate the conduct of certain officers and directors in connection with the Pinnacle acquisition and the Company's public statements. All remaining stockholder lawsuits and demands are currently stayed by agreement pending the final outcome of the West Palm Beach Firefighters' Pension Fund matter. We have put the Company's insurance carriers on notice of each of these securities and stockholder matters. While we cannot predict with certainty the results of these or any other legal proceedings, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

Environmental Matters

Securities and Exchange Commission (the "SEC") regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, the Company uses a threshold of $1.0 million for purposes of determining whether disclosure of any such proceedings is required.

We are a party to certain environmental proceedings relating to our acquisition of Beatrice in fiscal 1991. Such proceedings include proceedings related to businesses divested by Beatrice prior to our acquisition of Beatrice. The current environmental

70

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

proceedings associated with Beatrice include litigation and administrative proceedings involving Beatrice's possible status as a potentially responsible party at approximately 40 Superfund, proposed Superfund, or state-equivalent sites (the "Beatrice sites"). These sites involve locations previously owned or operated by predecessors of Beatrice that used or produced petroleum, pesticides, fertilizers, dyes, inks, solvents, polycholorinated biphenyls, acids, lead, sulfur, tannery wastes, and/or other contaminants. Reserves for these Beatrice environmental proceedings have been established based on our best estimate of the undiscounted remediation liabilities, which estimates include evaluation of investigatory studies, extent of required clean-up, the known volumetric contribution of Beatrice and other potentially responsible parties, and its experience in remediating sites. The accrual for Beatrice-related environmental matters totaled $55.6 million ($2.4 million within other accrued liabilities and $53.2 million within other noncurrent liabilities) as of May 30, 2021, a majority of which relates to the Superfund and state-equivalent sites referenced above. During the third quarter of fiscal 2017, a final Remedial Investigation/Feasibility Study was submitted for the Southwest Properties portion ("Operating Unit 4") of the Wells G&H Superfund site, which is one of the Beatrice sites. The U.S. Environmental Protection Agency ("EPA") issued a Record of Decision ("ROD") for the Southwest Properties portion of the site on September 29, 2017 and entered into negotiations with potentially responsible parties to determine final responsibility for implementing the ROD. On September 14, 2020, the district court entered a consent decree among EPA and the settling defendants, including the Company.

Guarantees and Other Contingencies

We guarantee an obligation of the Lamb Weston business pursuant to a guarantee arrangement that existed prior to the spinoff of the Lamb Weston business (the "Spinoff"). The guarantee remained in place following completion of the Spinoff and it will remain in place until such guarantee obligation is substituted for guarantees issued by Lamb Weston. Pursuant to the separation and distribution agreement, dated as of November 8, 2016 (the "Separation Agreement"), between us and Lamb Weston, this guarantee arrangement is deemed a liability of Lamb Weston that was transferred to Lamb Weston as part of the Spinoff. Accordingly, in the event that we are required to make any payments as a result of this guarantee arrangement, Lamb Weston is obligated to indemnify us for any such liability, reduced by any insurance proceeds received by us, in accordance with the terms of the indemnification provisions under the Separation Agreement. Lamb Weston is a party to an agricultural sublease agreement with a third party for certain farmland through 2025 (subject, at Lamb Weston's option, to extension for one additional five-year period). Under the terms of the sublease agreement, Lamb Weston is required to make certain rental payments to the sublessor. We have guaranteed the sublessor Lamb Weston's performance and the payment of all amounts (including indemnification obligations) owed by Lamb Weston under the sublease agreement, up to a maximum of $75.0 million. We believe the farmland associated with this sublease agreement is readily marketable for lease to other area farming operators. As such, we believe that any financial exposure to the Company, in the event that we were required to perform under the guarantee, would be largely mitigated.

We also guarantee a lease resulting from an exited facility. As of May 30, 2021, the remaining term of this arrangement did not exceed six years and the maximum amount of future payments we have guaranteed was $13.9 million.

General

After taking into account liabilities recognized for all of the foregoing matters, management believes the ultimate resolution of such matters should not have a material adverse effect on our financial condition, results of operations, or liquidity; however, it is reasonably possible that a change of the estimates of any of the foregoing matters may occur in the future which could have a material adverse effect on our financial condition, results of operations, or liquidity.

Costs of legal services associated with the foregoing matters are recognized in earnings as services are provided.

17. DERIVATIVE FINANCIAL INSTRUMENTS

Our operations are exposed to market risks from adverse changes in commodity prices affecting the cost of raw materials and energy, foreign currency exchange rates, and interest rates. In the normal course of business, these risks are managed through a variety of strategies, including the use of derivatives.

71

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Commodity and commodity index futures and option contracts are used from time to time to economically hedge commodity input prices on items such as natural gas, vegetable oils, proteins, packaging materials, dairy, grains, and electricity. Generally, we economically hedge a portion of our anticipated consumption of commodity inputs for periods of up to 36 months. We may enter into longer-term economic hedges on particular commodities, if deemed appropriate. As of May 30, 2021, we had economically hedged certain portions of our anticipated consumption of commodity inputs using derivative instruments with expiration dates through October 2022.

In order to reduce exposures related to changes in foreign currency exchange rates, we enter into forward exchange, option, or swap contracts from time to time for transactions denominated in a currency other than the applicable functional currency. This includes, but is not limited to, hedging against foreign currency risk in purchasing inventory and capital equipment, sales of finished goods, and future settlement of foreign-denominated assets and liabilities. As of May 30, 2021, we had economically hedged certain portions of our foreign currency risk in anticipated transactions using derivative instruments with expiration dates through February 2022.

From time to time, we may use derivative instruments, including interest rate swaps, to reduce risk related to changes in interest rates. This includes, but is not limited to, hedging against increasing interest rates prior to the issuance of long-term debt and hedging the fair value of our senior long-term debt.

Derivatives Designated as Cash Flow Hedges

During the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our issuance of long-term debt to help finance the acquisition of Pinnacle. We settled these contracts during the second quarter of fiscal 2019 and deferred a $47.5 million gain in accumulated other comprehensive income. This gain will be amortized as a reduction of net interest expense over the lives of the related debt instruments. In the second quarter of fiscal 2021, $0.5 million was written off in connection with the early extinguishment of debt (see Note 4). The unamortized amount at May 30, 2021 was $38.2 million.

Economic Hedges of Forecasted Cash Flows

Many of our derivatives do not qualify for, and we do not currently designate certain commodity or foreign currency derivatives to achieve, hedge accounting treatment. We reflect realized and unrealized gains and losses from derivatives used to economically hedge anticipated commodity consumption and to mitigate foreign currency cash flow risk in earnings immediately within general corporate expense (within cost of goods sold). The gains and losses are reclassified to segment operating results in the period in which the underlying item being economically hedged is recognized in cost of goods sold. 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.

Economic Hedges of Fair Values — Foreign Currency Exchange Rate Risk

We may use options and cross currency swaps to economically hedge the fair value of certain monetary assets and liabilities (including intercompany balances) denominated in a currency other than the functional currency. These derivatives are marked-to-market with gains and losses immediately recognized in SG&A expenses. These substantially offset the foreign currency transaction gains or losses recognized as values of the monetary assets or liabilities being economically hedged change.

All derivative instruments are recognized on the Consolidated Balance Sheets at fair value (refer to Note 19 for additional information related to fair value measurements). The fair value of derivative assets is recognized within prepaid expenses and other current assets, while the fair value of derivative liabilities is recognized within other accrued liabilities. In accordance with U.S. GAAP, we offset certain derivative asset and liability balances, as well as certain amounts representing rights to reclaim cash collateral and obligations to return cash collateral, where master netting agreements provide for legal right of setoff. At May 30, 2021 and May 31, 2020, $2.0 million, representing an obligation to return cash collateral, and $1.1 million, representing a right to reclaim cash collateral, respectively, were included in prepaid expenses and other current assets in our Consolidated Balance Sheets.

72

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Derivative assets and liabilities and amounts representing a right to reclaim cash collateral or obligation to return cash collateral were reflected in our Consolidated Balance Sheets as follows:

	May 30, 2021		May 31, 2020
Prepaid expenses and other current assets	$	15.5	$	8.0
Other accrued liabilities		6.9		0.4

The following table presents our derivative assets and liabilities at May 30, 2021, on a gross basis, prior to the setoff of $7.4 million to total derivative assets and $5.4 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	22.9	Other accrued liabilities	$	5.4
Foreign exchange contracts	Prepaid expenses and other current assets		—	Other accrued liabilities		6.9
Total derivatives not designated as    hedging instruments		$	22.9		$	12.3

The following table presents our derivative assets and liabilities, at May 31, 2020, on a gross basis, prior to the setoff of $0.4 million to total derivative assets and $1.5 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	3.3	Other accrued liabilities	$	1.9
Foreign exchange contracts	Prepaid expenses and other current assets		5.1	Other accrued liabilities		—
Total derivatives not designated as    hedging instruments		$	8.4		$	1.9

The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Consolidated Statements of Earnings were as follows:

	For the Fiscal Year Ended May 30, 2021
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives	Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings
Commodity contracts	Cost of goods sold	$	26.6
Foreign exchange contracts	Cost of goods sold		(17.1	)
Total gains from derivative instruments not    designated as hedging instruments		$	9.5

73

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

	For the Fiscal Year Ended May 31, 2020
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives	Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings
Commodity contracts	Cost of goods sold	$	(18.4	)
Foreign exchange contracts	Cost of goods sold		5.5
Total losses from derivative instruments not    designated as hedging instruments		$	(12.9	)

	For the Fiscal Year Ended May 26, 2019
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives	Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings
Commodity contracts	Cost of goods sold	$	(5.3	)
Foreign exchange contracts	Cost of goods sold		1.7
Total losses from derivative instruments not    designated as hedging instruments		$	(3.6	)

As of May 30, 2021, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $148.8 million and $159.4 million for purchase and sales contracts, respectively. As of May 31, 2020, our open commodity contracts had a notional value of $102.0 million and $3.4 million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward and cross currency swap contracts as of May 30, 2021 and May 31, 2020 was $111.4 million and $107.6 million, respectively.

We enter into certain commodity, interest rate, and foreign exchange derivatives with a diversified group of counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties. We have not incurred a material loss due to nonperformance in any period presented and do not expect to incur any such material loss. We also enter into futures and options transactions through various regulated exchanges.

At May 30, 2021, the maximum amount of loss due to the credit risk of the counterparties, had the counterparties failed to perform according to the terms of the contracts, was $2.5 million.

18. PENSION AND POSTRETIREMENT BENEFITS

We have defined benefit retirement plans ("pension plans") for eligible salaried and hourly employees. Benefits are based on years of credited service and average compensation or stated amounts for each year of service. We also sponsor postretirement plans which provide certain medical and dental benefits to qualifying U.S. employees. Effective August 1, 2013, our defined benefit pension plan for eligible salaried employees was closed to new hire salaried employees. New hire salaried employees will generally be eligible to participate in our defined contribution plan.

During the third quarter of fiscal 2020, we amended a certain hourly pension plan that froze future compensation and service periods. As a result, we remeasured the Company's hourly pension plan liability as of January 31, 2020 and recorded a pension curtailment loss of $0.2 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan from 3.86% to 2.96%. The remeasurement increased the underfunded status of the pension plan by $4.3 million with a corresponding loss within other comprehensive income (loss).

74

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

During the second quarter of fiscal 2020, the Company provided a voluntary lump-sum settlement offer to certain terminated vested participants in the salaried pension plan in order to reduce a portion of the pension obligation. During the third quarter of fiscal 2020, lump-sum settlement payments totaling $154.6 million were distributed from pension plan assets to such participants. As a result of the settlement, we were required to remeasure our pension plan liability. In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.89% to 3.37%, as of December 31, 2019. The settlement and related remeasurement resulted in the recognition of a settlement gain of $2.1 million, reflected in pension and postretirement non-service income, as well as a benefit to other comprehensive income (loss) totaling $79.8 million in the third quarter of fiscal 2020.

As a result of the anticipated exit of certain facilities, during the first quarter of fiscal 2020, we remeasured the Company's hourly pension plan as of August 25, 2019 and recorded a pension curtailment loss of $0.6 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.90% to 3.13%. The curtailment loss and related remeasurement increased the underfunded status of the pension plan by $12.3 million with a corresponding loss within other comprehensive income (loss).

We recognize the funded status of our pension and postretirement plans in the Consolidated Balance Sheets. For our pension plans, we also recognize as a component of accumulated other comprehensive income (loss), the net of tax results of the actuarial gains or losses within the corridor and prior service costs or credits that arise during the period but are not recognized in net periodic benefit cost. For our postretirement plans, we also recognize as a component of accumulated other comprehensive income (loss), the net of tax results of the gains or losses and prior service costs or credits that arise during the period but are not recognized in net periodic benefit cost. These amounts will be adjusted out of accumulated other comprehensive income (loss) as they are subsequently recognized as components of net periodic benefit cost. For our pension plans, we have elected to immediately recognize actuarial gains and losses in our operating results in the year in which they occur, to the extent they exceed the corridor, eliminating amortization. Amounts are included in the components of pension and postretirement plan costs, below, as recognized net actuarial loss.

The changes in benefit obligations and plan assets at May 30, 2021 and May 31, 2020 are presented in the following table.

	Pension Plans						Postretirement Plans
	2021			2020			2021			2020
Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,872.5		$	3,733.2		$	89.8		$	91.2
Service cost		11.6			11.5			0.2			0.1
Interest cost		86.8			118.4			1.5			2.6
Actuarial loss (gain)		(37.4	)		411.6			(2.3	)		3.0
Plan settlements		—			(201.7	)		(0.3	)		(0.1	)
Curtailments		—			(0.8	)		—			—
Benefits paid		(196.8	)		(199.3	)		(8.5	)		(6.9	)
Currency		2.5			(0.4	)		1.1			(0.1	)
Benefit obligation at end of year	$	3,739.2		$	3,872.5		$	81.5		$	89.8
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,820.4		$	3,601.5		$	3.4		$	3.4
Actual return on plan assets		194.6			557.5			0.2			0.1
Employer contributions		27.6			17.5			8.5			6.9
Plan settlements		—			(156.3	)		(0.3	)		(0.1	)
Benefits paid		(196.8	)		(199.3	)		(8.5	)		(6.9	)
Currency		3.0			(0.5	)		—			—
Fair value of plan assets at end of year	$	3,848.8		$	3,820.4		$	3.3		$	3.4

75

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

The funded status and amounts recognized in our Consolidated Balance Sheets at May 30, 2021 and May 31, 2020 were:

	Pension Plans						Postretirement Plans
	2021			2020			2021			2020
Funded Status	$	109.6		$	(52.1	)	$	(78.2	)	$	(86.4	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	245.0		$	202.4		$	3.0		$	2.9
Other accrued liabilities		(10.3	)		(8.9	)		(9.0	)		(10.0	)
Other noncurrent liabilities		(125.1	)		(245.6	)		(72.2	)		(79.3	)
Net Amount Recognized	$	109.6		$	(52.1	)	$	(78.2	)	$	(86.4	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	$	(41.5	)	$	51.2		$	(12.9	)	$	(15.0	)
Net prior service cost (benefit)		6.2			8.6			(38.4	)		(40.1	)
Total	$	(35.3	)	$	59.8		$	(51.3	)	$	(55.1	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 30, 2021 and May 31, 2020
Discount rate		3.04	%		2.98	%		2.51	%		2.39	%
Long-term rate of compensation increase	N/A			N/A			N/A			N/A

The accumulated benefit obligation for all defined benefit pension plans was $3.74 billion and $3.87 billion at May 30, 2021 and May 31, 2020, respectively.

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 30, 2021 and May 31, 2020 were:

	2021		2020
Projected benefit obligation	$	135.4	$	1,062.8
Accumulated benefit obligation		135.4		1,062.8
Fair value of plan assets		—		808.2

Components of pension and postretirement plan costs included:

	Pension Plans									Postretirement Plans
	2021			2020			2019			2021			2020			2019
Service cost	$	11.6		$	11.5		$	10.9		$	0.2		$	0.1		$	0.1
Interest cost		86.8			118.4			132.6			1.5			2.6			3.8
Expected return on plan assets		(140.0	)		(170.2	)		(174.4	)		—			—			—
Amortization of prior service cost (benefit)		2.3			2.7			3.1			(2.1	)		(2.1	)		(2.2	)
Recognized net actuarial loss (gain)		0.8			44.8			5.1			(3.5	)		(4.6	)		(1.4	)
Settlement gain		—			(2.1	)		—			(0.5	)		(0.2	)		(1.0	)
Curtailment loss (gain)		0.2			0.8			—			—			—			(0.6	)
Pension and postretirement cost (benefit) — Company plans		(38.3	)		5.9			(22.7	)		(4.4	)		(4.2	)		(1.3	)
Pension cost (benefit) — multi-employer plans		7.4			6.5			6.3			—			—			—
Total pension and postretirement cost (benefit)	$	(30.9	)	$	12.4		$	(16.4	)	$	(4.4	)	$	(4.2	)	$	(1.3	)

76

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

In fiscal 2021, 2020, and 2019, the Company recorded charges of $0.8 million, $44.8 million, and $5.1 million, respectively, reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability. In fiscal 2020, the higher actuarial losses outside of the 10% corridor were principally related to a reduction in the discount rate used to recognize at present value our pension obligations and a decline in market value of certain plan assets associated with our non-qualified and hourly plans.

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were:

	Pension Plans						Postretirement Plans
	2021			2020			2021			2020
Net actuarial gain (loss)	$	92.0		$	21.9		$	2.5		$	(2.9	)
Amortization of prior service cost (benefit)		2.3			2.7			(2.1	)		(2.1	)
Settlement and curtailment loss (gain)		0.2			(1.3	)		(0.5	)		(0.2	)
Recognized net actuarial loss (gain)		0.8			44.8			(3.5	)		(4.6	)
Currency		(0.2	)		—			(0.2	)		—
Net amount recognized	$	95.1		$	68.1		$	(3.8	)	$	(9.8	)

Weighted-Average Actuarial Assumptions Used to Determine Net Expense

	Pension Plans									Postretirement Plans
	2021			2020			2019			2021			2020			2019
Discount rate		2.98	%		3.88	%		4.15	%		2.39	%		3.48	%		3.81	%
Long-term rate of return on plan assets		3.74	%		4.77	%		5.17	%	N/A			N/A			N/A
Long-term rate of compensation increase	N/A			N/A				3.63	%	N/A			N/A			N/A

The Company uses a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation of pension service and interest cost.

We amortize prior service cost for our pension and postretirement plans, as well as amortizable gains and losses for our postretirement plans, in equal annual amounts over the average expected future period of vested service. For plans with no active participants, average life expectancy is used instead of average expected useful service.

Plan Assets

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 19, as of May 30, 2021, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	7.5	$	85.0	$	—	$	92.5
Equity securities:
U.S. equity securities		78.0		94.6		—		172.6
International equity securities		121.9		0.5		—		122.4
Fixed income securities:
Government bonds		—		772.6		—		772.6
Corporate bonds		—		2,407.2		—		2,407.2
Mortgage-backed bonds		—		12.4		—		12.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		5.7		—		—		5.7
Fair value measurement of pension plan assets in the    fair value hierarchy	$	213.1	$	3,372.3	$	—	$	3,585.4
Investments measured at net asset value								263.4
Total pension plan assets							$	3,848.8

77

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 19, as of May 31, 2020, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	10.1	$	71.9	$	—	$	82.0
Equity securities:
U.S. equity securities		63.9		82.2		—		146.1
International equity securities		92.4		0.7		—		93.1
Fixed income securities:
Government bonds		—		743.9		—		743.9
Corporate bonds		—		2,461.7		—		2,461.7
Mortgage-backed bonds		—		22.4		—		22.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		30.2		—		—		30.2
Fair value measurement of pension plan assets in the    fair value hierarchy	$	196.6	$	3,382.8	$	—	$	3,579.4
Investments measured at net asset value								241.0
Total pension plan assets							$	3,820.4

Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.

Level 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.

Level 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.

Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $52.2 million as of May 30, 2021, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 30, 2021, no such gates were imposed.

As of May 30, 2021, we have unfunded commitments for additional investments of $32.6 million in private equity funds and $10.9 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.

To develop the expected long-term rate of return on plan assets assumption for the pension plans, we consider the current asset allocation strategy, the historical investment performance, and the expectations for future returns of each asset class.

78

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Our pension plan weighted-average asset allocations by asset category were as follows:

	May 30, 2021			May 31, 2020
Equity securities		8	%		6	%
Debt securities		83	%		85	%
Real estate funds		1	%		1	%
Private equity		3	%		3	%
Other		5	%		5	%
Total		100	%		100	%

Due to the salaried pension plan freeze that occurred in fiscal 2018, the Company's pension asset strategy is now designed to align our pension plan assets with our projected benefit obligation to reduce volatility by targeting an investment strategy of approximately 90% in fixed-income securities and approximately 10% in return seeking assets, primarily equity securities, real estate, and private assets.

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 30, 2021			May 31, 2020
Initial health care cost trend rate		6.53	%		6.22	%
Ultimate health care cost trend rate		4.44	%		4.43	%
Year that the rate reaches the ultimate trend rate	2029			2024

We currently anticipate making contributions of approximately $12.3 million to our pension plans in fiscal 2022. We anticipate making contributions of $9.0 million to our other postretirement plans in fiscal 2022. These estimates are based on ERISA guidelines, current tax laws, plan asset performance, and liability assumptions, which are subject to change.

The following table presents estimated future gross benefit payments for our plans:

	Pension Plans		Postretirement Plans
2022	$	201.6	$	9.1
2023		203.0		8.4
2024		204.7		7.7
2025		206.1		7.1
2026		207.3		6.5
Succeeding 5 years		1,031.1		25.2

79

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

Multiemployer Pension Plans

The Company contributes to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain units of its union-represented employees. The risks of participating in such plans are different from the risks of single-employer plans, in the following respects:

a. Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

b. If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

c. If the Company ceases to have an obligation to contribute to a multiemployer plan in which it had been a contributing employer, it may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of the Company's participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability.

The Company's participation in multiemployer plans for the fiscal year ended May 30, 2021 is outlined in the table below. For each plan that is individually significant to the Company the following information is provided:

• The "EIN / PN" column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service.

• The most recent Pension Protection Act Zone Status available for 2020 and 2019 is for plan years that ended in calendar years 2020 and 2019, respectively. The zone status is based on information provided to the Company by each plan. A plan in the "red" zone has been determined to be in "critical status", based on criteria established under the Internal Revenue Code ("Code"), and is generally less than 65% funded. A plan in the "yellow" zone has been determined to be in "endangered status", based on criteria established under the Code, and is generally less than 80% funded. A plan in the "green" zone has been determined to be neither in "critical status" nor in "endangered status", and is generally at least 80% funded.

• The "FIP/RP Status Pending/Implemented" column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the "yellow" zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the "red" zone, is pending or has been implemented by the plan as of the end of the plan year that ended in calendar year 2020.

• Contributions by the Company are the amounts contributed in the Company's fiscal periods ending in the specified year.

• The "Surcharge Imposed" column indicates whether the Company contribution rate for its fiscal year that ended on May 30, 2021 included an amount in addition to the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in "critical status", in accordance with the requirements of the Code.

• The last column lists the expiration dates of the collective bargaining agreements pursuant to which the Company contributes to the plans.

80

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

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

Contributions by the Company (millions)

Expiration Dates of Collective

Pension Fund

EIN / PN

2020

2019

Pending / Implemented

FY21

FY20

FY19

Surcharge Imposed

Bargaining Agreements

Bakery and Confectionary    Union and Industry    International    Pension Plan

52-6118572 / 001

Red, Critical and Declining

Red, Critical and Declining

RP Implemented

$

0.0

$

0.0

$

0.1

No

N/A

Central States,    Southeast and    Southwest Areas    Pension Fund

36-6044243 / 001

Red, Critical and Declining

Red, Critical and Declining

RP Implemented

2.2

2.0

1.8

No

5/31/2021

Western Conference of    Teamsters Pension Plan

91-6145047 / 001

Green

Green

N/A

3.8

3.2

3.2

No

6/30/2022

Other Plans

1.4

1.3

0.9

Total Contributions

$

7.4

$

6.5

$

6.0

The Company was not listed in the Forms 5500 filed by any of the other plans or for any of the other years as providing more than 5% of the plan's total contributions. At the date our financial statements were issued, Forms 5500 were not available for plan years ending in calendar year 2020.

During fiscal 2019, we ceased to participate in the Bakery and Confectionary Union and Industry International Fund in conjunction with our sale of the Trenton, Missouri plant.

In addition to the contributions listed in the table above, we recorded an additional expense of $0.3 million in fiscal 2019 related to our expected incurrence of certain withdrawal costs.

Certain of our employees are covered under defined contribution plans. The expense related to these plans was $47.6 million, $49.9 million, and $39.9 million in fiscal 2021, 2020, and 2019, respectively.

19. FAIR VALUE MEASUREMENTS

FASB guidance establishes a three-level fair value hierarchy based upon the assumptions (inputs) used to price assets or liabilities. The three levels of inputs used to measure fair value are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities,

Level 2 — Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets, and

Level 3 — Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability.

The fair values of our Level 2 derivative instruments were determined using valuation models that use market observable inputs including both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity and foreign currency option and forward contracts and cross-currency swaps.

81

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 30, 2021:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	13.0	$	2.5	$	—	$	15.5
Marketable securities		6.6		—		—		6.6
Deferred compensation assets		8.8		—		—		8.8
Total assets	$	28.4	$	2.5	$	—	$	30.9
Liabilities:
Derivative liabilities	$	—	$	6.9	$	—	$	6.9
Deferred compensation liabilities		81.0		—		—		81.0
Total liabilities	$	81.0	$	6.9	$	—	$	87.9

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 31, 2020:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	2.8	$	5.2	$	—	$	8.0
Marketable securities		8.1		—		—		8.1
Deferred compensation assets		8.6		—		—		8.6
Total assets	$	19.5	$	5.2	$	—	$	24.7
Liabilities:
Derivative liabilities	$	—	$	0.4	$	—	$	0.4
Deferred compensation liabilities		68.0		—		—		68.0
Total liabilities	$	68.0	$	0.4	$	—	$	68.4

Certain assets and liabilities, including long-lived assets, goodwill, asset retirement obligations, and equity investments are measured at fair value on a nonrecurring basis using Level 3 inputs.

During fiscal 2021, we updated our cost estimates associated with certain asset retirement obligations at several manufacturing facilities largely due to recent experience of physically closing a wastewater lagoon. This change in estimate resulted in a non-cash increase to our long-lived assets in the amount of $27.4 million and will result in additional depreciation in future periods generally ranging from 15-25 years. The fair value of our asset retirement obligations was measured using cost estimates to settle our future obligations (including an estimate of inflation) and discounted to present value using a credit-adjusted risk-free rate.

We recognized charges for the impairment of certain indefinite-lived brands. The fair values of these brands were estimated using the "relief from royalty" method (see Note 8). Impairments in our Grocery & Snacks segment totaled $13.0 million, $46.4 million, and $76.5 million for fiscal 2021, 2020, and 2019, respectively. Impairments in our Refrigerated & Frozen segment totaled $76.9 million and $110.8 million for fiscal 2021 and 2020, respectively. Impairments in our International segment totaled $1.0 million, $8.3 million, and $13.1 million for fiscal 2021, 2020, and 2019, respectively.

During fiscal 2020, we recognized impairment charges totaling $54.4 million in our Grocery & Snacks segment and $27.6 million in our Refrigerated & Frozen segment. The impairments were measured based upon the estimated sales price of the disposal group (see Note 6).

We recognized charges for the impairment of certain long-lived assets measured based upon the estimated sales price of the assets. Impairments totaled $3.0 million in our Grocery & Snacks segment in fiscal 2021, $3.8 million in our Refrigerated & Frozen segment in fiscal 2020, and $2.7 million within general corporate expenses in fiscal 2019.

82

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

During fiscal 2020, we recognized charges of $2.9 million in general corporate expenses related to the impairments of ROU assets. The impairments were measured based upon a discounted cash flow approach.

The carrying amount of long-term debt (including current installments) was $8.30 billion as of May 30, 2021 and $9.75 billion as of May 31, 2020. Based on current market rates, the fair value of this debt (level 2 liabilities) at May 30, 2021 and May 31, 2020 was estimated at $9.76 billion and $11.35 billion, respectively.

20. BUSINESS SEGMENTS AND RELATED INFORMATION

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.

We do not aggregate operating segments when determining our reporting segments.

Operating profit for each of the segments is based on net sales less all identifiable operating expenses. General corporate expense, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings have been excluded from segment operations.

	2021		2020		2019
Net sales
Grocery & Snacks	$	4,637.5	$	4,617.1	$	3,923.6
Refrigerated & Frozen		4,774.6		4,559.6		3,735.4
International		938.6		925.3		864.4
Foodservice		834.0		952.4		1,015.0
Total net sales	$	11,184.7	$	11,054.4	$	9,538.4
Operating profit
Grocery & Snacks	$	1,093.8	$	915.2	$	762.6
Refrigerated & Frozen		836.5		702.2		645.1
International		131.8		100.6		99.8
Foodservice		78.9		97.6		134.3
Total operating profit	$	2,141.0	$	1,815.6	$	1,641.8
Equity method investment earnings		84.4		73.2		75.8
General corporate expenses		364.8		368.5		462.2
Pension and postretirement non-service income		54.5		9.9		35.1
Interest expense, net		420.4		487.1		391.4
Income tax expense		193.8		201.3		218.8
Income from continuing operations	$	1,300.9	$	841.8	$	680.3
Less: Net income attributable to noncontrolling interests		2.1		1.7		0.1
Income from continuing operations attributable to Conagra Brands, Inc.	$	1,298.8	$	840.1	$	680.2

83

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

The following table presents further disaggregation of our net sales:

	2021		2020		2019
Frozen	$	3,948.0	$	3,735.5	$	2,994.8
Staples
Other shelf-stable		2,838.0		2,902.8		2,426.7
Refrigerated		826.6		824.1		740.6
Snacks		1,799.5		1,714.3		1,496.9
International		938.6		925.3		864.4
Foodservice		834.0		952.4		1,015.0
Total net sales	$	11,184.7	$	11,054.4	$	9,538.4

To be consistent with how we present certain disaggregated net sales information to investors, we have categorized certain net sales of our segments as "Staples", which includes all of our U.S. domestic retail refrigerated products and other shelf-stable grocery products. Management continues to regularly review financial results and make decisions about allocating resources based upon the four reporting segments outlined above.

Presentation of Derivative Gains (Losses) from 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:

	2021			2020			2019
Net derivative gains (losses) incurred	$	9.5		$	(12.9	)	$	(3.6	)
Less: Net derivative losses allocated to reporting segments		(6.1	)		(7.4	)		(1.8	)
Net derivative gains (losses) recognized in general corporate expenses	$	15.6		$	(5.5	)	$	(1.8	)
Net derivative losses allocated to Grocery & Snacks	$	(2.3	)	$	(4.7	)	$	(2.5	)
Net derivative losses allocated to Refrigerated & Frozen		(1.7	)		(2.5	)		(1.5	)
Net derivative gains (losses) allocated to International		(1.7	)		0.1			2.8
Net derivative losses allocated to Foodservice		(0.4	)		(0.3	)		(0.6	)
Net derivative losses included in segment operating profit	$	(6.1	)	$	(7.4	)	$	(1.8	)

As of May 30, 2021, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $11.5 million. This amount reflected net gains of $13.5 million incurred during the fiscal year ended May 30, 2021, as well as net losses of $2.0 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 net gains of $11.2 million in fiscal 2022 and $0.3 million in fiscal 2023 and thereafter.

Assets by Segment

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,

84

Notes to Consolidated Financial Statements – (Continued)

Fiscal Years Ended May 30, 2021, May 31, 2020, and May 26, 2019

(columnar dollars in millions except per share amounts)

it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets by segment. Total depreciation expense for fiscal 2021, 2020, and 2019 was $328.0 million, $329.1 million, and $283.9 million, respectively.

Other Information

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 fiscal 2021, 2020, and 2019. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $960.5 million, $946.8 million, and $919.5 million in fiscal 2021, 2020, and 2019, 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 26% of consolidated net sales for each of fiscal 2021 and 2020 and 24% of consolidated net sales for fiscal 2019, significantly impacting the Grocery & Snacks and Refrigerated & Frozen segments.

Walmart, Inc. and its affiliates accounted for approximately 31% and 30% of consolidated net receivables as of May 30, 2021 and May 31, 2020, respectively. The Kroger Co. and its affiliates accounted for approximately 11% and 10% of consolidated net receivables as of May 30, 2021 and May 31, 2020, respectively.

85

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors
Conagra Brands, Inc.:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of Conagra Brands, Inc. and subsidiaries (the Company) as of May 30, 2021 and May 31, 2020, the related consolidated statements of earnings, comprehensive income, stockholders’ equity, and cash flows for each of the fiscal years in the three-year period ended May 30, 2021, and the related notes (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of May 30, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of May 30, 2021 and May 31, 2020, and the results of its operations and its cash flows for each of the fiscal years in the three-year period ended May 30, 2021, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of May 30, 2021 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

86

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Evaluation of the recoverability of the carrying value of goodwill

As described in Notes 1 and 8 to the consolidated financial statements, the Company’s goodwill was $11.37 billion as of May 30, 2021. Annually, or whenever events or changes in circumstances indicate potential asset impairment has occurred, the Company evaluates the recoverability of the carrying value of goodwill. The Company performed a quantitative impairment test of goodwill for its Sides, Components & Enhancers reporting unit in its first fiscal quarter of 2021, as a result of a reporting unit change.  

We identified the evaluation of the recoverability of the carrying value of the Sides, Components & Enhancers reporting unit goodwill subsequent to the reporting unit change as a critical audit matter. Subjective and challenging auditor judgment was required to evaluate certain assumptions used to determine the fair value of the reporting unit in the Company’s first fiscal quarter quantitative impairment test. These assumptions included forecasted revenue growth rates including the terminal growth rates, margin growth rates used in determining the forecasted cash flows, and selection of the discount rate.    

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s evaluation of the assumptions used to determine the fair value of the reporting unit. We evaluated the Company’s ability to forecast cash flows by comparing historical forecasts to actual results and forecasted cash flows with the Company’s most recent plans. We also considered current industry, macroeconomic and market conditions, and the Company’s historical results in evaluating the assumptions described above. We involved our valuation professionals with specialized skills and knowledge who assisted in:

• evaluating the terminal growth rates by comparing them with publicly available market data;

• evaluating the discount rate used by the Company by comparing the Company’s inputs to the discount rate to publicly available data for comparable entities and assessing the resulting discount rate; and

• testing the estimate of the fair value of the reporting unit using the Company’s cash flow assumptions and discount rate and comparing the results to the Company’s fair value estimate.

Evaluation of the recoverability of the carrying value of certain indefinite-lived intangible assets  

As described in Notes 1 and 8 to the consolidated financial statements, the Company’s indefinite-lived intangible assets (consisting primarily of brand names and trademarks) were $4.16 billion as of May 30, 2021. For the fiscal year ended May 30, 2021, the Company recorded impairment charges totaling $90.9 million on indefinite-lived intangible assets. In assessing indefinite-lived intangible assets for impairment, the Company performs either a qualitative or quantitative assessment at least annually or whenever circumstances indicate a potential impairment exists. When a quantitative assessment is performed, the Company estimates the fair value of the intangibles by utilizing a discounted cash flow model that incorporates an estimated royalty rate that would be charged to a third party for the use of the brand. Impairment charges are recorded for any intangibles with carrying values in excess of the estimated fair values.    

We identified the evaluation of the recoverability of the carrying value of certain indefinite-lived intangible assets for which a quantitative impairment assessment is performed as a critical audit matter. Subjective and challenging auditor judgment was required to evaluate certain assumptions used in determining the fair value of these assets. These assumptions included the forecasted revenue growth rates including the terminal growth rates and forecasted margins, royalty rates, and discount rates.

87

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the quantitative impairment assessments, including controls over the development of the assumptions described above. To assess the Company’s ability to forecast, we compared historical forecasts to actual results. We evaluated the forecasted revenue growth rates including terminal growth rates and forecasted margins used to support the royalty rates by considering current and past performance of the brand names, as well as external market and industry outlook data. We also involved valuation professionals with specialized skills and knowledge, who assisted for certain brand names intangibles in:

• evaluating the terminal growth rates by comparing them to publicly available market data;

• evaluating the royalty rates by determining that the selected royalty rates are supported by the associated brand name’s margin;

• evaluating the discount rates used by the Company by comparing the Company’s inputs to the discount rates to publicly available data for comparable entities and assessing the resulting discount rate; and

• testing the estimated brand names fair values using the Company’s assumptions and comparing the results to the Company’s fair value estimate.

/s/ KPMG LLP

We have served as the Company’s auditor since 2005.

Omaha, Nebraska
July 23, 2021

88

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company's management carried out an evaluation, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, as of May 30, 2021. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were effective.

Internal Control Over Financial Reporting

The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, evaluated any change in the Company's internal control over financial reporting that occurred during the quarter covered by this report and determined that there was no change in our internal control over financial reporting during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Management's Annual Report on Internal Control Over Financial Reporting

Conagra Brands' management is responsible for establishing and maintaining adequate internal control over financial reporting of Conagra Brands (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended). Conagra Brands' internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Conagra Brands' internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of Conagra Brands; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of Conagra Brands are being made only in accordance with the authorization of management and directors of Conagra Brands; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Conagra Brands' assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluations of effectiveness to future periods are subject to the risk that controls may become inadequate because of the changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

With the participation of Conagra Brands' Chief Executive Officer and Chief Financial Officer, management assessed the effectiveness of Conagra Brands' internal control over financial reporting as of May 30, 2021. In making this assessment, management used criteria established in Internal Control-Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). As a result of this assessment, management concluded that, as of May 30, 2021, its internal control over financial reporting was effective.

The effectiveness of Conagra Brands' internal control over financial reporting as of May 30, 2021 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report, a copy of which is included in this annual report on Form 10-K.

/s/ SEAN M. CONNOLLY	/s/ DAVID S. MARBERGER
Sean M. Connolly	David S. Marberger
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer
July 23, 2021	July 23, 2021

ITEM 9B. OTHER INFORMATION

None.

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ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information with respect to our directors will be set forth in the 2021 Proxy Statement under the heading "Voting Item #1: Election of Director Nominees," and the information is incorporated herein by reference. There were no material changes to the procedures by which security holders may recommend nominees to our Board during fiscal 2021.

Information regarding our executive officers is included in Part I of this Form 10-K under the heading "Information About Our Executive Officers," as permitted by the Instruction to Item 401 of Regulation S-K.

If applicable, information with respect to compliance with Section 16(a) of the Securities Exchange Act of 1934, as amended, by our directors, executive officers, and holders of more than ten percent of our equity securities will be set forth in the 2021 Proxy Statement under the heading "Information on Stock Ownership—Delinquent Section 16(a) Reports," and the information is incorporated herein by reference.

Information with respect to the Audit / Finance Committee and its financial experts will be set forth in the 2021 Proxy Statement under the heading "Voting Item #1: Election of Director Nominees—How We Govern—The Audit / Finance Committee" and "Voting Item #1: Election of Director Nominees—How We Govern—How We Govern—Board Committees," and the information is incorporated herein by reference.

We have adopted a code of ethics that applies to our Chief Executive Officer, Chief Financial Officer, and Controller. This code of ethics is available on our website at www.conagrabrands.com through the "Investors—Corporate Governance" link. If we make any amendments to this code other than technical, administrative, or other non-substantive amendments, or grant any waivers, including implicit waivers, from a provision of this code of conduct to our Chief Executive Officer, Chief Financial Officer, or Controller, we will disclose the nature of the amendment or waiver, its effective date, and to whom it applies on our website at www.conagrabrands.com through the "Investors—Corporate Governance" link.

ITEM 11. EXECUTIVE COMPENSATION

Information with respect to director and executive compensation and our Human Resources Committee will be set forth in the 2021 Proxy Statement under the headings "Voting Item #1: Election of Director Nominees—How We Are Paid," "Voting Item #1: Election of Director Nominees—How We Govern—Human Resources Committee," "Compensation Discussion and Analysis," "Compensation Committee Report," "Executive Compensation," "Potential Payments Upon termination of Change of Control," and "CEO Pay Ratio" and the information is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information with respect to security ownership of certain beneficial owners, directors and management will be set forth in the 2021 Proxy Statement under the heading "Information on Stock Ownership," and the information is incorporated herein by reference.

Equity Compensation Plan Information

The following table provides information about shares of our common stock that may be issued under existing equity compensation plans as of our most recent fiscal year-end, May 30, 2021.

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights (1)		Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights (2)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (1)) (3)
Equity compensation plans approved by security holders		7,463,546	$	30.70		39,477,083
Equity compensation plans not approved by security holders		—		—		—
Total		7,463,546	$	30.70		39,477,083

(1) Represents shares underlying awards that have been granted under the terms of the Conagra Brands, Inc. 2014 Stock Plan (as amended effective December 11, 2017) (the "Plan"). Table amounts are comprised of 1,508,486 shares that could be

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issued under outstanding performance shares (assuming target achievement); 184,686 shares that could be issued under outstanding performance-based restricted stock units (assuming target achievement); 2,492,427 restricted stock units; 243,805 deferral interests in deferred compensation plans; and 3,034,142 shares issuable pursuant to outstanding stock options.

The performance shares and performance-based restricted stock units are earned and common stock issued if pre-set financial objectives are met. Actual shares issued may be equal to, less than, or greater than the number of outstanding performance shares and performance-based restricted stock units included in column (1), depending on actual performance. The restricted stock units vest and are payable in common stock after expiration of the time periods set forth in the related agreements. The interests in the deferred compensation plans are settled in common stock on the schedules selected by the participants.

(2) Reflects the weighted-average exercise price of stock options, and does not take into account performance shares, performance-based restricted stock units, restricted stock units, or deferral interests, as such awards have no exercise price.

(3) This number reflects securities available for future awards under the Plan and has not been reduced for the performance shares and performance-based restricted stock units included in column (1).

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information with respect to director independence and certain relationships and related transactions will be set forth in the 2021 Proxy Statement under the headings "Voting Item #1: Election of Directors—How We are Selected, Evaluated and Organized—Director Independence," "Voting Item #1: Election of Directors—How We Govern—The Board's Audit / Finance Committee," and "Voting Item #1: Election of Directors—How We Govern—The Board's Human Resources Committee" and the information is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Information with respect to the principal accountant will be set forth in the 2021 Proxy Statement under the heading "Voting Item #2: Ratification of the Appointment of KPMG LLP as Our Independent Auditor for Fiscal 2022," and the information is incorporated herein by reference.

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PART IV

ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

a) List of documents filed as part of this report:

1. Financial Statements

All financial statements of the Company as set forth under Item 8 of this Annual Report on Form 10-K.

2. Financial Statement Schedules

All financial statement schedules are omitted because they are not applicable, not required, or because the required information is included in the consolidated financial statements, notes thereto.

3. Exhibits

All documents referenced below were filed pursuant to the Securities Exchange Act of 1934, as amended, by Conagra Brands, Inc. (file number 001-07275), unless otherwise noted.

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EXHIBIT	DESCRIPTION
*2.1	Master Agreement, dated as of March 4, 2013, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, CHS Inc., and HM Luxembourg S.A R.L., incorporated herein by reference to Exhibit 2.2 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2013
*2.1.1	Amendment No. 1 to Master Agreement, dated April 30, 2013, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, CHS Inc., and HM Luxembourg S.A R.L., incorporated herein by reference to Exhibit 2.2.1 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2013
*2.1.2	Acknowledgment and Amendment No. 2 to Master Agreement, dated May 31, 2013, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, CHS Inc., and HM Luxembourg S.A R.L., incorporated herein by reference to Exhibit 2.2.2 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2013
*2.1.3	Acknowledgment and Amendment No. 3 to Master Agreement, dated as of July 24, 2013, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, and CHS Inc., incorporated herein by reference to Exhibit 2.1 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 23, 2014
*2.1.4	Acknowledgment and Amendment No. 4 to Master Agreement, dated as of March 27, 2014, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, and CHS Inc., incorporated herein by reference to Exhibit 2.2.4 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 25, 2014
*2.1.5	Acknowledgment and Amendment No. 5 to Master Agreement, dated as of May 25, 2014, by and among Conagra Brands, Inc. (formerly ConAgra Foods, Inc.), Cargill, Incorporated, and CHS Inc., incorporated herein by reference to Exhibit 2.2.5 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 25, 2014
*2.2	Stock Purchase Agreement, dated as of November 1, 2015, between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and TreeHouse Foods, Inc., incorporated herein by reference to Exhibit 2.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on November 2, 2015
*2.2.1	First Amendment to Stock Purchase Agreement, dated as of January 29, 2016, by and between Bay Valley Foods LLC (as successor in interest to TreeHouse Foods, Inc.) and Conagra Brands, Inc., incorporated herein by reference to Exhibit 2.3.1 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 28, 2017
2.2.2	Second Amendment to Stock Purchase Agreement, dated as of February 14, 2017, by and between Bay Valley Foods LLC and Conagra Brands, Inc., incorporated herein by reference to Exhibit 2.1 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 26, 2017
*2.3	Separation and Distribution Agreement, dated as of November 8, 2016, by and between Conagra Brands, Inc. (formerly known as ConAgra Foods, Inc.) and Lamb Weston Holdings, Inc., incorporated herein by reference to Exhibit 2.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on November 10, 2016
*2.4	Agreement and Plan of Merger, dated June 26, 2018, by and among Conagra Brands, Inc., Pinnacle Foods Inc. and Patriot Merger Sub Inc., incorporated herein by reference to Exhibit 2.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on June 27, 2018
3.1	Amended and Restated Certificate of Incorporation of Conagra Brands, Inc., incorporated herein by reference to Exhibit 3.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on November 10, 2016
3.2	Amended and Restated Bylaws of Conagra Brands, Inc., incorporated herein by reference to Exhibit 3.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on July 28, 2020

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4.1	Indenture, dated as of October 8, 1990, between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. and The Chase Manhattan Bank (National Association)), as trustee, incorporated by reference to Exhibit 4.1 of Conagra Brands’ Registration Statement on Form S-3 (Registration No. 033-36967)
4.2	Indenture, dated as of October 12, 2017, between Conagra Brands, Inc. and Wells Fargo Bank, National Association, as trustee, incorporated herein by reference to Exhibit 4.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on October 12, 2017
4.2.1	First Supplemental Indenture, dated as of October 12, 2017, between Conagra Brands, Inc. and Wells Fargo Bank, National Association, as trustee (including Form of Note), incorporated herein by reference to Exhibit 4.2 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on October 12, 2017
4.2.2	Second Supplemental Indenture, dated October 22, 2018, by and between Conagra Brands, Inc. and Wells Fargo Bank, National Association, as Trustee (including Forms of Notes), incorporated herein by reference to Exhibit 4.2 to Conagra Brands' Current Report on Form 8-K filed with the SEC on October 22, 2018
4.2.3	Third Supplemental Indenture, dated October 16, 2020, by and between Conagra Brands, Inc. and Wells Fargo Bank, National Association as Trustee (including Form of Note), incorporated herein by reference to Exhibit 4.2 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on October 16, 2020
4.3	Description of Securities, incorporated herein by reference to Exhibit 4.3 to Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2019
**10.1	ConAgra Foods, Inc. Non-Qualified Pension Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended November 23, 2008
**10.1.1	Amendment One dated December 3, 2009 to ConAgra Foods, Inc. Nonqualified Pension Plan, incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 28, 2010
**10.1.2	Amendment Two dated November 29, 2010 to the ConAgra Foods, Inc. Non-Qualified Pension Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 27, 2011
**10.1.3	Amendment Three to ConAgra Foods, Inc. Nonqualified Pension Plan (January 1, 2009 Restatement), dated December 22, 2016, incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 26, 2017
**10.1.4	Amendment Four to Conagra Brands, Inc. Nonqualified Pension Plan (January 1, 2009 Restatement), dated December 19, 2017, incorporated herein by reference to Exhibit 10.2.4 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended November 26, 2017
**10.2	Conagra Brands, Inc. Directors’ Deferred Compensation Plan (2018 Restatement), effective as of May 1, 2018, incorporated herein by reference to Exhibit 10.3.2 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 27, 2018
**10.3	Conagra Brands, Inc. Voluntary Deferred Compensation Plan (Effective January 1, 2017), incorporated herein by reference to Exhibit 10.4.7 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 27, 2017
**10.3.1	First Amendment to Conagra Brands, Inc. Voluntary Deferred Compensation Plan (January 1, 2017 Restatement), incorporated herein by reference to Exhibit 10.4.8 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended November 26, 2017

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**10.3.2	Second Amendment, dated as of December 5, 2018, to the Conagra Brands, Inc. Voluntary Deferred Compensation Plan, incorporated herein by reference to Exhibit 10.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on December 7, 2018
**10.3.3	Third Amendment, dated as of May 14, 2020, to the Conagra Brands, Inc. Voluntary Deferred Compensation Plan (January 1, 2017 Restatement), incorporated herein by reference to Exhibit 10.2 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on May 19, 2020
**10.4	ConAgra Foods 2009 Stock Plan, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on September 28, 2009
**10.4.1	Form of Stock Option Agreement (ConAgra Foods 2009 Stock Plan) for Non-Employee Directors under the ConAgra Foods 2009 Stock Plan, incorporated herein by reference to Exhibit 10.5 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 30, 2009
**10.4.2	Form of Stock Option Agreement (ConAgra Foods 2009 Stock Plan) for Employees, incorporated herein by reference to Exhibit 10.4 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 30, 2009
**10.4.3	Form of Stock Option Agreement (ConAgra Foods 2009 Stock Plan) for certain named executive officers, incorporated herein by reference to Exhibit 10.6 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 30, 2009
**10.5	ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on September 22, 2014
**10.5.1	First Amendment to ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on December 15, 2017
**10.5.2	Form of Restricted Stock Unit Agreement for Non-Employee Directors under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.10.1 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.5.3	Form of Restricted Stock Unit Agreement (Cash-Settled) under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.10.2 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.5.4	Form of Restricted Stock Unit Agreement (Stock-Settled) under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.10.3 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.5.5	Form of Nonqualified Stock Option Agreement for Employees under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.10.4 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.5.6	Form of Retention Restricted Stock Unit Agreement (Stock Settled) under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.3 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 30, 2015
**10.5.7	Form of Restricted Stock Unit Agreement (Cash or Stock Settled) under ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.7.6 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended August 27, 2017

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**10.5.8	Form of Restricted Stock Unit Agreement under the ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.4 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarterly period ended August 26, 2018
**10.5.9	Form of Performance-Based Restricted Stock Units Agreement (for non-CEO participants), incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on April 16, 2019
**10.5.10	Form of CEO Performance-Based Restricted Stock Units Agreement, incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on April 16, 2019
**10.5.11	Form of CEO Restricted Stock Unit Agreement, incorporated herein by reference to Exhibit 10.5.11 to Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 26, 2019
**10.6	Form of Director Indemnification Agreement, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on May 19, 2020
**10.7	Form of Senior Officer Indemnification Agreement, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on July 28, 2020
**10.8	ConAgra Foods, Inc. 2014 Executive Incentive Plan incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on September 22, 2014
**10.9	ConAgra Foods, Inc. 2008 Performance Share Plan, effective July 16, 2008, incorporated herein by reference to Exhibit 10.3 of Conagra Brands’ Quarterly Report on Form 10-Q for quarter ended August 24, 2008
**10.9.1	First Amendment to ConAgra Foods, Inc. 2008 Performance Share Plan, dated July 19, 2017, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on July 25, 2017
**10.10	Form of Amended and Restated Change of Control Agreement between ConAgra Foods and its executives (pre September 2011), incorporated herein by reference to Exhibit 10.14 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended November 23, 2008
**10.11	Form of Change of Control Agreement between ConAgra Foods and its executives (post September 2011), as amended and restated on February 18, 2015, incorporated herein by reference to Exhibit 10.16.1 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015
**10.12	Change of Control Agreement, dated as of February 12, 2015, between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and Sean Connolly, incorporated herein by reference to Exhibit 10.3 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on February 12, 2015
**10.13	Employment Agreement, dated as of February 12, 2015, between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and Sean Connolly, incorporated herein by reference to Exhibit 10.2 of Conagra Brands’ Current Report on Form 8-K filed with the SEC on February 12, 2015
**10.13.1	Amendment to Employment Agreement dated December 31, 2015, effective January 1, 2016, by and between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and Sean Connolly, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Quarterly Report on Form 10-Q for the quarter ended February 28, 2016
**10.13.2	Letter of Agreement, dated as of August 2, 2018, between Conagra Brands, Inc. and Sean M. Connolly, incorporated herein by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on August 8, 2018
**10.14	Form of Executive Time Sharing Agreement, as adopted on February 18, 2015, incorporated herein by reference to Exhibit 10.17 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 31, 2015

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**10.15	Letter Agreement, by and between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and David Marberger, dated as of July 13, 2016, incorporated herein by reference to Exhibit 10.1 of Conagra Brands’ Quarterly Report on Form 10-Q for the Quarter Ended August 28, 2016
**10.16	Letter Agreement, dated September 10, 2015, by and between Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) and David Biegger, incorporated herein by reference to Exhibit 10.22 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 28, 2017
10.17	Term Loan Agreement, dated May 21, 2020, by and among Conagra Brands, Inc. and Farm Credit Services of America, PCA, as administrative agent and a lender, and the other financial institutions party thereto, incorporated herein by reference to Exhibit 10.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on May 21, 2020
10.18	Amended and Restated Revolving Credit Agreement, dated July 11, 2018, by and among Conagra Brands, Inc. and Bank of America, N.A., as administrative agent and a lender, JPMorgan Chase Bank, N.A., as syndication agent and a lender, and the other financial institutions party thereto, incorporated herein by reference to Exhibit 10.2 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on July 17, 2018
10.19	Amendment No. 1, dated as of July 13, 2021, to Amended and Restated Revolving Credit Agreement by and among Conagra Brands, Inc., the banks, financial institutions and other institutional lenders party thereto, as lenders, and Bank of America, N.A., as administrative agent
10.20	Tax Matters Agreement, dated as of November 8, 2016, by and between Conagra Brands, Inc. and Lamb Weston Holdings, Inc., incorporated herein by reference to Exhibit 10.1 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on November 10, 2016
10.21	Trademark License Agreement, dated as of November 8, 2016, by and between ConAgra Foods RDM, Inc. and ConAgra Foods Lamb Weston, Inc., incorporated herein by reference to Exhibit 10.4 to Conagra Brands’ Current Report on Form 8-K filed with the SEC on November 10, 2016
10.21.1	First Amendment to Trademark License Agreement, dated March 20, 2017, by and between ConAgra Foods RDM, Inc. and Lamb Weston, Inc. (formerly known as ConAgra Foods Lamb Weston, Inc.), incorporated herein by reference to Exhibit 10.32.1 of Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 28, 2017
21	Subsidiaries of Conagra Brands, Inc.
23	Consent of KPMG LLP
24	Powers of Attorney
31.1	Section 302 Certificate
31.2	Section 302 Certificate
32	Section 906 Certificates
101	The following materials from Conagra Brands' Annual Report on Form 10-K for the year ended May 30, 2021, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Earnings, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Common Stockholders' Equity, (v) the Consolidated Statements of Cash Flows, (vi) Notes to Consolidated Financial Statements, and (vii) document and entity information.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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* Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Conagra Brands agrees to furnish supplementally to the Securities and Exchange Commission a copy of any omitted schedule upon request.

** Management contract or compensatory plan.

Pursuant to Item 601(b)(4) of Regulation S-K, certain instruments with respect to Conagra Brands' long-term debt are not filed with this Form 10-K. Conagra Brands will furnish a copy of any such long-term debt agreement to the Securities and Exchange Commission upon request.

ITEM 16. FORM 10-K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Conagra Brands, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CONAGRA BRANDS, INC.
By:	/s/ SEAN M. CONNOLLY
	Sean M. Connolly
	President and Chief Executive Officer
	July 23, 2021
By:	/s/ DAVID S. MARBERGER
	David S. Marberger
	Executive Vice President and Chief Financial Officer
	July 23, 2021
By:	/s/ ROBERT G. WISE
	Robert G. Wise
	Senior Vice President and Corporate Controller
	July 23, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the 23rd day of July, 2021.

Sean M. Connolly*	Director
Anil Arora*	Director
Thomas K. Brown*	Director
Emanuel Chirico*	Director
Joie A. Gregor*	Director
Rajive Johri*	Director
Richard H. Lenny*	Director
Melissa Lora*	Director
Ruth Ann Marshall*	Director
Craig P. Omtvedt*	Director
Scott Ostfeld*	Director

* David S. Marberger, by signing his name hereto, signs this annual report on Form 10-K on behalf of each person indicated. Powers-of-Attorney authorizing David S. Marberger to sign this annual report on Form 10-K on behalf of each of the indicated Directors of Conagra Brands, Inc. have been filed herewith as Exhibit 24.

By:	/s/ DAVID S. MARBERGER
	David S. Marberger
	Attorney-In-Fact

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EX-10.19

Exhibit 10.19

EXECUTION COPY

AMENDMENT NO. 1 TO
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

Dated as of July 13, 2021

AMENDMENT NO. 1 TO AMENDED AND RESTATED REVOLVINGCREDIT AGREEMENT among CONAGRA BRANDS, INC., a Delaware corporation (the “Company”), the banks, financial institutions and other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”) for the Lenders.

PRELIMINARY STATEMENTS:

(1) The Company, the Lenders and the Administrative Agent have entered into an Amended and Restated Revolving Credit Agreement dated as of July 11, 2018 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”).  Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement.

(2) The Company and certain Lenders have agreed to amend the Credit Agreement as set forth below.

SECTION 1.Amendments to Credit Agreement.

(a) On the First Amendment Effective Date (as defined below) the Credit Agreement is hereby amended as set forth below in this clause (a):

(i)The following definitions are added to Section 1.01 in appropriate alphabetical order:

“Affected Financial Institution” means (a) any EEA Financial Institution, or (b) any UK Financial Institution.

“Rescindable Amount” has the meaning as defined in Section 2.11(b)(ii).

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

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“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

(ii)The definitions of “Bail-In Action” and “Write-Down and Conversion Powers” are amended in full to read as set forth below:

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

(iii)The definition of “Interest Period” is amended by deleting the phrase “one, two, three or six months” and substituting therefor the phrase “one, three or six months (provided that six month Interest Periods are not available for Eurocurrency Rate Loans denominated in Canadian Dollars)”.

(iv)Section 1.02 is amended by adding to the end thereof a new subsection (d) reading as follows:

(d)Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

(v)The second sentence of Section 2.11(b)(ii) is deleted, and a new paragraph substituted therefor reading as follows:

With respect to any payment that the Administrative Agent makes for the account of and to the Lenders or any L/C Issuer hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of

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the following applies (such payment referred to as the “Rescindable Amount”): (1) the Company has not in fact made such payment; (2) the Administrative Agent has made a payment in excess of the amount so paid by the Company (whether or not then owed); or (3) the Administrative Agent has for any reason otherwise erroneously made such payment; then each of the Lenders or the applicable L/C Issuers, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender or such L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of repayment to the Administrative Agent, at the Overnight Rate.

(vi)Section 7.02 is amended in full to read as follows:

7.02Debt to EBITDA Ratio.  The Company will maintain as of the end of each of its fiscal quarters a ratio of Consolidated Funded Debt to Consolidated EBITDA of not greater than 4.50:1.00 on a four quarter rolling basis.

(vii)Section 7.04 is amended in full to read as follows:

7.04Liens.  The Company will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

(a)Liens pursuant to any Loan Document;

(b)Liens existing on the First Amendment Effective Date (as defined in Amendment No. 1 to this Agreement, dated as of July 13, 2021) listed on Schedule 7.04 and any renewals or extensions thereof, to the extent that (i) the property covered thereby is not changed and (ii) the amount secured or benefited thereby is not increased;

(c)Liens for Taxes not yet due or that are being contested in good faith and by appropriate proceedings, if reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

(d)carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or that are being contested in good faith appropriate proceedings, if reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

(e)pledges or deposits in the ordinary course of business in connection with workers’ compensation, payroll taxes, unemployment insurance and other social security legislation;

(f)Liens or deposits to secure the performance of bids, trade contracts and leases (other than indebtedness for borrowed money), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

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(g)easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;

(h)Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(l);

(i)Liens securing purchase money obligations for or improvements or repairs to or capital leases of fixed or capital assets; provided that (i) such Liens do not at any time encumber any property other than the property so financed or leased (or subject to improvement or repair) and (ii) the indebtedness secured thereby does not exceed the Company’s good faith estimate of the fair market value of such property at such time;

(j)Liens securing indebtedness owing by any Subsidiary of the Company to the Company or to another Subsidiary of the Company;

(k)Liens on any property or assets of a Person existing at the time such Person is merged into or consolidated with the Company or any of its Subsidiaries or at the time of a purchase, lease or other acquisition of such Person or assets thereof by the Company or any of its Subsidiaries provided that such Lien does not extend to any other property of the Company or any of its Subsidiaries;

(l)Liens (i) in favor of collecting banks arising under Section 4-210 of the Uniform Commercial Code, (ii) in favor of a banking or other financial institution arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of set off) and which are within the general parameters customary in the banking industry, or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

(m)any interest or title of a lessor, sub-lessor, licensor or sub-licensor under leases, subleases, licenses or sublicenses entered into by the Company or any of its Subsidiaries in the ordinary course of business;

(n)Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto in the ordinary course of business;

(o)Liens on any cash earnest money deposits made by the Company or any of its Subsidiaries in connection with any letter of intent or purchase agreement; and

(p)Liens not permitted by the foregoing clauses (a) to (o), inclusive, if at the time of, and immediately after giving effect to, the creation or assumption of such Lien, the aggregate amount of all indebtedness for borrowed money of the Company and its Subsidiaries secured by Liens not so permitted by the foregoing clauses (a) through (o) above does not exceed 10% of the Company’s consolidated assets.

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(ix)Article IX is amended by adding a new Section 9.10reading as follows:

9.10Recovery of Erroneous Payments.  Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender or any L/C Issuer (the “Credit Party”), whether or not in respect of an Obligation due and owing by the Company at such time, where such payment is a Rescindable Amount, then in any such event, each Credit Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Credit Party in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate. Each Credit Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Credit Party promptly upon determining that any payment made to such Credit Party comprised, in whole or in part, a Rescindable Amount.

(x)Section 10.21 is amended in full to read as follows:

10.21Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Solely to the extent any Lender or L/C Issuer that is an EEA Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an Affected Financial Institution; and

(b)the effects of any Bail-in Action on any such liability, including, if applicable:

(i)a reduction in full or in part or cancellation of any such liability;

(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of

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ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

(xi)A new Schedule 7.04 is added to read as set forth on Schedule I to this Amendment.

(b) Subject to the satisfaction of the condition precedent set forth in Section 2(b) below:

(i)The definition of “Eurocurrency Rate” is amended in full to read as set forth below:

“Eurocurrency Rate” means:

(a)with respect to any Credit Extension:

(i)denominated in Dollars, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;

(ii)denominated in Canadian Dollars, the rate per annum equal to the Canadian Dollar Offered Rate (“CDOR”), or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 10:00 a.m. (Toronto, Ontario time) on the applicable Rate Determination Date with a term equivalent to such Interest Period; and.

(iii)denominated in Euros, the rate per annum equal to the Euro Interbank Offered Rate (“EURIBOR”), or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m. (Brussels, Belgium time) on the Rate Determination Date with a term equivalent to such Interest Period;

(b)for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two

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London Banking Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; and

(c)if the Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

(ii)The definitions of “LIBOR Successor Rate”, “LIBOR Successor Rate Conforming Changes” and “Scheduled Unavailability Date” are deleted in full.

(iii)Section 3.07 of the Credit Agreement is amended in full to read as set forth in Annex A hereto.

SECTION 2. Conditions of Effectiveness.

(a) This Amendment (other than Section 1(b) hereof) shall become effective as of the date first above written (the “First Amendment Effective Date”) when, and only when, the Administrative Agent shall have received (x) counterparts of this Amendment executed by the Company and Required Lenders and (y) an amendment fee equal to 0.02% of the Commitment on the First Amendment Effective Date of each of the Lenders timely providing their counterpart signature hereto to the Administrative Agent, paid to the Administrative Agent for the pro rata benefit of such Lenders.

(b) Section 1(b) of this Amendment shall become effective as of the first date (if any) on or after the First Amendment Effective Date when, and only when, the Administrative Agent shall have received counterparts of this Amendment executed by the Company and all Lenders.

SECTION 3. Representations and Warranties of the Company.  The Company represents and warrants as of the First Amendment Effective Date as follows:

(a)The execution, delivery and performance by the Company of this Amendment have been duly authorized by proper corporate proceedings and the Credit Agreement, as amended hereby, constitutes valid, legal, binding and enforceable obligations of the Company.

(b)Immediately after giving effect to this Amendment, the representations and warranties contained in Section 5 of the Credit Agreement are true and correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on the First Amendment Effective Date as if made on such date, except that the financial statements referred to in Section 5.04 of the Credit Agreement shall instead be deemed to be the audited consolidated financial statements of the Company and its Subsidiaries most recently delivered to the Lenders, and except with respect to those representations and warranties made as of a specific date, which representations and warranties shall be true and correct in all material respects as of such date).

SECTION 4. Reference to and Effect on the Loan Documents.  (a)  On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit

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Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

(b)The Credit Agreement, the Notes and each of the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  

(c)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

(d)This Amendment shall be deemed to constitute a Loan Document.

SECTION 5. Costs, Expenses. The Company agrees to promptly reimburse the Administrative Agent for all costs and expenses incurred by it in connection with the preparation, execution and delivery of this Amendment in accordance with the terms of Section 10.04(a) of the Credit Agreement.  

SECTION 6. Execution in Counterparts .  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.

SECTION 7. Governing Law.  This Amendment shall be governed by, and construed in accordance with, the law of the State of New York.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

CONAGRA BRANDS, INC.

By Title:

BANK OF AMERICA, N.A.,
as Administrative Agent

By Title:

Consent to amend the Credit Agreement as provided in the forgoing Amendment:

Name of Lender:

  by

       Name:

       Title:  

  by

       Name:

       Title:  

Conagra Amendment No. 1

SCHEDULE I

SCHEDULE 7.04

EXISTING LIENS

None.

ANNEX A

3.07 Rate Replacement.

(a)Notwithstanding anything to the contrary in this Agreement or any other Loan Documents but solely with respect to Alternative Currencies and the Relevant Rates applicable thereto, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Company or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Company) that the Company or Required Lenders (as applicable) have determined, that:

(i)adequate and reasonable means do not exist for ascertaining the Relevant Rate for an Alternative Currency because none of the tenors of such Relevant Rate (including any forward-looking term rate thereof) is available or published on a current basis and such circumstances are unlikely to be temporary; or

(ii)the applicable administrator for the Relevant Rate for an Alternative Currency, or any Governmental Authority having jurisdiction over the Administrative Agent or such administrator, has made a public statement identifying a specific date after which all tenors of the Relevant Rate for an Alternative Currency (including any forward-looking term rate thereof) shall or will no longer be representative or made available, or used for determining the interest rate of loans denominated in such Alternative Currency, or shall or will otherwise cease, provided that, in each case, at the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent that will continue to provide such representative tenor(s) of the Relevant Rate for such Alternative Currency, or

(iii)syndicated loans currently being executed and agented in the U.S. are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the Relevant Rate for an Alternative Currency,

or if the events or circumstances of the type described in Section 3.03(b) have occurred with respect to the Successor Rate then in effect, then, the Administrative Agent and the Company may amend this Agreement solely for the purpose of replacing the Relevant Rate for an Alternative Currency or any then current Successor Rate for an Alternative Currency in accordance with this Section 3.07(a) with an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar credit facilities syndicated and agented in the U.S. and denominated in such Alternative Currency for such alternative benchmarks, and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar credit facilities syndicated and agented in the U.S. and denominated in such Alternative Currency for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated (and any such proposed rate, including for the avoidance of doubt, any adjustment thereto, a “Successor Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Company unless, prior to such

time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment.

The Administrative Agent will promptly (in one or more notices) notify the Company and each Lender of the implementation of any Successor Rate.

Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero, the Successor Rate will be deemed to be zero for the purposes of this Agreement and the other Loan Documents.

In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Company and the Lenders reasonably promptly after such amendment becomes effective.

As used in this Section 3.07, the following terms shall have the meanings set forth below:

“Conforming Changes” means, with respect to the use, administration of or any conventions associated with any proposed Successor Rate for an Alternative Currency, any conforming changes to the definitions of “Interest Period”, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of “Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice for such Alternative Currency (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate for such Alternative Currency exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

“Relevant Rate” means with respect to any Credit Extension denominated in (a) Dollars, LIBOR, (b) Euros, EURIBOR, and (c) Canadian Dollars, CDOR, as applicable.  

(b)Notwithstanding anything to the contrary herein or in any other Loan Document but solely with respect to Dollars and the Relevant Rates applicable thereto:

(i)On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of LIBOR’s administrator (“IBA”), announced in a public statement the future

cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12- month U.S. dollar LIBOR tenor settings. On the earliest of (A) the date that all Available Tenors of Dollar LIBOR have permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative, (B) June 30, 2023 and (C) the Early Opt-in Effective Date in respect of a SOFR Early Opt-in, if the then-current Benchmark is LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.

(ii)(x)Upon (A) the occurrence of a Benchmark Transition Event or (B) a determination by the Administrative Agent that neither of the alternatives under clause (1) of the definition of Benchmark Replacement are available, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders (and any such objection shall be conclusive and binding absent manifest error); provided that solely in the event that the then-current Benchmark at the time of such Benchmark Transition Event is not a SOFR-based rate, the Benchmark Replacement therefor shall be determined in accordance with clause (1) of the definition of Benchmark Replacement unless the Administrative Agent determines that neither of such alternative rates is available.

(y)  On the Early Opt-in Effective Date in respect of an Other Rate Early Opt-in, the Benchmark Replacement will replace LIBOR for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document.  

(iii)At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Company may revoke any request for a borrowing of, conversion to or continuation of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Company’s receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Company will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans. During the period referenced in the foregoing sentence, the component of Base Rate based upon the Benchmark will not be used in any determination of Base Rate.

(iv) In connection with the implementation and administration of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

(v)The Administrative Agent will promptly notify the Company and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent pursuant to this Section 3.07(b), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its  sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.07(b).  

(vi)At any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (B) the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.

(vii)As used in thisSection 3.07(b), the following terms shall have the meanings set forth below:

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date.

“Benchmark” means, initially, LIBOR; provided that if a replacement of the Benchmark has occurred pursuant to Section 3.07(b) then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof.

“Benchmark Replacement” means:

(1)For purposes of Section 3.07(b)(i), the first alternative set forth below that can be determined by the Administrative Agent:

(a) the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, 0.42826% (42.826 basis points)

for an Available Tenor of six-months’ duration, and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months’ duration, or

(b) the sum of: (i) Daily Simple SOFR and (ii) 0.26161% (26.161 basis points);

providedthat, if initially LIBOR is replaced with the rate contained in clause (b) above (Daily Simple SOFR plus the applicable spread adjustment) and subsequent to such replacement, the Administrative Agent determines that Term SOFR has become available and is administratively feasible for the Administrative Agent in its sole discretion, and the Administrative Agent notifies the Company and each Lender of such availability, then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the date of such notice, the Benchmark Replacement shall be as set forth in clause (a) above; and

(2)For purposes of Section 3.07(b)(ii), the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Company as the replacement Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by a Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time;

provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement and the other Loan Documents.

Any Benchmark Replacement shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such Benchmark Replacement shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

“Benchmark Transition Event” means, with respect to any then-current Benchmark other than LIBOR, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark or a Governmental Authority with jurisdiction over such administrator announcing or stating that all Available Tenors are or will no longer be representative, or made available, or used for determining the interest rate of loans, or shall or will otherwise cease, provided that, at the time of such statement or publication, there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide any representative tenors of such Benchmark after such specific date.

“Daily Simple SOFR” with respect to any applicable determination date means the secured overnight financing rate (“SOFR”) published on such date by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or any successor source).

“Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.

“Early Opt-in Election” means the occurrence of:

(1)a determination by the Administrative Agent, or a notification by the Company to the Administrative Agent that the Company has made a determination, that U.S. dollar-denominated syndicated credit facilities currently being executed, or that include language similar to that contained in Section 3.07(b), are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, and

(2)the joint election by the Administrative Agent and the Company to replace LIBOR with a Benchmark Replacement and the provision by the Administrative Agent of written notice of such election to the Lenders.

“Other Rate Early Opt-in”means the Administrative Agent and the Company have elected to replace LIBOR with a Benchmark Replacement other than a SOFR-based rate pursuant to (1) an Early Opt-in Election and (2) Section 3.07(b)(ii) and paragraph (2) of the definition of “Benchmark Replacement”.

“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

“SOFR Early Opt-in”means the Administrative Agent and the Company have elected to replace LIBOR pursuant to (1) an Early Opt-in Election and (2) Section 3.07(b)(i) and paragraph (1) of the definition of “Benchmark Replacement”.

“Term SOFR” means, for the applicable corresponding tenor (or if any Available Tenor of a Benchmark does not correspond to an Available Tenor for the applicable Benchmark Replacement, the closest corresponding Available Tenor and if such Available Tenor corresponds equally to two Available Tenors of the applicable Benchmark Replacement, the corresponding tenor of the shorter duration shall be applied), the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

EX-21

Exhibit 21

SUBSIDIARIES OF CONAGRA BRANDS, INC.

Conagra Brands, Inc. is the parent corporation owning, directly or indirectly, 100% of the voting securities of the following subsidiaries principally engaged in the production and distribution of food products as of May 30, 2021:

Subsidiary	Jurisdiction of Formation
Angie's Artisan Treats, LLC	Delaware
Conagra G&S (CAG), LLC	Delaware
Conagra G&S (PF), LLC	Delaware
Conagra R&F (PF), LLC	Delaware
ConAgra Foods AM Holdings LP	Delaware
Conagra Brands Canada Inc. / Marques Conagra Canada Inc.	Canada
ConAgra Foods Enterprise Services, Inc.	Delaware
ConAgra Foods Packaged Foods, LLC	Delaware
ConAgra Foods RDM, Inc.	Delaware
ConAgra Foods Sales, LLC	Delaware
ConAgra Funding, LLC	Delaware

The corporations listed above are included in the consolidated financial statements, which are a part of this report.

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors

Conagra Brands, Inc.:

We consent to the incorporation by reference in the registration statement (No. 333-227740 and 333‑219411) on Form S-3 and registration statements (Nos. 333-70476, 333-46962, 333-46960, 333-44426, 333-78063, 333-64633, 33-52330, 333-17549, 33-63061, 33-37293, 333-00997, 333-162180, 333-162137, 333-162136, and 333-199109) on Form S-8 of Conagra Brands, Inc. (the Company) of our report dated July 23, 2021, with respect to the consolidated balance sheets of Conagra Brands, Inc. as of May 30, 2021 and May 31, 2020, the related consolidated statements of earnings, comprehensive income, common stockholders’ equity, and cash flows for each of the fiscal years in the three-year period ended May 30, 2021, and the related notes (collectively, the consolidated financial statements), and the effectiveness of internal control over financial reporting as of May 30, 2021, which report appears in the annual report on Form 10‑K of Conagra Brands, Inc. for the fiscal year ended May 30, 2021.

/s/ KPMG LLP

Omaha, Nebraska

July 23, 2021

EX-24

Exhibit 24

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Melissa Lora        

Melissa Lora

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Anil Arora         

Anil Arora

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Emanuel Chirico         

Emanuel Chirico

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Scott Ostfeld         

Scott Ostfeld

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as her Attorney-in-Fact in her name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in her capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Joie A. Gregor         

Joie A. Gregor

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Rajive Johri         

Rajive Johri

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Richard H. Lenny         

Richard H. Lenny

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as her Attorney-in-Fact in her name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in her capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Ruth Ann Marshall         

Ruth Ann Marshall

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Craig P. Omtvedt         

Craig P. Omtvedt

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Thomas K. Brown         

Thomas K. Brown

POWER OF ATTORNEY

The undersigned Director of Conagra Brands, Inc., a Delaware corporation, hereby constitutes and appoints each of David S. Marberger, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute Conagra Brands’ Annual Report on Form 10-K for the fiscal year ended May 30, 2021, together with any and all subsequent amendments thereof, in his capacity as a Director and hereby ratifies all that any one or more of said Attorneys-in-Fact may do by virtue thereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 23rd day of July, 2021.

/s/ Sean M. Connolly     

Sean M. Connolly

EX-31.1

Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

I, Sean M. Connolly, certify that:

1.	I have reviewed this annual report on Form 10-K for the year ended May 30, 2021 of Conagra Brands, Inc.;
2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.		The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)			Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)			Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.		The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)			Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 23, 2021

/s/ SEAN M. CONNOLLY

Sean M. Connolly

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

I, David S. Marberger, certify that:

1.	I have reviewed this annual report on Form 10-K for the year ended May 30, 2021 of Conagra Brands, Inc.;
2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.		The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)			Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)			Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.		The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)			Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 23, 2021

/s/ David S. Marberger

David S. Marberger

Executive Vice President and Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002:

I, Sean M. Connolly, Chief Executive Officer of Conagra Brands, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge that Conagra Brands, Inc.'s Annual Report on Form 10-K for the fiscal year ended May 30, 2021 (the "Annual Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of Conagra Brands, Inc. as of the dates and for the periods presented therein.

July 23, 2021

/s/ SEAN M. CONNOLLY

Sean M. Connolly

Chief Executive Officer

I, David S. Marberger, Executive Vice President and Chief Financial Officer of Conagra Brands, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge that Conagra Brands, Inc.'s Annual Report on Form 10-K for the fiscal year ended May 30, 2021 (the "Annual Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of Conagra Brands, Inc. as of the dates and for the periods presented therein.

July 23, 2021

/s/ DAVID S. MARBERGER

David S. Marberger

Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Conagra Brands, Inc. and will be retained by Conagra Brands, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - USD ($)

12 Months Ended

May 30, 2021

Jun. 27, 2021

Nov. 27, 2020

Cover [Abstract]

Entity Registrant Name

CONAGRA BRANDS, INC.

Entity Central Index Key

0000023217

Current Fiscal Year End Date

--05-30

Entity Filer Category

Large Accelerated Filer

Document Type

10-K

Document Period End Date

May 30, 2021

Document Fiscal Year Focus

2021

Document Fiscal Period Focus

FY

Amendment Flag

false

Entity Public Float

$ 17,559,528,469

Entity Common Stock, Shares Outstanding

480,326,127

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Entity Small Business

false

Entity Shell Company

false

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

No

Entity Current Reporting Status

Yes

Entity File Number

1-7275

Entity Tax Identification Number

47-0248710

Entity Address, Address Line One

222 W. Merchandise Mart Plaza

Entity Address, Address Line Two

Suite 1300

Entity Address, City or Town

Chicago

Entity Address, State or Province

IL

Entity Address, Postal Zip Code

60654

City Area Code

(312)

Local Phone Number

549-5000

Entity Incorporation, State or Country Code

DE

Entity Interactive Data Current

Yes

Document Annual Report

true

Document Transition Report

false

Title of 12(b) Security

Common Stock, $5.00 par value

Trading Symbol

CAG

Security Exchange Name

NYSE

Documents Incorporated by Reference

Portions of the Registrant’s definitive Proxy Statement for the Registrant's 2021 Annual Meeting of Stockholders (the "2021 Proxy Statement") are incorporated by reference into Part III.

XML

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Income Statement [Abstract]
Net sales	$ 11,184.7	$ 11,054.4	$ 9,538.4
Costs and expenses:
Cost of goods sold	8,005.5	7,984.8	6,885.4
Selling, general and administrative expenses	1,403.0	1,622.5	1,473.4
Pension and postretirement non-service income	(54.5)	(9.9)	(35.1)
Interest expense, net	420.4	487.1	391.4
Income from continuing operations before income taxes and equity method investment earnings	1,410.3	969.9	823.3
Income tax expense	193.8	201.3	218.8
Equity method investment earnings	84.4	73.2	75.8
Income from continuing operations	1,300.9	841.8	680.3
Loss from discontinued operations, net of tax	0.0	0.0	(1.9)
Net income	1,300.9	841.8	678.4
Less: Net income attributable to noncontrolling interests	2.1	1.7	0.1
Net income attributable to Conagra Brands, Inc.	$ 1,298.8	$ 840.1	$ 678.3
Earnings per share — basic
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders	$ 2.67	$ 1.72	$ 1.53
Income from discontinued operations attributable to Conagra Brands, Inc. common stockholders	0	0	0
Net income attributable to Conagra Brands, Inc. common stockholders	2.67	1.72	1.53
Earnings per share — diluted
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders	2.66	1.72	1.53
Loss from discontinued operations attributable to Conagra Brands, Inc. common stockholders	0	0	(0.01)
Net income attributable to Conagra Brands, Inc. common stockholders	$ 2.66	$ 1.72	$ 1.52

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Net income
Pre-Tax Amount	$ 1,494.7	$ 1,043.1	$ 900.0
Tax (Expense) Benefit	(193.8)	(201.3)	(221.6)
After-Tax Amount	1,300.9	841.8	678.4
Unrealized derivative adjustments
Pre-Tax Amount	0.4	(7.1)	45.5
Tax (Expense) Benefit	(1.8)	1.8	(11.4)
After-Tax Amount	(1.4)	(5.3)	34.1
Reclassification for derivative adjustments included in net income
Pre-Tax Amount	(1.6)	(3.3)	(1.9)
Tax (Expense) Benefit	1.0	0.9	0.5
After-Tax Amount	(0.6)	(2.4)	(1.4)
Unrealized currency translation gains (losses)
Pre-Tax Amount	53.3	(42.7)	(10.2)
Tax (Expense) Benefit	(1.5)	1.4	0.0
After-Tax Amount	51.8	(41.3)	(10.2)
Reclassification for currency translation losses included in net income
Pre-Tax Amount	0.0	0.0	10.4
Tax (Expense) Benefit	0.0	0.0	0.0
After-Tax Amount	0.0	0.0	10.4
Unrealized pension and postretirement benefit obligations
Pre-Tax Amount	95.1	63.2	(43.8)
Tax (Expense) Benefit	(23.6)	(15.9)	10.9
After-Tax Amount	71.5	47.3	(32.9)
Reclassification for pension and postretirement benefit obligations included in net income
Pre-Tax Amount	(3.6)	(5.5)	(1.5)
Tax (Expense) Benefit	0.9	1.4	0.4
After-Tax Amount	(2.7)	(4.1)	(1.1)
Comprehensive income
Pre-Tax Amount	1,638.3	1,047.7	898.5
Tax (Expense) Benefit	(218.8)	(211.7)	(221.2)
After-Tax Amount	1,419.5	836.0	677.3
Comprehensive income (loss) attributable to noncontrolling interests
Pre-Tax Amount	6.1	(3.9)	(1.7)
Tax (Expense) Benefit	(0.8)	(0.9)	(0.1)
After-Tax Amount	5.3	(4.8)	(1.8)
Comprehensive income attributable to Conagra Brands, Inc.
Pre-Tax Amount	1,632.2	1,051.6	900.2
Tax (Expense) Benefit	(218.0)	(210.8)	(221.1)
After-Tax Amount	$ 1,414.2	$ 840.8	$ 679.1

XML

Consolidated Balance Sheets - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Current assets
Cash and cash equivalents	$ 79.2	$ 553.3
Receivables, less allowance for doubtful accounts of $3.2 and $2.6	793.9	860.8
Inventories	1,734.0	1,364.8
Prepaid expenses and other current assets	95.0	93.9
Current assets held for sale		13.1
Total current assets	2,702.1	2,885.9
Property, plant and equipment
Land and land improvements	156.5	139.2
Buildings, machinery and equipment	4,492.7	4,088.6
Furniture, fixtures, office equipment and other	674.4	656.2
Construction in progress	301.1	243.8
Property, plant and equipment	5,624.7	5,127.8
Less accumulated depreciation	(3,016.2)	(2,762.4)
Property, plant and equipment, net	2,608.5	2,365.4
Goodwill	11,373.5	11,361.5
Brands, trademarks and other intangibles, net	4,157.6	4,302.4
Other assets	1,349.3	1,273.4
Noncurrent assets held for sale	4.6	115.4
Total assets	22,195.6	22,304.0
Current liabilities
Notes payable	707.4	1.1
Current installments of long-term debt	23.1	845.5
Accounts payable	1,655.9	1,507.1
Accrued payroll	175.2	189.4
Other accrued liabilities	744.6	725.8
Total current liabilities	3,306.2	3,287.4
Senior long-term debt, excluding current installments	8,275.2	8,900.8
Other noncurrent liabilities	1,982.8	2,165.1
Total liabilities	13,564.2	14,353.3
Commitments and contingencies (Note 16)
Common stockholders' equity
Common stock of $5 par value, authorized 1,200,000,000 shares; issued 584,219,229	2,921.2	2,921.2
Additional paid-in capital	2,342.1	2,323.2
Retained earnings	6,262.6	5,471.2
Accumulated other comprehensive income (loss)	5.8	(109.6)
Less treasury stock, at cost, 103,934,839 and 97,057,311 common shares	(2,979.9)	(2,729.9)
Total Conagra Brands, Inc. common stockholders' equity	8,551.8	7,876.1
Noncontrolling interests	79.6	74.6
Total stockholders' equity	8,631.4	7,950.7
Total liabilities and stockholders' equity	$ 22,195.6	22,304.0
Held-for-sale, not discontinued operations
Current liabilities
Current liabilities held for sale		$ 18.5

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.2	$ 2.6
Common stock, par value (in dollars per share)	$ 5	$ 5
Common stock, authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, issued (in shares)	584,219,229	584,219,229
Treasury stock, at cost (in shares)	103,934,839	97,057,311

XML

Consolidated Statements of Common Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Revision of Prior Period, Accounting Standards Update, Adjustment	Treasury Stock	Noncontrolling Interests
Beginning balance at May. 27, 2018	$ 3,756.6		$ 2,839.7	$ 1,180.0	$ 4,744.9		$ (110.5)		$ (4,977.9)	$ 80.4
Beginning balance (ASU 2016-01) at May. 27, 2018						$ 0.6		$ (0.6)
Beginning balance (ASU 2014-09) at May. 27, 2018		$ 0.5				0.5
Beginning balance (in shares) at May. 27, 2018			567.9
Increase (Decrease) in Stockholders' Equity
Stock option and incentive plans	33.1			(6.7)	0.1				39.6	0.1
Currency translation adjustments	0.2						2.1			(1.9)
Issuance of treasury shares	2,816.3			638.2					2,178.1
Issuance of common stock	555.7		$ 81.5	474.2
Issuance of common stock (in shares)			16.3
Derivative adjustments	32.7						32.7
Activities of noncontrolling interests	0.8			0.3						0.5
Pension and postretirement healthcare benefits	(34.0)						(34.0)
Dividends declared on common stock	(376.5)				(376.5)
Net income attributable to Conagra Brands, Inc.	678.3				678.3
Ending balance at May. 26, 2019	7,463.7		$ 2,921.2	2,286.0	5,047.9		(110.3)		(2,760.2)	79.1
Ending balance (in shares) at May. 26, 2019			584.2
Increase (Decrease) in Stockholders' Equity
Stock option and incentive plans	64.6			37.2	(2.9)				30.3
Currency translation adjustments	(41.3)						(34.8)			(6.5)
Derivative adjustments	(7.7)						(7.7)
Activities of noncontrolling interests	2.0									2.0
Pension and postretirement healthcare benefits	43.2						43.2
Dividends declared on common stock	(413.9)				(413.9)
Net income attributable to Conagra Brands, Inc.	840.1				840.1
Ending balance at May. 31, 2020	7,950.7		$ 2,921.2	2,323.2	5,471.2		(109.6)		(2,729.9)	74.6
Ending balance (ASU 2016-13) at May. 31, 2020		$ (1.1)				$ (1.1)
Ending balance (in shares) at May. 31, 2020			584.2
Increase (Decrease) in Stockholders' Equity
Stock option and incentive plans	64.1			18.9	(3.1)				48.1	0.2
Currency translation adjustments	51.8						48.6			3.2
Repurchase of common shares	(298.1)								(298.1)
Derivative adjustments	(2.0)						(2.0)
Activities of noncontrolling interests	1.6									1.6
Pension and postretirement healthcare benefits	68.8						68.8
Dividends declared on common stock	(503.2)				(503.2)
Net income attributable to Conagra Brands, Inc.	1,298.8				1,298.8
Ending balance at May. 30, 2021	$ 8,631.4		$ 2,921.2	$ 2,342.1	$ 6,262.6		$ 5.8		$ (2,979.9)	$ 79.6
Ending balance (in shares) at May. 30, 2021			584.2

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Consolidated Statements of Common Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Statement Of Stockholders Equity [Abstract]
Dividends declared on common stock (in dollars per share)	$ 1.0375	$ 0.85	$ 0.85

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Cash flows from operating activities:
Net income	$ 1,300.9	$ 841.8	$ 678.4
Loss from discontinued operations, net of tax	0.0	0.0	(1.9)
Income from continuing operations	1,300.9	841.8	680.3
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:
Depreciation and amortization	387.7	388.9	333.0
Asset impairment charges	95.5	259.9	93.8
Loss (gain) on divestitures	(65.5)	2.2	(69.4)
Loss on extinguishment of debt	68.7	1.0	5.5
Significant litigation accruals	0.0	0.0	(39.3)
Proceeds from the settlement of interest rate swaps	0.0	0.0	47.5
Novation of a legacy guarantee	0.0	0.0	(27.3)
Equity method investment earnings in excess of distributions	(27.9)	(21.8)	(20.8)
Stock-settled share-based payments expense	63.9	59.2	33.7
Contributions to pension plans	(27.6)	(17.5)	(14.7)
Pension expense (benefit)	(38.3)	5.9	(22.7)
Other items	9.1	10.3	12.3
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
Receivables	66.1	(43.8)	(69.1)
Inventories	(364.3)	163.5	78.0
Deferred income taxes and income taxes payable, net	(92.5)	23.1	83.7
Prepaid expenses and other current assets	(8.5)	(13.6)	(19.1)
Accounts payable	141.4	234.4	38.2
Accrued payroll	(14.3)	15.9	0.1
Other accrued liabilities	(60.2)	(66.8)	(9.4)
Deferred employer payroll taxes	33.9	0.0	0.0
Net cash flows from operating activities - continuing operations	1,468.1	1,842.6	1,114.3
Net cash flows from operating activities - discontinued operations	0.0	0.0	11.2
Net cash flows from operating activities	1,468.1	1,842.6	1,125.5
Cash flows from investing activities:
Additions to property, plant and equipment	(506.4)	(369.5)	(353.1)
Sale of property, plant and equipment	2.5	14.0	22.5
Purchase of business, net of cash acquired	0.0	0.0	(5,119.2)
Proceeds from divestitures, net of cash divested	160.9	194.6	281.5
Purchase of marketable securities	(11.8)	(46.8)	(61.0)
Sales of marketable securities	14.5	53.8	52.2
Other items	0.0	0.1	11.1
Net cash flows from investing activities	(340.3)	(153.8)	(5,166.0)
Cash flows from financing activities:
Issuances of commercial paper, maturities greater than 90 days	298.6	0.0	0.0
Repayments of commercial paper, maturities greater than 90 days	(298.6)	0.0	0.0
Net issuances (repayments) of other short-term borrowings	706.3	0.1	(277.3)
Issuance of long-term debt	988.2	0.0	8,310.5
Repayment of long-term debt	(2,514.5)	(947.5)	(3,972.7)
Debt issuance costs and bridge financing fees	(6.2)	0.0	(95.2)
Payment of intangible asset financing arrangement	(12.9)	(13.6)	(14.0)
Issuance of Conagra Brands, Inc. common shares, net	0.0	0.0	555.7
Repurchase of Conagra Brands, Inc. common shares	(298.1)	0.0	0.0
Cash dividends paid	(474.6)	(413.6)	(356.2)
Exercise of stock options and issuance of other stock awards, including tax withholdings	(0.1)	4.8	(1.6)
Other items	2.3	(0.6)	0.6
Net cash flows from financing activities	(1,609.6)	(1,370.4)	4,149.8
Effect of exchange rate changes on cash and cash equivalents and restricted cash	7.7	(1.7)	(0.7)
Net change in cash and cash equivalents and restricted cash	(474.1)	316.7	108.6
Cash and cash equivalents and restricted cash at beginning of year	554.3	237.6	129.0
Cash and cash equivalents and restricted cash at end of year	$ 80.2	$ 554.3	$ 237.6

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

May 30, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fiscal Year — The fiscal year of Conagra Brands, Inc. ("Conagra Brands", "Company", "we", "us", or "our") ends the last Sunday in May. The fiscal years for the consolidated financial statements presented consist of a 52-week period for fiscal 2021, a 53-week period for fiscal 2020, and a 52-week period for fiscal year 2019.

Basis of Consolidation — The consolidated financial statements include the accounts of Conagra Brands, Inc. and all majority-owned subsidiaries. All significant intercompany investments, accounts, and transactions have been eliminated.

Investments in Unconsolidated Affiliates — The investments in, and the operating results of, 50%-or-less-owned entities not required to be consolidated are included in the consolidated financial statements on the basis of the equity method of accounting.

We review our investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary includes, but is not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. Management's assessment as to whether any decline in value is other than temporary is based on our ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. Management generally considers our investments in equity method investees to be strategic long-term investments. Therefore, management completes its assessments with a long-term viewpoint. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment.

Cash and Cash Equivalents — Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition, including short-term time deposits and government agency and corporate obligations, are classified as cash and cash equivalents.

Receivables — Receivables from customers generally do not bear interest. Terms and collection vary by location and channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem them uncollectible.

The following table details the balances of our allowance for doubtful accounts and changes therein:

	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Other1		Deductions from Reserves2		Balance at Close of Period
Year ended May 30, 2021	$	2.6		0.6		0.7		0.7	$	3.2
Year ended May 31, 2020	$	2.2		1.2		0.1		0.9	$	2.6
Year ended May 26, 2019	$	1.7		0.6		0.5		0.6	$	2.2

¹ Primarily relates to translation, the adoption of Accounting Standards Update ("ASU") 2016-13, and the acquisition of Pinnacle Foods Inc. ("Pinnacle").

² Bad debts charged off and adjustments to previous reserves, less recoveries.

Inventories — We use the lower of cost (determined using the first-in, first-out method) or market for valuing inventories.

Property, Plant and Equipment — Property, plant and equipment are carried at cost. Depreciation has been calculated using the straight-line method over the estimated useful lives of the respective classes of assets as follows:

Land improvements	1 - 40 years
Buildings	15 - 40 years
Machinery and equipment	3 - 20 years
Furniture, fixtures, office equipment and other	5 - 15 years

We review property, plant and equipment for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Recoverability of an asset considered "held-and-used" is determined by comparing the carrying amount of the asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying amount is greater than the undiscounted net cash flows expected to be generated by the asset, the asset's carrying amount is reduced to its estimated fair value. An asset considered "held-for-sale" is reported at the lower of the asset's carrying amount or fair value.

During fiscal 2021, 2020, and 2019 our capital expenditures totaled $506.4 million, $369.5 million, and $353.1 million, respectively. Accrued and unpaid capital expenditures as of May 30, 2021, May 31, 2020, May 26, 2019, and May 27, 2018 totaled $123.7 million, $112.9 million, $64.4 million, and $40.6 million, respectively.

Goodwill and Other Identifiable Intangible Assets — Goodwill and other identifiable intangible assets with indefinite lives (e.g., brands or trademarks) are not amortized and are tested annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill and other intangible assets.

In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test.

Under the goodwill qualitative assessment, various events and circumstances that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). Furthermore, management considers the results of the most recent quantitative impairment test completed for a reporting unit and compares the weighted average cost of capital between the current and prior years for each reporting unit.

Under the goodwill quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. Refer to Note 19 for the definition of the levels in the fair value hierarchy. The inputs used to calculate the fair value include a number of subjective factors, such as estimates of future cash flows, estimates of our future cost structure, discount rates for our estimated cash flows, required level of working capital, assumed terminal value, and time horizon of cash flow forecasts.

In assessing other intangible assets not subject to amortization for impairment, we have the option to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of such an intangible asset is less than its carrying amount. If we determine that it is not more likely than not that the fair value of such an intangible asset is less than its carrying amount, then we are not required to perform any additional

tests for assessing intangible assets for impairment. However, if we conclude otherwise or elect not to perform the qualitative assessment, then we are required to perform a quantitative impairment test that involves a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

In fiscal 2021, 2020, and 2019 we elected to perform a quantitative impairment test for other intangible assets not subject to amortization. The estimates of fair value of intangible assets not subject to amortization are determined using a "relief from royalty" methodology, which is used in estimating the fair value of our brands/trademarks. Discount rate assumptions are based on an assessment of the risk inherent in the projected future cash flows generated by the respective intangible assets. Also subject to judgment are assumptions about royalty rates.

Identifiable intangible assets with definite lives (e.g., licensing arrangements with contractual lives or customer relationships) are amortized over their estimated useful lives and tested for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. Identifiable intangible assets with definite lives are evaluated for impairment using a process similar to that used in evaluating elements of property, plant and equipment. If impaired, the asset is written down to its fair value.

Refer to Note 8 for discussion of the impairment charges related to goodwill and intangible assets in fiscal 2021, 2020, and 2019.

Fair Values of Financial Instruments — Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value.

Environmental Liabilities — Environmental liabilities are accrued when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. We use third-party specialists to assist management in appropriately measuring the obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. We do not discount our environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. Management's estimate of our potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements. We do not reduce our environmental liabilities for potential insurance recoveries.

Employment-Related Benefits — Employment-related benefits associated with pensions, postretirement health care benefits, and workers' compensation are expensed as such obligations are incurred. The recognition of expense is impacted by estimates made by management, such as discount rates used to value these liabilities, future health care costs, and employee accidents incurred but not yet reported. We use third-party specialists to assist management in appropriately measuring the obligations associated with employment-related benefits.

We recognize changes in the fair value of pension plan assets and net actuarial gains or losses in excess of 10% of the greater of the market-related value of plan assets or the plan's projected benefit obligation (the "corridor") in current period expense annually as of our measurement date, which is our fiscal year-end, or when measurement is required otherwise under U.S. generally accepted accounting principles ("GAAP").

Revenue Recognition — Our revenues primarily consist of the sale of food products that are sold to retailers and foodservice customers through direct sales forces, broker, and distributor arrangements. These revenue contracts generally have single performance obligations. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to our customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs. Amounts billed and due from our customers are classified as receivables and require payment on a short-term basis and, therefore, we do not have any significant financing components.

We recognize revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. We assess the goods

and services promised in our customers' purchase orders and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct.

We offer various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Our promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are recognized as a change in management estimate in a subsequent period.

Advertising Costs — Advertising costs are expensed as incurred. Advertising and promotion expenses totaled $258.0 million, $230.7 million, and $253.4 million in fiscal 2021, 2020, and 2019, respectively, and are included in selling, general and administrative ("SG&A") expenses.

Research and Development — We incurred expenses of $51.3 million, $56.4 million, and $56.1 million for research and development activities in fiscal 2021, 2020, and 2019, respectively.

Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments (prior to the adoption of ASU 2016-01), and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% "corridor") and postretirement health care plans. On foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. When we determine that a foreign investment, as well as undistributed earnings, are no longer permanent in nature, estimated taxes will be provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.

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

	2021			2020			2019
Currency translation losses, net of reclassification adjustments	$	(77.1	)	$	(125.7	)	$	(90.9	)
Derivative adjustments, net of reclassification adjustments		24.3			26.3			34.0
Pension and postretirement benefit obligations, net of reclassification adjustments		58.6			(10.2	)		(53.4	)
Accumulated other comprehensive income (loss)1	$	5.8		$	(109.6	)	$	(110.3	)

¹ Net of unrealized gains on available-for-sale securities reclassified to retained earnings as a result of the adoption of ASU 2016-01 in fiscal 2019 in the amount of $0.6 million.

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:

										Affected Line Item in the Consolidated Statement of Earnings1
	2021			2020			2019
Net derivative adjustments:
Cash flow hedges	$	(3.2	)	$	(3.3	)	$	(1.9	)	Interest expense, net
Cash flow hedges		(0.5	)		—			—		Selling, general and administrative expenses
Cash flow hedges		2.1			—			—		Equity method investment earnings
		(1.6	)		(3.3	)		(1.9	)	Total before tax
		1.0			0.9			0.5		Income tax expense
	$	(0.6	)	$	(2.4	)	$	(1.4	)	Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost	$	0.2		$	0.6		$	0.9		Pension and postretirement non-service income
Net actuarial gain		(3.5	)		(4.6	)		(1.4	)	Pension and postretirement non-service income
Pension settlement		—			(2.1	)		—		Pension and postretirement non-service income
Postretirement healthcare settlement		(0.5	)		(0.2	)		(1.0	)	Pension and postretirement non-service income
Curtailment		0.2			0.8			—		Pension and postretirement non-service income
		(3.6	)		(5.5	)		(1.5	)	Total before tax
		0.9			1.4			0.4		Income tax expense
	$	(2.7	)	$	(4.1	)	$	(1.1	)	Net of tax
Currency translation losses	$	—		$	—		$	10.4		Selling, general and administrative expenses
		—			—			10.4		Total before tax
		—			—			—		Income tax expense
	$	—		$	—		$	10.4		Net of tax

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

Foreign Currency Transaction Gains and Losses — We recognized net foreign currency transaction gains of $8.2 million in fiscal 2021 and net foreign currency transaction losses of $1.7 million and $2.3 million in fiscal 2020 and 2019, respectively, in SG&A expenses.

Business Combinations — We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

Reclassifications and other changes — Certain prior year amounts have been reclassified to conform with current year presentation.

Use of Estimates — Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets, liabilities, revenues, and expenses as reflected in the consolidated financial statements. Actual results could differ from these estimates.

Accounting Changes — In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), to update the methodology used to measure current expected credit losses. This ASU applies to financial assets measured at amortized cost, including loans, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments and guarantees. We adopted this ASU in the first quarter of fiscal 2021 using the modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases, Topic 842, which requires lessees to reflect most leases on their balance sheet as assets and obligations. We adopted this ASU in the first quarter of fiscal 2020 using the optional transition method provided under ASU 2018-11, Leases, Topic 842: Targeted Improvement, issued in July 2018, allowing for application of the standard at adoption date, with recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We also elected certain practical expedients permitted under the transition guidance, including not reassessing whether existing contracts contain leases and carrying forward the historical classification of leases. The most significant impact of adoption on our Consolidated Financial Statements was the recognition of right-of-use ("ROU") assets and lease liabilities for operating leases. Our accounting for finance leases remained substantially unchanged. Upon adoption, we had total lease assets of $238.4 million and total lease liabilities of $267.0 million. The difference is primarily due to prepaid and deferred rent balances that were reclassified to the ROU asset value. The adoption of this ASU did not result in a cumulative-effect adjustment to the opening balance of retained earnings and did not impact our Consolidated Statements of Earnings or our Consolidated Statements of Cash Flows. See Note 15 for additional information related to our lease arrangements.

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ACQUISITIONS

12 Months Ended

May 30, 2021

Business Combinations [Abstract]

ACQUISITIONS

2. ACQUISITIONS

On October 26, 2018, we acquired Pinnacle, a branded packaged foods company specializing in shelf-stable and frozen foods. Pursuant to the Agreement and Plan of Merger, dated as of June 26, 2018 (the "Merger Agreement"), among the Company, Pinnacle, and Patriot Merger Sub Inc., a wholly-owned subsidiary of the Company that ceased to exist at the effective time of the merger, each outstanding share of Pinnacle common stock was converted into the right to receive $43.11 per share in cash and 0.6494 shares of common stock, par value $5.00 per share, of the Company ("Company Shares") (together, the "Merger Consideration"), with cash payable in lieu of fractional shares of Company Shares. The total amount of consideration paid in connection with the acquisition was approximately $8.03 billion and consisted of: (1) cash of $5.17 billion ($5.12 billion net of cash acquired); (2) 77.5 million Company Shares, with an approximate value of $2.82 billion, issued out of the Company's treasury; and (3) replacement awards issued to former Pinnacle employees representing the fair value attributable to pre-combination service (see Note 13) of $51.1 million.

In connection with the acquisition, we issued long-term debt of $8.33 billion (see Note 4) (which included funding under a new term loan agreement) and received cash proceeds of $575.0 million ($555.7 million net of related fees) from the issuance of common stock in an underwritten public offering. We used such proceeds for the payment of the cash portion of the Merger Consideration, the repayment of Pinnacle debt acquired, the refinancing of certain Conagra Brands debt, and the payment of related fees and expenses.

As a result of the Pinnacle acquisition, we recognized a total of $7.03 billion of goodwill and $3.52 billion of brands, trademarks and other intangibles. Of the total goodwill, $236.7 million is deductible for tax purposes. Amortizable brands, trademarks and other intangibles totaled $668.7 million and have a weighted average estimated useful life of 25 years. Goodwill represents the excess of the consideration transferred over the fair values of the assets acquired and liabilities assumed and is primarily attributable to synergies and intangible assets such as assembled workforce which are not separately recognizable.

The following unaudited pro forma financial information presents the combined results of operations as if the acquisition of Pinnacle had occurred at the beginning of the year acquired, fiscal 2019. These unaudited pro forma results may not necessarily reflect the actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations.

	2019
Pro forma net sales	$	10,788.1
Pro forma net income from continuing operations attributable to Conagra Brands, Inc.	$	803.8

The pro forma results include adjustments for amortization of acquired intangible assets, depreciation, and interest expense on debt issued to finance the acquisition as well as the related income taxes. The pro forma results also include the following material nonrecurring adjustments, along with the related income tax effect of the adjustments:

• Acquisition related costs incurred by the Company and Pinnacle of $62.7 million and $66.8 million, respectively, during fiscal 2019 were excluded from the pro forma results.

• Non-recurring expense of $53.0 million for fiscal 2019 related to the fair value adjustment to acquisition-date inventory estimated to have been sold was excluded from the pro forma results.

• Non-recurring expense of $45.7 million for fiscal 2019 related to securing bridge financing for the acquisition were excluded from the pro forma results.

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RESTRUCTURING ACTIVITIES

12 Months Ended

May 30, 2021

Restructuring And Related Activities [Abstract]

RESTRUCTURING ACTIVITIES

3. RESTRUCTURING ACTIVITIES

Pinnacle Integration Restructuring Plan

In December 2018, our Board of Directors (the "Board") approved a restructuring and integration plan related to the ongoing integration of the operations of Pinnacle, which we acquired in October 2018 (the "Pinnacle Integration Restructuring Plan"), for the purpose of achieving significant cost synergies between the companies, as a result of which we expect to incur material charges for exit and disposal activities under U.S. GAAP. We expect to incur approximately $358.0 million ($283.5 million of cash charges and $74.5 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. The Board and/or our senior management have authorized incurrence of these charges. We recognized charges of $31.7 million, $73.8 million, and $168.2 million in connection with the Pinnacle Integration Restructuring Plan in fiscal 2021, 2020, and 2019, respectively. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a multi-year period.

We anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2021):

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	7.6	$	5.2	$	—	$	—	$	12.8
Other cost of goods sold		3.8		7.4		0.7		—		11.9
Total cost of goods sold		11.4		12.6		0.7		—		24.7
Severance and related costs		—		4.3		1.5		112.4		118.2
Asset impairment (net of gains on disposal)		30.3		4.0		—		2.6		36.9
Accelerated depreciation		—		—		—		7.4		7.4
Contract/lease termination		7.7		8.2		0.8		15.9		32.6
Consulting/professional fees		1.0		—		0.8		104.7		106.5
Other selling, general and administrative expenses		5.8		4.6		0.3		21.0		31.7
Total selling, general and administrative expenses		44.8		21.1		3.4		264.0		333.3
Consolidated total	$	56.2	$	33.7	$	4.1	$	264.0	$	358.0

During fiscal 2021, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:

	Grocery & Snacks		Refrigerated & Frozen			Corporate			Total
Accelerated depreciation	$	—	$	2.5		$	—		$	2.5
Other cost of goods sold		0.5		1.4			—			1.9
Total cost of goods sold		0.5		3.9			—			4.4
Severance and related costs		—		(0.9	)		(2.7	)		(3.6	)
Asset impairment (net of gains on disposal)		0.1		0.2			(0.3	)		—
Contract/lease termination		1.8		—			0.8			2.6
Consulting/professional fees		0.5		—			22.2			22.7
Other selling, general and administrative expenses		2.8		1.0			1.8			5.6
Total selling, general and administrative expenses		5.2		0.3			21.8			27.3
Consolidated total	$	5.7	$	4.2		$	21.8		$	31.7

Included in the above results are $28.5 million of charges that have resulted or will result in cash outflows and $3.2 million in non-cash charges.

We recognized the following cumulative (plan inception to May 30, 2021) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	0.6	$	4.6	$	—	$	—	$	5.2
Other cost of goods sold		2.3		2.9		0.7		—		5.9
Total cost of goods sold		2.9		7.5		0.7		—		11.1
Severance and related costs		—		3.4		1.5		112.4		117.3
Asset impairment (net of gains on disposal)		0.3		4.0		—		2.6		6.9
Accelerated depreciation		—		—		—		7.4		7.4
Contract/lease termination		1.8		—		0.8		15.9		18.5
Consulting/professional fees		0.7		—		0.8		89.5		91.0
Other selling, general and administrative expenses		2.8		1.1		0.3		17.3		21.5
Total selling, general and administrative expenses		5.6		8.5		3.4		245.1		262.6
Consolidated total	$	8.5	$	16.0	$	4.1	$	245.1	$	273.7

Included in the above results are $240.9 million of charges that have resulted or will result in cash outflows and $32.8 million in non-cash charges.

Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for fiscal 2021 were as follows:

	Balance at May 31, 2020		Costs Incurred and Charged to Expense		Costs Paid or Otherwise Settled			Changes in Estimates			Balance at May 30, 2021
Severance and related costs	$	23.6	$	0.1	$	(14.9	)	$	(3.7	)	$	5.1
Contract/lease termination		0.5		2.6		(3.1	)		—			—
Consulting/professional fees		7.5		22.7		(26.3	)		—			3.9
Other costs		—		6.8		(6.8	)		—			—
Total	$	31.6	$	32.2	$	(51.1	)	$	(3.7	)	$	9.0

Conagra Restructuring Plan

In fiscal 2019, senior management initiated a restructuring plan (the "Conagra Restructuring Plan") for costs incurred in connection with actions taken to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network. Although we remain unable to make good faith estimates relating to the entire Conagra Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2021, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. As of May 30, 2021, we had approved the incurrence of $172.2 million ($45.4 million of cash charges and $126.8 million of non-cash charges) for several projects associated with the Conagra Restructuring Plan. We have incurred or expect to incur $157.3 million of charges ($36.9 million of cash charges and $120.4 million of non-cash charges) for actions identified to date under the Conagra Restructuring Plan. We recognized charges of $46.2 million, $64.4 million, and $2.2 million in connection with the Conagra Restructuring Plan in fiscal 2021, 2020, and 2019, respectively. We expect to incur costs related to the Conagra Restructuring Plan over a multi-year period.

We anticipate that we will recognize the following pre-tax expenses in association with the Conagra Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2021):

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	34.7	$	49.7	$	—	$	—	$	84.4
Other cost of goods sold		8.9		2.1		—		—		11.0
Total cost of goods sold		43.6		51.8		—		—		95.4
Severance and related costs		12.0		2.2		1.1		2.1		17.4
Asset impairment (net of gains on disposal)		27.1		0.3		0.1		—		27.5
Contract/lease termination		0.1		—		—		0.1		0.2
Consulting/professional fees		—		—		—		0.7		0.7
Other selling, general and administrative expenses		10.7		4.6		—		0.2		15.5
Total selling, general and administrative expenses		49.9		7.1		1.2		3.1		61.3
Total	$	93.5	$	58.9	$	1.2	$	3.1	$	156.7
Pension and postretirement non-service income										0.6
Consolidated total									$	157.3

During fiscal 2021, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

	Grocery & Snacks		Refrigerated & Frozen		International			Corporate		Total
Accelerated depreciation	$	7.9	$	22.5	$	—		$	—	$	30.4
Other cost of goods sold		2.3		—		—			—		2.3
Total cost of goods sold		10.2		22.5		—			—		32.7
Severance and related costs		5.7		—		(0.1	)		1.4		7.0
Asset impairment (net of gains on disposal)		2.1		0.1		—			—		2.2
Other selling, general and administrative expenses		4.1		—		—			0.2		4.3
Total selling, general and administrative expenses		11.9		0.1		(0.1	)		1.6		13.5
Total	$	22.1	$	22.6	$	(0.1	)	$	1.6	$	46.2

Included in the above results are $11.3 million of charges that have resulted or will result in cash outflows and $34.9 million in non-cash charges.

We recognized the following cumulative (plan inception to May 30, 2021) pre-tax expenses for the Conagra Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	32.0	$	26.7	$	—	$	—	$	58.7
Other cost of goods sold		4.8		0.2		—		—		5.0
Total cost of goods sold		36.8		26.9		—		—		63.7
Severance and related costs		10.4		1.8		1.1		2.1		15.4
Asset impairment (net of gains on disposal)		27.1		0.3		0.1		—		27.5
Contract/lease termination		—		—		—		0.1		0.1
Other selling, general and administrative expenses		5.0		0.3		—		0.2		5.5
Total selling, general and administrative expenses		42.5		2.4		1.2		2.4		48.5
Total	$	79.3	$	29.3	$	1.2	$	2.4	$	112.2
Pension and postretirement non-service income										0.6
Consolidated total									$	112.8

Included in the above results are $24.1 million of charges that have resulted or will result in cash outflows and $88.7 million in non-cash charges.

Liabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2021 were as follows:

	Balance at May 31, 2020		Costs Incurred and Charged to Expense		Costs Paid or Otherwise Settled			Changes in Estimates			Balance at May 30, 2021
Severance and related costs	$	6.5	$	7.4	$	(3.8	)	$	(0.4	)	$	9.7
Other costs		—		4.3		(4.3	)		—			—
Total	$	6.5	$	11.7	$	(8.1	)	$	(0.4	)	$	9.7

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LONG-TERM DEBT

12 Months Ended

May 30, 2021

Debt Disclosure [Abstract]

LONG-TERM DEBT

4. LONG-TERM DEBT

	May 30, 2021			May 31, 2020
5.4% senior debt due November 2048	$	1,000.0		$	1,000.0
4.65% senior debt due January 2043		176.7			176.7
6.625% senior debt due August 2039		91.4			91.4
5.3% senior debt due November 2038		1,000.0			1,000.0
8.25% senior debt due September 2030		300.0			300.0
4.85% senior debt due November 2028		1,300.0			1,300.0
7.0% senior debt due October 2028		382.2			382.2
1.375% senior debt due November 2027		1,000.0			—
6.7% senior debt due August 2027		9.2			9.2
7.125% senior debt due October 2026		262.5			262.5
4.6% senior debt due November 2025		1,000.0			1,000.0
4.3% senior debt due May 2024		1,000.0			1,000.0
3.2% senior debt due January 2023		437.0			837.0
3.25% senior debt due September 2022		250.0			250.0
3.8% senior debt due October 2021		—			1,200.0
9.75% subordinated debt due March 2021		—			195.9
LIBOR plus 0.50% senior debt due October 2020		—			500.0
4.95% senior debt due August 2020		—			126.6
0.45% to 9.59% lease financing obligations due on various dates through 2035		139.1			155.1
Other indebtedness		0.1			0.1
Total face value of debt		8,348.2			9,786.7
Unamortized fair value adjustment		19.9			21.2
Unamortized discounts		(25.8	)		(17.2	)
Unamortized debt issuance costs		(44.0	)		(44.6	)
Adjustment due to hedging activity		—			0.2
Less current installments		(23.1	)		(845.5	)
Total long-term debt	$	8,275.2		$	8,900.8

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 30, 2021, are as follows:

2022	$	23.1
2023		706.8
2024		1,015.8
2025		14.3
2026		1,020.8

Pinnacle Acquisition Financing

In the first quarter of fiscal 2019, in connection with the announcement of the acquisition of Pinnacle, we secured $9.0 billion in fully committed bridge financing. Prior to the acquisition, we capitalized financing costs related to the bridge financing of $45.7 million to be amortized over the commitment period. Our net interest expense included $11.9 million for fiscal 2019 as a result of this amortization. The bridge facility was terminated in connection with the acquisition, and we recognized $33.8 million of expense within SG&A expenses in fiscal 2019 for the remaining unamortized financing costs.

During the second quarter of fiscal 2019, to finance a portion of our acquisition of Pinnacle, we issued senior unsecured notes in an aggregate principal amount of $7.025 billion.

During the second quarter of fiscal 2019, to finance a portion of our acquisition of Pinnacle, we also entered into a term loan agreement (the "Term Loan Agreement") with a syndicate of financial institutions providing for term loans to the Company in an aggregate principal amount of up to $1.30 billion. Our borrowings under the Term Loan Agreement consisted of a $650.0 million tranche of three-year term loans maturing on October 26, 2021 and a $650.0 million tranche of five-year term loans maturing on October 26, 2023. During fiscal 2019, we repaid $900.0 million under the Term Loan Agreement and we repaid the remaining $400.0 million outstanding under the Term Loan Agreement during fiscal 2020. The Term Loan Agreement was terminated following these repayments.

In connection with our acquisition of Pinnacle, we prepaid in full $2.40 billion of obligations and liabilities of Pinnacle under or in respect of Pinnacle's credit agreement and other debt agreements. We also redeemed $350.0 million in aggregate principal amount of Pinnacle's outstanding 5.875% senior notes due January 15, 2024 and recognized a charge of $3.9 million in fiscal 2019 as a cost of early retirement of debt.

In the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts (see Note 17) to hedge a portion of the interest rate risk related to our anticipated issuance of long-term debt to help finance the Pinnacle acquisition. During the second quarter of fiscal 2019, we terminated the interest rate swap contracts and received proceeds of $47.5 million. This gain was deferred in accumulated other comprehensive income and is being amortized as a reduction of interest expense over the lives of the related debt instruments. Our net interest expense was reduced by $3.3 million, $3.5 million and $2.0 million in fiscal 2021, fiscal 2020, and fiscal 2019, respectively, due to the impact of these interest rate swap contracts.

General

During the fourth quarter of fiscal 2021, we repaid the remaining outstanding $195.9 million aggregate principal amount of our 9.75% subordinated notes on the maturity date of March 1, 2021.

During the third quarter of fiscal 2021, we redeemed $400.0 million aggregate principal amount of our 3.20% senior notes due January 25, 2023, prior to maturity, resulting in a loss of $24.4 million within SG&A expenses as a cost of early extinguishment of debt.

During the second quarter of fiscal 2021, we issued $1.0 billion aggregate principal amount of 1.375% senior notes due November 1, 2027 (the "2027 Senior Notes"). We also redeemed the entire outstanding $1.20 billion aggregate principal amount of our 3.80% senior notes prior to their maturity date of October 22, 2021, resulting in a net loss of $44.3 million within SG&A expenses as a cost of early extinguishment of debt. This redemption was primarily funded using the net proceeds from the issuance of the 2027 Senior Notes.

During the second quarter of fiscal 2021, we also repaid the entire outstanding $500.0 million aggregate principal amount of our floating rate notes on the maturity date of October 9, 2020.

During the first quarter of fiscal 2021, we repaid the remaining outstanding $126.6 million aggregate principal amount of our 4.95% senior notes on their maturity date of August 15, 2020.

In fiscal 2020, we redeemed the entire outstanding $525.0 million aggregate principal amount of our floating rate notes due October 22, 2020 in two separate redemptions totaling $250.0 million and $275.0 million in the third and fourth quarters of fiscal 2020, respectively.

In the fourth quarter of fiscal 2020, we entered into an unsecured term loan agreement (the "Credit Agreement") with a financial institution. The Credit Agreement provided for delayed draw term loans to the Company in an aggregate principal amount not to exceed $600.0 million (subject to increase to a maximum aggregate principal amount of $750.0 million) through October 9, 2020. We did not borrow under the Credit Agreement, and it was terminated in the second quarter of fiscal 2021.

Net interest expense consists of:

	2021			2020			2019
Long-term debt	$	430.0		$	495.9		$	385.9
Short-term debt		2.5			0.9			15.0
Interest income		(1.9	)		(3.1	)		(6.8	)
Interest capitalized		(10.2	)		(6.6	)		(2.7	)
	$	420.4		$	487.1		$	391.4

Interest paid from continuing operations was $445.6 million, $494.6 million, and $375.6 million in fiscal 2021, 2020, and 2019, respectively.

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CREDIT FACILITIES AND BORROWINGS

12 Months Ended

May 30, 2021

Debt Disclosure [Abstract]

CREDIT FACILITIES AND BORROWINGS

5. CREDIT FACILITIES AND BORROWINGS

At May 30, 2021, we had a revolving credit facility (the "Revolving Credit Facility") with a syndicate of financial institutions providing for a maximum aggregate principal amount outstanding at any one time of $1.6 billion (subject to increase to a maximum aggregate principal amount of $2.1 billion with the consent of the lenders). The Revolving Credit Facility matures on July 11, 2024 and is unsecured. The term of the Revolving Credit Facility may be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. As of May 30, 2021, there were no outstanding borrowings under the Revolving Credit Facility.

The Revolving Credit Facility contains events of default customary for unsecured investment grade credit facilities with corresponding grace periods. The Revolving Credit Facility contains customary affirmative and negative covenants for unsecured investment grade credit facilities of this type. It generally requires our ratio of EBITDA to interest expense not to be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed certain decreasing specified levels, ranging from 4.75 through the first quarter of fiscal 2022 to 3.75 from the second quarter of fiscal 2023 and thereafter, with each ratio to be calculated on a rolling four-quarter basis. As of May 30, 2021, we were in compliance with all financial covenants under the Revolving Credit Facility.

On July 13, 2021, subsequent to our fiscal year end, we entered into an amendment to the Revolving Credit Facility. The amendment modifies the ratio of funded debt to EBITDA financial covenant to require a ratio of not greater than 4.50 on a rolling four-quarter basis.  

We finance our short-term liquidity needs with existing cash balances, cash flows from operations, and commercial paper borrowings. As of May 30, 2021, we had $705.7 million outstanding under our commercial paper program at an average weighted interest rate of 0.36%. There were no outstanding borrowings under our commercial paper program as of May 31, 2020.

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DIVESTITURES AND ASSETS HELD FOR SALE

12 Months Ended

May 30, 2021

Discontinued Operations And Disposal Groups [Abstract]

DIVESTITURES AND ASSETS HELD FOR SALE

6. DIVESTITURES AND ASSETS HELD FOR SALE

Divestitures

During the fourth quarter of fiscal 2021, we completed the sale of our Egg Beaters^® business for net proceeds of $50.6 million, subject to final working capital adjustments. The business results were previously reported primarily within our Refrigerated & Frozen segment, and to a lesser extent within our International and Foodservice segments. We recognized a gain on the sale of $10.4 million, included within SG&A expenses. In connection with the sale of our Egg Beaters^® business, we also recognized a loss of $7.1 million within SG&A expenses related to the early exit of an unfavorable contract.

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Egg Beaters^® business were as follows:

	May 31, 2020
Current assets	$	3.0
Noncurrent assets (including goodwill of $27.5 million)		48.1
Current liabilities		13.1

During the third quarter of fiscal 2021, we completed the sale of our Peter Pan^® peanut butter business for net proceeds of $101.5 million, including working capital adjustments but subject to final adjustments for certain tax benefits. The business results were previously reported primarily within our Grocery & Snacks segment, and to a lesser extent within our International and Foodservice segments. We recognized a gain on the sale of $49.8 million, included within SG&A expenses.

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Peter Pan^® peanut butter business were as follows:

	May 31, 2020
Current assets	$	8.8
Noncurrent assets (including goodwill of $44.9 million)		55.3
Current liabilities		5.4

During the second quarter of fiscal 2021, we completed the sale of our H.K. Anderson^® business for net proceeds of $8.7 million, including working capital adjustments. The business results were previously reported in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We recognized a gain on the sale of $5.3 million, included within SG&A expenses.

The assets classified as held for sale reflected in our Consolidated Balance Sheets related to the H.K. Anderson^® business were as follows:

	May 31, 2020
Current assets	$	1.3
Noncurrent assets (including goodwill of $2.4 million)		2.6

During the third quarter of fiscal 2020, we completed the sale of our Lender's^® bagel business for net proceeds of $33.3 million, including working capital adjustments. The business results were previously reported primarily in our Refrigerated & Frozen segment, and to a lesser extent within our Foodservice segment. In connection with the sale of our Lender's^® bagel business, we recognized an impairment charge of $27.6 million within SG&A expenses in the second quarter of fiscal 2020.

 During the second quarter of fiscal 2020, we completed the sale of our Direct Store Delivery ("DSD") snacks business for net proceeds of $137.5 million, including final working capital adjustments. The business results were previously reported in our Grocery & Snacks segment. In connection with the sale of our DSD snacks business, we recognized an impairment charge of $31.4 million within SG&A expenses in the first quarter of fiscal 2020.

During the third quarter of fiscal 2020, we completed the sale of our peanut butter manufacturing facility in Streator, Illinois. The sale was part of a broader initiative to optimize the Company's peanut butter business, which also included the decision to exit the manufacture and sale of private label peanut butter. The business results were previously reported primarily in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We received net proceeds of $24.8 million, including working capital adjustments. In connection with this divestiture, we recognized impairment charges of $23.0 million within SG&A expenses in the first half of fiscal 2020. These charges have been included in restructuring activities.

During the fourth quarter of fiscal 2019, we completed the sale of our Italian-based frozen pasta business, Gelit, for proceeds net of cash divested of $80.1 million, including final working capital adjustments. The business results were previously reported primarily in our Refrigerated & Frozen segment. We recognized a gain on the sale of $23.1 million, included within SG&A expenses.

During the fourth quarter of fiscal 2019, we completed the sale of our Wesson^® oil business for net proceeds of $168.3 million, including final working capital adjustments. The business results were previously reported primarily in our Grocery & Snacks segment, and to a lesser extent within the Foodservice and International segments. We recognized a gain on the sale of $33.1 million, included within SG&A expenses.

During the first quarter of fiscal 2019, we completed the sale of our Del Monte^® processed fruit and vegetable business in Canada, which was previously reported in our International segment, for combined proceeds of $32.2 million. We recognized a gain on the sale of $13.2 million, included within SG&A expenses.

Lamb Weston Spinoff

On November 9, 2016, we completed the spinoff of Lamb Weston Holdings, Inc. ("Lamb Weston"). As of such date, we did not beneficially own any equity interest in Lamb Weston and no longer consolidated Lamb Weston into our financial results. Included within discontinued operations during fiscal 2019 was an after-tax loss of $2.8 million due primarily to an income tax adjustment.

Private Brands Operations

On February 1, 2016, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. Included within discontinued operations during fiscal 2019 was after-tax income of $0.9 million related to the Private Brands operations.

Other Assets Held for Sale

From time to time, we actively market certain other assets. Balances totaling $4.6 million and $9.4 million at May 30, 2021 and May 31, 2020, respectively, have been reclassified as noncurrent assets held for sale within our Consolidated Balance Sheets for periods prior to the disposal of these individual asset groups.

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INVESTMENTS IN JOINT VENTURES

12 Months Ended

May 30, 2021

Equity Method Investments And Joint Ventures [Abstract]

INVESTMENTS IN JOINT VENTURES

7. INVESTMENTS IN JOINT VENTURES

The total carrying value of our equity method investments at the end of fiscal 2021 and 2020 was $841.8 million and $798.7 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and a 50% ownership interest in one other joint venture. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month.

In fiscal 2021, we had purchases from our equity method investees of $28.7 million. Total dividends received from equity method investments in fiscal 2021 were $56.5 million.

In fiscal 2020, we had purchases from our equity method investees of $32.5 million. Total dividends received from equity method investments in fiscal 2020 were $51.4 million.

In fiscal 2019, we had purchases from our equity method investees of $39.4 million. Total dividends received from equity method investments in fiscal 2019 were $55.0 million.

Summarized combined financial information for our equity method investments on a 100% basis is as follows:

	2021		2020		2019
Net sales:
Ardent Mills	$	3,407.6	$	3,393.9	$	3,476.0
Other		238.8		225.0		195.4
Total net sales	$	3,646.4	$	3,618.9	$	3,671.4
Gross margin:
Ardent Mills	$	360.6	$	313.1	$	281.9
Other		47.3		49.4		45.5
Total gross margin	$	407.9	$	362.5	$	327.4
Earnings after income taxes:
Ardent Mills	$	169.6	$	144.5	$	151.9
Other		19.5		19.3		18.1
Total earnings after income taxes	$	189.1	$	163.8	$	170.0

	May 30, 2021		May 31, 2020
Ardent Mills:
Current assets	$	1,101.5	$	1,010.6
Noncurrent assets		1,848.2		1,720.2
Current liabilities		524.1		454.8
Noncurrent liabilities		563.0		503.4
Other:
Current assets	$	95.0	$	87.1
Noncurrent assets		36.8		24.5
Current liabilities		39.9		44.1
Noncurrent liabilities		10.6		8.3

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

12 Months Ended

May 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

8. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The change in the carrying amount of goodwill for fiscal 2021 and 2020, excluding amounts classified as held for sale (see Note 6), was as follows:

	Grocery & Snacks		Refrigerated & Frozen		International			Foodservice		Total
Balance as of May 26, 2019	$	4,694.7	$	5,619.2	$	299.0		$	747.7	$	11,360.6
Purchase accounting adjustments		3.5		5.9		0.7			—		10.1
Currency translation		—		—		(9.2	)		—		(9.2	)
Balance as of May 31, 2020	$	4,698.2	$	5,625.1	$	290.5		$	747.7	$	11,361.5
Currency translation		—		—		12.0			—		12.0
Balance as of May 30, 2021	$	4,698.2	$	5,625.1	$	302.5		$	747.7	$	11,373.5

Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows:

	2021				2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets	$	3,301.2	$	—	$	3,388.7	$	—
Amortizing intangible assets		1,235.3		378.9		1,232.1		318.4
	$	4,536.5	$	378.9	$	4,620.8	$	318.4

In the first quarter of fiscal 2021, management changed its reporting of certain brands within two reporting units in our Refrigerated & Frozen segment. The total goodwill in our Refrigerated & Frozen segment remains unchanged, but we reassigned goodwill between the two reporting units. We evaluated goodwill for impairment both prior to and subsequent to the change, and there were no impairments. For the Sides, Components, Enhancers reporting unit that was impacted by the management change, based upon a quantitative impairment test, the excess fair value over the carrying value was approximately 20%, which remained relatively consistent with our prior year quantitative impairment test.

Fair value is typically estimated using a discounted cash flow analysis which requires us to estimate the future cash flows as well as to select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, we consider historical results adjusted to reflect current and anticipated operating conditions. We estimate cash flows for a reporting unit over a discrete period (typically five years) and a terminal period (considering expected long-term growth rates and trends). We used a discount rate for our Sides, Components, Enhancers reporting unit of 6.25% and a terminal growth rate slightly in excess of 1%. Estimating the fair value of individual reporting units requires us to make assumptions and estimates in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows, discount rates, or terminal growth rates could produce substantially different estimates of the fair value of the reporting units.

In the fourth quarter of fiscal 2021, we performed our annual goodwill impairment assessment on all of our reporting units and found no indicators of impairment. We completed a qualitative assessment which considered, among other things, an increase in our market capitalization from our previous testing date, the current interest rate environment, and recent events which have had a positive impact on our financial results for most of our reporting units. However, we will continue to evaluate the impact of any significant changes in consumer purchasing behaviors, government restrictions, input cost inflation, or other macroeconomic conditions which could change certain assumptions that result in future impairments. While retail sales have increased due to higher than anticipated consumer demand for our products throughout the COVID-19 pandemic, our Foodservice segment has experienced a negative impact with decreased away-from-home eating occasions. We continue to believe this is a temporary decline as seen with improving trends in our Foodservice segment in the fourth quarter of fiscal 2021. As such, we have determined that there was no impairment triggering event as it was not more likely than not that the fair value of this reporting unit is less than its carrying amount. 

Amortizing intangible assets, carrying a remaining weighted-average life of approximately 19 years, are principally composed of customer relationships and acquired intellectual property. For fiscal 2021, 2020, and 2019, we recognized amortization expense of $59.7 million, $59.8 million, and $49.1 million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 30, 2021, amortization expense for the next five years is estimated to be as follows:

2022	$	59.5
2023		57.2
2024		53.9
2025		53.9
2026		43.8

For our non-amortizing intangible assets, which are comprised of brands and trademarks, we use a "relief from royalty" methodology in estimating fair value. During fiscal 2021, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $90.9 million, primarily within our Grocery & Snacks and Refrigerated

& Frozen segments. Udi’s^® was the most notable brand with impairment in fiscal 2021 largely due to lower than expected sales and profit margins which resulted in a reduction to our assumed royalty rate.

During the first quarter of fiscal 2020, we recorded impairment charges totaling $19.3 million within our Refrigerated & Frozen segment and Grocery & Snacks segment for certain brands for which management changed its business strategy and that continued to have lower than expected sales and profit margins. This impairment was included within SG&A expenses.

During fiscal 2020, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $146.2 million, primarily within our Grocery & Snacks and Refrigerated & Frozen segments, largely associated with brands that were recorded at fair value in recent acquisitions. The more notable brands with impairments included Frontera^®, Gardein^®, Glutino^®, Hungry Man^®, and Udi’s^®. While most of our recently acquired brands continue to remain on track with previous assumptions, these brands have had lower than expected sales or profit margins which have led to some revisions in our original assumptions (most notably declines in our assumed royalty rates).     

During fiscal 2019, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges in SG&A expenses of $76.5 million for our Chef Boyardee^® and Red Fork^® brands in our Grocery & Snacks segment. We also recognized impairment charges of $13.1 million for our Aylmer^® and Sundrop^® brands in our International segment.

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EARNINGS PER SHARE

12 Months Ended

May 30, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

9. EARNINGS PER SHARE

Basic earnings per share is calculated on the basis of weighted average outstanding shares of common stock. Diluted earnings per share is computed on the basis of basic weighted average outstanding shares of common stock adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities. During the second quarter of fiscal 2019, we issued 77.5 million shares of our common stock out of treasury to the former stockholders of Pinnacle pursuant to the terms of the Merger Agreement. In addition, we issued 16.3 million shares of our common stock, par value $5.00 per share, in an underwritten public offering in connection with the financing of the Pinnacle acquisition, with net proceeds of $555.7 million (see Note 2).

The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:

	2021		2020		2019
Net income attributable to Conagra Brands, Inc. common stockholders:
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders	$	1,298.8	$	840.1	$	680.2
Loss from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders		—		—		(1.9	)
Net income attributable to Conagra Brands, Inc. common stockholders	$	1,298.8	$	840.1	$	678.3
Weighted average shares outstanding:
Basic weighted average shares outstanding		485.8		487.3		444.0
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities		2.0		1.3		1.6
Diluted weighted average shares outstanding		487.8		488.6		445.6

For fiscal 2021, 2020, and 2019, there were 0.4 million, 1.9 million, and 2.0 million stock options outstanding, respectively, that were excluded from the computation of diluted weighted average shares because the effect was antidilutive.

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INVENTORIES

12 Months Ended

May 30, 2021

Inventory Disclosure [Abstract]

INVENTORIES

10. INVENTORIES

The major classes of inventories were as follows:

	May 30, 2021		May 31, 2020
Raw materials and packaging	$	290.7	$	291.6
Work in process		125.1		125.2
Finished goods		1,238.1		874.7
Supplies and other		80.1		73.3
Total	$	1,734.0	$	1,364.8

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OTHER NONCURRENT LIABILITIES

12 Months Ended

May 30, 2021

Other Liabilities Disclosure [Abstract]

OTHER NONCURRENT LIABILITIES

11. OTHER NONCURRENT LIABILITIES

Other noncurrent liabilities consisted of:

	May 30, 2021		May 31, 2020
Postretirement health care and pension obligations	$	197.3	$	324.9
Noncurrent income tax liabilities		1,271.4		1,330.1
Noncurrent lease liabilities (see Note 15)		188.3		206.1
Self-insurance liabilities		30.5		37.5
Asset retirement obligations		42.4		13.4
Environmental liabilities (see Note 16)		59.0		61.5
Legal settlement costs (see Note 16)		52.0		63.1
Technology agreement liability		—		14.6
Other		141.9		113.9
	$	1,982.8	$	2,165.1

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CAPITAL STOCK

12 Months Ended

May 30, 2021

Equity [Abstract]

CAPITAL STOCK

12. CAPITAL STOCK

The total number of shares we are authorized to issue is 1,218,050,000 shares, which shares may be issued as follows: 1,200,000,000 shares of common stock, par value $5.00 per share; 150,000 shares of Class B Preferred Stock, par value $50.00 per share; 250,000 shares of Class C Preferred Stock, par value $100.00 per share; 1,100,000 shares of Class D Preferred Stock, no par value per share; and 16,550,000 shares of Class E Preferred Stock, no par value per share. There were no preferred shares issued or outstanding as of May 30, 2021.

We have repurchased our shares of common stock from time to time after considering market conditions and in accordance with repurchase limits authorized by our Board. During fiscal 2021, we repurchased 8.8 million shares of our common stock for $298.1 million.

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SHARE-BASED PAYMENTS

12 Months Ended

May 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

SHARE-BASED PAYMENTS

13. SHARE-BASED PAYMENTS

In accordance with stockholder-approved equity incentive plans, we grant stock-based compensation awards, including restricted stock units, cash-settled restricted stock units, performance shares, performance-based restricted stock units, stock options, and stock appreciation rights. The shares delivered upon vesting or lapse of restriction under any such arrangement may consist, in whole or part, of treasury stock or authorized but unissued stock, not reserved for any other purpose.

On September 19, 2014, our stockholders approved the Conagra Brands, Inc. 2014 Stock Plan (as amended effective December 11, 2017, the "Plan"). The Plan authorizes the issuance of up to 40.3 million shares of Conagra Brands common stock. In addition to the shares under the 2014 Stock Plan, certain shares of Conagra Brands common stock subject to outstanding awards under predecessor stock plans that expire, lapse, are cancelled, terminated, forfeited, otherwise become unexercisable, or are settled for cash are available for issuance. At May 30, 2021, approximately 39.5 million shares were reserved for granting new share-based awards.

Share Unit Awards

In accordance with stockholder-approved equity incentive plans, we grant awards of restricted stock units and cash-settled restricted stock units ("share units") to employees and directors. These awards generally have requisite service periods of three years. Under each such award, stock or cash (as applicable) is issued without direct cost to the employee. We estimate the fair value of the share units based upon the market price of our stock at the date of grant. Certain share unit grants do not provide for the payment of dividend equivalents to the participant during the requisite service period (the "vesting period"). For those grants, the value of the grants is reduced by the net present value of the foregone dividend equivalent payments.

We recognize compensation expense for share unit awards on a straight-line basis over the requisite service period, accounting for forfeitures as they occur. All cash-settled restricted stock units were marked-to-market and presented within other current and noncurrent liabilities in our Consolidated Balance Sheets prior to final payout in fiscal 2021. The compensation expense for our stock-settled share unit awards totaled $28.1 million, $24.5 million, and $23.9 million for fiscal 2021, 2020, and 2019, respectively. The tax benefit related to the stock-settled share unit award compensation expense for fiscal 2021, 2020, and 2019 was $6.1 million, $5.3 million, and $6.0 million, respectively. The compensation expense for our cash-settled share unit awards totaled $1.0 million, $4.2 million, and $17.5 million for fiscal 2021, 2020, and 2019, respectively. The tax benefit related to the cash-settled share unit award compensation expense for fiscal 2021, 2020, and 2019 was $0.3 million, $1.1 million, and $4.4 million, respectively.

During the second quarter of fiscal 2019, in connection with the completion of the Pinnacle acquisition, we granted 2.0 million cash-settled share unit awards at a grant date fair value of $36.37 per share unit to Pinnacle employees in replacement of their unvested restricted share unit awards that were outstanding as of the closing date. Included in the compensation expense described above for fiscal 2020 and 2019 is expense of $1.0 million and $18.9 million, respectively, for accelerated vesting of awards related to Pinnacle integration restructuring activities, net of the impact of marking-to-market these awards based on a lower market price of shares of Conagra Brands common stock. Approximately $36.3 million of the fair value of the replacement share unit awards granted to Pinnacle employees was attributable to pre-combination service and was included in the purchase price and established as a liability. Included in the fiscal 2020 and 2019 expense for cash-settled share unit awards above is expense of $0.2 million and income of $6.7 million, respectively, related to the mark-to-market of this liability. As of May 30, 2021, there were no remaining cash-settled share unit awards.

The following table summarizes the nonvested share units as of May 30, 2021 and changes during the fiscal year then ended:

	Stock-Settled					Cash-Settled
Share Units	Share Units (in Millions)			Weighted Average Grant-Date Fair Value		Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested share units at May 31, 2020		2.38		$	31.76		0.12		$	36.37
Granted		0.93		$	36.72		—		$	—
Vested/Issued		(0.68	)	$	33.77		(0.12	)	$	36.37
Forfeited		(0.14	)	$	32.69		—		$	—
Nonvested share units at May 30, 2021		2.49		$	33.00		—		$	—

During fiscal 2021, 2020, and 2019, we granted 0.9 million, 1.3 million, and 0.9 million stock-settled share units, respectively, with a weighted average grant date fair value of $36.72, $28.32, and $35.43 per share unit, respectively. No cash-settled share unit awards were granted in fiscal 2021 or 2020.

The total intrinsic value of stock-settled share units vested was $24.6 million, $14.2 million, and $24.6 million during fiscal 2021, 2020, and 2019, respectively. The total intrinsic value of cash-settled share units vested was $4.3 million, $24.3 million, and $50.5 million during fiscal 2021, 2020, and 2019, respectively.

At May 30, 2021, we had $28.2 million of total unrecognized compensation expense that will be recognized over a weighted average period of 1.7 years related to stock-settled share unit awards.

Performance Share Awards

In accordance with stockholder-approved equity incentive plans, we grant performance shares to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goals for the three-year performance periods ending in fiscal 2021 (the "2021 performance period") and fiscal 2022 ("2022 performance period") are based on our diluted earnings per share ("EPS") compound annual growth rate ("CAGR"), subject to certain adjustments, measured over the defined performance periods. The performance goal for one-third of the target number of performance shares for the three-year performance period ending in fiscal 2023 (the "2023 performance period") is based on our fiscal 2021 diluted EPS CAGR, subject to certain adjustments. The performance goal for the final two-thirds of the target number of performance shares granted for the 2023 performance period is based on our diluted EPS CAGR, subject to certain adjustments, measured over the two-year period ending in fiscal 2023. For each of the 2021 performance period, 2022 performance period, and 2023 performance period, the awards actually earned will range from zero to two hundred percent of the targeted number of performance shares for such performance period. Dividend equivalents are paid on the portion of performance shares actually earned at our regular dividend rate in additional shares of common stock.

Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in our performance share plan, any shares earned will be distributed after the end of the performance period, and generally only if the participant continues to be employed with the Company through the date of distribution. For awards where performance against the performance target has not been certified, the value of the performance shares is adjusted based upon the market price of our common stock and current forecasted performance against the performance targets at the end of each reporting period and amortized as compensation expense over the vesting period. Forfeitures are accounted for as they occur.

A summary of the activity for performance share awards as of May 30, 2021 and changes during the fiscal year then ended is presented below:

Performance Shares	Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested performance shares at May 31, 2020		1.49		$	32.27
Granted		0.48		$	36.82
Adjustments for performance results attained and dividend equivalents		0.48		$	33.82
Vested/Issued		(0.93	)	$	33.82
Forfeited		(0.01	)	$	33.43
Nonvested performance shares at May 30, 2021		1.51		$	33.25

The compensation expense for our performance share awards totaled $34.9 million, $31.8 million, and $8.2 million for fiscal 2021, 2020, and 2019, respectively. The tax benefit related to the compensation expense for fiscal 2021, 2020, and 2019 was $3.6 million, $2.9 million, and $2.1 million, respectively.

The total intrinsic value of performance shares vested (including shares paid in lieu of dividends) during fiscal 2021, 2020, and 2019 was $33.9 million, $8.4 million, and $15.7 million, respectively.

Based on estimates at May 30, 2021, we had $19.8 million of total unrecognized compensation expense related to performance shares that will be recognized over a weighted average period of 1.7 years.

Performance-Based Restricted Stock Unit Awards

On April 15, 2019 (the "grant date"), we made grants of performance-based restricted stock unit ("PBRSU") awards to the Company's named executive officers and a limited group of other senior officers of the Company. A total of 0.2 million PBRSU awards were granted with a grant date fair value of $41.82 per PBRSU.

The PBRSU awards are awards of share units with vesting contingent on our achievement of certain absolute total shareholder return performance ("TSR") goals over a performance period beginning on the grant date and ending May 27, 2022 (the "PBRSU performance period"). If PBRSUs are earned based on absolute TSR and absolute TSR meets or exceeds a

predetermined rate, they become eligible for an upward adjustment of 25% based on our relative TSR for the PBRSU performance period versus the median TSR of the S&P 500 Index ("RTSR"). Each PBRSU award payout can range from 0% to 500% of the initial target grant and will not exceed 8.6 times the grant value of each grantee's PBRSU award (including earned dividend equivalents).

Compensation expense for the awards is recognized over the PBRSU performance period based upon the grant date fair value. The grant date fair value was estimated using a Monte-Carlo simulation model with a risk-free rate of 2.35% and an expected volatility of 24.92%. The model includes no expected dividend yield as the PBRSUs earn dividend equivalents.

We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. The compensation expense for our PBRSU awards totaled $2.4 million, $2.7 million, and $0.3 million for fiscal 2021, 2020, and 2019 respectively. The tax benefit related to the compensation expense for fiscal 2021, 2020, and 2019 was $0.2 million, $0.2 million, and $0.1 million, respectively. Based on estimates at May 30, 2021, we had $2.3 million of total unrecognized compensation expense related to the PBRSU awards that will be recognized over a period of one year.

Stock Option Awards

In accordance with stockholder-approved equity incentive plans, we granted stock options to employees and directors for the purchase of common stock at prices equal to its fair value at the date of grant. Stock options become exercisable under various vesting schedules (typically three years) and generally expire seven to ten years after the date of grant. No stock options were granted in fiscal 2021, 2020, or 2019.

A summary of the option activity as of May 30, 2021 and changes during the fiscal year then ended is presented below:

Options	Number of Options (in Millions)			Weighted Average Exercise Price		Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in Millions)
Outstanding at May 31, 2020		3.8		$	30.07
Exercised		(0.8	)	$	27.47			$	7.0
Outstanding at May 30, 2021		3.0		$	30.70		4.16	$	22.5
Exercisable at May 30, 2021		3.0		$	30.70		4.16	$	22.5

We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. The total intrinsic value of stock options exercised was $7.0 million, $3.8 million, and $7.9 million for fiscal 2021, 2020, and 2019, respectively. The closing market price of our common stock on the last trading day of fiscal 2021 was $38.10 per share.

Compensation expense for stock option awards totaled $0.2 million and $2.2 million for fiscal 2020 and 2019, respectively. Included in the compensation expense for stock option awards for fiscal 2019 was $0.2 million related to stock options granted by a subsidiary in the subsidiary's shares to the subsidiary's employees. The tax benefit related to the stock option expense for fiscal 2020 and 2019 was $0.1 million and $0.5 million, respectively.

At May 30, 2021, we had no unrecognized compensation expense related to stock options.

Cash received from stock option exercises for fiscal 2021, 2020, and 2019 was $20.5 million, $11.0 million, and $12.4 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $1.7 million, $1.4 million, and $2.3 million for fiscal 2021, 2020, and 2019, respectively.

Stock Appreciation Rights Awards

During the second quarter of fiscal 2019, in connection with the completion of the Pinnacle acquisition, we granted 2.3 million cash-settled stock appreciation rights with a fair value estimated at closing date using a Black-Scholes option-pricing model and a grant date price of $36.37 per share to Pinnacle employees in replacement of their unvested stock option awards that were outstanding as of the closing date. Approximately $14.8 million of the fair value of the replacement awards granted to Pinnacle employees was attributable to pre-combination service and was included in the purchase price and established as a liability. As of May 30, 2021, there were no remaining stock appreciation rights.

The compensation income for our cash-settled stock appreciation rights totaled $0.3 million and $13.7 million for fiscal 2020 and fiscal 2019, respectively. Included in this amount for fiscal 2019 is income of $14.0 million related to the mark-to-market of the liability established in connection with the Pinnacle acquisition and expense of $0.2 million for accelerated vesting of awards related to Pinnacle integration restructuring activities, net of the impact of marking-to-market these awards based on a lower market price of Conagra common shares. The related tax expense for fiscal 2020 and fiscal 2019 was $0.1 million and $3.4 million, respectively

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PRE-TAX INCOME AND INCOME TAXES

12 Months Ended

May 30, 2021

Income Tax Disclosure [Abstract]

PRE-TAX INCOME AND INCOME TAXES

14. PRE-TAX INCOME AND INCOME TAXES

Pre-tax income from continuing operations (including equity method investment earnings) consisted of the following:

	2021		2020		2019
United States	$	1,426.5	$	978.3	$	826.6
Foreign		68.2		64.8		72.5
	$	1,494.7	$	1,043.1	$	899.1

The provision for income taxes included the following:

	2021			2020			2019
Current
Federal	$	232.6		$	188.2		$	125.4
State		31.8			25.5			22.6
Foreign		15.3			9.5			21.6
		279.7			223.2			169.6
Deferred
Federal		(63.5	)		37.6			40.1
State		(26.1	)		(62.3	)		19.0
Foreign		3.7			2.8			(9.9	)
		(85.9	)		(21.9	)		49.2
	$	193.8		$	201.3		$	218.8

Income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows:

	2021			2020			2019
Computed U.S. Federal income taxes	$	313.9		$	219.0		$	188.8
State income taxes, net of U.S. Federal tax impact		37.4			29.6			34.1
Goodwill and intangible impairments		13.6			11.2			12.5
Remeasurement of deferred taxes due to legal entity reorganization		35.8			(40.9	)		16.9
State tax impact of combining Pinnacle business		—			—			(12.0	)
Change of valuation allowance on capital loss carryforward		(188.5	)		—			(32.2	)
Other		(18.4	)		(17.6	)		10.7
	$	193.8		$	201.3		$	218.8

Income taxes paid, net of refunds, were $286.3 million, $178.0 million, and $133.8 million in fiscal 2021, 2020, and 2019, respectively.

The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:

	May 30, 2021					May 31, 2020
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	281.7	$	—		$	258.4
Inventory		19.5			—		19.5			—
Goodwill, trademarks and other intangible assets		—			1,118.4		—			1,108.4
Right-of-use assets		—			45.5		—			51.0
Accrued expenses		12.0			—		13.4			—
Compensation related liabilities		36.5			—		36.3			—
Pension and other postretirement benefits		—			9.8		35.2			—
Investment in unconsolidated subsidiaries		—			2.6		—			196.2
Lease liabilities		54.4			—		61.3			—
Other liabilities that will give rise to future tax deductions		96.2			—		88.1			—
Net capital and operating loss carryforwards		53.8			—		753.4			—
Federal credits		16.1			—		17.5			—
Other		33.9			33.1		52.7			31.8
		322.4			1,491.1		1,077.4			1,645.8
Less: Valuation allowance		(67.5	)		—		(728.3	)		—
Net deferred taxes	$	254.9		$	1,491.1	$	349.1		$	1,645.8

The liability for gross unrecognized tax benefits at May 30, 2021 was $33.0 million, excluding a related liability of $8.8 million for gross interest and penalties. Included in the balance at May 30, 2021 are $0.8 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. Any associated interest and penalties imposed would affect the tax rate. As of May 31, 2020, our gross liability for unrecognized tax benefits was $35.8 million, excluding a related liability of $7.4 million for gross interest and penalties. Interest and penalties recognized in the Consolidated Statements of Earnings was an expense of $1.4 million in fiscal 2021, a benefit of $4.3 million in fiscal 2020, and an expense of $1.2 million in fiscal 2019.

The net amount of unrecognized tax benefits at May 30, 2021 and May 31, 2020 that, if recognized, would favorably impact our effective tax rate was $28.2 million and $30.3 million, respectively.

We accrue interest and penalties associated with uncertain tax positions as part of income tax expense.

We conduct business and file tax returns in numerous countries, states, and local jurisdictions. The U.S. Internal Revenue Service ("IRS") has completed its audit of the Company for tax years through fiscal 2020. All resulting significant items for fiscal 2020 and prior years have been settled with the IRS, with the exception of fiscal 2016. Statutes of limitation for pre-acquisition tax years of Pinnacle generally remain open for calendar year 2003 and subsequent years principally related to net operating losses. Other major jurisdictions where we conduct business generally have statutes of limitations ranging from three to five years.

We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $13.2 million over the next twelve months due to various federal, state, and foreign audit settlements and the expiration of statutes of limitations.

The change in the unrecognized tax benefits for the year ended May 30, 2021 was:

Beginning balance on May 31, 2020	$	35.8
Increases from positions established during prior periods		0.8
Decreases from positions established during prior periods		(2.6	)
Increases from positions established during the current period		2.6
Reductions resulting from lapse of applicable statute of limitation		(4.3	)
Other adjustments to liability		0.7
Ending balance on May 30, 2021	$	33.0

We have approximately $13.3 million of foreign net operating loss carryforwards ($9.8 million will expire between fiscal 2022 and 2042 and $3.5 million have no expiration dates) and $106.8 million of federal net operating loss carryforwards which expire between fiscal 2022 and 2027. Included in net deferred tax liabilities are $30.7 million of tax effected state net operating loss carryforwards which expire in various years ranging from fiscal 2022 to 2040 and $3.8 million of tax effected state capital loss balances that expire in fiscal year 2031. Foreign tax credits of $14.3 million will expire between fiscal 2025 and 2031. State tax credits of approximately $5.2 million will expire in various years ranging from fiscal 2023 to 2028.

Federal capital loss carryforwards related to the Private Brands divestiture of approximately $1.9 billion expired at the end of fiscal 2021. Accordingly, we have removed the deferred tax asset and the related valuation allowance from our balance sheet. Tax effected state capital loss carryforwards related to the Private Brands divestiture of approximately $91.9 million also expired at the end of fiscal 2021 and were removed from the balance sheet, including the related valuation allowance.

In fiscal 2021, we completed a restructuring of our ownership interest in Ardent Mills that utilized a portion of our capital loss carryforward prior to its expiration. Also in fiscal 2021, we completed several other transactions related to retained assets in conjunction with the divestiture of the Peter Pan^® peanut butter and Egg Beaters^® businesses that we believe will utilize a portion of the remaining capital loss carryforward. These transactions are subject to certain elections and are currently under review by the Internal Revenue Service. We believe they may result in increases to the tax basis in those assets and if successful would result in tax benefits being realized in future periods.

We have recognized a valuation allowance for the portion of the net operating loss carryforwards, capital loss carryforwards, tax credit carryforwards, and other deferred tax assets we believe are not more likely than not to be realized. The net change in the valuation allowance for fiscal 2021 was a decrease of $653.9 million. For fiscal 2020 and 2019, changes in the valuation allowance were a decrease of $9.8 million and $1.5 million, respectively. The current year change principally relates to decreases in the valuation allowances on the capital loss carryforward generated from the sale of our Private Brands operations. Valuation allowances were released on capital losses that were utilized against capital gains generated on the divestures of the Peter Pan^® peanut butter and Egg Beaters^® businesses and the restructuring of our ownership interest in Ardent Mills. Valuation allowances were also removed on the Federal and state capital losses that expired at the end of fiscal 2021.

We believe that our foreign subsidiaries have invested or will invest any undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction, and, therefore, do not provide deferred taxes on the cumulative undistributed earnings of our foreign subsidiaries.

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LEASES

12 Months Ended

May 30, 2021

Leases [Abstract]

LEASES

15. LEASES

We have operating and finance leases of certain warehouses, plants, land, office space, production and distribution equipment, automobiles, and office equipment. We determine whether an agreement is or contains a lease at lease inception. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease.

As most of our leases do not provide an implicit interest rate, we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease.

We have elected not to separate lease and non-lease components of an agreement for all underlying asset classes prospectively from the ASU 2016-02, Leases, Topic 842 adoption date.

Any lease arrangements with an initial term of twelve months or less are not recorded on our Consolidated Balance Sheet. We recognize lease cost for these lease arrangements on a straight-line basis over the lease term.

Our lease terms may include options to extend or terminate the lease. We consider these options in determining the lease term used to establish our ROU asset and lease liabilities. A limited number of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Leases reported in our Consolidated Balance Sheet were as follows:

	Operating Leases
	Balance Sheet Location	May 30, 2021		May 31, 2020
ROU assets, net	Other assets	$	188.5	$	209.3
Lease liabilities (current)	Other accrued liabilities		36.6		44.4
Lease liabilities (noncurrent)	Other noncurrent liabilities		188.3		206.1

	Finance Leases
	Balance Sheet Location	May 30, 2021			May 31, 2020
ROU assets, at cost	Property, plant and equipment	$	217.6		$	220.4
Less accumulated depreciation	Less accumulated depreciation		(60.2	)		(53.6	)
ROU assets, net	Property, plant and equipment, net		157.4			166.8
Lease liabilities (current)	Current installments of long-term debt		23.1			22.2
Lease liabilities (noncurrent)	Senior long-term debt, excluding current installments		116.0			132.9

The components of total lease cost were as follows:

	2021		2020
Operating lease cost	$	51.0	$	63.7
Finance lease cost
Depreciation of leased assets		19.0		15.4
Interest on lease liabilities		8.2		9.1
Short-term lease cost		5.1		3.8
Total lease cost	$	83.3	$	92.0

We recognized accelerated operating lease cost of $9.9 million and impairments of ROU assets of $2.9 million within SG&A expenses in fiscal 2020. These charges are included in the Pinnacle Integration Restructuring Plan.

Rent expense under all operating leases was $83.5 million in fiscal 2019.

The weighted-average remaining lease terms and weighted-average discount rate for our leases as of May 30, 2021 and May 31, 2020 were as follows:

	Operating Leases						Finance Leases
	2021			2020			2021			2020
Weighted-average remaining lease term (in years)		8.1			8.5			7.7			8.0
Weighted-average discount rate		3.51	%		3.61	%		4.95	%		5.29	%

Cash flows arising from lease transactions were as follows:

	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	56.0	$	59.5
Operating cash outflows from finance leases		8.3		9.2
Financing cash outflows from finance leases		24.3		22.5
ROU assets obtained in exchange for new lease liabilities:
Operating leases		21.1		41.6
Finance leases		26.1		12.2

Non-cash issuances of capital lease obligations totaling $23.5 million are excluded from cash flows from investing and financing activities on the Consolidated Statements of Cash Flows for fiscal 2019.

Maturities of lease liabilities by fiscal year as of May 30, 2021 were as follows:

	Operating Leases			Finance Leases			Total
2022	$	46.5		$	28.5		$	75.0
2023		41.2			25.3			66.5
2024		32.4			20.4			52.8
2025		24.4			18.3			42.7
2026		20.9			15.0			35.9
Later years		102.8			63.9			166.7
Total lease payments		268.2			171.4			439.6
Less: Imputed interest		(43.3	)		(32.3	)		(75.6	)
Total lease liabilities	$	224.9		$	139.1		$	364.0

We have entered into contracts that are or contain a lease that have not yet commenced with aggregate payments totaling $272.2 million as of May 30, 2021. This amount primarily relates to a warehouse facility with a future minimum lease commitment of $257.7 million. We expect to take control of this leased asset in fiscal 2023.

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CONTINGENCIES

12 Months Ended

May 30, 2021

Commitments And Contingencies Disclosure [Abstract]

CONTINGENCIES

16. CONTINGENCIES

Litigation Matters

We are a party to certain litigation matters relating to our acquisition of Beatrice Company ("Beatrice") in fiscal 1991, including litigation proceedings related to businesses divested by Beatrice prior to our acquisition of the company. These proceedings have included suits against a number of lead paint and pigment manufacturers, including ConAgra Grocery Products Company, LLC, a wholly owned subsidiary of the Company ("ConAgra Grocery Products") as alleged successor to W. P. Fuller & Co., a lead paint and pigment manufacturer owned and operated by a predecessor to Beatrice from 1962 until 1967. These lawsuits generally seek damages for personal injury, property damage, economic loss, and governmental expenditures allegedly caused by the use of lead-based paint, and/or injunctive relief for inspection and abatement. When such lawsuits have been brought, ConAgra Grocery Products has denied liability, both on the merits of the claims and on the basis that we do not believe it to be the successor to any liability attributable to W. P. Fuller & Co. Decisions favorable to us were rendered in Rhode Island, New Jersey, Wisconsin, and Ohio. ConAgra Grocery Products was held liable for the abatement of a public nuisance in California, and the case was dismissed pursuant to settlement in July 2019 as discussed in the following paragraph. We remain a defendant in one active suit in Illinois. The Illinois suit seeks class-wide relief for reimbursement of costs associated with the testing of lead levels in blood. We do not believe it is probable that we have incurred any liability with respect to the Illinois case, nor is it possible to estimate any potential exposure.

In California, a number of cities and counties joined in a consolidated action seeking abatement of an alleged public nuisance in the form of lead-based paint potentially present on the interior of residences, regardless of its condition. On September 23, 2013, a trial of the California case concluded in the Superior Court of California for the County of Santa Clara, and on January 27, 2014, the court entered a judgment (the "Judgment") against ConAgra Grocery Products and two other defendants ordering the creation of a California abatement fund in the amount of $1.15 billion. Liability was joint and several. The Company appealed the Judgment, and on November 14, 2017 the California Court of Appeal for the Sixth Appellate District reversed in part, holding that the defendants were not liable to pay for abatement of homes built after 1950, but affirmed the Judgment as to homes built before 1951. The Court of Appeal remanded the case to the trial court with directions to recalculate the amount of the abatement fund estimated to be necessary to cover the cost of remediating pre-1951 homes, and to hold an evidentiary hearing regarding appointment of a suitable receiver. ConAgra Grocery Products and the other defendants petitioned the California Supreme Court for review of the decision, which we believe to be an unprecedented expansion of current California law. On February 14, 2018, the California Supreme Court denied the petition and declined to review the merits of the case, and the case was remanded to the trial court for further proceedings. ConAgra Grocery Products and the other defendants sought further review of certain issues from the Supreme Court of the United States, but on October 15, 2018, the Supreme Court declined to review the case. On September 4, 2018, the trial court recalculated its estimate of the amount needed to remediate pre-1951 homes in the plaintiff jurisdictions to be $409.0 million. As of July 10, 2019, the parties reached an agreement in principle to resolve this matter, which agreement was approved by the trial court on July 24, 2019, and the action against ConAgra Grocery Products was dismissed with prejudice. Pursuant to the settlement, ConAgra Grocery Products will pay a total of $101.7 million in seven installments to be paid annually from fiscal 2020 through fiscal 2026. As part of the settlement, ConAgra Grocery Products has provided a guarantee of up to $15.0 million in the event co-defendant, NL Industries, Inc., defaults on its payment obligations.

We have accrued $11.6 million and $52.0 million, within other accrued liabilities and other noncurrent liabilities, respectively, for this matter as of May 30, 2021. The extent of insurance coverage is uncertain and the Company's carriers are on notice; however, any possible insurance recovery has not been considered for purposes of determining our liability.

We are party to a number of putative class action lawsuits challenging various product claims made in the Company's product labeling. These matters include Briseno v. ConAgra Foods, Inc. in which it is alleged that the labeling for Wesson^® oils as 100% natural is false and misleading because the oils contain genetically modified plants and organisms. In February 2015, the U.S. District Court for the Central District of California granted class certification to permit plaintiffs to pursue state law claims. The Company appealed to the United States Court of Appeals for the Ninth Circuit, which affirmed class certification in January 2017. The Supreme Court of the United States declined to review the decision and the case was remanded to the trial court for further proceedings. On April 4, 2019, the trial court granted preliminary approval of a settlement in this matter. In the second

quarter of fiscal 2020, a single objecting class member appealed the court's decision approving the settlement to the United States Court of Appeals for the Ninth Circuit. On June 1, 2021, the appellate court rejected the settlement and remanded to the trial court for further proceedings. While we cannot predict with certainty the results of this or any other legal proceeding challenging our product claims, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

We are party to matters challenging the Company's wage and hour practices. These matters include a number of class actions consolidated under the caption Negrete v. ConAgra Foods, Inc., et al, pending in the U.S. District Court for the Central District of California, in which the plaintiffs allege a pattern of violations of California and/or federal law at several current and former Company manufacturing facilities across the State of California. On June 21, 2021, the trial court granted preliminary approval of a settlement in this matter. If final approval is obtained, the settlement will require a payment by the Company of $9.0 million, which we have accrued within other accrued liabilities. While we cannot predict with certainty the results of this or any other legal proceeding, we do not expect this matter to have a material adverse effect on our financial condition, results of operations, or business.

We are party to a number of matters asserting product liability claims against the Company related to certain Pam^® and other cooking spray products. These lawsuits generally seek damages for personal injuries allegedly caused by defects in the design, manufacture, or safety warnings of the cooking spray products. We have put the Company's insurance carriers on notice. While we cannot predict with certainty the results of these or any other legal proceedings, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

The Company, its directors, and several of its executive officers are defendants in several class actions alleging violations of federal securities laws. The lawsuits assert that the Company's officers made material misstatements and omissions that caused the market to have an unrealistically positive assessment of the Company's financial prospects in light of the acquisition of Pinnacle, thus causing the Company's securities to be overvalued prior to the release of the Company's consolidated financial results on December 20, 2018 for the second quarter of fiscal year 2019. The first of these lawsuits, captioned West Palm Beach Firefighters' Pension Fund v. Conagra Brands, Inc., et al., with which subsequent lawsuits alleging similar facts have been consolidated, was filed on February 22, 2019 in the U.S. District Court for the Northern District of Illinois. That consolidated lawsuit was dismissed with prejudice on December 23, 2020 for failure to state a claim. On January 22, 2021, the plaintiff filed a notice of appeal of the trial court’s decision to the U.S. Court of Appeals for the Seventh Circuit. In addition, on May 9, 2019, a stockholder filed a derivative action on behalf of the Company against the Company's directors captioned Klein v. Arora, et al. in the U.S. District Court for the Northern District of Illinois asserting harm to the Company due to alleged breaches of fiduciary duty and mismanagement in connection with the Pinnacle acquisition. On July 9, 2019, September 20, 2019, and March 10, 2020, the Company received three separate demands from stockholders under Delaware law to inspect the Company's books and records related to the Board of Directors' review of the Pinnacle business, acquisition, and the Company's public statements related to them. On July 22, 2019 and August 6, 2019, respectively, two additional stockholder derivative lawsuits captioned Opperman v. Connolly, et al. and Dahl v. Connolly, et al. were filed in the U.S. District Court for the Northern District of Illinois asserting similar facts and claims as the Klein v. Arora, et al. matter. On October 21, 2019, the Company received an additional demand from a stockholder under Delaware law to appoint a special committee to investigate the conduct of certain officers and directors in connection with the Pinnacle acquisition and the Company's public statements. All remaining stockholder lawsuits and demands are currently stayed by agreement pending the final outcome of the West Palm Beach Firefighters' Pension Fund matter. We have put the Company's insurance carriers on notice of each of these securities and stockholder matters. While we cannot predict with certainty the results of these or any other legal proceedings, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.

Environmental Matters

Securities and Exchange Commission (the "SEC") regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, the Company uses a threshold of $1.0 million for purposes of determining whether disclosure of any such proceedings is required.

We are a party to certain environmental proceedings relating to our acquisition of Beatrice in fiscal 1991. Such proceedings include proceedings related to businesses divested by Beatrice prior to our acquisition of Beatrice. The current environmental

proceedings associated with Beatrice include litigation and administrative proceedings involving Beatrice's possible status as a potentially responsible party at approximately 40 Superfund, proposed Superfund, or state-equivalent sites (the "Beatrice sites"). These sites involve locations previously owned or operated by predecessors of Beatrice that used or produced petroleum, pesticides, fertilizers, dyes, inks, solvents, polycholorinated biphenyls, acids, lead, sulfur, tannery wastes, and/or other contaminants. Reserves for these Beatrice environmental proceedings have been established based on our best estimate of the undiscounted remediation liabilities, which estimates include evaluation of investigatory studies, extent of required clean-up, the known volumetric contribution of Beatrice and other potentially responsible parties, and its experience in remediating sites. The accrual for Beatrice-related environmental matters totaled $55.6 million ($2.4 million within other accrued liabilities and $53.2 million within other noncurrent liabilities) as of May 30, 2021, a majority of which relates to the Superfund and state-equivalent sites referenced above. During the third quarter of fiscal 2017, a final Remedial Investigation/Feasibility Study was submitted for the Southwest Properties portion ("Operating Unit 4") of the Wells G&H Superfund site, which is one of the Beatrice sites. The U.S. Environmental Protection Agency ("EPA") issued a Record of Decision ("ROD") for the Southwest Properties portion of the site on September 29, 2017 and entered into negotiations with potentially responsible parties to determine final responsibility for implementing the ROD. On September 14, 2020, the district court entered a consent decree among EPA and the settling defendants, including the Company.

Guarantees and Other Contingencies

We guarantee an obligation of the Lamb Weston business pursuant to a guarantee arrangement that existed prior to the spinoff of the Lamb Weston business (the "Spinoff"). The guarantee remained in place following completion of the Spinoff and it will remain in place until such guarantee obligation is substituted for guarantees issued by Lamb Weston. Pursuant to the separation and distribution agreement, dated as of November 8, 2016 (the "Separation Agreement"), between us and Lamb Weston, this guarantee arrangement is deemed a liability of Lamb Weston that was transferred to Lamb Weston as part of the Spinoff. Accordingly, in the event that we are required to make any payments as a result of this guarantee arrangement, Lamb Weston is obligated to indemnify us for any such liability, reduced by any insurance proceeds received by us, in accordance with the terms of the indemnification provisions under the Separation Agreement. Lamb Weston is a party to an agricultural sublease agreement with a third party for certain farmland through 2025 (subject, at Lamb Weston's option, to extension for one additional five-year period). Under the terms of the sublease agreement, Lamb Weston is required to make certain rental payments to the sublessor. We have guaranteed the sublessor Lamb Weston's performance and the payment of all amounts (including indemnification obligations) owed by Lamb Weston under the sublease agreement, up to a maximum of $75.0 million. We believe the farmland associated with this sublease agreement is readily marketable for lease to other area farming operators. As such, we believe that any financial exposure to the Company, in the event that we were required to perform under the guarantee, would be largely mitigated.

We also guarantee a lease resulting from an exited facility. As of May 30, 2021, the remaining term of this arrangement did not exceed six years and the maximum amount of future payments we have guaranteed was $13.9 million.

General

After taking into account liabilities recognized for all of the foregoing matters, management believes the ultimate resolution of such matters should not have a material adverse effect on our financial condition, results of operations, or liquidity; however, it is reasonably possible that a change of the estimates of any of the foregoing matters may occur in the future which could have a material adverse effect on our financial condition, results of operations, or liquidity.

Costs of legal services associated with the foregoing matters are recognized in earnings as services are provided.

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DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

May 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

17. DERIVATIVE FINANCIAL INSTRUMENTS

Our operations are exposed to market risks from adverse changes in commodity prices affecting the cost of raw materials and energy, foreign currency exchange rates, and interest rates. In the normal course of business, these risks are managed through a variety of strategies, including the use of derivatives.

Commodity and commodity index futures and option contracts are used from time to time to economically hedge commodity input prices on items such as natural gas, vegetable oils, proteins, packaging materials, dairy, grains, and electricity. Generally, we economically hedge a portion of our anticipated consumption of commodity inputs for periods of up to 36 months. We may enter into longer-term economic hedges on particular commodities, if deemed appropriate. As of May 30, 2021, we had economically hedged certain portions of our anticipated consumption of commodity inputs using derivative instruments with expiration dates through October 2022.

In order to reduce exposures related to changes in foreign currency exchange rates, we enter into forward exchange, option, or swap contracts from time to time for transactions denominated in a currency other than the applicable functional currency. This includes, but is not limited to, hedging against foreign currency risk in purchasing inventory and capital equipment, sales of finished goods, and future settlement of foreign-denominated assets and liabilities. As of May 30, 2021, we had economically hedged certain portions of our foreign currency risk in anticipated transactions using derivative instruments with expiration dates through February 2022.

From time to time, we may use derivative instruments, including interest rate swaps, to reduce risk related to changes in interest rates. This includes, but is not limited to, hedging against increasing interest rates prior to the issuance of long-term debt and hedging the fair value of our senior long-term debt.

Derivatives Designated as Cash Flow Hedges

During the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our issuance of long-term debt to help finance the acquisition of Pinnacle. We settled these contracts during the second quarter of fiscal 2019 and deferred a $47.5 million gain in accumulated other comprehensive income. This gain will be amortized as a reduction of net interest expense over the lives of the related debt instruments. In the second quarter of fiscal 2021, $0.5 million was written off in connection with the early extinguishment of debt (see Note 4). The unamortized amount at May 30, 2021 was $38.2 million.

Economic Hedges of Forecasted Cash Flows

Many of our derivatives do not qualify for, and we do not currently designate certain commodity or foreign currency derivatives to achieve, hedge accounting treatment. We reflect realized and unrealized gains and losses from derivatives used to economically hedge anticipated commodity consumption and to mitigate foreign currency cash flow risk in earnings immediately within general corporate expense (within cost of goods sold). The gains and losses are reclassified to segment operating results in the period in which the underlying item being economically hedged is recognized in cost of goods sold. 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.

Economic Hedges of Fair Values — Foreign Currency Exchange Rate Risk

We may use options and cross currency swaps to economically hedge the fair value of certain monetary assets and liabilities (including intercompany balances) denominated in a currency other than the functional currency. These derivatives are marked-to-market with gains and losses immediately recognized in SG&A expenses. These substantially offset the foreign currency transaction gains or losses recognized as values of the monetary assets or liabilities being economically hedged change.

All derivative instruments are recognized on the Consolidated Balance Sheets at fair value (refer to Note 19 for additional information related to fair value measurements). The fair value of derivative assets is recognized within prepaid expenses and other current assets, while the fair value of derivative liabilities is recognized within other accrued liabilities. In accordance with U.S. GAAP, we offset certain derivative asset and liability balances, as well as certain amounts representing rights to reclaim cash collateral and obligations to return cash collateral, where master netting agreements provide for legal right of setoff. At May 30, 2021 and May 31, 2020, $2.0 million, representing an obligation to return cash collateral, and $1.1 million, representing a right to reclaim cash collateral, respectively, were included in prepaid expenses and other current assets in our Consolidated Balance Sheets.

Derivative assets and liabilities and amounts representing a right to reclaim cash collateral or obligation to return cash collateral were reflected in our Consolidated Balance Sheets as follows:

	May 30, 2021		May 31, 2020
Prepaid expenses and other current assets	$	15.5	$	8.0
Other accrued liabilities		6.9		0.4

The following table presents our derivative assets and liabilities at May 30, 2021, on a gross basis, prior to the setoff of $7.4 million to total derivative assets and $5.4 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	22.9	Other accrued liabilities	$	5.4
Foreign exchange contracts	Prepaid expenses and other current assets		—	Other accrued liabilities		6.9
Total derivatives not designated as    hedging instruments		$	22.9		$	12.3

The following table presents our derivative assets and liabilities, at May 31, 2020, on a gross basis, prior to the setoff of $0.4 million to total derivative assets and $1.5 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	3.3	Other accrued liabilities	$	1.9
Foreign exchange contracts	Prepaid expenses and other current assets		5.1	Other accrued liabilities		—
Total derivatives not designated as    hedging instruments		$	8.4		$	1.9

The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Consolidated Statements of Earnings were as follows:

	For the Fiscal Year Ended May 30, 2021
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives	Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings
Commodity contracts	Cost of goods sold	$	26.6
Foreign exchange contracts	Cost of goods sold		(17.1	)
Total gains from derivative instruments not    designated as hedging instruments		$	9.5

	For the Fiscal Year Ended May 31, 2020
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives	Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings
Commodity contracts	Cost of goods sold	$	(18.4	)
Foreign exchange contracts	Cost of goods sold		5.5
Total losses from derivative instruments not    designated as hedging instruments		$	(12.9	)

	For the Fiscal Year Ended May 26, 2019
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives	Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings
Commodity contracts	Cost of goods sold	$	(5.3	)
Foreign exchange contracts	Cost of goods sold		1.7
Total losses from derivative instruments not    designated as hedging instruments		$	(3.6	)

As of May 30, 2021, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $148.8 million and $159.4 million for purchase and sales contracts, respectively. As of May 31, 2020, our open commodity contracts had a notional value of $102.0 million and $3.4 million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward and cross currency swap contracts as of May 30, 2021 and May 31, 2020 was $111.4 million and $107.6 million, respectively.

We enter into certain commodity, interest rate, and foreign exchange derivatives with a diversified group of counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties. We have not incurred a material loss due to nonperformance in any period presented and do not expect to incur any such material loss. We also enter into futures and options transactions through various regulated exchanges.

At May 30, 2021, the maximum amount of loss due to the credit risk of the counterparties, had the counterparties failed to perform according to the terms of the contracts, was $2.5 million.

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PENSION AND POSTRETIREMENT BENEFITS

12 Months Ended

May 30, 2021

Compensation And Retirement Disclosure [Abstract]

PENSION AND POSTRETIREMENT BENEFITS

18. PENSION AND POSTRETIREMENT BENEFITS

We have defined benefit retirement plans ("pension plans") for eligible salaried and hourly employees. Benefits are based on years of credited service and average compensation or stated amounts for each year of service. We also sponsor postretirement plans which provide certain medical and dental benefits to qualifying U.S. employees. Effective August 1, 2013, our defined benefit pension plan for eligible salaried employees was closed to new hire salaried employees. New hire salaried employees will generally be eligible to participate in our defined contribution plan.

During the third quarter of fiscal 2020, we amended a certain hourly pension plan that froze future compensation and service periods. As a result, we remeasured the Company's hourly pension plan liability as of January 31, 2020 and recorded a pension curtailment loss of $0.2 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan from 3.86% to 2.96%. The remeasurement increased the underfunded status of the pension plan by $4.3 million with a corresponding loss within other comprehensive income (loss).

During the second quarter of fiscal 2020, the Company provided a voluntary lump-sum settlement offer to certain terminated vested participants in the salaried pension plan in order to reduce a portion of the pension obligation. During the third quarter of fiscal 2020, lump-sum settlement payments totaling $154.6 million were distributed from pension plan assets to such participants. As a result of the settlement, we were required to remeasure our pension plan liability. In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.89% to 3.37%, as of December 31, 2019. The settlement and related remeasurement resulted in the recognition of a settlement gain of $2.1 million, reflected in pension and postretirement non-service income, as well as a benefit to other comprehensive income (loss) totaling $79.8 million in the third quarter of fiscal 2020.

As a result of the anticipated exit of certain facilities, during the first quarter of fiscal 2020, we remeasured the Company's hourly pension plan as of August 25, 2019 and recorded a pension curtailment loss of $0.6 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.90% to 3.13%. The curtailment loss and related remeasurement increased the underfunded status of the pension plan by $12.3 million with a corresponding loss within other comprehensive income (loss).

We recognize the funded status of our pension and postretirement plans in the Consolidated Balance Sheets. For our pension plans, we also recognize as a component of accumulated other comprehensive income (loss), the net of tax results of the actuarial gains or losses within the corridor and prior service costs or credits that arise during the period but are not recognized in net periodic benefit cost. For our postretirement plans, we also recognize as a component of accumulated other comprehensive income (loss), the net of tax results of the gains or losses and prior service costs or credits that arise during the period but are not recognized in net periodic benefit cost. These amounts will be adjusted out of accumulated other comprehensive income (loss) as they are subsequently recognized as components of net periodic benefit cost. For our pension plans, we have elected to immediately recognize actuarial gains and losses in our operating results in the year in which they occur, to the extent they exceed the corridor, eliminating amortization. Amounts are included in the components of pension and postretirement plan costs, below, as recognized net actuarial loss.

The changes in benefit obligations and plan assets at May 30, 2021 and May 31, 2020 are presented in the following table.

	Pension Plans						Postretirement Plans
	2021			2020			2021			2020
Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,872.5		$	3,733.2		$	89.8		$	91.2
Service cost		11.6			11.5			0.2			0.1
Interest cost		86.8			118.4			1.5			2.6
Actuarial loss (gain)		(37.4	)		411.6			(2.3	)		3.0
Plan settlements		—			(201.7	)		(0.3	)		(0.1	)
Curtailments		—			(0.8	)		—			—
Benefits paid		(196.8	)		(199.3	)		(8.5	)		(6.9	)
Currency		2.5			(0.4	)		1.1			(0.1	)
Benefit obligation at end of year	$	3,739.2		$	3,872.5		$	81.5		$	89.8
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,820.4		$	3,601.5		$	3.4		$	3.4
Actual return on plan assets		194.6			557.5			0.2			0.1
Employer contributions		27.6			17.5			8.5			6.9
Plan settlements		—			(156.3	)		(0.3	)		(0.1	)
Benefits paid		(196.8	)		(199.3	)		(8.5	)		(6.9	)
Currency		3.0			(0.5	)		—			—
Fair value of plan assets at end of year	$	3,848.8		$	3,820.4		$	3.3		$	3.4

The funded status and amounts recognized in our Consolidated Balance Sheets at May 30, 2021 and May 31, 2020 were:

	Pension Plans						Postretirement Plans
	2021			2020			2021			2020
Funded Status	$	109.6		$	(52.1	)	$	(78.2	)	$	(86.4	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	245.0		$	202.4		$	3.0		$	2.9
Other accrued liabilities		(10.3	)		(8.9	)		(9.0	)		(10.0	)
Other noncurrent liabilities		(125.1	)		(245.6	)		(72.2	)		(79.3	)
Net Amount Recognized	$	109.6		$	(52.1	)	$	(78.2	)	$	(86.4	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	$	(41.5	)	$	51.2		$	(12.9	)	$	(15.0	)
Net prior service cost (benefit)		6.2			8.6			(38.4	)		(40.1	)
Total	$	(35.3	)	$	59.8		$	(51.3	)	$	(55.1	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 30, 2021 and May 31, 2020
Discount rate		3.04	%		2.98	%		2.51	%		2.39	%
Long-term rate of compensation increase	N/A			N/A			N/A			N/A

The accumulated benefit obligation for all defined benefit pension plans was $3.74 billion and $3.87 billion at May 30, 2021 and May 31, 2020, respectively.

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 30, 2021 and May 31, 2020 were:

	2021		2020
Projected benefit obligation	$	135.4	$	1,062.8
Accumulated benefit obligation		135.4		1,062.8
Fair value of plan assets		—		808.2

Components of pension and postretirement plan costs included:

	Pension Plans									Postretirement Plans
	2021			2020			2019			2021			2020			2019
Service cost	$	11.6		$	11.5		$	10.9		$	0.2		$	0.1		$	0.1
Interest cost		86.8			118.4			132.6			1.5			2.6			3.8
Expected return on plan assets		(140.0	)		(170.2	)		(174.4	)		—			—			—
Amortization of prior service cost (benefit)		2.3			2.7			3.1			(2.1	)		(2.1	)		(2.2	)
Recognized net actuarial loss (gain)		0.8			44.8			5.1			(3.5	)		(4.6	)		(1.4	)
Settlement gain		—			(2.1	)		—			(0.5	)		(0.2	)		(1.0	)
Curtailment loss (gain)		0.2			0.8			—			—			—			(0.6	)
Pension and postretirement cost (benefit) — Company plans		(38.3	)		5.9			(22.7	)		(4.4	)		(4.2	)		(1.3	)
Pension cost (benefit) — multi-employer plans		7.4			6.5			6.3			—			—			—
Total pension and postretirement cost (benefit)	$	(30.9	)	$	12.4		$	(16.4	)	$	(4.4	)	$	(4.2	)	$	(1.3	)

In fiscal 2021, 2020, and 2019, the Company recorded charges of $0.8 million, $44.8 million, and $5.1 million, respectively, reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability. In fiscal 2020, the higher actuarial losses outside of the 10% corridor were principally related to a reduction in the discount rate used to recognize at present value our pension obligations and a decline in market value of certain plan assets associated with our non-qualified and hourly plans.

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were:

	Pension Plans						Postretirement Plans
	2021			2020			2021			2020
Net actuarial gain (loss)	$	92.0		$	21.9		$	2.5		$	(2.9	)
Amortization of prior service cost (benefit)		2.3			2.7			(2.1	)		(2.1	)
Settlement and curtailment loss (gain)		0.2			(1.3	)		(0.5	)		(0.2	)
Recognized net actuarial loss (gain)		0.8			44.8			(3.5	)		(4.6	)
Currency		(0.2	)		—			(0.2	)		—
Net amount recognized	$	95.1		$	68.1		$	(3.8	)	$	(9.8	)

Weighted-Average Actuarial Assumptions Used to Determine Net Expense

	Pension Plans									Postretirement Plans
	2021			2020			2019			2021			2020			2019
Discount rate		2.98	%		3.88	%		4.15	%		2.39	%		3.48	%		3.81	%
Long-term rate of return on plan assets		3.74	%		4.77	%		5.17	%	N/A			N/A			N/A
Long-term rate of compensation increase	N/A			N/A				3.63	%	N/A			N/A			N/A

The Company uses a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation of pension service and interest cost.

We amortize prior service cost for our pension and postretirement plans, as well as amortizable gains and losses for our postretirement plans, in equal annual amounts over the average expected future period of vested service. For plans with no active participants, average life expectancy is used instead of average expected useful service.

Plan Assets

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 19, as of May 30, 2021, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	7.5	$	85.0	$	—	$	92.5
Equity securities:
U.S. equity securities		78.0		94.6		—		172.6
International equity securities		121.9		0.5		—		122.4
Fixed income securities:
Government bonds		—		772.6		—		772.6
Corporate bonds		—		2,407.2		—		2,407.2
Mortgage-backed bonds		—		12.4		—		12.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		5.7		—		—		5.7
Fair value measurement of pension plan assets in the    fair value hierarchy	$	213.1	$	3,372.3	$	—	$	3,585.4
Investments measured at net asset value								263.4
Total pension plan assets							$	3,848.8

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 19, as of May 31, 2020, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	10.1	$	71.9	$	—	$	82.0
Equity securities:
U.S. equity securities		63.9		82.2		—		146.1
International equity securities		92.4		0.7		—		93.1
Fixed income securities:
Government bonds		—		743.9		—		743.9
Corporate bonds		—		2,461.7		—		2,461.7
Mortgage-backed bonds		—		22.4		—		22.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		30.2		—		—		30.2
Fair value measurement of pension plan assets in the    fair value hierarchy	$	196.6	$	3,382.8	$	—	$	3,579.4
Investments measured at net asset value								241.0
Total pension plan assets							$	3,820.4

Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.

Level 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.

Level 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.

Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $52.2 million as of May 30, 2021, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 30, 2021, no such gates were imposed.

As of May 30, 2021, we have unfunded commitments for additional investments of $32.6 million in private equity funds and $10.9 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.

To develop the expected long-term rate of return on plan assets assumption for the pension plans, we consider the current asset allocation strategy, the historical investment performance, and the expectations for future returns of each asset class.

Our pension plan weighted-average asset allocations by asset category were as follows:

	May 30, 2021			May 31, 2020
Equity securities		8	%		6	%
Debt securities		83	%		85	%
Real estate funds		1	%		1	%
Private equity		3	%		3	%
Other		5	%		5	%
Total		100	%		100	%

Due to the salaried pension plan freeze that occurred in fiscal 2018, the Company's pension asset strategy is now designed to align our pension plan assets with our projected benefit obligation to reduce volatility by targeting an investment strategy of approximately 90% in fixed-income securities and approximately 10% in return seeking assets, primarily equity securities, real estate, and private assets.

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 30, 2021			May 31, 2020
Initial health care cost trend rate		6.53	%		6.22	%
Ultimate health care cost trend rate		4.44	%		4.43	%
Year that the rate reaches the ultimate trend rate	2029			2024

We currently anticipate making contributions of approximately $12.3 million to our pension plans in fiscal 2022. We anticipate making contributions of $9.0 million to our other postretirement plans in fiscal 2022. These estimates are based on ERISA guidelines, current tax laws, plan asset performance, and liability assumptions, which are subject to change.

The following table presents estimated future gross benefit payments for our plans:

	Pension Plans		Postretirement Plans
2022	$	201.6	$	9.1
2023		203.0		8.4
2024		204.7		7.7
2025		206.1		7.1
2026		207.3		6.5
Succeeding 5 years		1,031.1		25.2

Multiemployer Pension Plans

The Company contributes to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain units of its union-represented employees. The risks of participating in such plans are different from the risks of single-employer plans, in the following respects:

a. Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

b. If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

c. If the Company ceases to have an obligation to contribute to a multiemployer plan in which it had been a contributing employer, it may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of the Company's participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability.

The Company's participation in multiemployer plans for the fiscal year ended May 30, 2021 is outlined in the table below. For each plan that is individually significant to the Company the following information is provided:

• The "EIN / PN" column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service.

• The most recent Pension Protection Act Zone Status available for 2020 and 2019 is for plan years that ended in calendar years 2020 and 2019, respectively. The zone status is based on information provided to the Company by each plan. A plan in the "red" zone has been determined to be in "critical status", based on criteria established under the Internal Revenue Code ("Code"), and is generally less than 65% funded. A plan in the "yellow" zone has been determined to be in "endangered status", based on criteria established under the Code, and is generally less than 80% funded. A plan in the "green" zone has been determined to be neither in "critical status" nor in "endangered status", and is generally at least 80% funded.

• The "FIP/RP Status Pending/Implemented" column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the "yellow" zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the "red" zone, is pending or has been implemented by the plan as of the end of the plan year that ended in calendar year 2020.

• Contributions by the Company are the amounts contributed in the Company's fiscal periods ending in the specified year.

• The "Surcharge Imposed" column indicates whether the Company contribution rate for its fiscal year that ended on May 30, 2021 included an amount in addition to the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in "critical status", in accordance with the requirements of the Code.

• The last column lists the expiration dates of the collective bargaining agreements pursuant to which the Company contributes to the plans.

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

Contributions by the Company (millions)

Expiration Dates of Collective

Pension Fund

EIN / PN

2020

2019

Pending / Implemented

FY21

FY20

FY19

Surcharge Imposed

Bargaining Agreements

Bakery and Confectionary    Union and Industry    International    Pension Plan

52-6118572 / 001

Red, Critical and Declining

Red, Critical and Declining

RP Implemented

$

0.0

$

0.0

$

0.1

No

N/A

Central States,    Southeast and    Southwest Areas    Pension Fund

36-6044243 / 001

Red, Critical and Declining

Red, Critical and Declining

RP Implemented

2.2

2.0

1.8

No

5/31/2021

Western Conference of    Teamsters Pension Plan

91-6145047 / 001

Green

Green

N/A

3.8

3.2

3.2

No

6/30/2022

Other Plans

1.4

1.3

0.9

Total Contributions

$

7.4

$

6.5

$

6.0

The Company was not listed in the Forms 5500 filed by any of the other plans or for any of the other years as providing more than 5% of the plan's total contributions. At the date our financial statements were issued, Forms 5500 were not available for plan years ending in calendar year 2020.

During fiscal 2019, we ceased to participate in the Bakery and Confectionary Union and Industry International Fund in conjunction with our sale of the Trenton, Missouri plant.

In addition to the contributions listed in the table above, we recorded an additional expense of $0.3 million in fiscal 2019 related to our expected incurrence of certain withdrawal costs.

Certain of our employees are covered under defined contribution plans. The expense related to these plans was $47.6 million, $49.9 million, and $39.9 million in fiscal 2021, 2020, and 2019, respectively.

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FAIR VALUE MEASUREMENTS

12 Months Ended

May 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

19. FAIR VALUE MEASUREMENTS

FASB guidance establishes a three-level fair value hierarchy based upon the assumptions (inputs) used to price assets or liabilities. The three levels of inputs used to measure fair value are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities,

Level 2 — Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets, and

Level 3 — Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability.

The fair values of our Level 2 derivative instruments were determined using valuation models that use market observable inputs including both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity and foreign currency option and forward contracts and cross-currency swaps.

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 30, 2021:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	13.0	$	2.5	$	—	$	15.5
Marketable securities		6.6		—		—		6.6
Deferred compensation assets		8.8		—		—		8.8
Total assets	$	28.4	$	2.5	$	—	$	30.9
Liabilities:
Derivative liabilities	$	—	$	6.9	$	—	$	6.9
Deferred compensation liabilities		81.0		—		—		81.0
Total liabilities	$	81.0	$	6.9	$	—	$	87.9

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 31, 2020:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	2.8	$	5.2	$	—	$	8.0
Marketable securities		8.1		—		—		8.1
Deferred compensation assets		8.6		—		—		8.6
Total assets	$	19.5	$	5.2	$	—	$	24.7
Liabilities:
Derivative liabilities	$	—	$	0.4	$	—	$	0.4
Deferred compensation liabilities		68.0		—		—		68.0
Total liabilities	$	68.0	$	0.4	$	—	$	68.4

Certain assets and liabilities, including long-lived assets, goodwill, asset retirement obligations, and equity investments are measured at fair value on a nonrecurring basis using Level 3 inputs.

During fiscal 2021, we updated our cost estimates associated with certain asset retirement obligations at several manufacturing facilities largely due to recent experience of physically closing a wastewater lagoon. This change in estimate resulted in a non-cash increase to our long-lived assets in the amount of $27.4 million and will result in additional depreciation in future periods generally ranging from 15-25 years. The fair value of our asset retirement obligations was measured using cost estimates to settle our future obligations (including an estimate of inflation) and discounted to present value using a credit-adjusted risk-free rate.

We recognized charges for the impairment of certain indefinite-lived brands. The fair values of these brands were estimated using the "relief from royalty" method (see Note 8). Impairments in our Grocery & Snacks segment totaled $13.0 million, $46.4 million, and $76.5 million for fiscal 2021, 2020, and 2019, respectively. Impairments in our Refrigerated & Frozen segment totaled $76.9 million and $110.8 million for fiscal 2021 and 2020, respectively. Impairments in our International segment totaled $1.0 million, $8.3 million, and $13.1 million for fiscal 2021, 2020, and 2019, respectively.

During fiscal 2020, we recognized impairment charges totaling $54.4 million in our Grocery & Snacks segment and $27.6 million in our Refrigerated & Frozen segment. The impairments were measured based upon the estimated sales price of the disposal group (see Note 6).

We recognized charges for the impairment of certain long-lived assets measured based upon the estimated sales price of the assets. Impairments totaled $3.0 million in our Grocery & Snacks segment in fiscal 2021, $3.8 million in our Refrigerated & Frozen segment in fiscal 2020, and $2.7 million within general corporate expenses in fiscal 2019.

During fiscal 2020, we recognized charges of $2.9 million in general corporate expenses related to the impairments of ROU assets. The impairments were measured based upon a discounted cash flow approach.

The carrying amount of long-term debt (including current installments) was $8.30 billion as of May 30, 2021 and $9.75 billion as of May 31, 2020. Based on current market rates, the fair value of this debt (level 2 liabilities) at May 30, 2021 and May 31, 2020 was estimated at $9.76 billion and $11.35 billion, respectively.

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BUSINESS SEGMENTS AND RELATED INFORMATION

12 Months Ended

May 30, 2021

Segment Reporting [Abstract]

BUSINESS SEGMENTS AND RELATED INFORMATION

20. BUSINESS SEGMENTS AND RELATED INFORMATION

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.

We do not aggregate operating segments when determining our reporting segments.

Operating profit for each of the segments is based on net sales less all identifiable operating expenses. General corporate expense, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings have been excluded from segment operations.

	2021		2020		2019
Net sales
Grocery & Snacks	$	4,637.5	$	4,617.1	$	3,923.6
Refrigerated & Frozen		4,774.6		4,559.6		3,735.4
International		938.6		925.3		864.4
Foodservice		834.0		952.4		1,015.0
Total net sales	$	11,184.7	$	11,054.4	$	9,538.4
Operating profit
Grocery & Snacks	$	1,093.8	$	915.2	$	762.6
Refrigerated & Frozen		836.5		702.2		645.1
International		131.8		100.6		99.8
Foodservice		78.9		97.6		134.3
Total operating profit	$	2,141.0	$	1,815.6	$	1,641.8
Equity method investment earnings		84.4		73.2		75.8
General corporate expenses		364.8		368.5		462.2
Pension and postretirement non-service income		54.5		9.9		35.1
Interest expense, net		420.4		487.1		391.4
Income tax expense		193.8		201.3		218.8
Income from continuing operations	$	1,300.9	$	841.8	$	680.3
Less: Net income attributable to noncontrolling interests		2.1		1.7		0.1
Income from continuing operations attributable to Conagra Brands, Inc.	$	1,298.8	$	840.1	$	680.2

The following table presents further disaggregation of our net sales:

	2021		2020		2019
Frozen	$	3,948.0	$	3,735.5	$	2,994.8
Staples
Other shelf-stable		2,838.0		2,902.8		2,426.7
Refrigerated		826.6		824.1		740.6
Snacks		1,799.5		1,714.3		1,496.9
International		938.6		925.3		864.4
Foodservice		834.0		952.4		1,015.0
Total net sales	$	11,184.7	$	11,054.4	$	9,538.4

To be consistent with how we present certain disaggregated net sales information to investors, we have categorized certain net sales of our segments as "Staples", which includes all of our U.S. domestic retail refrigerated products and other shelf-stable grocery products. Management continues to regularly review financial results and make decisions about allocating resources based upon the four reporting segments outlined above.

Presentation of Derivative Gains (Losses) from 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:

	2021			2020			2019
Net derivative gains (losses) incurred	$	9.5		$	(12.9	)	$	(3.6	)
Less: Net derivative losses allocated to reporting segments		(6.1	)		(7.4	)		(1.8	)
Net derivative gains (losses) recognized in general corporate expenses	$	15.6		$	(5.5	)	$	(1.8	)
Net derivative losses allocated to Grocery & Snacks	$	(2.3	)	$	(4.7	)	$	(2.5	)
Net derivative losses allocated to Refrigerated & Frozen		(1.7	)		(2.5	)		(1.5	)
Net derivative gains (losses) allocated to International		(1.7	)		0.1			2.8
Net derivative losses allocated to Foodservice		(0.4	)		(0.3	)		(0.6	)
Net derivative losses included in segment operating profit	$	(6.1	)	$	(7.4	)	$	(1.8	)

As of May 30, 2021, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $11.5 million. This amount reflected net gains of $13.5 million incurred during the fiscal year ended May 30, 2021, as well as net losses of $2.0 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 net gains of $11.2 million in fiscal 2022 and $0.3 million in fiscal 2023 and thereafter.

Assets by Segment

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 for fiscal 2021, 2020, and 2019 was $328.0 million, $329.1 million, and $283.9 million, respectively.

Other Information

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 fiscal 2021, 2020, and 2019. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $960.5 million, $946.8 million, and $919.5 million in fiscal 2021, 2020, and 2019, 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 26% of consolidated net sales for each of fiscal 2021 and 2020 and 24% of consolidated net sales for fiscal 2019, significantly impacting the Grocery & Snacks and Refrigerated & Frozen segments.

Walmart, Inc. and its affiliates accounted for approximately 31% and 30% of consolidated net receivables as of May 30, 2021 and May 31, 2020, respectively. The Kroger Co. and its affiliates accounted for approximately 11% and 10% of consolidated net receivables as of May 30, 2021 and May 31, 2020, respectively.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

May 30, 2021

Accounting Policies [Abstract]

Fiscal Year

Fiscal Year — The fiscal year of Conagra Brands, Inc. ("Conagra Brands", "Company", "we", "us", or "our") ends the last Sunday in May. The fiscal years for the consolidated financial statements presented consist of a 52-week period for fiscal 2021, a 53-week period for fiscal 2020, and a 52-week period for fiscal year 2019.

Basis of Consolidation

Basis of Consolidation — The consolidated financial statements include the accounts of Conagra Brands, Inc. and all majority-owned subsidiaries. All significant intercompany investments, accounts, and transactions have been eliminated.

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates — The investments in, and the operating results of, 50%-or-less-owned entities not required to be consolidated are included in the consolidated financial statements on the basis of the equity method of accounting.

We review our investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary includes, but is not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. Management's assessment as to whether any decline in value is other than temporary is based on our ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. Management generally considers our investments in equity method investees to be strategic long-term investments. Therefore, management completes its assessments with a long-term viewpoint. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment.

Cash and Cash Equivalents

Cash and Cash Equivalents — Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition, including short-term time deposits and government agency and corporate obligations, are classified as cash and cash equivalents.

Receivables

Receivables — Receivables from customers generally do not bear interest. Terms and collection vary by location and channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem them uncollectible.

The following table details the balances of our allowance for doubtful accounts and changes therein:

	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Other1		Deductions from Reserves2		Balance at Close of Period
Year ended May 30, 2021	$	2.6		0.6		0.7		0.7	$	3.2
Year ended May 31, 2020	$	2.2		1.2		0.1		0.9	$	2.6
Year ended May 26, 2019	$	1.7		0.6		0.5		0.6	$	2.2

¹ Primarily relates to translation, the adoption of Accounting Standards Update ("ASU") 2016-13, and the acquisition of Pinnacle Foods Inc. ("Pinnacle").

² Bad debts charged off and adjustments to previous reserves, less recoveries.

Inventories

Inventories — We use the lower of cost (determined using the first-in, first-out method) or market for valuing inventories.

Property, Plant and Equipment

Property, Plant and Equipment — Property, plant and equipment are carried at cost. Depreciation has been calculated using the straight-line method over the estimated useful lives of the respective classes of assets as follows:

Land improvements	1 - 40 years
Buildings	15 - 40 years
Machinery and equipment	3 - 20 years
Furniture, fixtures, office equipment and other	5 - 15 years

We review property, plant and equipment for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Recoverability of an asset considered "held-and-used" is determined by comparing the carrying amount of the asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying amount is greater than the undiscounted net cash flows expected to be generated by the asset, the asset's carrying amount is reduced to its estimated fair value. An asset considered "held-for-sale" is reported at the lower of the asset's carrying amount or fair value.

During fiscal 2021, 2020, and 2019 our capital expenditures totaled $506.4 million, $369.5 million, and $353.1 million, respectively. Accrued and unpaid capital expenditures as of May 30, 2021, May 31, 2020, May 26, 2019, and May 27, 2018 totaled $123.7 million, $112.9 million, $64.4 million, and $40.6 million, respectively.

Goodwill and Other Identifiable Intangible Assets

Goodwill and Other Identifiable Intangible Assets — Goodwill and other identifiable intangible assets with indefinite lives (e.g., brands or trademarks) are not amortized and are tested annually for impairment of value and whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill and other intangible assets.

In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test.

Under the goodwill qualitative assessment, various events and circumstances that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). Furthermore, management considers the results of the most recent quantitative impairment test completed for a reporting unit and compares the weighted average cost of capital between the current and prior years for each reporting unit.

Under the goodwill quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. Refer to Note 19 for the definition of the levels in the fair value hierarchy. The inputs used to calculate the fair value include a number of subjective factors, such as estimates of future cash flows, estimates of our future cost structure, discount rates for our estimated cash flows, required level of working capital, assumed terminal value, and time horizon of cash flow forecasts.

In assessing other intangible assets not subject to amortization for impairment, we have the option to perform a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of such an intangible asset is less than its carrying amount. If we determine that it is not more likely than not that the fair value of such an intangible asset is less than its carrying amount, then we are not required to perform any additional

tests for assessing intangible assets for impairment. However, if we conclude otherwise or elect not to perform the qualitative assessment, then we are required to perform a quantitative impairment test that involves a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

In fiscal 2021, 2020, and 2019 we elected to perform a quantitative impairment test for other intangible assets not subject to amortization. The estimates of fair value of intangible assets not subject to amortization are determined using a "relief from royalty" methodology, which is used in estimating the fair value of our brands/trademarks. Discount rate assumptions are based on an assessment of the risk inherent in the projected future cash flows generated by the respective intangible assets. Also subject to judgment are assumptions about royalty rates.

Identifiable intangible assets with definite lives (e.g., licensing arrangements with contractual lives or customer relationships) are amortized over their estimated useful lives and tested for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. Identifiable intangible assets with definite lives are evaluated for impairment using a process similar to that used in evaluating elements of property, plant and equipment. If impaired, the asset is written down to its fair value.

Refer to Note 8 for discussion of the impairment charges related to goodwill and intangible assets in fiscal 2021, 2020, and 2019.

Fair Values of Financial Instruments

Fair Values of Financial Instruments — Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value.

Environmental Liabilities

Environmental Liabilities — Environmental liabilities are accrued when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. We use third-party specialists to assist management in appropriately measuring the obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. We do not discount our environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. Management's estimate of our potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements. We do not reduce our environmental liabilities for potential insurance recoveries.

Employment-Related Benefits

Employment-Related Benefits — Employment-related benefits associated with pensions, postretirement health care benefits, and workers' compensation are expensed as such obligations are incurred. The recognition of expense is impacted by estimates made by management, such as discount rates used to value these liabilities, future health care costs, and employee accidents incurred but not yet reported. We use third-party specialists to assist management in appropriately measuring the obligations associated with employment-related benefits.

We recognize changes in the fair value of pension plan assets and net actuarial gains or losses in excess of 10% of the greater of the market-related value of plan assets or the plan's projected benefit obligation (the "corridor") in current period expense annually as of our measurement date, which is our fiscal year-end, or when measurement is required otherwise under U.S. generally accepted accounting principles ("GAAP").

Revenue Recognition

Revenue Recognition — Our revenues primarily consist of the sale of food products that are sold to retailers and foodservice customers through direct sales forces, broker, and distributor arrangements. These revenue contracts generally have single performance obligations. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to our customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs. Amounts billed and due from our customers are classified as receivables and require payment on a short-term basis and, therefore, we do not have any significant financing components.

We recognize revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. We assess the goods

and services promised in our customers' purchase orders and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct.

We offer various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Our promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are recognized as a change in management estimate in a subsequent period.

Advertising Costs

Advertising Costs — Advertising costs are expensed as incurred. Advertising and promotion expenses totaled $258.0 million, $230.7 million, and $253.4 million in fiscal 2021, 2020, and 2019, respectively, and are included in selling, general and administrative ("SG&A") expenses.

Research and Development

Research and Development — We incurred expenses of $51.3 million, $56.4 million, and $56.1 million for research and development activities in fiscal 2021, 2020, and 2019, respectively.

Comprehensive Income

Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments (prior to the adoption of ASU 2016-01), and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% "corridor") and postretirement health care plans. On foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. When we determine that a foreign investment, as well as undistributed earnings, are no longer permanent in nature, estimated taxes will be provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.

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

	2021			2020			2019
Currency translation losses, net of reclassification adjustments	$	(77.1	)	$	(125.7	)	$	(90.9	)
Derivative adjustments, net of reclassification adjustments		24.3			26.3			34.0
Pension and postretirement benefit obligations, net of reclassification adjustments		58.6			(10.2	)		(53.4	)
Accumulated other comprehensive income (loss)1	$	5.8		$	(109.6	)	$	(110.3	)

¹ Net of unrealized gains on available-for-sale securities reclassified to retained earnings as a result of the adoption of ASU 2016-01 in fiscal 2019 in the amount of $0.6 million.

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:

										Affected Line Item in the Consolidated Statement of Earnings1
	2021			2020			2019
Net derivative adjustments:
Cash flow hedges	$	(3.2	)	$	(3.3	)	$	(1.9	)	Interest expense, net
Cash flow hedges		(0.5	)		—			—		Selling, general and administrative expenses
Cash flow hedges		2.1			—			—		Equity method investment earnings
		(1.6	)		(3.3	)		(1.9	)	Total before tax
		1.0			0.9			0.5		Income tax expense
	$	(0.6	)	$	(2.4	)	$	(1.4	)	Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost	$	0.2		$	0.6		$	0.9		Pension and postretirement non-service income
Net actuarial gain		(3.5	)		(4.6	)		(1.4	)	Pension and postretirement non-service income
Pension settlement		—			(2.1	)		—		Pension and postretirement non-service income
Postretirement healthcare settlement		(0.5	)		(0.2	)		(1.0	)	Pension and postretirement non-service income
Curtailment		0.2			0.8			—		Pension and postretirement non-service income
		(3.6	)		(5.5	)		(1.5	)	Total before tax
		0.9			1.4			0.4		Income tax expense
	$	(2.7	)	$	(4.1	)	$	(1.1	)	Net of tax
Currency translation losses	$	—		$	—		$	10.4		Selling, general and administrative expenses
		—			—			10.4		Total before tax
		—			—			—		Income tax expense
	$	—		$	—		$	10.4		Net of tax

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

Foreign Currency Transaction Gains and Losses

Foreign Currency Transaction Gains and Losses — We recognized net foreign currency transaction gains of $8.2 million in fiscal 2021 and net foreign currency transaction losses of $1.7 million and $2.3 million in fiscal 2020 and 2019, respectively, in SG&A expenses.

Business Combinations

Business Combinations — We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

Reclassifications and other changes

Reclassifications and other changes — Certain prior year amounts have been reclassified to conform with current year presentation.

Use of Estimates

Use of Estimates — Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets, liabilities, revenues, and expenses as reflected in the consolidated financial statements. Actual results could differ from these estimates.

Accounting Changes

Accounting Changes — In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), to update the methodology used to measure current expected credit losses. This ASU applies to financial assets measured at amortized cost, including loans, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments and guarantees. We adopted this ASU in the first quarter of fiscal 2021 using the modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases, Topic 842, which requires lessees to reflect most leases on their balance sheet as assets and obligations. We adopted this ASU in the first quarter of fiscal 2020 using the optional transition method provided under ASU 2018-11, Leases, Topic 842: Targeted Improvement, issued in July 2018, allowing for application of the standard at adoption date, with recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We also elected certain practical expedients permitted under the transition guidance, including not reassessing whether existing contracts contain leases and carrying forward the historical classification of leases. The most significant impact of adoption on our Consolidated Financial Statements was the recognition of right-of-use ("ROU") assets and lease liabilities for operating leases. Our accounting for finance leases remained substantially unchanged. Upon adoption, we had total lease assets of $238.4 million and total lease liabilities of $267.0 million. The difference is primarily due to prepaid and deferred rent balances that were reclassified to the ROU asset value. The adoption of this ASU did not result in a cumulative-effect adjustment to the opening balance of retained earnings and did not impact our Consolidated Statements of Earnings or our Consolidated Statements of Cash Flows. See Note 15 for additional information related to our lease arrangements.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

May 30, 2021

Accounting Policies [Abstract]

Balances of Allowance for Doubtful Accounts and Changes Therein

The following table details the balances of our allowance for doubtful accounts and changes therein:

	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Other1		Deductions from Reserves2		Balance at Close of Period
Year ended May 30, 2021	$	2.6		0.6		0.7		0.7	$	3.2
Year ended May 31, 2020	$	2.2		1.2		0.1		0.9	$	2.6
Year ended May 26, 2019	$	1.7		0.6		0.5		0.6	$	2.2

¹ Primarily relates to translation, the adoption of Accounting Standards Update ("ASU") 2016-13, and the acquisition of Pinnacle Foods Inc. ("Pinnacle").

² Bad debts charged off and adjustments to previous reserves, less recoveries.

Schedule of Estimated Useful Lives of Property, Plant and Equipment

Depreciation has been calculated using the straight-line method over the estimated useful lives of the respective classes of assets as follows:

Land improvements	1 - 40 years
Buildings	15 - 40 years
Machinery and equipment	3 - 20 years
Furniture, fixtures, office equipment and other	5 - 15 years

Schedule of Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax

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

	2021			2020			2019
Currency translation losses, net of reclassification adjustments	$	(77.1	)	$	(125.7	)	$	(90.9	)
Derivative adjustments, net of reclassification adjustments		24.3			26.3			34.0
Pension and postretirement benefit obligations, net of reclassification adjustments		58.6			(10.2	)		(53.4	)
Accumulated other comprehensive income (loss)1	$	5.8		$	(109.6	)	$	(110.3	)

¹ Net of unrealized gains on available-for-sale securities reclassified to retained earnings as a result of the adoption of ASU 2016-01 in fiscal 2019 in the amount of $0.6 million.

Summary of Reclassifications from Accumulated Other Comprehensive Income (Loss) into Income

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income:

										Affected Line Item in the Consolidated Statement of Earnings1
	2021			2020			2019
Net derivative adjustments:
Cash flow hedges	$	(3.2	)	$	(3.3	)	$	(1.9	)	Interest expense, net
Cash flow hedges		(0.5	)		—			—		Selling, general and administrative expenses
Cash flow hedges		2.1			—			—		Equity method investment earnings
		(1.6	)		(3.3	)		(1.9	)	Total before tax
		1.0			0.9			0.5		Income tax expense
	$	(0.6	)	$	(2.4	)	$	(1.4	)	Net of tax
Amortization of pension and postretirement benefit obligations:
Net prior service cost	$	0.2		$	0.6		$	0.9		Pension and postretirement non-service income
Net actuarial gain		(3.5	)		(4.6	)		(1.4	)	Pension and postretirement non-service income
Pension settlement		—			(2.1	)		—		Pension and postretirement non-service income
Postretirement healthcare settlement		(0.5	)		(0.2	)		(1.0	)	Pension and postretirement non-service income
Curtailment		0.2			0.8			—		Pension and postretirement non-service income
		(3.6	)		(5.5	)		(1.5	)	Total before tax
		0.9			1.4			0.4		Income tax expense
	$	(2.7	)	$	(4.1	)	$	(1.1	)	Net of tax
Currency translation losses	$	—		$	—		$	10.4		Selling, general and administrative expenses
		—			—			10.4		Total before tax
		—			—			—		Income tax expense
	$	—		$	—		$	10.4		Net of tax

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

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ACQUISITIONS (Tables)

12 Months Ended

May 30, 2021

Business Combinations [Abstract]

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information presents the combined results of operations as if the acquisition of Pinnacle had occurred at the beginning of the year acquired, fiscal 2019. These unaudited pro forma results may not necessarily reflect the actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations.

	2019
Pro forma net sales	$	10,788.1
Pro forma net income from continuing operations attributable to Conagra Brands, Inc.	$	803.8

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RESTRUCTURING ACTIVITIES (Tables)

12 Months Ended

May 30, 2021

Pinnacle Integration Restructuring Plan

Restructuring Cost And Reserve [Line Items]

Schedule of Pre-Tax Expenses in Association with the Restructuring Plan

We anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2021):

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	7.6	$	5.2	$	—	$	—	$	12.8
Other cost of goods sold		3.8		7.4		0.7		—		11.9
Total cost of goods sold		11.4		12.6		0.7		—		24.7
Severance and related costs		—		4.3		1.5		112.4		118.2
Asset impairment (net of gains on disposal)		30.3		4.0		—		2.6		36.9
Accelerated depreciation		—		—		—		7.4		7.4
Contract/lease termination		7.7		8.2		0.8		15.9		32.6
Consulting/professional fees		1.0		—		0.8		104.7		106.5
Other selling, general and administrative expenses		5.8		4.6		0.3		21.0		31.7
Total selling, general and administrative expenses		44.8		21.1		3.4		264.0		333.3
Consolidated total	$	56.2	$	33.7	$	4.1	$	264.0	$	358.0

During fiscal 2021, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:

	Grocery & Snacks		Refrigerated & Frozen			Corporate			Total
Accelerated depreciation	$	—	$	2.5		$	—		$	2.5
Other cost of goods sold		0.5		1.4			—			1.9
Total cost of goods sold		0.5		3.9			—			4.4
Severance and related costs		—		(0.9	)		(2.7	)		(3.6	)
Asset impairment (net of gains on disposal)		0.1		0.2			(0.3	)		—
Contract/lease termination		1.8		—			0.8			2.6
Consulting/professional fees		0.5		—			22.2			22.7
Other selling, general and administrative expenses		2.8		1.0			1.8			5.6
Total selling, general and administrative expenses		5.2		0.3			21.8			27.3
Consolidated total	$	5.7	$	4.2		$	21.8		$	31.7

We recognized the following cumulative (plan inception to May 30, 2021) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	0.6	$	4.6	$	—	$	—	$	5.2
Other cost of goods sold		2.3		2.9		0.7		—		5.9
Total cost of goods sold		2.9		7.5		0.7		—		11.1
Severance and related costs		—		3.4		1.5		112.4		117.3
Asset impairment (net of gains on disposal)		0.3		4.0		—		2.6		6.9
Accelerated depreciation		—		—		—		7.4		7.4
Contract/lease termination		1.8		—		0.8		15.9		18.5
Consulting/professional fees		0.7		—		0.8		89.5		91.0
Other selling, general and administrative expenses		2.8		1.1		0.3		17.3		21.5
Total selling, general and administrative expenses		5.6		8.5		3.4		245.1		262.6
Consolidated total	$	8.5	$	16.0	$	4.1	$	245.1	$	273.7

Schedule of Liabilities Recorded for the Restructuring Plan

Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for fiscal 2021 were as follows:

	Balance at May 31, 2020		Costs Incurred and Charged to Expense		Costs Paid or Otherwise Settled			Changes in Estimates			Balance at May 30, 2021
Severance and related costs	$	23.6	$	0.1	$	(14.9	)	$	(3.7	)	$	5.1
Contract/lease termination		0.5		2.6		(3.1	)		—			—
Consulting/professional fees		7.5		22.7		(26.3	)		—			3.9
Other costs		—		6.8		(6.8	)		—			—
Total	$	31.6	$	32.2	$	(51.1	)	$	(3.7	)	$	9.0

Conagra Restructuring Plan

Restructuring Cost And Reserve [Line Items]

Schedule of Pre-Tax Expenses in Association with the Restructuring Plan

We anticipate that we will recognize the following pre-tax expenses in association with the Conagra Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2021):

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	34.7	$	49.7	$	—	$	—	$	84.4
Other cost of goods sold		8.9		2.1		—		—		11.0
Total cost of goods sold		43.6		51.8		—		—		95.4
Severance and related costs		12.0		2.2		1.1		2.1		17.4
Asset impairment (net of gains on disposal)		27.1		0.3		0.1		—		27.5
Contract/lease termination		0.1		—		—		0.1		0.2
Consulting/professional fees		—		—		—		0.7		0.7
Other selling, general and administrative expenses		10.7		4.6		—		0.2		15.5
Total selling, general and administrative expenses		49.9		7.1		1.2		3.1		61.3
Total	$	93.5	$	58.9	$	1.2	$	3.1	$	156.7
Pension and postretirement non-service income										0.6
Consolidated total									$	157.3

During fiscal 2021, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

	Grocery & Snacks		Refrigerated & Frozen		International			Corporate		Total
Accelerated depreciation	$	7.9	$	22.5	$	—		$	—	$	30.4
Other cost of goods sold		2.3		—		—			—		2.3
Total cost of goods sold		10.2		22.5		—			—		32.7
Severance and related costs		5.7		—		(0.1	)		1.4		7.0
Asset impairment (net of gains on disposal)		2.1		0.1		—			—		2.2
Other selling, general and administrative expenses		4.1		—		—			0.2		4.3
Total selling, general and administrative expenses		11.9		0.1		(0.1	)		1.6		13.5
Total	$	22.1	$	22.6	$	(0.1	)	$	1.6	$	46.2

We recognized the following cumulative (plan inception to May 30, 2021) pre-tax expenses for the Conagra Restructuring Plan in our Consolidated Statements of Earnings:

	Grocery & Snacks		Refrigerated & Frozen		International		Corporate		Total
Accelerated depreciation	$	32.0	$	26.7	$	—	$	—	$	58.7
Other cost of goods sold		4.8		0.2		—		—		5.0
Total cost of goods sold		36.8		26.9		—		—		63.7
Severance and related costs		10.4		1.8		1.1		2.1		15.4
Asset impairment (net of gains on disposal)		27.1		0.3		0.1		—		27.5
Contract/lease termination		—		—		—		0.1		0.1
Other selling, general and administrative expenses		5.0		0.3		—		0.2		5.5
Total selling, general and administrative expenses		42.5		2.4		1.2		2.4		48.5
Total	$	79.3	$	29.3	$	1.2	$	2.4	$	112.2
Pension and postretirement non-service income										0.6
Consolidated total									$	112.8

Schedule of Liabilities Recorded for the Restructuring Plan

Liabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2021 were as follows:

	Balance at May 31, 2020		Costs Incurred and Charged to Expense		Costs Paid or Otherwise Settled			Changes in Estimates			Balance at May 30, 2021
Severance and related costs	$	6.5	$	7.4	$	(3.8	)	$	(0.4	)	$	9.7
Other costs		—		4.3		(4.3	)		—			—
Total	$	6.5	$	11.7	$	(8.1	)	$	(0.4	)	$	9.7

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LONG-TERM DEBT (Tables)

12 Months Ended

May 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

	May 30, 2021			May 31, 2020
5.4% senior debt due November 2048	$	1,000.0		$	1,000.0
4.65% senior debt due January 2043		176.7			176.7
6.625% senior debt due August 2039		91.4			91.4
5.3% senior debt due November 2038		1,000.0			1,000.0
8.25% senior debt due September 2030		300.0			300.0
4.85% senior debt due November 2028		1,300.0			1,300.0
7.0% senior debt due October 2028		382.2			382.2
1.375% senior debt due November 2027		1,000.0			—
6.7% senior debt due August 2027		9.2			9.2
7.125% senior debt due October 2026		262.5			262.5
4.6% senior debt due November 2025		1,000.0			1,000.0
4.3% senior debt due May 2024		1,000.0			1,000.0
3.2% senior debt due January 2023		437.0			837.0
3.25% senior debt due September 2022		250.0			250.0
3.8% senior debt due October 2021		—			1,200.0
9.75% subordinated debt due March 2021		—			195.9
LIBOR plus 0.50% senior debt due October 2020		—			500.0
4.95% senior debt due August 2020		—			126.6
0.45% to 9.59% lease financing obligations due on various dates through 2035		139.1			155.1
Other indebtedness		0.1			0.1
Total face value of debt		8,348.2			9,786.7
Unamortized fair value adjustment		19.9			21.2
Unamortized discounts		(25.8	)		(17.2	)
Unamortized debt issuance costs		(44.0	)		(44.6	)
Adjustment due to hedging activity		—			0.2
Less current installments		(23.1	)		(845.5	)
Total long-term debt	$	8,275.2		$	8,900.8

Schedule of Aggregate Minimum Principal Maturities of Long-Term Debt

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 30, 2021, are as follows:

2022	$	23.1
2023		706.8
2024		1,015.8
2025		14.3
2026		1,020.8

Schedule of Net Interest Expense

Net interest expense consists of:

	2021			2020			2019
Long-term debt	$	430.0		$	495.9		$	385.9
Short-term debt		2.5			0.9			15.0
Interest income		(1.9	)		(3.1	)		(6.8	)
Interest capitalized		(10.2	)		(6.6	)		(2.7	)
	$	420.4		$	487.1		$	391.4

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DIVESTITURES AND ASSETS HELD FOR SALE (Tables)

12 Months Ended

May 30, 2021

Egg Beaters Business

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Assets and Liabilities Classified as Held for Sale

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Egg Beaters^® business were as follows:

	May 31, 2020
Current assets	$	3.0
Noncurrent assets (including goodwill of $27.5 million)		48.1
Current liabilities		13.1

Peter Pan Peanut Butter Business

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Assets and Liabilities Classified as Held for Sale

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Peter Pan^® peanut butter business were as follows:

	May 31, 2020
Current assets	$	8.8
Noncurrent assets (including goodwill of $44.9 million)		55.3
Current liabilities		5.4

H.K. Anderson Business

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Assets and Liabilities Classified as Held for Sale

The assets classified as held for sale reflected in our Consolidated Balance Sheets related to the H.K. Anderson^® business were as follows:

	May 31, 2020
Current assets	$	1.3
Noncurrent assets (including goodwill of $2.4 million)		2.6

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INVESTMENTS IN JOINT VENTURES (Tables)

12 Months Ended

May 30, 2021

Equity Method Investments And Joint Ventures [Abstract]

Summary of Combined Financial Information

Summarized combined financial information for our equity method investments on a 100% basis is as follows:

	2021		2020		2019
Net sales:
Ardent Mills	$	3,407.6	$	3,393.9	$	3,476.0
Other		238.8		225.0		195.4
Total net sales	$	3,646.4	$	3,618.9	$	3,671.4
Gross margin:
Ardent Mills	$	360.6	$	313.1	$	281.9
Other		47.3		49.4		45.5
Total gross margin	$	407.9	$	362.5	$	327.4
Earnings after income taxes:
Ardent Mills	$	169.6	$	144.5	$	151.9
Other		19.5		19.3		18.1
Total earnings after income taxes	$	189.1	$	163.8	$	170.0

	May 30, 2021		May 31, 2020
Ardent Mills:
Current assets	$	1,101.5	$	1,010.6
Noncurrent assets		1,848.2		1,720.2
Current liabilities		524.1		454.8
Noncurrent liabilities		563.0		503.4
Other:
Current assets	$	95.0	$	87.1
Noncurrent assets		36.8		24.5
Current liabilities		39.9		44.1
Noncurrent liabilities		10.6		8.3

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)

12 Months Ended

May 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Amount of Goodwill

The change in the carrying amount of goodwill for fiscal 2021 and 2020, excluding amounts classified as held for sale (see Note 6), was as follows:

	Grocery & Snacks		Refrigerated & Frozen		International			Foodservice		Total
Balance as of May 26, 2019	$	4,694.7	$	5,619.2	$	299.0		$	747.7	$	11,360.6
Purchase accounting adjustments		3.5		5.9		0.7			—		10.1
Currency translation		—		—		(9.2	)		—		(9.2	)
Balance as of May 31, 2020	$	4,698.2	$	5,625.1	$	290.5		$	747.7	$	11,361.5
Currency translation		—		—		12.0			—		12.0
Balance as of May 30, 2021	$	4,698.2	$	5,625.1	$	302.5		$	747.7	$	11,373.5

Schedule of Other Identifiable Intangible Assets, Excluding Amounts Classified as Held for Sale

Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows:

	2021				2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets	$	3,301.2	$	—	$	3,388.7	$	—
Amortizing intangible assets		1,235.3		378.9		1,232.1		318.4
	$	4,536.5	$	378.9	$	4,620.8	$	318.4

Schedule of Estimated Amortization Expense of Intangible Assets

Amortizing intangible assets, carrying a remaining weighted-average life of approximately 19 years, are principally composed of customer relationships and acquired intellectual property. For fiscal 2021, 2020, and 2019, we recognized amortization expense of $59.7 million, $59.8 million, and $49.1 million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 30, 2021, amortization expense for the next five years is estimated to be as follows:

2022	$	59.5
2023		57.2
2024		53.9
2025		53.9
2026		43.8

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EARNINGS PER SHARE (Tables)

12 Months Ended

May 30, 2021

Earnings Per Share [Abstract]

Reconciliation of Income and Average Share Amounts Used to Compute Basic and Diluted Earnings Per Share

The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:

	2021		2020		2019
Net income attributable to Conagra Brands, Inc. common stockholders:
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders	$	1,298.8	$	840.1	$	680.2
Loss from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders		—		—		(1.9	)
Net income attributable to Conagra Brands, Inc. common stockholders	$	1,298.8	$	840.1	$	678.3
Weighted average shares outstanding:
Basic weighted average shares outstanding		485.8		487.3		444.0
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities		2.0		1.3		1.6
Diluted weighted average shares outstanding		487.8		488.6		445.6

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INVENTORIES (Tables)

12 Months Ended

May 30, 2021

Inventory Disclosure [Abstract]

Schedule of Major Classes of Inventories

The major classes of inventories were as follows:

	May 30, 2021		May 31, 2020
Raw materials and packaging	$	290.7	$	291.6
Work in process		125.1		125.2
Finished goods		1,238.1		874.7
Supplies and other		80.1		73.3
Total	$	1,734.0	$	1,364.8

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OTHER NONCURRENT LIABILITIES (Tables)

12 Months Ended

May 30, 2021

Other Liabilities Disclosure [Abstract]

Schedule of Other Noncurrent Liabilities

Other noncurrent liabilities consisted of:

	May 30, 2021		May 31, 2020
Postretirement health care and pension obligations	$	197.3	$	324.9
Noncurrent income tax liabilities		1,271.4		1,330.1
Noncurrent lease liabilities (see Note 15)		188.3		206.1
Self-insurance liabilities		30.5		37.5
Asset retirement obligations		42.4		13.4
Environmental liabilities (see Note 16)		59.0		61.5
Legal settlement costs (see Note 16)		52.0		63.1
Technology agreement liability		—		14.6
Other		141.9		113.9
	$	1,982.8	$	2,165.1

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SHARE-BASED PAYMENTS (Tables)

12 Months Ended

May 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Nonvested Share Units and Changes

The following table summarizes the nonvested share units as of May 30, 2021 and changes during the fiscal year then ended:

	Stock-Settled					Cash-Settled
Share Units	Share Units (in Millions)			Weighted Average Grant-Date Fair Value		Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested share units at May 31, 2020		2.38		$	31.76		0.12		$	36.37
Granted		0.93		$	36.72		—		$	—
Vested/Issued		(0.68	)	$	33.77		(0.12	)	$	36.37
Forfeited		(0.14	)	$	32.69		—		$	—
Nonvested share units at May 30, 2021		2.49		$	33.00		—		$	—

Summary of Activity for Performance Share Awards and Changes

A summary of the activity for performance share awards as of May 30, 2021 and changes during the fiscal year then ended is presented below:

Performance Shares	Share Units (in Millions)			Weighted Average Grant-Date Fair Value
Nonvested performance shares at May 31, 2020		1.49		$	32.27
Granted		0.48		$	36.82
Adjustments for performance results attained and dividend equivalents		0.48		$	33.82
Vested/Issued		(0.93	)	$	33.82
Forfeited		(0.01	)	$	33.43
Nonvested performance shares at May 30, 2021		1.51		$	33.25

Summary of Option Activity and Changes

A summary of the option activity as of May 30, 2021 and changes during the fiscal year then ended is presented below:

Options	Number of Options (in Millions)			Weighted Average Exercise Price		Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in Millions)
Outstanding at May 31, 2020		3.8		$	30.07
Exercised		(0.8	)	$	27.47			$	7.0
Outstanding at May 30, 2021		3.0		$	30.70		4.16	$	22.5
Exercisable at May 30, 2021		3.0		$	30.70		4.16	$	22.5

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PRE-TAX INCOME AND INCOME TAXES (Tables)

12 Months Ended

May 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Pre-Tax Income from Continuing Operations

Pre-tax income from continuing operations (including equity method investment earnings) consisted of the following:

	2021		2020		2019
United States	$	1,426.5	$	978.3	$	826.6
Foreign		68.2		64.8		72.5
	$	1,494.7	$	1,043.1	$	899.1

Schedule of the Provision for Income Taxes

The provision for income taxes included the following:

	2021			2020			2019
Current
Federal	$	232.6		$	188.2		$	125.4
State		31.8			25.5			22.6
Foreign		15.3			9.5			21.6
		279.7			223.2			169.6
Deferred
Federal		(63.5	)		37.6			40.1
State		(26.1	)		(62.3	)		19.0
Foreign		3.7			2.8			(9.9	)
		(85.9	)		(21.9	)		49.2
	$	193.8		$	201.3		$	218.8

Reconciliation of Income Taxes to the Provision for Income Taxes

Income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows:

	2021			2020			2019
Computed U.S. Federal income taxes	$	313.9		$	219.0		$	188.8
State income taxes, net of U.S. Federal tax impact		37.4			29.6			34.1
Goodwill and intangible impairments		13.6			11.2			12.5
Remeasurement of deferred taxes due to legal entity reorganization		35.8			(40.9	)		16.9
State tax impact of combining Pinnacle business		—			—			(12.0	)
Change of valuation allowance on capital loss carryforward		(188.5	)		—			(32.2	)
Other		(18.4	)		(17.6	)		10.7
	$	193.8		$	201.3		$	218.8

Schedule of the Tax Effect of Temporary Differences and Carryforwards

The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:

	May 30, 2021					May 31, 2020
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	281.7	$	—		$	258.4
Inventory		19.5			—		19.5			—
Goodwill, trademarks and other intangible assets		—			1,118.4		—			1,108.4
Right-of-use assets		—			45.5		—			51.0
Accrued expenses		12.0			—		13.4			—
Compensation related liabilities		36.5			—		36.3			—
Pension and other postretirement benefits		—			9.8		35.2			—
Investment in unconsolidated subsidiaries		—			2.6		—			196.2
Lease liabilities		54.4			—		61.3			—
Other liabilities that will give rise to future tax deductions		96.2			—		88.1			—
Net capital and operating loss carryforwards		53.8			—		753.4			—
Federal credits		16.1			—		17.5			—
Other		33.9			33.1		52.7			31.8
		322.4			1,491.1		1,077.4			1,645.8
Less: Valuation allowance		(67.5	)		—		(728.3	)		—
Net deferred taxes	$	254.9		$	1,491.1	$	349.1		$	1,645.8

Schedule of Change in Unrecognized Tax Benefits

The change in the unrecognized tax benefits for the year ended May 30, 2021 was:

Beginning balance on May 31, 2020	$	35.8
Increases from positions established during prior periods		0.8
Decreases from positions established during prior periods		(2.6	)
Increases from positions established during the current period		2.6
Reductions resulting from lapse of applicable statute of limitation		(4.3	)
Other adjustments to liability		0.7
Ending balance on May 30, 2021	$	33.0

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LEASES (Tables)

12 Months Ended

May 30, 2021

Leases [Abstract]

Schedule of Operating and Finance Leases Reported in Balance Sheet

Leases reported in our Consolidated Balance Sheet were as follows:

	Operating Leases
	Balance Sheet Location	May 30, 2021		May 31, 2020
ROU assets, net	Other assets	$	188.5	$	209.3
Lease liabilities (current)	Other accrued liabilities		36.6		44.4
Lease liabilities (noncurrent)	Other noncurrent liabilities		188.3		206.1

	Finance Leases
	Balance Sheet Location	May 30, 2021			May 31, 2020
ROU assets, at cost	Property, plant and equipment	$	217.6		$	220.4
Less accumulated depreciation	Less accumulated depreciation		(60.2	)		(53.6	)
ROU assets, net	Property, plant and equipment, net		157.4			166.8
Lease liabilities (current)	Current installments of long-term debt		23.1			22.2
Lease liabilities (noncurrent)	Senior long-term debt, excluding current installments		116.0			132.9

Components of Total Lease Cost

The components of total lease cost were as follows:

	2021		2020
Operating lease cost	$	51.0	$	63.7
Finance lease cost
Depreciation of leased assets		19.0		15.4
Interest on lease liabilities		8.2		9.1
Short-term lease cost		5.1		3.8
Total lease cost	$	83.3	$	92.0

Schedule of Weighted-Average Remaining Lease Terms and Weighted-Average Discount Rate for Leases

The weighted-average remaining lease terms and weighted-average discount rate for our leases as of May 30, 2021 and May 31, 2020 were as follows:

	Operating Leases						Finance Leases
	2021			2020			2021			2020
Weighted-average remaining lease term (in years)		8.1			8.5			7.7			8.0
Weighted-average discount rate		3.51	%		3.61	%		4.95	%		5.29	%

Schedule of Cash Flows Arising from Lease Transactions

Cash flows arising from lease transactions were as follows:

	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	56.0	$	59.5
Operating cash outflows from finance leases		8.3		9.2
Financing cash outflows from finance leases		24.3		22.5
ROU assets obtained in exchange for new lease liabilities:
Operating leases		21.1		41.6
Finance leases		26.1		12.2

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year as of May 30, 2021 were as follows:

	Operating Leases			Finance Leases			Total
2022	$	46.5		$	28.5		$	75.0
2023		41.2			25.3			66.5
2024		32.4			20.4			52.8
2025		24.4			18.3			42.7
2026		20.9			15.0			35.9
Later years		102.8			63.9			166.7
Total lease payments		268.2			171.4			439.6
Less: Imputed interest		(43.3	)		(32.3	)		(75.6	)
Total lease liabilities	$	224.9		$	139.1		$	364.0

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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

May 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities and Amounts Representing Right to Reclaim or Obligation to Return Cash Collateral

Derivative assets and liabilities and amounts representing a right to reclaim cash collateral or obligation to return cash collateral were reflected in our Consolidated Balance Sheets as follows:

	May 30, 2021		May 31, 2020
Prepaid expenses and other current assets	$	15.5	$	8.0
Other accrued liabilities		6.9		0.4

Schedule of Derivative Assets and Liabilities on a Gross Basis

The following table presents our derivative assets and liabilities at May 30, 2021, on a gross basis, prior to the setoff of $7.4 million to total derivative assets and $5.4 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	22.9	Other accrued liabilities	$	5.4
Foreign exchange contracts	Prepaid expenses and other current assets		—	Other accrued liabilities		6.9
Total derivatives not designated as    hedging instruments		$	22.9		$	12.3

The following table presents our derivative assets and liabilities, at May 31, 2020, on a gross basis, prior to the setoff of $0.4 million to total derivative assets and $1.5 million to total derivative liabilities where legal right of setoff existed:

	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	3.3	Other accrued liabilities	$	1.9
Foreign exchange contracts	Prepaid expenses and other current assets		5.1	Other accrued liabilities		—
Total derivatives not designated as    hedging instruments		$	8.4		$	1.9

Schedule of Location and Amount of Gains (Losses) from Derivatives Not Designated as Hedging Instruments

The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Consolidated Statements of Earnings were as follows:

	For the Fiscal Year Ended May 30, 2021
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives	Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings
Commodity contracts	Cost of goods sold	$	26.6
Foreign exchange contracts	Cost of goods sold		(17.1	)
Total gains from derivative instruments not    designated as hedging instruments		$	9.5

	For the Fiscal Year Ended May 31, 2020
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives	Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings
Commodity contracts	Cost of goods sold	$	(18.4	)
Foreign exchange contracts	Cost of goods sold		5.5
Total losses from derivative instruments not    designated as hedging instruments		$	(12.9	)

	For the Fiscal Year Ended May 26, 2019
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives	Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings
Commodity contracts	Cost of goods sold	$	(5.3	)
Foreign exchange contracts	Cost of goods sold		1.7
Total losses from derivative instruments not    designated as hedging instruments		$	(3.6	)

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PENSION AND POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

May 30, 2021

Compensation And Retirement Disclosure [Abstract]

Schedule of Changes in Benefit Obligations and Plan Assets

The changes in benefit obligations and plan assets at May 30, 2021 and May 31, 2020 are presented in the following table.

	Pension Plans						Postretirement Plans
	2021			2020			2021			2020
Change in Benefit Obligation
Benefit obligation at beginning of year	$	3,872.5		$	3,733.2		$	89.8		$	91.2
Service cost		11.6			11.5			0.2			0.1
Interest cost		86.8			118.4			1.5			2.6
Actuarial loss (gain)		(37.4	)		411.6			(2.3	)		3.0
Plan settlements		—			(201.7	)		(0.3	)		(0.1	)
Curtailments		—			(0.8	)		—			—
Benefits paid		(196.8	)		(199.3	)		(8.5	)		(6.9	)
Currency		2.5			(0.4	)		1.1			(0.1	)
Benefit obligation at end of year	$	3,739.2		$	3,872.5		$	81.5		$	89.8
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,820.4		$	3,601.5		$	3.4		$	3.4
Actual return on plan assets		194.6			557.5			0.2			0.1
Employer contributions		27.6			17.5			8.5			6.9
Plan settlements		—			(156.3	)		(0.3	)		(0.1	)
Benefits paid		(196.8	)		(199.3	)		(8.5	)		(6.9	)
Currency		3.0			(0.5	)		—			—
Fair value of plan assets at end of year	$	3,848.8		$	3,820.4		$	3.3		$	3.4

Schedule of Funded Status and Amounts Recognized

The funded status and amounts recognized in our Consolidated Balance Sheets at May 30, 2021 and May 31, 2020 were:

	Pension Plans						Postretirement Plans
	2021			2020			2021			2020
Funded Status	$	109.6		$	(52.1	)	$	(78.2	)	$	(86.4	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	245.0		$	202.4		$	3.0		$	2.9
Other accrued liabilities		(10.3	)		(8.9	)		(9.0	)		(10.0	)
Other noncurrent liabilities		(125.1	)		(245.6	)		(72.2	)		(79.3	)
Net Amount Recognized	$	109.6		$	(52.1	)	$	(78.2	)	$	(86.4	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	$	(41.5	)	$	51.2		$	(12.9	)	$	(15.0	)
Net prior service cost (benefit)		6.2			8.6			(38.4	)		(40.1	)
Total	$	(35.3	)	$	59.8		$	(51.3	)	$	(55.1	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 30, 2021 and May 31, 2020
Discount rate		3.04	%		2.98	%		2.51	%		2.39	%
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 30, 2021 and May 31, 2020 were:

	2021		2020
Projected benefit obligation	$	135.4	$	1,062.8
Accumulated benefit obligation		135.4		1,062.8
Fair value of plan assets		—		808.2

Components of Pension and Postretirement Plan Costs

Components of pension and postretirement plan costs included:

	Pension Plans									Postretirement Plans
	2021			2020			2019			2021			2020			2019
Service cost	$	11.6		$	11.5		$	10.9		$	0.2		$	0.1		$	0.1
Interest cost		86.8			118.4			132.6			1.5			2.6			3.8
Expected return on plan assets		(140.0	)		(170.2	)		(174.4	)		—			—			—
Amortization of prior service cost (benefit)		2.3			2.7			3.1			(2.1	)		(2.1	)		(2.2	)
Recognized net actuarial loss (gain)		0.8			44.8			5.1			(3.5	)		(4.6	)		(1.4	)
Settlement gain		—			(2.1	)		—			(0.5	)		(0.2	)		(1.0	)
Curtailment loss (gain)		0.2			0.8			—			—			—			(0.6	)
Pension and postretirement cost (benefit) — Company plans		(38.3	)		5.9			(22.7	)		(4.4	)		(4.2	)		(1.3	)
Pension cost (benefit) — multi-employer plans		7.4			6.5			6.3			—			—			—
Total pension and postretirement cost (benefit)	$	(30.9	)	$	12.4		$	(16.4	)	$	(4.4	)	$	(4.2	)	$	(1.3	)

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 Plans						Postretirement Plans
	2021			2020			2021			2020
Net actuarial gain (loss)	$	92.0		$	21.9		$	2.5		$	(2.9	)
Amortization of prior service cost (benefit)		2.3			2.7			(2.1	)		(2.1	)
Settlement and curtailment loss (gain)		0.2			(1.3	)		(0.5	)		(0.2	)
Recognized net actuarial loss (gain)		0.8			44.8			(3.5	)		(4.6	)
Currency		(0.2	)		—			(0.2	)		—
Net amount recognized	$	95.1		$	68.1		$	(3.8	)	$	(9.8	)

Weighted Average Actuarial Assumption Used to Determine Net Expense

Weighted-Average Actuarial Assumptions Used to Determine Net Expense

	Pension Plans									Postretirement Plans
	2021			2020			2019			2021			2020			2019
Discount rate		2.98	%		3.88	%		4.15	%		2.39	%		3.48	%		3.81	%
Long-term rate of return on plan assets		3.74	%		4.77	%		5.17	%	N/A			N/A			N/A
Long-term rate of compensation increase	N/A			N/A				3.63	%	N/A			N/A			N/A

Schedule of Pension Plan Weighted-Average Asset Allocations and Target Asset Allocations

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 19, as of May 30, 2021, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	7.5	$	85.0	$	—	$	92.5
Equity securities:
U.S. equity securities		78.0		94.6		—		172.6
International equity securities		121.9		0.5		—		122.4
Fixed income securities:
Government bonds		—		772.6		—		772.6
Corporate bonds		—		2,407.2		—		2,407.2
Mortgage-backed bonds		—		12.4		—		12.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		5.7		—		—		5.7
Fair value measurement of pension plan assets in the    fair value hierarchy	$	213.1	$	3,372.3	$	—	$	3,585.4
Investments measured at net asset value								263.4
Total pension plan assets							$	3,848.8

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 19, as of May 31, 2020, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	10.1	$	71.9	$	—	$	82.0
Equity securities:
U.S. equity securities		63.9		82.2		—		146.1
International equity securities		92.4		0.7		—		93.1
Fixed income securities:
Government bonds		—		743.9		—		743.9
Corporate bonds		—		2,461.7		—		2,461.7
Mortgage-backed bonds		—		22.4		—		22.4
Real estate funds		—		—		—		—
Net receivables for unsettled transactions		30.2		—		—		30.2
Fair value measurement of pension plan assets in the    fair value hierarchy	$	196.6	$	3,382.8	$	—	$	3,579.4
Investments measured at net asset value								241.0
Total pension plan assets							$	3,820.4

Our pension plan weighted-average asset allocations by asset category were as follows:

	May 30, 2021			May 31, 2020
Equity securities		8	%		6	%
Debt securities		83	%		85	%
Real estate funds		1	%		1	%
Private equity		3	%		3	%
Other		5	%		5	%
Total		100	%		100	%

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 30, 2021			May 31, 2020
Initial health care cost trend rate		6.53	%		6.22	%
Ultimate health care cost trend rate		4.44	%		4.43	%
Year that the rate reaches the ultimate trend rate	2029			2024

Schedule of Estimated Future Gross Benefit Payments

The following table presents estimated future gross benefit payments for our plans:

	Pension Plans		Postretirement Plans
2022	$	201.6	$	9.1
2023		203.0		8.4
2024		204.7		7.7
2025		206.1		7.1
2026		207.3		6.5
Succeeding 5 years		1,031.1		25.2

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

Contributions by the Company (millions)

Expiration Dates of Collective

Pension Fund

EIN / PN

2020

2019

Pending / Implemented

FY21

FY20

FY19

Surcharge Imposed

Bargaining Agreements

Bakery and Confectionary    Union and Industry    International    Pension Plan

52-6118572 / 001

Red, Critical and Declining

Red, Critical and Declining

RP Implemented

$

0.0

$

0.0

$

0.1

No

N/A

Central States,    Southeast and    Southwest Areas    Pension Fund

36-6044243 / 001

Red, Critical and Declining

Red, Critical and Declining

RP Implemented

2.2

2.0

1.8

No

5/31/2021

Western Conference of    Teamsters Pension Plan

91-6145047 / 001

Green

Green

N/A

3.8

3.2

3.2

No

6/30/2022

Other Plans

1.4

1.3

0.9

Total Contributions

$

7.4

$

6.5

$

6.0

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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

May 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 30, 2021:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	13.0	$	2.5	$	—	$	15.5
Marketable securities		6.6		—		—		6.6
Deferred compensation assets		8.8		—		—		8.8
Total assets	$	28.4	$	2.5	$	—	$	30.9
Liabilities:
Derivative liabilities	$	—	$	6.9	$	—	$	6.9
Deferred compensation liabilities		81.0		—		—		81.0
Total liabilities	$	81.0	$	6.9	$	—	$	87.9

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 31, 2020:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	2.8	$	5.2	$	—	$	8.0
Marketable securities		8.1		—		—		8.1
Deferred compensation assets		8.6		—		—		8.6
Total assets	$	19.5	$	5.2	$	—	$	24.7
Liabilities:
Derivative liabilities	$	—	$	0.4	$	—	$	0.4
Deferred compensation liabilities		68.0		—		—		68.0
Total liabilities	$	68.0	$	0.4	$	—	$	68.4

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BUSINESS SEGMENTS AND RELATED INFORMATION (Tables)

12 Months Ended

May 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Operations

General corporate expense, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings have been excluded from segment operations.

	2021		2020		2019
Net sales
Grocery & Snacks	$	4,637.5	$	4,617.1	$	3,923.6
Refrigerated & Frozen		4,774.6		4,559.6		3,735.4
International		938.6		925.3		864.4
Foodservice		834.0		952.4		1,015.0
Total net sales	$	11,184.7	$	11,054.4	$	9,538.4
Operating profit
Grocery & Snacks	$	1,093.8	$	915.2	$	762.6
Refrigerated & Frozen		836.5		702.2		645.1
International		131.8		100.6		99.8
Foodservice		78.9		97.6		134.3
Total operating profit	$	2,141.0	$	1,815.6	$	1,641.8
Equity method investment earnings		84.4		73.2		75.8
General corporate expenses		364.8		368.5		462.2
Pension and postretirement non-service income		54.5		9.9		35.1
Interest expense, net		420.4		487.1		391.4
Income tax expense		193.8		201.3		218.8
Income from continuing operations	$	1,300.9	$	841.8	$	680.3
Less: Net income attributable to noncontrolling interests		2.1		1.7		0.1
Income from continuing operations attributable to Conagra Brands, Inc.	$	1,298.8	$	840.1	$	680.2

The following table presents further disaggregation of our net sales:

	2021		2020		2019
Frozen	$	3,948.0	$	3,735.5	$	2,994.8
Staples
Other shelf-stable		2,838.0		2,902.8		2,426.7
Refrigerated		826.6		824.1		740.6
Snacks		1,799.5		1,714.3		1,496.9
International		938.6		925.3		864.4
Foodservice		834.0		952.4		1,015.0
Total net sales	$	11,184.7	$	11,054.4	$	9,538.4

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:

	2021			2020			2019
Net derivative gains (losses) incurred	$	9.5		$	(12.9	)	$	(3.6	)
Less: Net derivative losses allocated to reporting segments		(6.1	)		(7.4	)		(1.8	)
Net derivative gains (losses) recognized in general corporate expenses	$	15.6		$	(5.5	)	$	(1.8	)
Net derivative losses allocated to Grocery & Snacks	$	(2.3	)	$	(4.7	)	$	(2.5	)
Net derivative losses allocated to Refrigerated & Frozen		(1.7	)		(2.5	)		(1.5	)
Net derivative gains (losses) allocated to International		(1.7	)		0.1			2.8
Net derivative losses allocated to Foodservice		(0.4	)		(0.3	)		(0.6	)
Net derivative losses included in segment operating profit	$	(6.1	)	$	(7.4	)	$	(1.8	)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Balances of Allowance for Doubtful Accounts and Changes Therein (Details) - Allowance for doubtful receivables - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Movement in Valuation Allowances and Reserves
Balance at Beginning of Period	$ 2.6	$ 2.2	$ 1.7
Additions Charged to Costs and Expenses	0.6	1.2	0.6
Other	0.7	0.1	0.5
Deductions from Reserves	0.7	0.9	0.6
Balance at Close of Period	$ 3.2	$ 2.6	$ 2.2

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	May 30, 2021
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Furniture, fixtures, office equipment and other | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture, fixtures, office equipment and other | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019	May 27, 2018
Accounting Policies [Abstract]
Capital expenditures	$ 506.4	$ 369.5	$ 353.1
Accrued and unpaid capital expenditures	$ 123.7	$ 112.9	$ 64.4	$ 40.6

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Identifiable Intangible Assets (Narrative) (Details)	May 30, 2021
Accounting Policies [Abstract]
Reporting unit, percentage of fair value in excess of carrying amount	50.00%

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Accounting Policies [Abstract]
Advertising and promotion expenses	$ 258.0	$ 230.7	$ 253.4

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Research and Development (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Accounting Policies [Abstract]
Incurred expenses for research and development activities	$ 51.3	$ 56.4	$ 56.1

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020	May 26, 2019	May 27, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	$ 8,631.4	$ 7,950.7	$ 7,463.7	$ 3,756.6
Currency translation losses, net of reclassification adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	(77.1)	(125.7)	(90.9)
Derivative adjustments, net of reclassification adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	24.3	26.3	34.0
Pension and postretirement benefit obligations, net of reclassification adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	58.6	(10.2)	(53.4)
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	$ 5.8	$ (109.6)	$ (110.3)	$ (110.5)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Parenthetical) (Details) - ASU 2016-01 $ in Millions	12 Months Ended
	May 26, 2019 USD ($)
Retained earnings
Accumulated Other Comprehensive Income Loss [Line Items]
Unrealized gains on available-for-sale securities reclassified to retained earnings	$ 0.6
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Unrealized gains on available-for-sale securities reclassified to retained earnings	$ (0.6)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Reclassifications from Accumulated Other Comprehensive Income (Loss) into Income (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ (420.4)	$ (487.1)	$ (391.4)
Selling, general and administrative expenses	(1,403.0)	(1,622.5)	(1,473.4)
Equity method investment earnings	84.4	73.2	75.8
Income from continuing operations before income taxes and equity method investment earnings	1,410.3	969.9	823.3
Income tax expense	(193.8)	(201.3)	(218.8)
Net income attributable to Conagra Brands, Inc.	1,298.8	840.1	678.3
Pension and postretirement non-service income	(54.5)	(9.9)	(35.1)
Reclassification out of accumulated other comprehensive loss | Cash flow hedges
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	(3.2)	(3.3)	(1.9)
Selling, general and administrative expenses	(0.5)	0.0	0.0
Equity method investment earnings	2.1	0.0	0.0
Income from continuing operations before income taxes and equity method investment earnings	(1.6)	(3.3)	(1.9)
Income tax expense	1.0	0.9	0.5
Net income attributable to Conagra Brands, Inc.	(0.6)	(2.4)	(1.4)
Reclassification out of accumulated other comprehensive loss | Net prior service cost
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement non-service income	0.2	0.6	0.9
Reclassification out of accumulated other comprehensive loss | Net actuarial gain
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement non-service income	(3.5)	(4.6)	(1.4)
Reclassification out of accumulated other comprehensive loss | Pension and Postretirement healthcare settlement | Pension Benefits
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement non-service income	0.0	(2.1)	0.0
Reclassification out of accumulated other comprehensive loss | Pension and Postretirement healthcare settlement | Postretirement Healthcare
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement non-service income	(0.5)	(0.2)	(1.0)
Reclassification out of accumulated other comprehensive loss | Curtailment
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement non-service income	0.2	0.8	0.0
Reclassification out of accumulated other comprehensive loss | Amortization of pension and postretirement benefit obligations:
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income from continuing operations before income taxes and equity method investment earnings	(3.6)	(5.5)	(1.5)
Income tax expense	0.9	1.4	0.4
Net income attributable to Conagra Brands, Inc.	(2.7)	(4.1)	(1.1)
Reclassification out of accumulated other comprehensive loss | Currency translation losses
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	0.0	0.0	10.4
Income from continuing operations before income taxes and equity method investment earnings	0.0	0.0	10.4
Income tax expense	0.0	0.0	0.0
Net income attributable to Conagra Brands, Inc.	$ 0.0	$ 0.0	$ 10.4

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Transaction Gains and Losses (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Accounting Policies [Abstract]
Net foreign currency transaction gains (losses)	$ 8.2	$ (1.7)	$ (2.3)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Changes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 27, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jun. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected [Extensible List]	cag:AccountingStandardUpdate201613ModifiedRetrospectiveMember
Total lease assets	$ 188.5	$ 209.3
Total lease liabilities	$ 224.9
Accounting Standards Update 2016-02
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Total lease assets			$ 238.4
Total lease liabilities			$ 267.0

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ACQUISITIONS (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Oct. 26, 2018	Nov. 25, 2018	May 30, 2021	May 31, 2020	May 26, 2019
Business Acquisition [Line Items]
Cash payment for businesses, net of cash acquired			$ 0.0	$ 0.0	$ 5,119.2
Issued debt			8,348.2	9,786.7
Cash proceeds from issuance of common stock			0.0	0.0	555.7
Goodwill			11,373.5	11,361.5	11,360.6
Brands, trademarks and other intangibles, net			$ 4,157.6	$ 4,302.4
Acquisition related costs incurred					62.7
Non-recurring expense related to inventory fair value adjustments					53.0
Pinnacle Foods Inc. (Pinnacle)
Business Acquisition [Line Items]
Amount of cash each share of common stock acquired is convertible into (in USD per share)	$ 43.11
Number of shares of stock each share of common stock acquired is convertible into (shares)	0.6494
Par value of shares into which each share of common stock acquired is convertible into (in USD per share)	$ 5.00
Transaction value	$ 8,030.0
Cash payment made in connection with merger	5,170.0
Cash payment for businesses, net of cash acquired	$ 5,120.0
Company shares issued out of treasury (shares)	77,500,000	77,500,000
Approximate value of Company shares issued	$ 2,820.0
Long-term debt incurred in connection with Merger	51.1
Issued debt	8,330.0
Cash proceeds from issuance of common stock	575.0
Cash proceeds received from issuance of common stock, net of related fees	555.7
Goodwill	7,030.0
Brands, trademarks and other intangibles, net	3,520.0
Goodwill deductible for income tax purposes	236.7
Classified as amortizing intangible asset	$ 668.7
Weighted average useful life of acquired intangible assets	25 years
Acquisition related costs incurred					66.8
Non-recurring expense related to securing bridge financing					$ 45.7

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ACQUISITIONS - Pro Forma Information (Details) - Pinnacle Foods Inc. (Pinnacle) $ in Millions	12 Months Ended
	May 26, 2019 USD ($)
Business Acquisition [Line Items]
Pro forma net sales	$ 10,788.1
Pro forma net income from continuing operations attributable to Conagra Brands, Inc.	$ 803.8

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RESTRUCTURING ACTIVITIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended			30 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019	May 30, 2021
Pinnacle Integration Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	$ 358.0			$ 358.0
Cash charges incurred or expected to be incurred	283.5			283.5
Non-cash charges incurred or expected to be incurred	74.5			74.5
Recognized charges	31.7	$ 73.8	$ 168.2	273.7
Charges that have resulted or will result in cash outflows	28.5
Non-cash charges	3.2
Charges that have resulted or will result in cash outflows				240.9
Non-cash charges				32.8
Conagra Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	157.3			157.3
Cash charges incurred or expected to be incurred	36.9			36.9
Non-cash charges incurred or expected to be incurred	120.4			120.4
Recognized charges	46.2	$ 64.4	$ 2.2	112.8
Charges that have resulted or will result in cash outflows	11.3
Non-cash charges	34.9
Charges that have resulted or will result in cash outflows				24.1
Non-cash charges				88.7
Charges approved for incurrence	172.2			172.2
Cash charges approved for incurrence	45.4			45.4
Non-cash charges approved for incurrence	$ 126.8			$ 126.8

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RESTRUCTURING ACTIVITIES - Schedule of Pre-Tax Expenses in Association with the Restructuring Plan (Details) - USD ($) $ in Millions	12 Months Ended			30 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019	May 30, 2021
Pinnacle Integration Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	$ 358.0			$ 358.0
Recognized pre-tax expenses	31.7	$ 73.8	$ 168.2	273.7
Pinnacle Integration Restructuring Plan | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	56.2			56.2
Recognized pre-tax expenses	5.7			8.5
Pinnacle Integration Restructuring Plan | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	33.7			33.7
Recognized pre-tax expenses	4.2			16.0
Pinnacle Integration Restructuring Plan | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.1			4.1
Recognized pre-tax expenses				4.1
Pinnacle Integration Restructuring Plan | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	264.0			264.0
Recognized pre-tax expenses	21.8			245.1
Pinnacle Integration Restructuring Plan | Accelerated depreciation
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	12.8			12.8
Recognized pre-tax expenses	2.5			5.2
Pinnacle Integration Restructuring Plan | Accelerated depreciation | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	7.6			7.6
Recognized pre-tax expenses				0.6
Pinnacle Integration Restructuring Plan | Accelerated depreciation | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	5.2			5.2
Recognized pre-tax expenses	2.5			4.6
Pinnacle Integration Restructuring Plan | Other cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	11.9			11.9
Recognized pre-tax expenses	1.9			5.9
Pinnacle Integration Restructuring Plan | Other cost of goods sold | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	3.8			3.8
Recognized pre-tax expenses	0.5			2.3
Pinnacle Integration Restructuring Plan | Other cost of goods sold | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	7.4			7.4
Recognized pre-tax expenses	1.4			2.9
Pinnacle Integration Restructuring Plan | Other cost of goods sold | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.7			0.7
Recognized pre-tax expenses				0.7
Pinnacle Integration Restructuring Plan | Total cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	24.7			24.7
Recognized pre-tax expenses	4.4			11.1
Pinnacle Integration Restructuring Plan | Total cost of goods sold | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	11.4			11.4
Recognized pre-tax expenses	0.5			2.9
Pinnacle Integration Restructuring Plan | Total cost of goods sold | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	12.6			12.6
Recognized pre-tax expenses	3.9			7.5
Pinnacle Integration Restructuring Plan | Total cost of goods sold | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.7			0.7
Recognized pre-tax expenses				0.7
Pinnacle Integration Restructuring Plan | Severance and related costs
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	118.2			118.2
Recognized pre-tax expenses	(3.6)			117.3
Pinnacle Integration Restructuring Plan | Severance and related costs | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.3			4.3
Recognized pre-tax expenses	(0.9)			3.4
Pinnacle Integration Restructuring Plan | Severance and related costs | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.5			1.5
Recognized pre-tax expenses				1.5
Pinnacle Integration Restructuring Plan | Severance and related costs | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	112.4			112.4
Recognized pre-tax expenses	(2.7)			112.4
Pinnacle Integration Restructuring Plan | Asset impairment (net of gains on disposal)
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	36.9			36.9
Recognized pre-tax expenses				6.9
Pinnacle Integration Restructuring Plan | Asset impairment (net of gains on disposal) | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	30.3			30.3
Recognized pre-tax expenses	0.1			0.3
Pinnacle Integration Restructuring Plan | Asset impairment (net of gains on disposal) | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.0			4.0
Recognized pre-tax expenses	0.2			4.0
Pinnacle Integration Restructuring Plan | Asset impairment (net of gains on disposal) | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	2.6			2.6
Recognized pre-tax expenses	(0.3)			2.6
Pinnacle Integration Restructuring Plan | Accelerated depreciation
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	7.4			7.4
Recognized pre-tax expenses				7.4
Pinnacle Integration Restructuring Plan | Accelerated depreciation | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	7.4			7.4
Recognized pre-tax expenses				7.4
Pinnacle Integration Restructuring Plan | Contract/lease termination
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	32.6			32.6
Recognized pre-tax expenses	2.6			18.5
Pinnacle Integration Restructuring Plan | Contract/lease termination | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	7.7			7.7
Recognized pre-tax expenses	1.8			1.8
Pinnacle Integration Restructuring Plan | Contract/lease termination | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	8.2			8.2
Pinnacle Integration Restructuring Plan | Contract/lease termination | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.8			0.8
Recognized pre-tax expenses				0.8
Pinnacle Integration Restructuring Plan | Contract/lease termination | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	15.9			15.9
Recognized pre-tax expenses	0.8			15.9
Pinnacle Integration Restructuring Plan | Consulting/professional fees
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	106.5			106.5
Recognized pre-tax expenses	22.7			91.0
Pinnacle Integration Restructuring Plan | Consulting/professional fees | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.0			1.0
Recognized pre-tax expenses	0.5			0.7
Pinnacle Integration Restructuring Plan | Consulting/professional fees | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.8			0.8
Recognized pre-tax expenses				0.8
Pinnacle Integration Restructuring Plan | Consulting/professional fees | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	104.7			104.7
Recognized pre-tax expenses	22.2			89.5
Pinnacle Integration Restructuring Plan | Other selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	31.7			31.7
Recognized pre-tax expenses	5.6			21.5
Pinnacle Integration Restructuring Plan | Other selling, general and administrative expenses | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	5.8			5.8
Recognized pre-tax expenses	2.8			2.8
Pinnacle Integration Restructuring Plan | Other selling, general and administrative expenses | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.6			4.6
Recognized pre-tax expenses	1.0			1.1
Pinnacle Integration Restructuring Plan | Other selling, general and administrative expenses | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.3			0.3
Recognized pre-tax expenses				0.3
Pinnacle Integration Restructuring Plan | Other selling, general and administrative expenses | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	21.0			21.0
Recognized pre-tax expenses	1.8			17.3
Pinnacle Integration Restructuring Plan | Total selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	333.3			333.3
Recognized pre-tax expenses	27.3			262.6
Pinnacle Integration Restructuring Plan | Total selling, general and administrative expenses | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	44.8			44.8
Recognized pre-tax expenses	5.2			5.6
Pinnacle Integration Restructuring Plan | Total selling, general and administrative expenses | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	21.1			21.1
Recognized pre-tax expenses	0.3			8.5
Pinnacle Integration Restructuring Plan | Total selling, general and administrative expenses | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	3.4			3.4
Recognized pre-tax expenses				3.4
Pinnacle Integration Restructuring Plan | Total selling, general and administrative expenses | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	264.0			264.0
Recognized pre-tax expenses	21.8			245.1
Conagra Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	157.3			157.3
Recognized pre-tax expenses	46.2	$ 64.4	$ 2.2	112.8
Conagra Restructuring Plan | Accelerated depreciation
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	84.4			84.4
Recognized pre-tax expenses	30.4			58.7
Conagra Restructuring Plan | Accelerated depreciation | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	34.7			34.7
Recognized pre-tax expenses	7.9			32.0
Conagra Restructuring Plan | Accelerated depreciation | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	49.7			49.7
Recognized pre-tax expenses	22.5			26.7
Conagra Restructuring Plan | Other cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	11.0			11.0
Recognized pre-tax expenses	2.3			5.0
Conagra Restructuring Plan | Other cost of goods sold | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	8.9			8.9
Recognized pre-tax expenses	2.3			4.8
Conagra Restructuring Plan | Other cost of goods sold | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	2.1			2.1
Recognized pre-tax expenses				0.2
Conagra Restructuring Plan | Total cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	95.4			95.4
Recognized pre-tax expenses	32.7			63.7
Conagra Restructuring Plan | Total cost of goods sold | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	43.6			43.6
Recognized pre-tax expenses	10.2			36.8
Conagra Restructuring Plan | Total cost of goods sold | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	51.8			51.8
Recognized pre-tax expenses	22.5			26.9
Conagra Restructuring Plan | Severance and related costs
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	17.4			17.4
Recognized pre-tax expenses	7.0			15.4
Conagra Restructuring Plan | Severance and related costs | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	12.0			12.0
Recognized pre-tax expenses	5.7			10.4
Conagra Restructuring Plan | Severance and related costs | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	2.2			2.2
Recognized pre-tax expenses				1.8
Conagra Restructuring Plan | Severance and related costs | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.1			1.1
Recognized pre-tax expenses	(0.1)			1.1
Conagra Restructuring Plan | Severance and related costs | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	2.1			2.1
Recognized pre-tax expenses	1.4			2.1
Conagra Restructuring Plan | Asset impairment (net of gains on disposal)
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	27.5			27.5
Recognized pre-tax expenses	2.2			27.5
Conagra Restructuring Plan | Asset impairment (net of gains on disposal) | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	27.1			27.1
Recognized pre-tax expenses	2.1			27.1
Conagra Restructuring Plan | Asset impairment (net of gains on disposal) | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.3			0.3
Recognized pre-tax expenses	0.1			0.3
Conagra Restructuring Plan | Asset impairment (net of gains on disposal) | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.1			0.1
Recognized pre-tax expenses				0.1
Conagra Restructuring Plan | Contract/lease termination
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.2			0.2
Conagra Restructuring Plan | Contract/lease termination | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.1			0.1
Conagra Restructuring Plan | Contract/lease termination | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.1			0.1
Conagra Restructuring Plan | Consulting/professional fees
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.7			0.7
Recognized pre-tax expenses				0.1
Conagra Restructuring Plan | Consulting/professional fees | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.7			0.7
Recognized pre-tax expenses				0.1
Conagra Restructuring Plan | Other selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	15.5			15.5
Recognized pre-tax expenses	4.3			5.5
Conagra Restructuring Plan | Other selling, general and administrative expenses | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	10.7			10.7
Recognized pre-tax expenses	4.1			5.0
Conagra Restructuring Plan | Other selling, general and administrative expenses | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.6			4.6
Recognized pre-tax expenses				0.3
Conagra Restructuring Plan | Other selling, general and administrative expenses | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.2			0.2
Recognized pre-tax expenses	0.2			0.2
Conagra Restructuring Plan | Total selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	61.3			61.3
Recognized pre-tax expenses	13.5			48.5
Conagra Restructuring Plan | Total selling, general and administrative expenses | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	49.9			49.9
Recognized pre-tax expenses	11.9			42.5
Conagra Restructuring Plan | Total selling, general and administrative expenses | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	7.1			7.1
Recognized pre-tax expenses	0.1			2.4
Conagra Restructuring Plan | Total selling, general and administrative expenses | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.2			1.2
Recognized pre-tax expenses	(0.1)			1.2
Conagra Restructuring Plan | Total selling, general and administrative expenses | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	3.1			3.1
Recognized pre-tax expenses	1.6			2.4
Conagra Restructuring Plan | Total
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	156.7			156.7
Recognized pre-tax expenses	46.2			112.2
Conagra Restructuring Plan | Total | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	93.5			93.5
Recognized pre-tax expenses	22.1			79.3
Conagra Restructuring Plan | Total | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	58.9			58.9
Recognized pre-tax expenses	22.6			29.3
Conagra Restructuring Plan | Total | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.2			1.2
Recognized pre-tax expenses	(0.1)			1.2
Conagra Restructuring Plan | Total | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	3.1			3.1
Recognized pre-tax expenses	1.6			2.4
Conagra Restructuring Plan | Pension and postretirement non-service income
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	$ 0.6			0.6
Recognized pre-tax expenses				$ 0.6

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RESTRUCTURING ACTIVITIES - Schedule of Liabilities Recorded for the Restructuring Plan (Details) $ in Millions	12 Months Ended
	May 30, 2021 USD ($)
Pinnacle Integration Restructuring Plan
Restructuring Cost and Reserve
Beginning balance	$ 31.6
Costs Incurred and Charged to Expense	32.2
Costs Paid or Otherwise Settled	(51.1)
Changes in Estimates	(3.7)
Ending balance	9.0
Pinnacle Integration Restructuring Plan | Severance and related costs
Restructuring Cost and Reserve
Beginning balance	23.6
Costs Incurred and Charged to Expense	0.1
Costs Paid or Otherwise Settled	(14.9)
Changes in Estimates	(3.7)
Ending balance	5.1
Pinnacle Integration Restructuring Plan | Contract/lease termination
Restructuring Cost and Reserve
Beginning balance	0.5
Costs Incurred and Charged to Expense	2.6
Costs Paid or Otherwise Settled	(3.1)
Pinnacle Integration Restructuring Plan | Consulting/professional fees
Restructuring Cost and Reserve
Beginning balance	7.5
Costs Incurred and Charged to Expense	22.7
Costs Paid or Otherwise Settled	(26.3)
Ending balance	3.9
Pinnacle Integration Restructuring Plan | Other costs
Restructuring Cost and Reserve
Costs Incurred and Charged to Expense	6.8
Costs Paid or Otherwise Settled	(6.8)
Conagra Restructuring Plan
Restructuring Cost and Reserve
Beginning balance	6.5
Costs Incurred and Charged to Expense	11.7
Costs Paid or Otherwise Settled	(8.1)
Changes in Estimates	(0.4)
Ending balance	9.7
Conagra Restructuring Plan | Severance and related costs
Restructuring Cost and Reserve
Beginning balance	6.5
Costs Incurred and Charged to Expense	7.4
Costs Paid or Otherwise Settled	(3.8)
Changes in Estimates	(0.4)
Ending balance	9.7
Conagra Restructuring Plan | Other costs
Restructuring Cost and Reserve
Costs Incurred and Charged to Expense	4.3
Costs Paid or Otherwise Settled	$ (4.3)

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LONG-TERM DEBT - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Debt Instrument [Line Items]
Total face value of debt	$ 8,348.2	$ 9,786.7
Unamortized fair value adjustment	19.9	21.2
Unamortized discounts	(25.8)	(17.2)
Unamortized debt issuance costs	(44.0)	(44.6)
Adjustment due to hedging activity		0.2
Less current installments	(23.1)	(845.5)
Total long-term debt	8,275.2	8,900.8
Senior debt | 5.4% senior debt due November 2048
Debt Instrument [Line Items]
Total face value of debt	1,000.0	1,000.0
Senior debt | 4.65% senior debt due January 2043
Debt Instrument [Line Items]
Total face value of debt	176.7	176.7
Senior debt | 6.625% senior debt due August 2039
Debt Instrument [Line Items]
Total face value of debt	91.4	91.4
Senior debt | 5.3% senior debt due November 2038
Debt Instrument [Line Items]
Total face value of debt	1,000.0	1,000.0
Senior debt | 8.25% senior debt due September 2030
Debt Instrument [Line Items]
Total face value of debt	300.0	300.0
Senior debt | 4.85% senior debt due November 2028
Debt Instrument [Line Items]
Total face value of debt	1,300.0	1,300.0
Senior debt | 7.0% senior debt due October 2028
Debt Instrument [Line Items]
Total face value of debt	382.2	382.2
Senior debt | 1.375% senior debt due November 2027
Debt Instrument [Line Items]
Total face value of debt	1,000.0
Senior debt | 6.7% senior debt due August 2027
Debt Instrument [Line Items]
Total face value of debt	9.2	9.2
Senior debt | 7.125% senior debt due October 2026
Debt Instrument [Line Items]
Total face value of debt	262.5	262.5
Senior debt | 4.6% senior debt due November 2025
Debt Instrument [Line Items]
Total face value of debt	1,000.0	1,000.0
Senior debt | 4.3% senior debt due May 2024
Debt Instrument [Line Items]
Total face value of debt	1,000.0	1,000.0
Senior debt | 3.2% senior debt due January 2023
Debt Instrument [Line Items]
Total face value of debt	437.0	837.0
Senior debt | 3.8% senior debt due October 2021
Debt Instrument [Line Items]
Total face value of debt		1,200.0
Senior debt | 3.25% senior debt due September 2022
Debt Instrument [Line Items]
Total face value of debt	250.0	250.0
Senior debt | 4.95% senior debt due August 2020
Debt Instrument [Line Items]
Total face value of debt		126.6
Senior debt | LIBOR | LIBOR plus 0.50% senior debt due October 2020
Debt Instrument [Line Items]
Total face value of debt		500.0
Subordinated debt | 9.75% subordinated debt due March 2021
Debt Instrument [Line Items]
Total face value of debt		195.9
Lease financing obligations | 0.45% to 9.59% lease financing obligations due on various dates through 2035
Debt Instrument [Line Items]
Total face value of debt	139.1	155.1
Other indebtedness | Other indebtedness
Debt Instrument [Line Items]
Total face value of debt	$ 0.1	$ 0.1

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LONG-TERM DEBT - Schedule of Long-Term Debt Instruments (Parenthetical) (Details)	12 Months Ended
	May 31, 2020	May 30, 2021
Senior debt | 5.4% senior debt due November 2048
Debt Instrument [Line Items]
Stated interest rate (percent)	5.40%	5.40%
Senior debt | 4.65% senior debt due January 2043
Debt Instrument [Line Items]
Stated interest rate (percent)	4.65%	4.65%
Senior debt | 6.625% senior debt due August 2039
Debt Instrument [Line Items]
Stated interest rate (percent)	6.625%	6.625%
Senior debt | 5.3% senior debt due November 2038
Debt Instrument [Line Items]
Stated interest rate (percent)	5.30%	5.30%
Senior debt | 8.25% senior debt due September 2030
Debt Instrument [Line Items]
Stated interest rate (percent)	8.25%	8.25%
Senior debt | 4.85% senior debt due November 2028
Debt Instrument [Line Items]
Stated interest rate (percent)	4.85%	4.85%
Senior debt | 7.0% senior debt due October 2028
Debt Instrument [Line Items]
Stated interest rate (percent)	7.00%	7.00%
Senior debt | 1.375% senior debt due November 2027
Debt Instrument [Line Items]
Stated interest rate (percent)		1.375%
Senior debt | 6.7% senior debt due August 2027
Debt Instrument [Line Items]
Stated interest rate (percent)	6.70%	6.70%
Senior debt | 7.125% senior debt due October 2026
Debt Instrument [Line Items]
Stated interest rate (percent)	7.125%	7.125%
Senior debt | 4.6% senior debt due November 2025
Debt Instrument [Line Items]
Stated interest rate (percent)	4.60%	4.60%
Senior debt | 4.3% senior debt due May 2024
Debt Instrument [Line Items]
Stated interest rate (percent)	4.30%	4.30%
Senior debt | 3.2% senior debt due January 2023
Debt Instrument [Line Items]
Stated interest rate (percent)	3.20%	3.20%
Senior debt | 3.25% senior debt due September 2022
Debt Instrument [Line Items]
Stated interest rate (percent)	3.25%	3.25%
Senior debt | 3.8% senior debt due October 2021
Debt Instrument [Line Items]
Stated interest rate (percent)	3.80%
Senior debt | 4.95% senior debt due August 2020
Debt Instrument [Line Items]
Stated interest rate (percent)	4.95%
Senior debt | LIBOR | LIBOR plus 0.50% senior debt due October 2020
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.50%
Subordinated debt | 9.75% subordinated debt due March 2021
Debt Instrument [Line Items]
Stated interest rate (percent)	9.75%
Lease financing obligations | 0.45% to 9.59% lease financing obligations due on various dates through 2035 | Minimum
Debt Instrument [Line Items]
Stated interest rate (percent)	0.45%	0.45%
Lease financing obligations | 0.45% to 9.59% lease financing obligations due on various dates through 2035 | Maximum
Debt Instrument [Line Items]
Stated interest rate (percent)	9.59%	9.59%

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LONG-TERM DEBT - Schedule of Aggregate Minimum Principal Maturities of Long-Term Debt (Details) $ in Millions	May 30, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 23.1
2023	706.8
2024	1,015.8
2025	14.3
2026	$ 1,020.8

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LONG-TERM DEBT - Narrative (Details) - USD ($)	3 Months Ended							12 Months Ended
	May 30, 2021	Feb. 28, 2021	Nov. 29, 2020	Aug. 30, 2020	May 31, 2020	Feb. 23, 2020	Nov. 25, 2018	May 30, 2021	May 31, 2020	May 26, 2019	Oct. 26, 2018	Aug. 26, 2018
Debt Instrument [Line Items]
Aggregate principal amount	$ 8,348,200,000				$ 9,786,700,000			$ 8,348,200,000	$ 9,786,700,000
Repayments of long-term debt								2,514,500,000	947,500,000	$ 3,972,700,000
Impact of interest rate swap contracts designated as cash flow hedges								1,600,000	3,300,000	1,900,000
Proceeds from settlement of interest rate swaps								0	0	(47,500,000)
Loss on early extinguishment of debt								68,700,000	1,000,000.0	5,500,000
Interest paid from continuing operations								445,600,000	494,600,000	375,600,000
Interest Rate Swap
Debt Instrument [Line Items]
Proceeds from settlement of interest rate swaps							$ 47,500,000
Pinnacle Foods Inc. (Pinnacle)
Debt Instrument [Line Items]
Aggregate principal amount											$ 8,330,000,000
Repayments of long-term debt							2,400,000,000
Term Loan Credit Agreement
Debt Instrument [Line Items]
Repayments of long-term debt									400,000,000.0	900,000,000.0
Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity					600,000,000.0				600,000,000.0
Increase to aggregate principal amount					750,000,000.0				750,000,000.0
Interest Expense
Debt Instrument [Line Items]
Impact of interest rate swap contracts designated as cash flow hedges								$ 3,300,000	3,500,000	2,000,000.0
Bridge Financing
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 9,000,000,000.0
Costs incurred in connection with bridge financing												$ 45,700,000
Bridge Financing | Interest Expense
Debt Instrument [Line Items]
Net interest expense resulting from amortization of incurred costs										11,900,000
Bridge Financing | SG&A expenses
Debt Instrument [Line Items]
Net interest expense resulting from amortization of incurred costs										$ 33,800,000
Senior debt | New Senior Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount							7,025,000,000.000
Senior debt | 5.875% Senior notes due January 15, 2024
Debt Instrument [Line Items]
Repayments of long-term debt							$ 350,000,000.0
Stated interest rate							5.875%
Charge recognized upon early retirement of debt							$ 3,900,000
Senior debt | 3.2% Senior Notes due January 25, 2023
Debt Instrument [Line Items]
Repayments of long-term debt		$ 400,000,000.0
Stated interest rate		3.20%
Senior debt | 1.375% Senior Notes due November 01, 2027
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000.0
Stated interest rate			1.375%
Senior debt | 3.8% Senior Notes due October 22, 2021
Debt Instrument [Line Items]
Repayments of long-term debt			$ 1,200,000,000
Stated interest rate			3.80%
Senior debt | Floating Rate Notes due on October 9, 2020
Debt Instrument [Line Items]
Repayments of long-term debt			$ 500,000,000.0
Senior debt | 4.95% Senior Notes due August 15, 2020
Debt Instrument [Line Items]
Repayments of long-term debt				$ 126,600,000
Stated interest rate				4.95%
Senior debt | Floating Rate Notes due October 22, 2020
Debt Instrument [Line Items]
Repayments of long-term debt					$ 275,000,000.0	$ 250,000,000.0			$ 525,000,000.0
Senior debt | SG&A expenses | 3.2% Senior Notes due January 25, 2023
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 24,400,000
Senior debt | SG&A expenses | 3.8% Senior Notes due October 22, 2021
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ 44,300,000
Unsecured Debt | Term Loan Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount							1,300,000,000
Unsecured Debt | Three-year Term Loans Maturing on October 26, 2021
Debt Instrument [Line Items]
Proceeds from new Term Loan Facility							$ 650,000,000.0
Debt Instrument, Term							3 years
Unsecured Debt | Five-year Term Loans Maturing on October 26, 2023
Debt Instrument [Line Items]
Proceeds from new Term Loan Facility							$ 650,000,000.0
Debt Instrument, Term							5 years
Subordinated debt | 9.75% subordinated debt due March 1, 2021
Debt Instrument [Line Items]
Repayments of long-term debt	$ 195,900,000
Stated interest rate	9.75%							9.75%

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LONG-TERM DEBT - Schedule of Net Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Debt Disclosure [Abstract]
Long-term debt	$ 430.0	$ 495.9	$ 385.9
Short-term debt	2.5	0.9	15.0
Interest income	(1.9)	(3.1)	(6.8)
Interest capitalized	(10.2)	(6.6)	(2.7)
Net interest expense	$ 420.4	$ 487.1	$ 391.4

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CREDIT FACILITIES AND BORROWINGS (Details) - USD ($)	12 Months Ended
	May 30, 2021	Nov. 27, 2022	Jul. 13, 2021	May 31, 2020
Line of Credit Facility [Line Items]
Required minimum ratio of EBITDA to interest expense	3.00%
Ratio of funded debt to EBITDA (maximum)	4.75%
Outstanding under commercial paper program	$ 707,400,000			$ 1,100,000
Commercial paper program
Line of Credit Facility [Line Items]
Outstanding under commercial paper program	$ 705,700,000			$ 0
Average interest rate	0.36%
Subsequent Event
Line of Credit Facility [Line Items]
Ratio of funded debt to EBITDA (maximum)			4.50%
Scenario, Forecast
Line of Credit Facility [Line Items]
Ratio of funded debt to EBITDA (maximum)		3.75%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,600,000,000
Maximum additional borrowing capacity	2,100,000,000
Outstanding borrowings under revolving credit facility	$ 0
Minimum | Revolving Credit Facility
Line of Credit Facility [Line Items]
Duration of additional extension terms available for credit facility	1 year
Maximum | Revolving Credit Facility
Line of Credit Facility [Line Items]
Duration of additional extension terms available for credit facility	2 years

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DIVESTITURES AND ASSETS HELD FOR SALE - Divestitures (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended	12 Months Ended
	May 30, 2021	Feb. 28, 2021	Nov. 29, 2020	Feb. 23, 2020	Nov. 24, 2019	Aug. 25, 2019	May 26, 2019	Aug. 26, 2018	Nov. 24, 2019	May 30, 2021	May 31, 2020	May 26, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures, net of cash divested										$ 160.9	$ 194.6	$ 281.5
Gain from sales of businesses										65.5	(2.2)	69.4
Asset impairment charges										95.5	259.9	$ 93.8
Grocery & Snacks
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges										$ 3.0	$ 54.4
Egg Beaters Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures, net of cash divested	$ 50.6
Egg Beaters Business | Total selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sales of businesses	10.4
Loss from sale of business related to early exit of unfavorable contract	$ 7.1
Peter Pan Peanut Butter Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures, net of cash divested		$ 101.5
Peter Pan Peanut Butter Business | Total selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sales of businesses		$ 49.8
H.K. Anderson Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures, net of cash divested			$ 8.7
H.K. Anderson Business | Total selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sales of businesses			$ 5.3
Lender's Bagel Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures, net of cash divested				$ 33.3
Lender's Bagel Business | Total selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges					$ 27.6
DSD Snacks Business | Grocery & Snacks
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures, net of cash divested					$ 137.5
DSD Snacks Business | Total selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges						$ 31.4
Peanut Butter Manufacturing Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures, net of cash divested				$ 24.8
Peanut Butter Manufacturing Facility | Total selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges									$ 23.0
Gelit | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sales of businesses, net of cash included							$ 80.1
Gelit | Total selling, general and administrative expenses | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sales of businesses							23.1
Wesson | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sales of businesses, net of cash included							168.3
Wesson | Total selling, general and administrative expenses | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sales of businesses							$ 33.1
Del Monte | International | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sales of businesses, net of cash included								$ 32.2
Del Monte | Total selling, general and administrative expenses | International | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sales of businesses								$ 13.2

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DIVESTITURES AND ASSETS HELD FOR SALE - Schedule of Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale		$ 13.1
Noncurrent assets held for sale	$ 4.6	115.4
Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current liabilities held for sale		18.5
Held for sale | Egg Beaters Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale		3.0
Noncurrent assets held for sale		48.1
Current liabilities held for sale		13.1
Held for sale | Peter Pan Peanut Butter Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale		8.8
Noncurrent assets held for sale		55.3
Current liabilities held for sale		5.4
Held for sale | H.K. Anderson Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale		1.3
Noncurrent assets held for sale		$ 2.6

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DIVESTITURES AND ASSETS HELD FOR SALE - Schedule of Assets and Liabilities Classified as Held for Sale (Parenthetical) (Details) - Held for sale $ in Millions	May 31, 2020 USD ($)
Egg Beaters Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 27.5
Peter Pan Peanut Butter Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	44.9
H.K. Anderson Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 2.4

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DIVESTITURES AND ASSETS HELD FOR SALE - Lamb Weston Spinoff (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax	$ 0.0	$ 0.0	$ (1.9)
Lamb Weston | Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax			$ (2.8)

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DIVESTITURES AND ASSETS HELD FOR SALE - Private Brands Operations (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax	$ 0.0	$ 0.0	$ (1.9)
Private Brands | Discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax			$ 0.9

XML

DIVESTITURES AND ASSETS HELD FOR SALE - Other Assets Held for Sale (Narrative) (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets held for sale	$ 4.6	$ 115.4
Held for sale | Other individually marketed assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets held for sale	$ 4.6	$ 9.4

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INVESTMENTS IN JOINT VENTURES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Schedule of Equity Method Investments [Line Items]
Dividends received from equity method investments	$ 56.5	$ 51.4	$ 55.0
Equity method investments
Schedule of Equity Method Investments [Line Items]
Purchases from equity method investees	$ 28.7	32.5	$ 39.4
Ardent Mills
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	44.00%
Others
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	50.00%
Other assets
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investments	$ 841.8	$ 798.7

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INVESTMENTS IN JOINT VENTURES - Summary of Combined Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Statement of Earnings
Total earnings after income taxes	$ 1,300.9	$ 841.8	$ 678.4
Balance Sheet
Current assets	2,702.1	2,885.9
Current liabilities	3,306.2	3,287.4
Ardent Mills
Balance Sheet
Current assets	1,101.5	1,010.6
Noncurrent assets	1,848.2	1,720.2
Current liabilities	524.1	454.8
Noncurrent liabilities	563.0	503.4
Other
Balance Sheet
Current assets	95.0	87.1
Noncurrent assets	36.8	24.5
Current liabilities	39.9	44.1
Noncurrent liabilities	10.6	8.3
Equity Method Investments
Statement of Earnings
Total net sales	3,646.4	3,618.9	3,671.4
Total gross margin	407.9	362.5	327.4
Total earnings after income taxes	189.1	163.8	170.0
Equity Method Investments | Ardent Mills
Statement of Earnings
Total net sales	3,407.6	3,393.9	3,476.0
Total gross margin	360.6	313.1	281.9
Total earnings after income taxes	169.6	144.5	151.9
Equity Method Investments | Other
Statement of Earnings
Total net sales	238.8	225.0	195.4
Total gross margin	47.3	49.4	45.5
Total earnings after income taxes	$ 19.5	$ 19.3	$ 18.1

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of the Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
Goodwill
Beginning balance	$ 11,361.5	$ 11,360.6
Purchase accounting adjustments		10.1
Currency translation	12.0	(9.2)
Ending balance	11,373.5	11,361.5
Grocery & Snacks
Goodwill
Beginning balance	4,698.2	4,694.7
Purchase accounting adjustments		3.5
Currency translation	0.0	0.0
Ending balance	4,698.2	4,698.2
Refrigerated & Frozen
Goodwill
Beginning balance	5,625.1	5,619.2
Purchase accounting adjustments		5.9
Currency translation	0.0	0.0
Ending balance	5,625.1	5,625.1
International
Goodwill
Beginning balance	290.5	299.0
Purchase accounting adjustments		0.7
Currency translation	12.0	(9.2)
Ending balance	302.5	290.5
Foodservice
Goodwill
Beginning balance	747.7	747.7
Purchase accounting adjustments		0.0
Currency translation	0.0	0.0
Ending balance	$ 747.7	$ 747.7

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of Other Identifiable Intangible Assets, Excluding Amounts Classified as Held for Sale (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Non-amortizing intangible assets
Gross Carrying Amount	$ 3,301.2	$ 3,388.7
Amortizing intangible assets
Gross Carrying Amount	1,235.3	1,232.1
Accumulated Amortization	378.9	318.4
Identifiable intangible assets
Gross Carrying Amount	$ 4,536.5	$ 4,620.8

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Narrative (Details)	3 Months Ended		12 Months Ended
	Aug. 30, 2020 USD ($) segment	Aug. 25, 2019 USD ($)	May 30, 2021 USD ($)	May 31, 2020 USD ($)	May 26, 2019 USD ($)
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount			50.00%
Fair value measurements discounted cash flow period	5 years
Remaining weighted average life of amortizing intangible assets			19 years
Amortization expense recognized			$ 59,700,000	$ 59,800,000	$ 49,100,000
Minimum
Goodwill [Line Items]
Fair value measurement inputs terminal growth rate	1.00%
Sides, Components, Enhancers
Goodwill [Line Items]
Fair value measurement inputs discount rate	6.25%
Refrigerated & Frozen
Goodwill [Line Items]
Number of reporting units | segment	2
Goodwill impairment loss	$ 0
Impairment charges for indefinite lived intangibles			76,900,000	110,800,000
Refrigerated & Frozen | Sides, Components, Enhancers | Maximum
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount	20.00%
Refrigerated & Frozen and Grocery & Snacks | SG&A expenses | Brands and Trademarks
Goodwill [Line Items]
Impairment charges for indefinite lived intangibles		$ 19,300,000	90,900,000	146,200,000
Grocery & Snacks
Goodwill [Line Items]
Impairment charges for indefinite lived intangibles			$ 13,000,000.0	$ 46,400,000	76,500,000
Grocery & Snacks | SG&A expenses
Goodwill [Line Items]
Impairment charges for indefinite lived intangibles					76,500,000
International | SG&A expenses
Goodwill [Line Items]
Impairment charges for indefinite lived intangibles					$ 13,100,000

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense of Intangible Assets (Details) $ in Millions	May 30, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2022	$ 59.5
2023	57.2
2024	53.9
2025	53.9
2026	$ 43.8

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EARNINGS PER SHARE - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended	12 Months Ended
	Oct. 26, 2018	Nov. 25, 2018	May 30, 2021	May 31, 2020	May 26, 2019
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options outstanding excluded from EPS calculation (in shares)			0.4	1.9	2.0
Underwritten Public Offering
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Issuance of common stock (in shares)		16.3
Common stock, par value (in dollars per share)		$ 5.00
Issuance of Conagra Brands, Inc. common shares, net		$ 555.7
Pinnacle Foods Inc. (Pinnacle)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Company shares issued out of treasury (shares)	77.5	77.5
Issuance of Conagra Brands, Inc. common shares, net	$ 555.7

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EARNINGS PER SHARE - Reconciliation of Income and Average Share Amounts Used to Compute Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Net income attributable to Conagra Brands, Inc. common stockholders:
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders	$ 1,298.8	$ 840.1	$ 680.2
Loss from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders			(1.9)
Net income attributable to Conagra Brands, Inc.	$ 1,298.8	$ 840.1	$ 678.3
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	485.8	487.3	444.0
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities (in shares)	2.0	1.3	1.6
Diluted weighted average shares outstanding (in shares)	487.8	488.6	445.6

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INVENTORIES (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 290.7	$ 291.6
Work in process	125.1	125.2
Finished goods	1,238.1	874.7
Supplies and other	80.1	73.3
Total	$ 1,734.0	$ 1,364.8

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OTHER NONCURRENT LIABILITIES (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Other Liabilities Disclosure [Abstract]
Postretirement health care and pension obligations	$ 197.3	$ 324.9
Noncurrent income tax liabilities	1,271.4	1,330.1
Noncurrent lease liabilities	188.3	206.1
Self-insurance liabilities	30.5	37.5
Asset retirement obligations	42.4	13.4
Environmental liabilities	59.0	61.5
Legal settlement costs	52.0	63.1
Technology agreement liability		14.6
Other	141.9	113.9
Other noncurrent liabilities	$ 1,982.8	$ 2,165.1

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CAPITAL STOCK (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
Class of Stock [Line Items]
Total number of shares authorized	1,218,050,000
Common stock, shares authorized	1,200,000,000	1,200,000,000
Common stock, par value (in dollars per share)	$ 5	$ 5
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Class B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized	150,000
Preferred stock, par value (in dollars per share)	$ 50.00
Class C Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized	250,000
Preferred stock, par value (in dollars per share)	$ 100.00
Class D Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized	1,100,000
Preferred stock, par value (in dollars per share)	$ 0
Class E Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized	16,550,000
Preferred stock, par value (in dollars per share)	$ 0
Common stock
Class of Stock [Line Items]
Stock repurchased (in shares)	8,800,000
Repurchase of common shares	$ 298.1

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SHARE-BASED PAYMENTS - Additional Information (Narrative) (Details) - Conagra Brands 2014 Stock Plan - shares	May 30, 2021	Sep. 19, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (up to) (in shares)		40,300,000
Shares reserved for granting additional options, restricted stock units, cash-settled restricted stock units, performance shares, or other share-based awards (in shares)	39,500,000

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SHARE-BASED PAYMENTS - Share Unit Awards (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Nov. 25, 2018	May 30, 2021	May 31, 2020	May 26, 2019
Pinnacle Foods Inc. (Pinnacle)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares (in shares)	2,000,000.0
Weighted average grant date price (in dollars per share)	$ 36.37
Fair value of replacement awards granted attributable to pre-combination service	$ 36.3
Restricted Stock Units | Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period		3 years
Cash-settled Restricted Stock Units | Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period		3 years
Stock-settled | Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)		$ 28.1	$ 24.5	$ 23.9
Tax benefit		$ 6.1	$ 5.3	$ 6.0
Stock granted, shares (in shares)		930,000	1,300,000	900,000
Weighted average grant date price (in dollars per share)		$ 36.72	$ 28.32	$ 35.43
Share unit awards outstanding		2,490,000	2,380,000
Total intrinsic value of share units vested		$ 24.6	$ 14.2	$ 24.6
Unrecognized compensation expense, net of estimated forfeitures, related to share unit awards		$ 28.2
Weighted average period for recognition		1 year 8 months 12 days
Cash-settled | Pinnacle Foods Inc. (Pinnacle)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense for accelerated vesting of awards			1.0	18.9
Income (expense) related to mark-to-market of the liability			(0.2)	6.7
Share unit awards outstanding		0
Cash-settled | Share Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)		$ 1.0	4.2	17.5
Tax benefit		$ 0.3	$ 1.1	4.4
Stock granted, shares (in shares)		0	0
Share unit awards outstanding			120,000
Total intrinsic value of share units vested		$ 4.3	$ 24.3	$ 50.5

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SHARE-BASED PAYMENTS - Summary of Nonvested Share Units and Changes (Details) - Share Unit Awards - $ / shares	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Stock-Settled
Share Units
Nonvested, beginning balance (in shares)	2,380,000
Granted (in shares)	930,000	1,300,000	900,000
Vested/Issued (in shares)	(680,000)
Forfeited (in shares)	(140,000)
Nonvested, ending balance (in shares)	2,490,000	2,380,000
Weighted Average Grant-Date Fair Value
Nonvested, beginning balance (in dollars per share)	$ 31.76
Granted (in dollars per share)	36.72	$ 28.32	$ 35.43
Vested/Issued (in dollars per share)	33.77
Forfeited (in dollars per share)	32.69
Nonvested, ending balance (in dollars per share)	$ 33.00	$ 31.76
Cash-Settled
Share Units
Nonvested, beginning balance (in shares)	120,000
Granted (in shares)	0	0
Vested/Issued (in shares)	(120,000)
Nonvested, ending balance (in shares)		120,000
Weighted Average Grant-Date Fair Value
Nonvested, beginning balance (in dollars per share)	$ 36.37
Vested/Issued (in dollars per share)	$ 36.37
Nonvested, ending balance (in dollars per share)		$ 36.37

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SHARE-BASED PAYMENTS - Performance Share Awards (Narrative) (Details) - Performance Shares - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)	$ 34.9	$ 31.8	$ 8.2
Tax benefit	3.6	2.9	2.1
Total intrinsic value of share units vested	33.9	$ 8.4	$ 15.7
Unrecognized compensation expense, net of estimated forfeitures, related to share unit awards	$ 19.8
Weighted average period for recognition	1 year 8 months 12 days
Fiscal 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Fiscal 2021 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)	0.00%
Fiscal 2021 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)	200.00%
Fiscal 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Fiscal 2022 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)	0.00%
Fiscal 2022 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)	200.00%
Fiscal 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted period	2 years
Fiscal 2023 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)	0.00%
Fiscal 2023 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)	200.00%

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SHARE-BASED PAYMENTS - Summary of Activity for Performance Share Awards and Changes (Details) - Performance Shares shares in Thousands	12 Months Ended
	May 30, 2021 $ / shares shares
Shares
Nonvested, beginning balance (in shares) | shares	1,490
Granted (in shares) | shares	480
Adjustments for performance results attained and dividend equivalents (in shares) | shares	480
Vested/Issued (in shares) | shares	(930)
Forfeited (in shares) | shares	(10)
Nonvested, ending balance (in shares) | shares	1,510
Weighted Average Grant-Date Fair Value
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 32.27
Granted (in dollars per share) | $ / shares	36.82
Adjustments for performance results attained and dividend equivalents (in dollars per share) | $ / shares	33.82
Vested/Issued (in dollars per share) | $ / shares	33.82
Forfeited (in dollars per share) | $ / shares	33.43
Nonvested, ending balance (in dollars per share) | $ / shares	$ 33.25

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SHARE-BASED PAYMENTS - Performance-Based Restricted Stock Unit Awards (Narrative) (Details) - Performance-Based Restricted Stock Unit Awards - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Apr. 15, 2019	May 30, 2021	May 31, 2020	May 26, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0.2
Granted (in dollars per share)	$ 41.82
Eligibility adjustment based on relative TSR (percent)	25.00%
Maximum ratio of award payout relative to grant value of each grantees award	8.6
Risk-free interest rates (percent)	2.35%
Expected volatility (percent)	24.92%
Compensation expense (income)		$ 2.4	$ 2.7	$ 0.3
Tax benefit		0.2	$ 0.2	$ 0.1
Unrecognized compensation expense, net of estimated forfeitures, related to share unit awards		$ 2.3
Weighted average period for recognition		1 year
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)	500.00%

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SHARE-BASED PAYMENTS - Stock Option Plan (Narrative) (Details) - USD ($)	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0	0
Total intrinsic value of options exercised	$ 7,000,000.0	$ 3,800,000	$ 7,900,000
Closing market price of common stock (in dollars per share)	$ 38.10
Unrecognized compensation expense, net of estimated forfeitures, related to stock options	$ 0
Cash received from option exercises	20,500,000	11,000,000.0	12,400,000
Actual tax benefit realized for tax deductions from option exercises	$ 1,700,000	1,400,000	2,300,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Compensation expense (income)		200,000	2,200,000
Tax benefit		$ 100,000	500,000
Options | Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)			$ 200,000
Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options	7 years
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options	10 years

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SHARE-BASED PAYMENTS - Summary of Option Activity and Changes (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Number of Options
Outstanding, beginning balance (in shares)	3.8
Exercised (in shares)	(0.8)
Outstanding, ending balance (in shares)	3.0	3.8
Exercisable (in shares)	3.0
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 30.07
Exercised (in dollars per share)	27.47
Outstanding, ending balance (in dollars per share)	30.70	$ 30.07
Exercisable (in dollars per share)	$ 30.70
Average Remaining Contractual Term
Outstanding (term)	4 years 1 month 28 days
Exercisable (term)	4 years 1 month 28 days
Aggregate Intrinsic Value
Exercised	$ 7.0	$ 3.8	$ 7.9
Outstanding	22.5
Exercisable	$ 22.5

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SHARE-BASED PAYMENTS - Stock Appreciation Rights (SARs) Awards (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended	12 Months Ended
	Nov. 25, 2018	May 31, 2020	May 26, 2019	May 30, 2021
Pinnacle Foods Inc. (Pinnacle)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares (in shares)	2.0
Weighted average grant date price (in dollars per share)	$ 36.37
Fair value of replacement awards granted attributable to pre-combination service	$ 36,300,000
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)		$ (300,000)	$ (13,700,000)
Income related to mark-to-market of the liability			14,000,000.0
Expense for accelerated vesting of awards			200,000
Tax benefit		$ 100,000	$ 3,400,000
Stock Appreciation Rights (SARs) | Pinnacle Foods Inc. (Pinnacle)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares (in shares)	2.3
Weighted average grant date price (in dollars per share)	$ 36.37
Fair value of replacement awards granted attributable to pre-combination service	$ 14,800,000			$ 0

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PRE-TAX INCOME AND INCOME TAXES - Schedule of Pre-Tax Income from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Income Tax Contingency [Line Items]
Total before tax	$ 1,494.7	$ 1,043.1	$ 899.1
United States
Income Tax Contingency [Line Items]
Total before tax	1,426.5	978.3	826.6
Foreign
Income Tax Contingency [Line Items]
Total before tax	$ 68.2	$ 64.8	$ 72.5

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PRE-TAX INCOME AND INCOME TAXES - Schedule of the Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Current
Federal	$ 232.6	$ 188.2	$ 125.4
State	31.8	25.5	22.6
Foreign	15.3	9.5	21.6
Current provision for income taxes	279.7	223.2	169.6
Deferred
Federal	(63.5)	37.6	40.1
State	(26.1)	(62.3)	19.0
Foreign	3.7	2.8	(9.9)
Deferred provision for income taxes	(85.9)	(21.9)	49.2
Total provision for income taxes	$ 193.8	$ 201.3	$ 218.8

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PRE-TAX INCOME AND INCOME TAXES - Reconciliation of Income Taxes to the Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Income Tax Disclosure [Abstract]
Computed U.S. Federal income taxes	$ 313.9	$ 219.0	$ 188.8
State income taxes, net of U.S. Federal tax impact	37.4	29.6	34.1
Goodwill and intangible impairments	13.6	11.2	12.5
Remeasurement of deferred taxes due to legal entity reorganization	35.8	(40.9)	16.9
State tax impact of combining Pinnacle business	0.0	0.0	(12.0)
Change of valuation allowance on capital loss carryforward	(188.5)	0.0	(32.2)
Other	(18.4)	(17.6)	10.7
Total provision for income taxes	$ 193.8	$ 201.3	$ 218.8

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PRE-TAX INCOME AND INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Tax Credit Carryforward [Line Items]
Income taxes paid, net of refunds	$ 286.3	$ 178.0	$ 133.8
Liabilities for gross unrecognized tax benefits	33.0	35.8
Related liability for gross interest and penalties	8.8	7.4
Tax positions for which deductibility is high but timing is uncertain	0.8
Interest and penalties recognized	1.4	(4.3)	1.2
Net amount of unrecognized tax benefits that, if recognized, would favorably impact effective tax rate	28.2	30.3
Estimated decrease in gross unrecognized tax benefits	13.2
Foreign net operating loss carryforwards	13.3
Foreign net operating loss carryforwards (expiring between fiscal 2022 and 2042)	9.8
Foreign net operating loss carryforwards with no expiration dates	3.5
Federal net operating loss carryforwards	106.8
Tax effected state net operating loss carryforwards	30.7
Foreign tax credits (expiring between fiscal 2025 and 2031)	14.3
State tax credits	5.2
Net decrease in valuation allowance	653.9	$ 9.8	$ 1.5
Capital loss carryforwards
Tax Credit Carryforward [Line Items]
Tax effected state net operating loss carryforwards	3.8
Capital loss carryforwards | United States
Tax Credit Carryforward [Line Items]
Capital loss carryforwards related to the private brands divestiture	1,900.0
Capital loss carryforwards | State
Tax Credit Carryforward [Line Items]
Capital loss carryforwards related to the private brands divestiture	$ 91.9
Minimum
Tax Credit Carryforward [Line Items]
Statutes of limitations, term	3 years
Maximum
Tax Credit Carryforward [Line Items]
Statutes of limitations, term	5 years

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PRE-TAX INCOME AND INCOME TAXES - Schedule of the Tax Effect of Temporary Differences and Carryforwards (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Assets
Inventory	$ 19.5	$ 19.5
Accrued expenses	12.0	13.4
Compensation related liabilities	36.5	36.3
Pension and other postretirement benefits		35.2
Lease liabilities	54.4	61.3
Other liabilities that will give rise to future tax deductions	96.2	88.1
Net capital and operating loss carryforwards	53.8	753.4
Federal credits	16.1	17.5
Other	33.9	52.7
Gross deferred tax assets	322.4	1,077.4
Less: Valuation allowance	(67.5)	(728.3)
Net deferred taxes	254.9	349.1
Liabilities
Property, plant and equipment	281.7	258.4
Goodwill, trademarks and other intangible assets	1,118.4	1,108.4
Right-of-use assets	45.5	51.0
Pension and other postretirement benefits	9.8
Investment in unconsolidated subsidiaries	2.6	196.2
Other	33.1	31.8
Gross deferred tax liabilities	1,491.1	1,645.8
Net deferred taxes	$ 1,491.1	$ 1,645.8

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PRE-TAX INCOME AND INCOME TAXES - Schedule of Change in Unrecognized Tax Benefits (Details) $ in Millions	12 Months Ended
	May 30, 2021 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Beginning balance	$ 35.8
Increases from positions established during prior periods	0.8
Decreases from positions established during prior periods	(2.6)
Increases from positions established during the current period	2.6
Reductions resulting from lapse of applicable statute of limitation	(4.3)
Other adjustments to liability	0.7
Ending balance	$ 33.0

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LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Schedule Of Lease [Line Items]
Lessee, operating lease, existence of option to extend	true
Lessee, operating lease, existence of option to terminate	true
Lessee, finance lease, existence of option to extend	true
Lessee, finance lease, existence of option to terminate	true
Operating lease cost	$ 51.0	$ 63.7
Rent expense under all operating leases			$ 83.5
Non-cash issuances of capital lease obligations			$ 23.5
Lessee, lease payment not yet commenced	272.2
Future minimum lease commitment	$ 257.7
Pinnacle Integration Restructuring Plan | SG&A expenses
Schedule Of Lease [Line Items]
Operating lease cost		9.9
Impairments of ROU assets		$ 2.9

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LEASES - Schedule of Operating and Finance Leases Reported in Balance Sheet (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Leases [Abstract]
ROU assets, net	$ 188.5	$ 209.3
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liabilities (current)	$ 36.6	$ 44.4
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Lease liabilities (noncurrent)	$ 188.3	$ 206.1
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
ROU assets, at cost	$ 217.6	$ 220.4
Less accumulated depreciation	(60.2)	(53.6)
ROU assets, net	$ 157.4	$ 166.8
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet	us-gaap:PropertyPlantAndEquipmentNet
Lease liabilities (current)	$ 23.1	$ 22.2
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current installments of long-term debt	Current installments of long-term debt
Lease liabilities (noncurrent)	$ 116.0	$ 132.9
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Senior long-term debt, excluding current installments	Senior long-term debt, excluding current installments

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LEASES - Components of Total Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
Lease Cost [Abstract]
Operating lease cost	$ 51.0	$ 63.7
Finance lease cost
Depreciation of leased assets	19.0	15.4
Interest on lease liabilities	8.2	9.1
Short-term lease cost	5.1	3.8
Total lease cost	$ 83.3	$ 92.0

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LEASES - Schedule of Weighted-Average Remaining Lease Terms and Weighted-Average Discount Rate for Leases (Details)	May 30, 2021	May 31, 2020
Leases [Abstract]
Operating Leases, Weighted-average remaining lease term (in years)	8 years 1 month 6 days	8 years 6 months
Operating Leases, Weighted-average discount rate	3.51%	3.61%
Finance Leases, Weighted-average remaining lease term (in years)	7 years 8 months 12 days	8 years
Finance Leases, Weighted-average discount rate	4.95%	5.29%

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LEASES - Schedule of Cash Flows Arising from Lease Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
Leases [Abstract]
Operating cash outflows from operating leases	$ 56.0	$ 59.5
Operating cash outflows from finance leases	8.3	9.2
Financing cash outflows from finance leases	24.3	22.5
Operating leases	21.1	41.6
Finance leases	$ 26.1	$ 12.2

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LEASES - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	May 30, 2021 USD ($)
Leases [Abstract]
Operating Leases, 2022	$ 46.5
Operating Leases, 2023	41.2
Operating Leases, 2024	32.4
Operating Leases, 2025	24.4
Operating Leases, 2026	20.9
Operating Leases, Later years	102.8
Operating Leases, Total lease payments	268.2
Less: Operating Leases, Imputed interest	(43.3)
Operating Leases, Total lease liabilities	$ 224.9
Operating Lease, Liability, Statement of Financial Position [Extensible List]	cag:OtherAccruedLiabilitiesAndOtherNoncurrentLiabilitiesMember
Finance Leases, 2022	$ 28.5
Finance Leases, 2023	25.3
Finance Leases, 2024	20.4
Finance Leases, 2025	18.3
Finance Leases, 2026	15.0
Finance Leases, Later years	63.9
Finance Leases, Total lease payments	171.4
Less: Finance Leases, Imputed interest	(32.3)
Finance Leases, Total lease liabilities	139.1
2022	75.0
2023	66.5
2024	52.8
2025	42.7
2026	35.9
Later years	166.7
Total lease payments	439.6
Less: Imputed interest	(75.6)
Total lease liabilities	$ 364.0

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CONTINGENCIES (Details)			12 Months Ended
	Jun. 21, 2021 USD ($)	Jan. 27, 2014 USD ($) defendant	May 30, 2021 USD ($) suit Installment site period	Sep. 04, 2018 USD ($)
Guarantee Obligations [Line Items]
Threshold amount for environmental matters			$ 1,000,000.0
Lamb Weston
Guarantee Obligations [Line Items]
Number of optional extension periods | period			1
Period of optional extensions			5 years
Beatrice
Guarantee Obligations [Line Items]
Number of sites under environmental matters for which acquired company has a liability | site			40
Accrual for environmental matters			$ 55,600,000
Beatrice | Other accrued liabilities
Guarantee Obligations [Line Items]
Accrual for environmental matters			2,400,000
Beatrice | Other noncurrent liabilities
Guarantee Obligations [Line Items]
Accrual for environmental matters			53,200,000
Performance and payment guarantee for Lamb Weston
Guarantee Obligations [Line Items]
Guarantee under sublease agreement (maximum)			75,000,000.0
Performance and payment of all amounts under sublease agreement
Guarantee Obligations [Line Items]
Guarantee under sublease agreement (maximum)			$ 13,900,000
Remaining lease terms			6 years
Illinois
Guarantee Obligations [Line Items]
Remaining defendants in active suits | suit			1
California | Beatrice
Guarantee Obligations [Line Items]
Number of other defendants | defendant		2
Estimate of possible loss		$ 1,150,000,000		$ 409,000,000.0
Total payments to be made under settlement			$ 101,700,000
Number of annual installments to be made | Installment			7
California | Beatrice | Maximum
Guarantee Obligations [Line Items]
Litigation settlement, amount of guarantee provided			$ 15,000,000.0
California | Beatrice | Minimum | Other accrued liabilities
Guarantee Obligations [Line Items]
Amount accrued			11,600,000
California | Beatrice | Minimum | Other noncurrent liabilities
Guarantee Obligations [Line Items]
Amount accrued			$ 52,000,000.0
California | Negrete | Other accrued liabilities | Subsequent Event
Guarantee Obligations [Line Items]
Litigation settlement payment	$ 9,000,000.0

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DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Nov. 29, 2020	Nov. 25, 2018	May 30, 2021	May 31, 2020	May 26, 2019	May 27, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Period to hedge portion of anticipated consumption of commodity inputs (up to)			36 months
Gain recognized in other comprehensive income			$ 0.4	$ (7.1)	$ 45.5
Deferred gain in AOCI upon settlement of contracts			8,631.4	7,950.7	7,463.7	$ 3,756.6
Setoff amounts applied against total derivative assets			7.4	0.4
Setoff amounts applied against total derivative liabilities			5.4	1.5
Level 2
Derivative Instruments, Gain (Loss) [Line Items]
Maximum amount of loss due to credit risk of counterparties			2.5
Prepaid expenses and other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Amounts representing a right to reclaim cash collateral				1.1
Amount representing obligation to return cash			2.0
Cash flow hedge, Pinnacle
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in other comprehensive income		$ 47.5
Write off of debt cost of early extinguishment debt	$ 0.5
Commodity contracts | Purchase contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of contracts			148.8	102.0
Commodity contracts | Sales contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of contracts			159.4	3.4
Foreign currency forward and cross currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of contracts			111.4	107.6
Derivative adjustments, net of reclassification adjustments
Derivative Instruments, Gain (Loss) [Line Items]
Deferred gain in AOCI upon settlement of contracts			24.3	$ 26.3	$ 34.0
Derivative adjustments, net of reclassification adjustments | Cash flow hedge, Pinnacle
Derivative Instruments, Gain (Loss) [Line Items]
Deferred gain in AOCI upon settlement of contracts			$ 38.2

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DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Assets and Liabilities and Amounts Representing Right to Reclaim or Obligation to Return Cash Collateral (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Prepaid expenses and other current assets	$ 15.5	$ 8.0
Other accrued liabilities	$ 6.9	$ 0.4

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DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Assets and Liabilities on a Gross Basis (Details) - Total derivatives not designated as hedging instruments - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 22.9	$ 8.4
Derivative Liabilities	12.3	1.9
Commodity contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	22.9	3.3
Commodity contracts | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	5.4	1.9
Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets		$ 5.1
Foreign exchange contracts | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 6.9

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DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Location and Amount of Gain (Loss) from Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Derivatives, Fair Value [Line Items]
Total losses from derivative instruments not designated as hedging instruments	$ 9.5	$ (12.9)	$ (3.6)
Commodity contracts | Cost of goods sold
Derivatives, Fair Value [Line Items]
Total losses from derivative instruments not designated as hedging instruments	26.6	(18.4)	(5.3)
Foreign exchange contracts | Cost of goods sold
Derivatives, Fair Value [Line Items]
Total losses from derivative instruments not designated as hedging instruments	$ (17.1)	$ 5.5	$ 1.7

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PENSION AND POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended
	Jan. 31, 2020	Feb. 23, 2020	Aug. 25, 2019	May 30, 2021	May 31, 2020	May 26, 2019	Dec. 31, 2019	Nov. 24, 2019	May 27, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of certain investments				$ 52,200,000
Fair value of funds which have imposed such gates				0
Expense related to expected incurrence of certain multi-employer plan withdrawal costs						$ 300,000
Expense related to defined contribution plans				$ 47,600,000	$ 49,900,000	39,900,000
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Maximum allowable funding percentage to be in critical status				65.00%
Maximum allowable funding percentage to be in endangered status				80.00%
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Minimum required funding percentage to be in the green zone				80.00%
Percentage of plan's total contribution under Forms 5500 (more than)				5.00%
Private equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Unfunded commitments for additional investments				$ 32,600,000
Natural resources funds
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Unfunded commitments for additional investments				$ 10,900,000
Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target allocation (percent)				90.00%
Return seeking securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target allocation (percent)				10.00%
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Pension curtailment loss within other comprehensive income (loss)	$ 200,000			$ 200,000	$ 800,000
Effective discount rate assumption	3.86%	2.96%		3.04%	2.98%		3.37%	3.89%
Increase to underfunded status of the pension plans	$ 4,300,000				$ (800,000)
Lump-sum settlement payment		$ 154,600,000			156,300,000
Settlement gain		2,100,000			2,100,000
Benefit to other comprehensive income (loss)		$ 79,800,000
Accumulated benefit obligation				$ 3,740,000,000	3,870,000,000
Charge reflecting year-end write-off of actuarial losses				$ 800,000	$ 44,800,000	$ 5,100,000
Charge reflecting year-end write-off of actuarial losses percentage				10.00%	10.00%	10.00%
Anticipated contributions in fiscal 2022				$ 12,300,000
Pension Plans | Facility Closing
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Pension curtailment loss within other comprehensive income (loss)			$ 600,000
Effective discount rate assumption			3.13%						3.90%
Increase to underfunded status of the pension plans			$ 12,300,000
Postretirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Pension curtailment loss within other comprehensive income (loss)						$ (600,000)
Effective discount rate assumption				2.51%	2.39%
Lump-sum settlement payment				$ 300,000	$ 100,000
Settlement gain				500,000	$ 200,000	$ 1,000,000.0
Anticipated contributions in fiscal 2022				$ 9,000,000.0

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PENSION AND POSTRETIREMENT BENEFITS - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Jan. 31, 2020	Feb. 23, 2020	May 30, 2021	May 31, 2020	May 26, 2019
Change in Plan Assets
Fair value of plan assets at beginning of year			$ 3,820.4
Fair value of plan assets at end of year			3,848.8	$ 3,820.4
Pension Plans
Change in Benefit Obligation
Benefit obligation at beginning of year			3,872.5	3,733.2
Service cost			11.6	11.5	$ 10.9
Interest cost			86.8	118.4	132.6
Actuarial loss (gain)			(37.4)	411.6
Plan settlements				(201.7)
Curtailments	$ 4.3			(0.8)
Benefits paid			(196.8)	(199.3)
Currency			2.5	(0.4)
Benefit obligation at end of year			3,739.2	3,872.5	3,733.2
Change in Plan Assets
Fair value of plan assets at beginning of year			3,820.4	3,601.5
Actual return on plan assets			194.6	557.5
Employer contributions			27.6	17.5
Plan settlements		$ (154.6)		(156.3)
Benefits paid			(196.8)	(199.3)
Currency			3.0	(0.5)
Fair value of plan assets at end of year			3,848.8	3,820.4	3,601.5
Postretirement Plans
Change in Benefit Obligation
Benefit obligation at beginning of year			89.8	91.2
Service cost			0.2	0.1	0.1
Interest cost			1.5	2.6	3.8
Actuarial loss (gain)			(2.3)	3.0
Plan settlements			(0.3)	(0.1)
Benefits paid			(8.5)	(6.9)
Currency			1.1	(0.1)
Benefit obligation at end of year			81.5	89.8	91.2
Change in Plan Assets
Fair value of plan assets at beginning of year			3.4	3.4
Actual return on plan assets			0.2	0.1
Employer contributions			8.5	6.9
Plan settlements			(0.3)	(0.1)
Benefits paid			(8.5)	(6.9)
Fair value of plan assets at end of year			$ 3.3	$ 3.4	$ 3.4

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PENSION AND POSTRETIREMENT BENEFITS - Schedule of Funded Status and Amounts Recognized (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020	Feb. 23, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 24, 2019
Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Funded Status	$ 109.6	$ (52.1)
Amounts Recognized in Consolidated Balance Sheets
Other assets	245.0	202.4
Other accrued liabilities	(10.3)	(8.9)
Other noncurrent liabilities	(125.1)	(245.6)
Net Amount Recognized	109.6	(52.1)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	(41.5)	51.2
Net prior service cost (benefit)	6.2	8.6
Total	$ (35.3)	$ 59.8
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 30, 2021 and May 31, 2020
Discount rate	3.04%	2.98%	2.96%	3.86%	3.37%	3.89%
Postretirement Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Funded Status	$ (78.2)	$ (86.4)
Amounts Recognized in Consolidated Balance Sheets
Other assets	3.0	2.9
Other accrued liabilities	(9.0)	(10.0)
Other noncurrent liabilities	(72.2)	(79.3)
Net Amount Recognized	(78.2)	(86.4)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss (gain)	(12.9)	(15.0)
Net prior service cost (benefit)	(38.4)	(40.1)
Total	$ (51.3)	$ (55.1)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 30, 2021 and May 31, 2020
Discount rate	2.51%	2.39%

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PENSION AND POSTRETIREMENT BENEFITS - Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Compensation And Retirement Disclosure [Abstract]
Projected benefit obligation	$ 135.4	$ 1,062.8
Accumulated benefit obligation	$ 135.4	1,062.8
Fair value of plan assets		$ 808.2

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PENSION AND POSTRETIREMENT BENEFITS - Components of Pension and Postretirement Plan Costs (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Jan. 31, 2020	Feb. 23, 2020	May 30, 2021	May 31, 2020	May 26, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Total pension and postretirement cost (benefit)			$ (30.9)	$ 12.4	$ (16.4)
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost			11.6	11.5	10.9
Interest cost			86.8	118.4	132.6
Expected return on plan assets			(140.0)	(170.2)	(174.4)
Amortization of prior service cost (benefit)			2.3	2.7	3.1
Recognized net actuarial loss (gain)			0.8	44.8	5.1
Settlement gain		$ (2.1)		(2.1)
Curtailment loss (gain)	$ 0.2		0.2	0.8
Total pension and postretirement cost (benefit)			(38.3)	5.9	(22.7)
Postretirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost			0.2	0.1	0.1
Interest cost			1.5	2.6	3.8
Amortization of prior service cost (benefit)			(2.1)	(2.1)	(2.2)
Recognized net actuarial loss (gain)			(3.5)	(4.6)	(1.4)
Settlement gain			(0.5)	(0.2)	(1.0)
Curtailment loss (gain)					(0.6)
Total pension and postretirement cost (benefit)			(4.4)	(4.2)	(1.3)
Multi-employer plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Total pension and postretirement cost (benefit)			$ 7.4	$ 6.5	$ 6.3

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PENSION AND POSTRETIREMENT BENEFITS - Schedule of Other Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Currency translation adjustments	$ 51.8	$ (41.3)	$ 0.2
Net amount recognized	68.8	43.2	$ (34.0)
Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial gain (loss)	92.0	21.9
Amortization of prior service cost (benefit)	2.3	2.7
Settlement and curtailment loss (gain)	0.2	(1.3)
Recognized net actuarial loss (gain)	0.8	44.8
Currency translation adjustments	(0.2)	0.0
Net amount recognized	95.1	68.1
Postretirement Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial gain (loss)	2.5	(2.9)
Amortization of prior service cost (benefit)	(2.1)	(2.1)
Settlement and curtailment loss (gain)	(0.5)	(0.2)
Recognized net actuarial loss (gain)	(3.5)	(4.6)
Currency translation adjustments	(0.2)	0.0
Net amount recognized	$ (3.8)	$ (9.8)

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PENSION AND POSTRETIREMENT BENEFITS - Weighted Average Actuarial Assumption Used to Determine Net Expense (Details)	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	2.98%	3.88%	4.15%
Long-term rate of return on plan assets	3.74%	4.77%	5.17%
Long-term rate of compensation increase			3.63%
Postretirement Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	2.39%	3.48%	3.81%

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PENSION AND POSTRETIREMENT BENEFITS - Schedule of Fair Value of Plan Assets, Summarized by Level (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	$ 3,848.8	$ 3,820.4
Level 1
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	213.1	196.6
Level 2
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	3,372.3	3,382.8
Level 3
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Total
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	3,585.4	3,579.4
Measured at net asset value
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	263.4	241.0
Cash and cash equivalents
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	92.5	82.0
Cash and cash equivalents | Level 1
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	7.5	10.1
Cash and cash equivalents | Level 2
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	85.0	71.9
Cash and cash equivalents | Level 3
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
U.S. equity securities
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	172.6	146.1
U.S. equity securities | Level 1
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	78.0	63.9
U.S. equity securities | Level 2
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	94.6	82.2
U.S. equity securities | Level 3
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
International equity securities
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	122.4	93.1
International equity securities | Level 1
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	121.9	92.4
International equity securities | Level 2
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.5	0.7
International equity securities | Level 3
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Government bonds
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	772.6	743.9
Government bonds | Level 1
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Government bonds | Level 2
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	772.6	743.9
Government bonds | Level 3
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Corporate bonds
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	2,407.2	2,461.7
Corporate bonds | Level 1
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Corporate bonds | Level 2
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	2,407.2	2,461.7
Corporate bonds | Level 3
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Mortgage-backed bonds
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	12.4	22.4
Mortgage-backed bonds | Level 1
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Mortgage-backed bonds | Level 2
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	12.4	22.4
Mortgage-backed bonds | Level 3
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Real estate funds
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Real estate funds | Level 1
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Real estate funds | Level 2
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Real estate funds | Level 3
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Net receivables for unsettled transactions
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	5.7	30.2
Net receivables for unsettled transactions | Level 1
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	5.7	30.2
Net receivables for unsettled transactions | Level 2
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	0.0	0.0
Net receivables for unsettled transactions | Level 3
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total pension plan assets	$ 0.0	$ 0.0

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PENSION AND POSTRETIREMENT BENEFITS - Schedule of Pension Plan Weighted-Average Asset Allocations and Target Asset Allocations (Details)	May 30, 2021	May 31, 2020
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	100.00%	100.00%
Equity securities
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	8.00%	6.00%
Debt securities
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	83.00%	85.00%
Real estate funds
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	1.00%	1.00%
Private equity
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	3.00%	3.00%
Other
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	5.00%	5.00%

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PENSION AND POSTRETIREMENT BENEFITS - Schedule of Assumed Health Care Cost Trend Rates (Details)	12 Months Ended
	May 30, 2021	May 31, 2020
Assumed Health Care Cost Trend Rates at:
Initial health care cost trend rate	6.53%	6.22%
Ultimate health care cost trend rate	4.44%	4.43%
Year that the rate reaches the ultimate trend rate	2029	2024

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PENSION AND POSTRETIREMENT BENEFITS - Schedule of Estimated Future Gross Benefit Payments (Details) $ in Millions	May 30, 2021 USD ($)
Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
2022	$ 201.6
2023	203.0
2024	204.7
2025	206.1
2026	207.3
Succeeding 5 years	1,031.1
Postretirement Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
2022	9.1
2023	8.4
2024	7.7
2025	7.1
2026	6.5
Succeeding 5 years	$ 25.2

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PENSION AND POSTRETIREMENT BENEFITS - Schedule of Contributions for Plans That Are Not Individually Significant (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Multiemployer Plans [Line Items]
Entity Tax Identification Number	47-0248710
Total Contributions	$ 7.4	$ 6.5	$ 6.0
Bakery and Confectionary Union and Industry International Pension Plan
Multiemployer Plans [Line Items]
Entity Tax Identification Number	52-6118572
PN	001
Pension Protection Act Zone Status		Red	Red
FIP / RP Status	Implemented
Total Contributions	$ 0.0	$ 0.0	$ 0.1
Surcharge Imposed	No
Central States, Southeast and Southwest Areas Pension Fund
Multiemployer Plans [Line Items]
Entity Tax Identification Number	36-6044243
PN	001
Pension Protection Act Zone Status		Red	Red
FIP / RP Status	Implemented
Total Contributions	$ 2.2	$ 2.0	$ 1.8
Surcharge Imposed	No
Expiration Dates of Collective Bargaining Agreements	May 31, 2021
Western Conference of Teamsters Pension Plan
Multiemployer Plans [Line Items]
Entity Tax Identification Number	91-6145047
PN	001
Pension Protection Act Zone Status		Green	Green
FIP / RP Status	NA
Total Contributions	$ 3.8	$ 3.2	$ 3.2
Surcharge Imposed	No
Expiration Dates of Collective Bargaining Agreements	Jun. 30, 2022
Other Plans
Multiemployer Plans [Line Items]
Total Contributions	$ 1.4	$ 1.3	$ 0.9

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FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Assets:
Derivative assets	$ 15.5	$ 8.0
Marketable securities	6.6	8.1
Deferred compensation assets	8.8	8.6
Total assets	30.9	24.7
Liabilities:
Derivative liabilities	6.9	0.4
Deferred compensation liabilities	81.0	68.0
Total liabilities	87.9	68.4
Level 1
Assets:
Derivative assets	13.0	2.8
Marketable securities	6.6	8.1
Deferred compensation assets	8.8	8.6
Total assets	28.4	19.5
Liabilities:
Derivative liabilities	0.0	0.0
Deferred compensation liabilities	81.0	68.0
Total liabilities	81.0	68.0
Level 2
Assets:
Derivative assets	2.5	5.2
Marketable securities	0.0	0.0
Deferred compensation assets	0.0
Total assets	2.5	5.2
Liabilities:
Derivative liabilities	6.9	0.4
Deferred compensation liabilities	0.0	0.0
Total liabilities	6.9	0.4
Level 3
Assets:
Derivative assets	0.0	0.0
Marketable securities	0.0	0.0
Deferred compensation assets	0.0
Total assets	0.0	0.0
Liabilities:
Derivative liabilities	0.0	0.0
Deferred compensation liabilities	0.0	0.0
Total liabilities	$ 0.0	$ 0.0

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FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Nov. 24, 2019	May 30, 2021	May 31, 2020	May 26, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Increase in long-lived assets		$ 27.4
Asset impairment charges		95.5	$ 259.9	$ 93.8
Carrying amount of long-term debt (including current installments)		8,300.0	9,750.0
Estimated fair value of debt		9,760.0	11,350.0
Grocery & Snacks
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Indefinite-lived brand impairment charges		13.0	46.4	76.5
Asset impairment charges		3.0	54.4
International
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Indefinite-lived brand impairment charges		1.0	8.3	13.1
Refrigerated & Frozen
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Indefinite-lived brand impairment charges		$ 76.9	110.8
Asset impairment charges	$ 27.6		3.8
Corporate segment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges			$ 2.9	$ 2.7
Minimum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-lived assets additional depreciation in future periods		15 years
Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-lived assets additional depreciation in future periods		25 years

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BUSINESS SEGMENTS AND RELATED INFORMATION - Narrative (Details) $ in Millions	12 Months Ended
	May 30, 2021 USD ($) segment	May 31, 2020 USD ($)	May 26, 2019 USD ($)
Revenue, Major Customer [Line Items]
Number of reportable segments | segment	4
Cumulative net derivative gains from economic hedges recognized in general corporate expenses	$ 11.5
Net gains incurred	13.5
Net losses incurred in prior fiscal years		$ 2.0
Gains expected to be reclassified in fiscal 2022	11.2
Gains expected to be reclassified in fiscal 2023 and thereafter	0.3
Total depreciation expense	328.0	329.1	$ 283.9
Net sales	$ 11,184.7	$ 11,054.4	$ 9,538.4
Customer concentration risk | Wal-Mart Stores, Inc. and affiliates | Net sales
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	26.00%	26.00%	24.00%
Customer concentration risk | Wal-Mart Stores, Inc. and affiliates | Net receivables
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	31.00%	30.00%
Customer concentration risk | Kroger Co. and affiliates | Net receivables
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	11.00%	10.00%
Non-US
Revenue, Major Customer [Line Items]
Net sales	$ 960.5	$ 946.8	$ 919.5

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BUSINESS SEGMENTS AND RELATED INFORMATION - Schedule of Segment Operations (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Net sales
Total net sales	$ 11,184.7	$ 11,054.4	$ 9,538.4
Operating profit
Total operating profit	2,141.0	1,815.6	1,641.8
Equity method investment earnings	84.4	73.2	75.8
General corporate expenses	364.8	368.5	462.2
Pension and postretirement non-service income	54.5	9.9	35.1
Interest expense, net	420.4	487.1	391.4
Income tax expense	193.8	201.3	218.8
Income from continuing operations	1,300.9	841.8	680.3
Less: Net income attributable to noncontrolling interests	2.1	1.7	0.1
Income from continuing operations attributable to Conagra Brands, Inc.	1,298.8	840.1	680.2
Frozen
Net sales
Total net sales	3,948.0	3,735.5	2,994.8
Other Shelf-stable
Net sales
Total net sales	2,838.0	2,902.8	2,426.7
Refrigerated
Net sales
Total net sales	826.6	824.1	740.6
Snacks
Net sales
Total net sales	1,799.5	1,714.3	1,496.9
International
Net sales
Total net sales	938.6	925.3	864.4
Foodservice
Net sales
Total net sales	834.0	952.4	1,015.0
Grocery & Snacks
Net sales
Total net sales	4,637.5	4,617.1	3,923.6
Operating profit
Total operating profit	1,093.8	915.2	762.6
Refrigerated & Frozen
Net sales
Total net sales	4,774.6	4,559.6	3,735.4
Operating profit
Total operating profit	836.5	702.2	645.1
International
Net sales
Total net sales	938.6	925.3	864.4
Operating profit
Total operating profit	131.8	100.6	99.8
Foodservice
Net sales
Total net sales	834.0	952.4	1,015.0
Operating profit
Total operating profit	$ 78.9	$ 97.6	$ 134.3

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BUSINESS SEGMENTS AND RELATED INFORMATION - Schedule of Net Derivative Gains (Losses) from Economic Hedges of Forecasted Commodity Consumption and Foreign Currency Risk (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	$ 13.5
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	9.5	$ (12.9)	$ (3.6)
Commodity contracts | Reporting segments
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	(6.1)	(7.4)	(1.8)
Commodity contracts | Reporting segments | Net derivative losses allocated to Grocery & Snacks
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	(2.3)	(4.7)	(2.5)
Commodity contracts | Reporting segments | Net derivative losses allocated to Refrigerated & Frozen
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	(1.7)	(2.5)	(1.5)
Commodity contracts | Reporting segments | Net derivative gains (losses) allocated to International
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	(1.7)	0.1	2.8
Commodity contracts | Reporting segments | Net derivative losses allocated to Foodservice
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	(0.4)	(0.3)	(0.6)
Commodity contracts | Corporate
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	$ 15.6	$ (5.5)	$ (1.8)