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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

)