10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

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

For the fiscal year ended May 29, 2016

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 FOODS, 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	Name of each exchange on which registered
Common Stock, $5.00 par value	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  þ    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  þ

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  þ    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    Yes  þ    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    þ

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  þ Accelerated filer  ¨

Non-accelerated filer    ¨  (Do not check if a smaller reporting company) Smaller reporting company   ¨

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

The aggregate market value of the voting common stock of ConAgra Foods, Inc. held by non-affiliates on November 29, 2015 (the last business day of the Registrant’s most recently completed second fiscal quarter) was approximately $18,081,494,300 based upon the closing sale price on the New York Stock Exchange on such date.

At June 26, 2016, 438,720,098 common shares were outstanding.

Documents Incorporated by Reference

Portions of the Registrant’s definitive Proxy Statement for the Registrant’s 2016 Annual Meeting of Stockholders (the “2016 Proxy Statement”) are incorporated by reference into Part III.

Table of Contents

PART I		1
Item 1	Business	1
Item 1A	Risk Factors	6
Item 1B	Unresolved Staff Comments	14
Item 2	Properties	14
Item 3	Legal Proceedings	15
Item 4	Mine Safety Disclosures	16
PART II		16
Item 5	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	16
Item 6	Selected Financial Data	17
Item 7	Management's Discussion and Analysis of Financial Condition and Results of Operations	18
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	38
Item 8	Financial Statements and Supplementary Data	40
	Consolidated Statements of Operations for the Fiscal Years Ended May 2016, 2015, and 2014	40
	Consolidated Statements of Comprehensive Income (Loss) for the Fiscal Years Ended May 2016, 2015, and 2014	41
	Consolidated Balance Sheets as of May 29, 2016 and May 31, 2015	42
	Consolidated Statements of Common Stockholders' Equity for the Fiscal Years Ended May 2016, 2015, and 2014	43
	Consolidated Statements of Cash Flows for the Fiscal Years Ended May 2016, 2015, and 2014	44
	Notes to Consolidated Financial Statements	45
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	92
Item 9A	Controls and Procedures	92
Item 9B	Other Information	94
Part III		94
Item 10	Directors, Executive Officers and Corporate Governance	94
Item 11	Executive Compensation	94
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	95
Item 13	Certain Relationships and Related Transactions, and Director Independence	95
Item 14	Principal Accountant Fees and Services	95
Part IV		96
Item 15	Exhibits and Financial Statement Schedules	96
Signatures		97
Schedule II		98
Exhibit Index		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 Foods, Inc., a Delaware corporation, together with its consolidated subsidiaries (collectively, the "Company," "we," "our" or us"), is one of North America's leading packaged food companies with recognized brands such as Marie Callender's®, Healthy Choice®, Slim Jim®, Hebrew National^®, Orville Redenbacher's^®, Peter Pan^®, Reddi-wip^®, PAM^®, Snack Pack^®,Banquet^®, Chef Boyardee^®, Egg Beaters^®, Hunt's^®, and many other ConAgra Foods brands found in grocery, convenience, mass merchandise, and club stores. We also have a strong business-to-business presence, supplying frozen potato and sweet potato products as well as other vegetable, spice, and grain products to a variety of well-known restaurants, foodservice operators, and commercial customers.

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 were reincorporated as a Delaware corporation in December 1975. Over time, through various acquisitions and divestitures, we changed the make-up of our company and focused on growing our branded food businesses to become the leading food company we are today. Making this shift involved acquiring a number of consumer food brands such as Banquet^®, Chef Boyardee^®, Marie Callender’s^®, and Alexia^®. We have divested our Private Brands business, milling business, dehydrated and fresh vegetable operations, a trading and merchandising business, packaged meat and cheese operations, and poultry, beef, and pork businesses, among others. Growing our food businesses has also been fueled by innovation, organic growth of our brands, and expansion into adjacent categories. We are focused on delivering sustainable, profitable growth with strong and improving returns on our invested capital.

In January 2013, we acquired Ralcorp Holdings, Inc. ("Ralcorp"), a manufacturer of private branded food. Since the acquisition of Ralcorp, we focused on addressing executional shortfalls and customer service issues intended to improve operating performance for the Private Brands business. However, after further review of the Private Brands business, we changed our strategic direction and divested the Private Brands business in the third quarter of fiscal 2016.

On November 18, 2015, we announced our plans to separate ConAgra Foods, Inc. into two public companies, Conagra Brands and Lamb Weston. The transaction, expected to be structured as a spinoff of the Lamb Weston business to the shareholders of ConAgra Foods, Inc. in the fall of calendar 2016, is expected to be tax free to the Company and its shareholders. During late fiscal 2016 and early fiscal 2017, we announced that we had entered into separate agreements to separately sell our Spicetec Flavors & Seasonings business and JM Swank businesses. Each of the transactions is subject to the satisfaction of customary closing conditions and is expected to be completed in the first quarter of fiscal 2017. All of these businesses are part of the Commercial Foods segment.

In fiscal 2016, we also announced the relocation of our corporate headquarters to Chicago, Illinois beginning in the summer of calendar year 2016. We completed the relocation in the first quarter of fiscal 2017. Our efficiency and effectiveness initiatives continue to be implemented with a high degree of customer focus, food safety and quality, and commitment to our people.

Financial Information about Reporting Segments

We report our operations in two reporting segments: Consumer Foods and Commercial Foods. The contributions of each reporting segment to net sales, operating profit, and identifiable assets are set forth in Note 21 “Business Segments and Related Information” to the consolidated financial statements.

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Narrative Description of Business

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

Consumer Foods

The Consumer Foods reporting segment principally includes branded food sold in various retail channels primarily in North America. Our food products are sold in a variety of categories (meals, entrees, condiments, pasta, sides, snacks, and desserts) in various retail channels across frozen, refrigerated, and shelf-stable temperature classes. Major brands include: ACT II^®, Banquet^®, Blue Bonnet^®, Chef Boyardee^®, DAVID^®, Egg Beaters^®, Healthy Choice^®, Hebrew National^®, Hunt’s^®, Marie Callender’s^®, Orville Redenbacher’s^®, PAM^®, Peter Pan^®, Reddi-wip^®, Slim Jim^®, Snack Pack^®, Swiss Miss^®, Van Camp’s^®, and Wesson^®.

Commercial Foods

The Commercial Foods reporting segment includes commercially branded and private label food and ingredients, which are sold primarily to commercial, foodservice, restaurant, food manufacturing, and industrial customers. The segment's primary food items include: frozen potato and sweet potato items and a variety of vegetable, spice, and frozen bakery goods, which are sold under brands such as Lamb Weston^® and Spicetec Flavors & Seasonings^®.

Unconsolidated Equity Investments

We have a number of unconsolidated equity investments. Our significant equity method investments include a milling business (see "Formation of Ardent Mills" below) and other domestic and international investments that produce and market potato products for retail and foodservice customers.

Acquisitions

In May 2015, we acquired Blake's All Natural Foods, a family-owned company specializing in all natural and organic frozen meals, including pot pies, casseroles, pasta dishes and other entrees. This business is included in the Consumer Foods segment.

In July 2014, we acquired TaiMei Potato Industry Limited, a potato processor in China. The purchase included property and equipment associated with making frozen potato products. This business is included in the Commercial Foods segment.

Discontinued Operations

On February 1, 2016, pursuant to a Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. ("Treehouse"). The Private Brands assets and liabilities have been reclassified as held for sale for all periods presented prior to the divestiture and the results of operations have been classified as discontinued operations for all periods presented.

Formation of Ardent Mills

On May 29, 2014, the Company, Cargill, Incorporated ("Cargill"), and CHS Inc. ("CHS"), completed the formation of Ardent Mills, which combined the North American flour milling operations and related businesses operated through the ConAgra Mills division of ConAgra Foods and the Horizon Milling joint venture of Cargill and CHS. We reflected the operating results of our legacy milling business as discontinued operations for all periods presented. Our equity in the earnings of Ardent Mills is reflected in our continuing operations.

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General

The following comments pertain to all of our reporting segments.

ConAgra Foods is a 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, the bulk 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 used 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.

We manufacture primarily for stock and 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 trademarks are of material importance to our business and are protected by registration or other means in the United States and most other markets where the related food items are sold. Some of our food items are sold under brands that have been licensed from others. 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.

Many of our facilities and products we make are subject to various laws and regulations administered by the United States Department of Agriculture, the Federal Food and Drug Administration, the Occupational Safety and Health Administration, and other federal, state, local, and foreign governmental agencies relating to the food safety and quality, sanitation, safety and health matters, and environmental control. We believe that we comply with such laws and regulations in all material respects and that continued compliance with such regulations will not have a material effect upon capital expenditures, earnings, or our competitive position.

Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 16%, 16%, and 17% of consolidated net sales for fiscal 2016, 2015, and 2014, respectively.

At May 29, 2016, ConAgra Foods and its subsidiaries had approximately 20,900 employees, primarily in the United States. Approximately 36% of our employees are parties to collective bargaining agreements. Of the employees subject to collective bargaining agreements, approximately 31% are parties to collective bargaining agreements scheduled to expire during fiscal 2017. We believe our relationships with employees and their representative organizations are good.

Research and Development

We employ processes at our principal manufacturing locations that emphasize applied research and technical services directed at product improvement and quality control. In addition, we conduct research activities related to the development of new products. Research and development expense was $66.7 million, $70.4 million, and $86.0 million in fiscal 2016, 2015, and 2014, respectively.

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EXECUTIVE OFFICERS OF THE REGISTRANT AS OF JULY 15, 2016

Name	Title & Capacity	Age	Year First Appointed an Executive Officer
Sean M. Connolly	President and Chief Executive Officer	51	2015
John F. Gehring	Executive Vice President, Chief Financial Officer	55	2004
Colleen R. Batcheler	Executive Vice President, General Counsel and Corporate Secretary	42	2008
David B. Biegger	Executive Vice President, Chief Supply Chain Officer	57	2015
Thomas M. McGough	President, Consumer Foods	51	2013
Charisse Brock	Executive Vice President, Chief Human Resources Officer	54	2015
Andrew G. Ross	Executive Vice President and Chief Strategy Officer	48	2011
Darren C. Serrao	Chief Growth Officer	50	2015
Thomas P. Werner	President, Commercial Foods	50	2015
Robert G. Wise	Senior Vice President, Corporate Controller	48	2012

Sean M. Connolly has served as our Chief Executive Officer and a member of our Board since April 6, 2015. Previously, he was President and Chief Executive Officer and a director of The Hillshire Brands Company (brand name food products company) from June 2012 to August 2014; Executive Vice President of Sara Lee Corporation (the former name of 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 (branded convenience food products), from October 2010 to December 2011; President, Campbell USA from 2008 to 2010; and President, North American Foodservice from 2007 to 2008. Before joining Campbell in 2002, he served in various marketing and brand management roles at Procter & Gamble (branded consumer product goods).

John F. Gehring has served as Executive Vice President, Chief Financial Officer since January 2009. Mr. Gehring joined ConAgra Foods as Vice President of Internal Audit in 2002, became Senior Vice President in 2003, and most recently served as Senior Vice President and Corporate Controller from July 2004 to January 2009. He served as ConAgra Foods' interim Chief Financial Officer from October 2006 to November 2006. Prior to joining ConAgra Foods, Mr. Gehring was a partner at Ernst & Young LLP (an accounting firm) from 1997 to 2001. Prior to the end of fiscal 2016, Mr. Gehring announced his retirement. Mr. Gehring will remain in his current role until a successor is in place and will assist with an orderly transition.

Colleen R. Batcheler has served as Executive Vice President, General Counsel and Corporate Secretary since September 2009 and Senior Vice President, General Counsel and Corporate Secretary from February 2008 until September 2009. Ms. Batcheler joined ConAgra Foods 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 Foods, Ms. Batcheler was Vice President and Corporate Secretary of Albertson's, Inc. (a retail food and drug chain). Previously, she was Associate Counsel with The Cleveland Clinic Foundation and an associate with Jones Day, LLP (a law firm).

David B. Biegger has served as Executive Vice President and Chief Supply Chain Officer since October 2015. Prior to joining ConAgra Foods, Mr. Biegger served as Senior Vice President, Global Supply Chain from February 2014 until October 2015 and was responsible for Campbell Soup Company's Global Supply Chain, including manufacturing, quality, safety, engineering, procurement, logistics, environmental sustainability and customer service. Prior to joining Campbell Soup Company, he spent 24 years in supply chain roles at Procter & Gamble Co.

Charisse Brock has served as Executive Vice President and Chief Human Resources Officer since November 2015 and Senior Vice President and Interim Chief Human Resources Officer since August 2015. Prior to serving in these roles, Ms. Brock served as Vice President of Human Resources for the Consumer Foods segment from September 2010 until August 2015. Ms. Brock joined ConAgra Foods in 2004 as Director of Human Resources supporting the Refrigerated Foods Group. Prior to joining ConAgra, she worked for 15 years at The Quaker Oats Company/PepsiCo in its Consumer Foods Division.

Thomas M. McGough has served as President of the Consumer Foods segment since May 2013. Mr. McGough joined ConAgra Foods in 2007 as Vice President in the Consumer Foods organization and has provided leadership for many brand teams within ConAgra Foods, including Banquet^®, Hunt's^®, and Reddi-wip^®. He most recently served as President, Grocery

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Products from 2011 until May 2013, leading the largest business within the Consumer Foods segment. Mr. McGough has over 20 of experience in the branded packaged foods industry and began his career at H.J. Heinz in 1990.

Darren C. Serrao has served as ConAgra Foods' Chief Growth Officer since August 2015. As head of the Growth Center of Excellence, Mr. Serrao leads efforts to bring together insights, innovation, research and development and marketing teams to improve connectivity and boost speed-to-market; ensuring strong insights lead to relevant and timely products with the right marketing support. Prior to joining the Company, Mr. Serrao served as senior vice president, chief marketing and commercial officer at Campbell Soup Company where he led the U.S. consumer business, Campbell's largest line of business. Prior to that, he served as vice president of innovation and business development for Campbell North America. Mr. Serrao has also held several profit and loss and marketing positions during his career, including roles with PepsiCo and Unilever.

Andrew G. Ross joined ConAgra Foods as Executive Vice President and Chief Strategy Officer in November 2011. Prior to joining ConAgra Foods, Mr. Ross was a principal at McKinsey & Company, Inc. (a consulting firm) from May 2002 until November 2011, where he led the firm's global consumer, retail, and marketing practices. Prior to that, he worked for William Grant & Sons, Ltd.

Thomas P. Werner was named President of Commercial Foods in May 2015. Prior to that, Mr. Werner served as Senior Vice President of Finance for our Private Brands and Commercial Foods operating segments from June 2013 to April 2015, Senior Vice President of Finance for the Lamb Weston operations within our Commercial Foods segment from May 2011 until June 2013, and Vice President of Supply Chain from December 2009 until May 2011. Mr. Werner originally joined ConAgra Foods in 1999 and has been in finance roles of increasing responsibility throughout his career across both of ConAgra Foods' operating segments.

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

OTHER SENIOR OFFICERS OF THE REGISTRANT AS OF JULY 15, 2016

Name	Title & Capacity	Age
Jonathan J. Harris	Senior Vice President, Chief Communications Officer	47
Brendy J. Sealock	Vice President, Internal Audit	43

Jonathan J. Harris joined ConAgra Foods in August 2015 as Senior Vice President and Chief Communications Officer. Mr. Harris is the former chief communications officer and senior vice president at Hillshire Brands where he oversaw all aspects of integrated communications. Prior to joining ConAgra Foods, Mr. Harris served as Senior Vice President, Global Communications for Sara Lee Corporation. Prior to that, Mr. Harris held leadership positions at Bally Total Fitness Corporation, PepsiCo, Ketchum Public Relations and Medicus Public Relations.

Brendy J. Sealock joined ConAgra Foods in 2006. Ms. Sealock was named to her current position in May 2016. She previously served the Company as Sr. Director Finance for the Canadian business from 2013 to 2016, as Director of Spicetec Flavors and Seasonings from 2010 to 2013, and various roles of increased responsibility in Internal Audit from 2006 to 2010. Prior to joining ConAgra Foods, she worked in public accounting for 11 years primarily at Deloitte LLP (an accounting firm) in the Auditing practice. Ms. Sealock is a CPA.

Foreign Operations

Foreign operations information is set forth in Note 21 “Business Segments and Related Information” to the consolidated financial statements.

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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.conagrafoods.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 ("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, Governance and Public Affairs Committee, and Human Resources Committee. Shareholders may also obtain copies of these items at no charge by writing to: Corporate Secretary, ConAgra Foods, Inc., 222 W. 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. 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.

Risks Relating to our Business

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

Our business and results of operations may 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), and the effects of governmental initiatives to manage economic conditions.

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

• consumers may shift purchases to more generic, lower-priced, or other value offerings, or may forego 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 Consumer Foods operations;

• decreased demand in the restaurant business, particularly casual and fine dining, which may adversely affect our Commercial Foods 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.

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.

As of May 29, 2016, we had a substantial amount of debt. We have the ability under our existing revolving credit facility to incur substantial additional debt. Our level of debt could have important consequences. For example, it could:

• make it more difficult for us to make payments on our debt;

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• 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;

• limit our ability to obtain additional financing in the future 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. A downgrade in our credit ratings would increase our borrowing costs and could affect our ability to issue commercial paper. 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.

We may not realize the benefits that we expect from our Supply Chain and Administrative Efficiency Plan, or SCAE Plan.

During fiscal 2014, we announced our Supply Chain and Administrative Efficiency Plan, or SCAE Plan, which was an expansion of the scope of the plan to integrate Ralcorp. The SCAE Plan includes steps to optimize the entire organization’s supply chain network and to improve selling, general and administrative effectiveness and efficiencies. Although the divestiture of the Private Brands business was completed in the third quarter of fiscal 2016, we will continue to implement portions of the SCAE Plan, including work related to optimizing our supply chain network and pursue cost reductions through our selling, general and administrative functions and productivity improvements. The successful design and implementation of the SCAE Plan presents significant organizational design and infrastructure challenges and in many cases will require successful negotiations with third parties, including labor organizations, suppliers, business partners, and other stakeholders. In addition, the SCAE 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 of the SCAE Plan, our ability to fund other initiatives may be adversely affected. Any failure to implement the SCAE Plan in accordance with our expectations could adversely affect our financial condition, results of operations and cash flows.

In addition, the complexity of the SCAE Plan will require a substantial amount of management and operational resources. Our management team must successfully implement administrative and operational changes necessary to achieve the anticipated benefits of the SCAE Plan. These and related demands on our resources may divert the organization’s attention from existing core businesses, integrating financial or other systems, have adverse effects on existing business relationships with suppliers and customers, and impact employee morale. As a result, our financial condition, results of operations or cash flows may be 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, 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. 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 sales in our Consolidated Statements of Operations and in unallocated corporate items in our segment operating results until

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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.

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 and ingredients. 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 profits could decrease if a reduction in prices or increased costs are not counterbalanced with increased sales volume.

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

During fiscal 2016, our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 16% of our net revenues. There can be no assurance that Wal-Mart Stores, 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.

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, strikes, 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.

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 and the growth of supercenters have produced large, sophisticated customers with increased buying power and negotiating strength who are more capable of resisting price increases and 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.

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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. If our products fail to meet consumer preferences, or 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.

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 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.

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 national, state, and local government agencies. The Food, Drug & Cosmetic Act, or the FDCA, 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. As previously disclosed, among the matters outstanding during fiscal 2016 related to the Company's 2007 peanut butter recall, was an investigation by the U.S. Attorney's office in Georgia and the Consumer Protection Branch of the Department of Justice. We cooperated with the U.S. Attorney’s office and the Department of Justice in regard to the investigation, and in May 2015, our subsidiary, ConAgra Grocery Products, entered into a plea agreement with the government, pursuant to which it agreed to plead guilty to a single misdemeanor under the Food, Drug & Cosmetics Act. The plea agreement is subject to the approval of the U.S. District Court for the Middle District of Georgia.

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

Maintaining a good reputation globally 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 our goals with respect to sodium or saturated fat; our research and development efforts; or our environmental impact, including use of agricultural materials,

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packaging, energy use, and waste management. 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.

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

Inflationary pressures and any shortages in the labor market could increase labor costs, which could have a material adverse effect on our operating results or financial condition. Our labor costs include the cost of providing employee benefits in the U.S. and foreign jurisdictions, including pension, health and welfare, and severance benefits. 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 obligations or future funding requirements could have a negative impact on our results of operations and cash flows from operations. Additionally, the annual costs of benefits vary with increased costs of health care and the outcome of collectively-bargained wage and benefit agreements.

If we fail to comply with the many laws applicable to our business, we may face lawsuits or incur significant fines and penalties.

Our facilities and products are subject to many laws and regulations administered by the United States Department of Agriculture, the Federal Food and Drug Administration, the Occupational Safety and Health Administration, and other federal, state, local, and foreign governmental agencies relating to the processing, packaging, storage, distribution, advertising, labeling, quality, and safety of food products, the health and safety of our employees, and the protection of the environment. 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. 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, which could 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 corn, wheat, and potatoes. 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.

We are increasingly dependent on information technology, and potential disruption, cyber attacks, security problems, and expanding social media vehicles present new risks.

We are increasingly dependent on information technology networks and systems, including the Internet, to process, transmit, and store electronic and financial information, to manage and support a variety of business processes and activities, and to comply with regulatory, legal, and tax requirements. If we do not allocate and effectively manage the resources necessary to

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build and sustain the proper technology infrastructure and to maintain and protect the related 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, litigation risks, and reputational damage from leakage of confidential information.

The inappropriate use of certain media vehicles could cause brand damage or information leakage. Negative posts or comments about the Company on any social networking web site could seriously damage its reputation. In addition, the disclosure of non-public company sensitive information through external media channels could lead to information loss. Identifying new points of entry as social media continues to expand presents new challenges. Any business interruptions or damage to our reputation could negatively impact our financial condition, results of operations, and the market price of our common stock.

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 29, 2016, we had goodwill of $4.53 billion and other intangibles of $1.28 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 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 multiples, changes in discount rates based on changes in cost of capital (interest rates, etc.), or the bankruptcy of a significant customer and could result in the incurrence of impairment charges andnegatively impact our net worth.

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 but are generally for relatively short periods of time. 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.

Ardent Mills may not achieve the benefits that are anticipated from the joint venture.

The benefits that are expected to result from our Ardent Mills joint venture will depend, in part, on our ability to realize the anticipated cost synergies in the transaction, Ardent Mills' ability to successfully integrate the ConAgra Mills and Horizon Milling businesses and its ability to successfully manage the joint venture on a going-forward basis. It is not certain that we will realize these benefits at all, and if we do, it is not certain how long it will take to achieve these benefits. If, for example, we are unable to achieve the anticipated cost savings, or if there are unforeseen integration costs, or if Ardent Mills is unable to operate the joint venture smoothly in the future, the financial performance of the joint venture may be negatively affected.

If we are unable to complete proposed 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

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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 product sales, financial condition, and results of operations.

If we are unable to complete our proposed 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 or proposed divestitures on terms favorable to us. Gains or losses on the sales of, or lost operating income from, those businesses may affect our profitability. 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, 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.

Actions of activist stockholders could cause us to incur substantial costs, divert management’s attention and resources, and have an adverse effect on our business.

From time to time, we may be subject to proposals by stockholders urging us to take certain corporate actions. If activist stockholder activities ensue, our business could be adversely affected because responding to proxy contests and reacting to other actions by activist stockholders can be costly and time-consuming, disrupt our operations and divert the attention of management and our employees. For example, we may be required to retain the services of various professionals to advise us on activist stockholder matters, including legal, financial and communications advisors, the costs of which may negatively impact our future financial results. In addition, perceived uncertainties as to our future direction, strategy or leadership created as a consequence of activist stockholder initiatives may result in the loss of potential business opportunities, harm our ability to attract new investors, customers, employee, and joint venture partners, and cause our stock price to experience periods of volatility or stagnation.

The results of the United Kingdom’s referendum on withdrawal from the European Union may have a negative effect on global economic conditions, financial markets and our business.

In June 2016, a majority of voters in the United Kingdom elected to withdraw from the European Union in a national referendum. The referendum was advisory, and the terms of any withdrawal are subject to a negotiation period that could last at least two years after the government of the United Kingdom formally initiates a withdrawal process.  Nevertheless, the referendum has created significant uncertainty about the future relationship between the United Kingdom and the European Union, including with respect to the laws and regulations that will apply as the United Kingdom determines which European Union laws to replace or replicate in the event of a withdrawal.  The referendum has also given rise to calls for the governments of other European Union member states to consider withdrawal.  These developments, or the perception that any of them could occur, have had and may continue to have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global market liquidity and restrict the ability of key market participants to operate in certain financial markets.  Any of these factors could depress economic activity and restrict our access to capital, which could have a material adverse effect on our business, financial condition and results of operations.

Risks Relating to our Proposed Spinoff of our Lamb Weston Business

The proposed spinoff of our Lamb Weston business is contingent upon the satisfaction of a number of conditions, may require significant time and attention of our management and may have an adverse effect on us if not completed.

On November 18, 2015, we announced plans to pursue the separation of ConAgra Foods, Inc. into two public companies: Conagra Brands and Lamb Weston.  The transaction, expected to be structured as a spinoff of the Lamb Weston business to the shareholders of ConAgra Foods, Inc. in the fall of calendar 2016, is expected to be tax free to the Company and its shareholders. The proposed spinoff is subject to various conditions and may be affected by unanticipated developments or changes in market conditions that could delay, prevent, or otherwise adversely affect the spinoff. Completion of the spinoff will be contingent upon several factors, including, but not limited to, authorization and approval of our board of directors,

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receipt of governmental and regulatory approvals of the transactions contemplated by the spinoff, receipt of a tax opinion regarding the tax-free status of the spinoff, execution of intercompany agreements, and the effectiveness of a registration statement with the SEC. For these and other reasons, the spinoff may not be completed as expected during 2016, if at all.

In pursuing the proposed spinoff, our ongoing businesses may be adversely affected, and we may be subject to certain risks and consequences, including, but not limited to, the following:

• execution of the proposed spinoff will require significant time and attention from management, which may postpone the execution of other initiatives that may have been beneficial to us;

• completion of the spinoff will require strategic, structural and process realignment and restructuring actions within our operations, which could lead to a disruption of our operations, loss of, or inability to recruit key personnel needed to operate and grow our businesses and to complete the proposed spinoff;

• completion of the spinoff may require certain management and procedural redundancies as we prepare for the separation of the Lamb Weston business from Conagra Brands, which may result in operating inefficiencies; and

• we will be required to pay certain costs and expenses relating to the spinoff, such as legal, accounting, and other professional fees, whether or not it is completed.

If the spinoff is not completed, we may experience negative reactions from the financial markets if we fail to complete the spinoff.

Any of these factors could have a material adverse effect on our financial condition, results of operations, cash flows, and the price of our common stock.

We may be unable to achieve some or all of the benefits that we expect to achieve from the spinoff.

Although we believe that separating our Lamb Weston business from Conagra Brands will provide financial, operational, managerial, and other benefits to us and our stockholders, the spinoff may not provide such results on the scope or scale we anticipate, and we may not realize the intended benefits of the spinoff. In addition, we will incur one-time costs in connection with the spinoff that may exceed our estimates and negate some of the benefits we expect to achieve. If we do not realize these assumed benefits, we could suffer a material adverse effect on our financial condition. Further, if the proposed spinoff is completed, our operational and financial profile will change upon the separation of the Lamb Weston business from Conagra Brands. As a result, our diversification of revenue sources will diminish, and our results of operations, cash flows, working capital, and financing requirements may be subject to increased volatility.

If the proposed spinoff of our Lamb Weston business is completed, the trading price of our common stock will decline.

We expect the trading price of our common stock immediately following the spinoff to be lower than immediately preceding the spinoff, as the trading price of our common stock will no longer reflect the value of our Lamb Weston business.

Following the spinoff, the value of your common stock in: (a) the Company and (b) the Lamb Weston business may collectively trade at an aggregate price less than what the Company's common stock might trade at had the spinoff not occurred.

The common stock of: (a) the Company and (b) the Lamb Weston business that you may hold following the spinoff may collectively trade at a value less than the price at which the Company’s common stock might have traded at had the spinoff not occurred. Reasons for this potential difference include the future performance of either the Company or the Lamb Weston business as separate, independent companies, and the future stockholder base and market for the Company’s common stock and those of the Lamb Weston business and the prices at which these shares individually trade.

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The spinoff could result in substantial tax liability.

The spinoff is conditioned on our receipt of an opinion from our tax advisors, in form and substance satisfactory to us, that the distribution of shares of our Lamb Weston business in the spinoff will qualify as tax-free to the Lamb Weston business, the Company, and our stockholders for U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) and related provisions of the U.S. Internal Revenue Code of 1986, as amended, which we refer to as the Code, and other members of our consolidated tax reporting group. The opinion will rely on, among other things, various assumptions and representations as to factual matters made by the Company and the Lamb Weston business which, if inaccurate or incomplete in any material respect, could jeopardize the conclusions reached by such advisor in its opinion. The opinion will not be binding on the Internal Revenue Service, or IRS, or the courts, and there can be no assurance that the IRS or the courts will not challenge the qualification of the spinoff as a transaction under Sections 355 and 368(a) of the Code or that any such challenge would not prevail.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

Our headquarters are located in Chicago, Illinois. Certain shared service centers are located in Omaha, Nebraska, including a product development facility, enterprise business services center, and an information technology center. The general offices and location of principal operations are set forth in the following summary of our properties. We also lease a number of sales offices mainly in the United States.

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.

We own most of the 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. Information about the properties supporting our two reporting segments follows.

Consumer Foods Reporting Segment

Domestic general offices supporting the Consumer Foods segment are located in Chicago, Illinois and Omaha, Nebraska. We also have international general offices in Canada, China, Columbia, Mexico, and Panama.

As of July 15, 2016, we have twenty-seven domestic manufacturing facilities located in Arkansas, California, Georgia, Indiana, Illinois, Iowa, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, Ohio, Pennsylvania, Tennessee, and Wisconsin. We also have international manufacturing facilities in Argentina, Canada, Italy, and Mexico and interests in ownership of international manufacturing facilities in India, Mexico, and the Philippines.

Commercial Foods Reporting Segment

Domestic general offices supporting the Commercial Foods segment are located in Omaha, Nebraska, Eagle, Idaho, North Liberty, Iowa, and Tri-Cities, Washington. We also have international general offices in China, Japan, the Netherlands, and Singapore.

As of July 15, 2016, we have nineteen domestic manufacturing facilities located in Idaho, Illinois, Kentucky, Louisiana, New Jersey, Oregon, Tennessee, and Washington. We also have international manufacturing facilities in Canada and China; interests in ownership of domestic manufacturing facilities located in Minnesota and Washington; and interests in ownership of international manufacturing facilities located in Austria, the Netherlands, and the United Kingdom.

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ITEM 3. LEGAL PROCEEDINGS

We are a party to various environmental proceedings and litigation, primarily related to our acquisition of Beatrice Company (“Beatrice”) in fiscal 1991. As a result of the acquisition of Beatrice and the significant pre-acquisition contingencies of the Beatrice business and its former subsidiaries, our consolidated post-acquisition financial statements reflect liabilities associated with the estimated resolution of these contingencies. These include various litigation and environmental proceedings related to businesses divested by Beatrice prior to its acquisition by us. The litigation includes suits against a number of lead paint and pigment manufacturers, including ConAgra Grocery Products Company, a wholly owned subsidiary of the Company (“ConAgra Grocery Products”), and the Company as alleged successors to W. P. Fuller Co., a lead paint and pigment manufacturer owned and operated by Beatrice until 1967. Although decisions favorable to us have been rendered in Rhode Island, New Jersey, Wisconsin, and Ohio, we remain a defendant in active suits in Illinois and California. The Illinois suit seeks class-wide relief in the form of medical monitoring for elevated levels of lead in blood. In California, a number of cities and counties have joined in a consolidated action seeking abatement of the alleged public nuisance. 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, which orders the creation of a California abatement fund in the amount of $1.15 billion. Liability is joint and several. The Company believes ConAgra Grocery Products did not inherit any liabilities of W. P. Fuller Co. The Company will continue to vigorously defend itself in this case and has appealed the Judgment to the Court of Appeal of the State of California Sixth Appellate District. The Company expects the appeal process will last several years. The absence of any linkage between ConAgra Grocery Products and W. P. Fuller Co. is a critical issue that the Company will continue to advance throughout the appeals process. It is not possible to estimate exposure in this case or the remaining case in Illinois (which is based on different legal theories). If ultimately necessary, the Company will look to its insurance policies for coverage; its carriers are on notice. However, the extent of the insurance coverage is uncertain, and the Company cannot absolutely assure that the final resolution of these matters will not a have a material adverse effect on its financial condition, results of operations, or liquidity.

The environmental proceedings associated with Beatrice include litigation and administrative proceedings involving Beatrice's status as a potentially responsible party at 37 Superfund, proposed Superfund, or state-equivalent sites. These sites involve locations previously owned or operated by predecessors of Beatrice that used or produced petroleum, pesticides, fertilizers, dyes, inks, solvents, PCBs, acids, lead, sulfur, tannery wastes, and/or other contaminants. Beatrice has paid or is in the process of paying its liability share at 33 of these sites. Reserves for these matters 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 reserves for Beatrice-related environmental matters totaled $54.0 million as of May 29, 2016, a majority of which relates to the Superfund and state-equivalent sites referenced above. We expect expenditures for Beatrice-related environmental matters to continue for up to 18 years.

We are also a party to a number of lawsuits and claims arising out of our ongoing business operations. Among these, there are lawsuits, claims, and matters related to the February 2007 recall of our peanut butter products. Among the matters outstanding during fiscal 2016 related to the peanut butter recall was an investigation by the U.S. Attorney's office in Georgia and the Consumer Protection Branch of the Department of Justice into the 2007 recall. Just prior to the end of fiscal 2015, we negotiated a resolution of this matter, which resulted in an executed plea agreement pursuant to which ConAgra Grocery Products will plead guilty to a single misdemeanor violation of the Food, Drug & Cosmetics Act. The plea agreement is subject to court approval. If the plea is accepted by the U.S. District Court for the Middle District of Georgia, the government’s investigation into the 2007 recall will conclude and ConAgra Grocery Products will make payments totaling $11.2 million to the federal government.

In June 2009, an accidental explosion occurred at our manufacturing facility in Garner, North Carolina. This facility was the primary production facility for our Slim Jim^® branded meat snacks. In June 2009, the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives announced its determination that the explosion was the result of an accidental natural gas release, and not a deliberate act. During the fourth quarter of fiscal 2011, we settled our property and business interruption claims related to the Garner accident with our insurance providers. During the fourth quarter of fiscal 2011, Jacobs Engineering Group Inc., our engineer and project manager at the site, filed a declaratory judgment action against us seeking indemnity for personal injury claims brought against it as a result of the accident. In the first quarter of fiscal 2012, our motion for summary judgment was granted and the suit was dismissed without prejudice on the basis that the suit was filed prematurely. In the third quarter of fiscal 2014, Jacobs Engineering Group Inc. refiled its action for indemnity. On March 25, 2016, a Douglas County jury in Nebraska rendered a verdict in favor of Jacobs and against us in the amount of $108.9 million. The case will be appealed. We will continue to defend this action vigorously. Although our insurance carriers have provided customary

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notices of reservation of their rights under the policies of insurance, we expect any ultimate exposure in this case to be limited to the applicable insurance deductible.

On October 21, 2015, we received a notice of violation from the Louisville Metro Air Pollution Control District (the District) alleging certain deficiencies in the risk management plan (the RMP) of a manufacturing facility in Louisville, Kentucky, which we acquired in connection with our fiscal 2013 purchase of Ralcorp Holdings, Inc. The notice alleged that the facility failed to implement and maintain an RMP sufficient to comply with environmental regulations governing facilities that manufacture, use or otherwise handle certain quantities of specified regulated substances. We are in active discussions with the District regarding the allegations. The District is seeking a monetary penalty to resolve the allegations, which monetary penalty could be in excess of $100,000.

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.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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 26, 2016, there were approximately 18,743 shareholders of record.

Quarterly sales price and dividend information is set forth in Note 22 “Quarterly Financial Data (Unaudited)” to the consolidated financial statements and incorporated herein by reference.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

No shares of common stock were purchased during the fourth quarter of fiscal 2016.

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ITEM 6. SELECTED FINANCIAL DATA

For the Fiscal Years Ended May	2016			2015			2014		2013		2012
Dollars in millions, except per share amounts
Net sales (1)	$	11,642.9		$	11,937.0		$	11,838.2	$	11,843.7	$	11,420.9
Income from continuing operations (1)	$	496.0		$	760.3		$	625.2	$	674.3	$	396.8
Net income (loss) attributable to ConAgra Foods, Inc. (2)	$	(677.0	)	$	(252.6	)	$	303.1	$	773.9	$	467.9
Basic earnings per share:
Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders (1)	$	1.11		$	1.75		$	1.45	$	1.61	$	0.94
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders (2)	$	(1.57	)	$	(0.60	)	$	0.72	$	1.88	$	1.13
Diluted earnings per share:
Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders (1)	$	1.09		$	1.73		$	1.43	$	1.58	$	0.93
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders (2)	$	(1.56	)	$	(0.59	)	$	0.70	$	1.85	$	1.12
Cash dividends declared per share of common stock	$	1.00		$	1.00		$	1.00	$	0.99	$	0.95
At Year-End
Total assets	$	13,390.6		$	17,437.8		$	19,241.5	$	20,171.9	$	11,325.4
Senior long-term debt (noncurrent)	$	4,721.9		$	6,692.9		$	8,524.5	$	8,635.2	$	2,652.2
Subordinated long-term debt (noncurrent)	$	195.9		$	195.9		$	195.9	$	195.9	$	195.9

⁽¹⁾  Amounts exclude the impact of discontinued operations of the Lightlife^® operations, the Medallion Foods operations, the ConAgra Mills operations, and the Private Brands operations.

⁽²⁾  Amounts include aggregate pre-tax goodwill and certain long-lived asset impairment charges in discontinued operations of $1.92 billion, $1.56 billion, and $596.2 million for fiscal 2016, 2015, and 2014, respectively.

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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 29, 2016 are not necessarily indicative of results that may be attained in the future.

EXECUTIVE OVERVIEW

ConAgra Foods, Inc., together with its consolidated subsidiaries (collectively, the "Company," "we," "our" or us"), is one of North America's leading packaged food companies with recognized brands such as Marie Callender's®, Healthy Choice®, Slim Jim®, Hebrew National^®, Orville Redenbacher's^®, Peter Pan^®, Reddi-wip^®, PAM^®, Snack Pack^®,Banquet^®, Chef Boyardee^®, Egg Beaters^®, Hunt's^®, and many other ConAgra Foods brands found in grocery, convenience, mass merchandise, and club stores. ConAgra Foods also has a strong business-to-business presence, supplying frozen potato and sweet potato products as well as other vegetable, spice, and grain products to a variety of well-known restaurants, foodservice operators, and commercial customers.

Fiscal 2016 performance reflected increased margins in the Consumer Foods and Commercial Foods segments. We divested the Private Brands operations and repaid $2.53 billion of debt during fiscal 2016.

In fiscal 2016, we announced our plans to separate ConAgra Foods, Inc. into two public companies, Conagra Brands and Lamb Weston. The transaction, expected to be structured as a spinoff of the Lamb Weston business to the shareholders of ConAgra Foods in the fall of calendar 2016, is expected to be tax free to the Company and its shareholders. We also recently announced our plans to sell our Spicetec and JM Swank businesses and entered into separate agreements for their sale. Both transactions are expected to be complete in early fiscal 2017, subject to the satisfaction of customary closing conditions. All of these businesses are part of the Commercial Foods segment.

Prior to the end of fiscal 2016, John Gehring, Chief Financial Officer of ConAgra Foods, Inc., announced his retirement. Mr. Gehring will remain in his current role until a successor is in place and will assist with an orderly transition.

In fiscal 2016, we also announced the relocation of our corporate headquarters to Chicago, Illinois beginning in the summer of calendar year 2016. We completed the relocation in the first quarter of fiscal 2017.

Diluted loss per share in fiscal 2016 was $1.56, including earnings of $1.09 per diluted share from continuing operations and a loss of $2.65 per diluted share from discontinued operations. Diluted loss per share in fiscal 2015 was $0.59, including earnings of $1.73 per diluted share from continuing operations and a loss of $2.32 per diluted share from discontinued operations. Several significant items affect the comparability of year-over-year results of continuing operations (see “Items Impacting Comparability” below).

Items Impacting Comparability

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 is discussed in the segment review below.

Items of note impacting comparability of results from continuing operations for fiscal 2016 included the following:

• a charge of $348.5 million ($215.1 million after-tax) reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability,

• charges totaling $281.8 million ($178.4 million after-tax) in connection with our Supply Chain and Administrative Efficiency Plan (the "SCAE Plan"),

• a charge of $50.1 million ($31.6 million after-tax) related to the impairment of the Chef Boyardee brand,

• charges of $23.9 million ($15.4 million after-tax) related to the repurchase of certain senior notes,

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• a gain of $17.7 million ($13.3 million after-tax) related to the settlement of a pension plan of an international potato venture, classified within equity method investment earnings,

• expenses of $5.3 million ($3.4 million after-tax) in connection with the Lamb Weston spinoff transaction,

• a charge of $5.0 million ($3.1 million after-tax) in connection with a legacy legal matter,

• a benefit of $4.9 million ($3.1 million after-tax) related to the sale of a facility in our Commercial segment, and

• income tax expense of $8.3 million related to legal entity changes for a business retained from Private Brands and a $2.7 million charge for the prior year implementation of a new tax position offset by the benefit of normal, recurring, income tax credits and deductions combined with a lower pre-tax level of earnings (due in large part to the impact of the write-off of $348.5 million of actuarial losses under our method of accounting for pension benefits).

Items of note impacting comparability of results from continuing operations for fiscal 2015 included the following:

• charges of $25.7 million ($23.1 million after-tax) related to the impairment of goodwill and other intangibles impacting reporting units within our Consumer Foods segment,

• charges of $47.9 million ($30.2 million after-tax) in connection with our SCAE Plan,

• charges of $24.6 million ($15.1 million after-tax) related to early extinguishment of debt as a result of the payoff of our term loan facility and the repurchase of certain senior notes,

• charges of $5.0 million ($3.1 million after-tax) in support of our integration of the former Ralcorp Holdings, Inc. ("Ralcorp") business,

• a benefit of $7.0 million ($7.0 million after-tax) related to the reduction of the legal accrual for matters associated with the 2007 peanut butter recall,

• a charge of $6.9 million ($4.2 million after-tax) reflecting the write-off of actuarial losses in excess of 10% of our pension liability, and

• income tax benefits of $5.2 million from the implementation of a new tax position for federal tax credits and generation of state tax credits, relating to prior tax years.

In addition, fiscal 2015 income per share benefited by approximately $.04 as a result of the fiscal year including 53 weeks.

Acquisitions

In May 2015, we acquired Blake's All Natural Foods, a family-owned company specializing in all natural and organic frozen meals, including pot pies, casseroles, pasta dishes, and other entrees, for $20.7 million in cash, net of cash acquired. The purchase included property and equipment associated with making frozen meals. This business is included in the Consumer Foods segment.

In July 2014, we acquired TaiMei Potato Industry Limited, a Chinese potato processor, for $92.2 million, consisting of $74.9 million in cash, net of cash acquired, plus assumed liabilities. The purchase included property and equipment associated with making frozen potato products. This business is included in the Commercial Foods segment.

Discontinued Operations

On February 1, 2016, pursuant to a Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. ("Treehouse") for $2.6 billion in cash on a debt-free basis, subject to working capital and other adjustments. The Private Brands assets and liabilities have been reclassified as held for sale for all periods presented prior to the divestiture and the results of operations have been classified as discontinued operations for all periods presented.

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Formation of Ardent Mills

On May 29, 2014, the Company, Cargill, Incorporated, and CHS, Inc. completed the formation of the Ardent Mills joint venture ("Ardent Mills"). In connection with the formation, we contributed all of the assets of ConAgra Mills, including $49.0 million of cash, to Ardent Mills, we received a 44% ownership interest in Ardent Mills, and Ardent Mills distributed $391.4 million in cash to us as a return of capital. The contribution of the assets of ConAgra Mills in exchange for a non-controlling interest in the joint venture was required to be accounted for at fair value, and accordingly, we recognized a gain of $625.6 million ($379.6 million after-tax) in income from discontinued operations, to reflect the excess of the fair value of our interest over its carrying value at the time of the transfer. As part of the formation of Ardent Mills, in the fourth quarter of fiscal 2014, pursuant to an agreement with the U.S. Department of Justice, we sold three flour milling facilities to Miller Milling Company LLC for $163.0 million. We received the cash proceeds from the sale of these flour milling facilities in the first quarter of fiscal 2015. In the first quarter of fiscal 2015, we used the net cash proceeds from the Ardent Mills transaction to repay debt. The operating results of our legacy milling business, including the disposition of three mills aforementioned, are included as discontinued operations.

Restructuring Plans

In May 2013, we announced a plan for the integration and restructuring of the operations of the former Ralcorp business, optimization of the entire Company's supply chain network, manufacturing assets, and dry distribution and mixing centers, and improvement of selling, general and administrative effectiveness and efficiencies, which we refer to as the SCAE Plan. Although the divestiture of the Private Brands business was completed in the third quarter of fiscal 2016, we will plan to continue to implement portions of the SCAE Plan, including work related to optimizing our supply chain network, and pursue cost reductions through our selling, general and administrative functions and productivity improvements. The SCAE Plan also includes plans announced in the second quarter of fiscal 2016 to realize efficiency benefits through a combination of reductions in selling, general and administrative expenses and enhancements to trade spend processes and tools.

Although we remain unable to make good faith estimates relating to the entire SCAE Plan, we are reporting on actions initiated through the end of fiscal 2016, 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 29, 2016, our Board of Directors has approved the incurrence of up to $739.0 million of expenses in connection with the SCAE Plan. We have incurred or expect to incur approximately $443.9 million of charges ($315.5 million of cash charges and $128.4 million of non-cash charges) for actions identified to date under the SCAE plan. In fiscal 2016 and fiscal 2015, we recognized charges in continuing operations of $281.8 million and $47.7 million, respectively, in relation to the SCAE Plan. We expect to incur costs related to the SCAE Plan over a multi-year period.

SEGMENT REVIEW

We report our operations in two reporting segments: Consumer Foods and Commercial Foods. In the third quarter of fiscal 2016, we completed the divestiture of substantially all of the operations that were previously reported within the Private Brands segment. The Private Brands assets and liabilities have been reclassified as held for sale for all periods presented prior to the divestiture and the results of operations have been classified as discontinued operations for all periods presented. Minor portions of the former Private Brands segment were retained and have been included in the Consumer Foods and Commercial Foods segments for all periods presented. Minor portions of the Consumer Foods and Commercial Foods segments have been classified as discontinued operations as these were included with the sale of the Private Brands operations.

Consumer Foods

The Consumer Foods reporting segment principally includes branded food sold in various retail channels primarily in North America. Our food products are sold in a variety of categories (meals, entrees, condiments, pasta, sides, snacks, and desserts) in various retail channels across frozen, refrigerated, and shelf-stable temperature classes.

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Commercial Foods

The Commercial Foods reporting segment includes commercially branded and private label food and ingredients, which are sold primarily to commercial, restaurant, foodservice, food manufacturing, and industrial customers. The segment's primary food items include: frozen potato and sweet potato items and a variety of vegetable, spice, and frozen bakery goods, which are sold under brands such as Lamb Weston^® and Spicetec Flavors & Seasonings^®.

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.

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 associated with continuing operations, under this methodology:

	Fiscal Years Ended
($ in millions)	May 29, 2016			May 31, 2015
Net derivative losses incurred	$	(12.1	)	$	(79.3	)
Less: Net derivative losses allocated to reporting segments	(30.2		)	(46.6		)
Net derivative gains (losses) recognized in general corporate expenses	$	18.1		$	(32.7	)
Net derivative losses allocated to Consumer Foods	$	(21.1	)	$	(41.9	)
Net derivative losses allocated to Commercial Foods	(9.1		)	(4.7		)
Net derivative losses included in segment operating profit	$	(30.2	)	$	(46.6	)

As of May 29, 2016, 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 $3.2 million. This amount reflected net gains of $3.6 million incurred during the fiscal year ended May 29, 2016, as well as net losses of $0.4 million incurred prior to fiscal 2016. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $2.4 million in fiscal 2017 and gains of $0.8 million in fiscal 2018 and thereafter.

In the second quarter of fiscal 2015, management determined that certain derivatives that had been previously entered into as an economic hedge of forecasted commodity purchases had ceased to function as economic hedges. We recognized $18.9 million and $1.4 million of net derivative losses during fiscal 2015 within the operating results of the Consumer Foods and Commercial Foods segments, respectively, in connection with these derivatives. Management effectively exited these derivative positions in the third quarter of fiscal 2015.

Fiscal 2016 compared to Fiscal 2015

Net Sales

($ in millions) Reporting Segment	Fiscal 2016 Net Sales		Fiscal 2015 Net Sales		% Inc (Dec)
Consumer Foods	$	7,225.1	$	7,565.3	(5	)%
Commercial Foods	4,417.8		4,371.7		1	%
Total	$	11,642.9	$	11,937.0	(2	)%

Overall, our net sales were $11.64 billion in fiscal 2016, a decrease of 2% compared to fiscal 2015.

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Consumer Foods net sales for fiscal 2016 were $7.23 billion, a decrease of $340.2 million, or 5%, compared to fiscal 2015. Results reflected a decrease in volumes of approximately 5% in fiscal 2016, primarily due to the exclusion of an additional week of results that occurred in 2015, as well as the negative impact on volume from pricing actions. In addition, there was a 1% improvement in price/mix that was offset by a decrease of 1% due to the impact of foreign exchange rates. We implemented changes to improve the efficiency of trade spending, increased prices on Banquet^® and other brands in connection with product improvements, and have focused on improving mix.

Sales of products associated with some of our most significant brands, including Blue Bonnet^®, Egg Beaters^®, Marie Callender's^®, Peter Pan^®, Reddi-wip^®, and Slim Jim^®, grew in fiscal 2016 as compared to fiscal 2015. Significant brands whose products experienced sales declines in fiscal 2016 include Banquet^®, Chef Boyardee^®, Healthy Choice^®, Hebrew National^®, Hunt's^®, Orville Redenbacher's^®, Rosarita^®, Snack Pack^®, and Wesson^®.

Commercial Foods net sales were $4.42 billion in fiscal 2016, an increase of $46.1 million, or 1%, compared to fiscal 2015. Increased net sales for fiscal 2016 in the Lamb Weston specialty potato products business reflected a 4% increase in volumes, despite the additional week in fiscal 2015, due to strong international sales, partly due to the lapping of the West Coast port labor dispute in the prior year, as well as strong volume performance in North America, offset by a 1% decrease in price/mix. Net sales in our Foodservice business decreased, primarily driven by the impact of the exclusion of the additional week in fiscal 2015 and volume softness in select customers.

Selling, General and Administrative ("SG&A") Expenses (Includes general corporate expenses)

SG&A expenses totaled $2.21 billion for fiscal 2016, an increase of $664.1 million compared to fiscal 2015. We estimate that the inclusion of an extra week in the fiscal 2015 resulted in additional SG&A expenses in fiscal 2015 of approximately $30 million.

SG&A expenses for fiscal 2016 reflected the following:

• a charge of $348.5 million reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability,

• charges totaling $232.8 million in connection with our SCAE Plan,

• a charge of $50.1 million related to the impairment of the Chef Boyardee^® brand intangible,

• an increase in advertising and promotion spending of $41.4 million,

• a decrease in salaries and wages of $29.2 million, in connection with our cost savings initiatives,

• an increase in incentive compensation expense of $90.5 million,

• charges of $23.9 million related to the repurchase of certain senior notes,

• expenses of $5.3 million in connection with the Lamb Weston spin-off transaction,

• a charge of $5.0 million in connection with a legal matter, and

• a benefit of $4.9 million related to the sale of a facility in our Commercial Foods segment.

SG&A expenses for fiscal 2015 included:

• charges of $25.7 million related to goodwill and intangible asset impairments in our Consumer Foods segment,

• charges totaling $25.3 million in connection with our SCAE Plan,

• charges of $24.6 million related to early extinguishment of debt as a result of the payoff of our term loan facility and the repurchase of certain senior notes,

• a benefit of $7.0 million related to the reduction of the legal accrual for pending matters associated with the 2007 peanut butter recall,

• a charge of $6.9 million reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability, and

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• charges of $5.0 million in support of our integration of the former Ralcorp business.

Operating Profit (Earnings before general corporate expenses, interest expense, net, income taxes, and equity method investment earnings)

($ in millions) Reporting Segment	Fiscal 2016 Operating Profit		Fiscal 2015 Operating Profit		% Inc (Dec)
Consumer Foods	$	1,087.6	$	1,068.0	2	%
Commercial Foods	633.2		566.2		12	%

Consumer Foods operating profit for fiscal 2016 was $1.09 billion, an increase of $19.6 million, or 2%, compared to fiscal 2015. Gross profits in Consumer Foods were $83.7 million higher in fiscal 2016 compared to fiscal 2015. The higher gross profit was driven by improved plant productivity and lower commodity input costs, partially offset by lower sales volumes, due in part to pricing actions on certain products. Gross profits in fiscal 2015 included $18.9 million of net derivative losses in connection with derivatives that ceased to function as economic hedges. Operating profit was negatively impacted by the increase in advertising and promotion expenses of $35.8 million and higher incentive compensation. Consumer Foods operating profit in fiscal 2016 included a charge of $50.1 million related to impairment of the Chef Boyardee^® brand intangible asset. Operating profit for the Consumer Foods segment for fiscal 2016 also includes $43.0 million of negative impact from changes in foreign exchange rates. Charges totaling $74.1 million related to our SCAE Plan also impacted Consumer Foods results in fiscal 2016, compared to $36.5 million in fiscal 2015. Consumer Foods operating profit in fiscal 2015 included a charge of $20.9 million related to the impairment of goodwill and $4.8 million related to impairment of the Poppycock^® brand intangible asset.

Operating profit for the Commercial Foods segment was $633.2 million in fiscal 2016, an increase of $67.0 million, or 12%, compared to fiscal 2015. Gross profits in the Commercial Foods segment were $80.8 million higher in fiscal 2016 compared to fiscal 2015. Gross profits in fiscal 2015 included $1.4 million of net derivative losses in connection with derivatives that ceased to function as economic hedges. The increase in operating profit at Lamb Weston reflected North America and international sales growth combined with lower potato and commodity input costs, slightly offset by increases in labor expense in fiscal 2016. Strong international volume growth was partly due to lapping of the West Coast port labor dispute in the year ago period. Foodservice operating profit increased slightly due to favorability in cost of goods sold slightly offset by softness in volumes. Commercial Foods operating profit also included charges of $3.2 million in fiscal 2015 related to the execution of our SCAE Plan.

Interest Expense, Net

In fiscal 2016, net interest expense was $297.8 million, a decrease of $32.2 million, or 10%, from fiscal 2015. The decrease reflects the repayment of debt. Interest expense in fiscal 2016 and 2015 reflected a net benefit of $2.9 million and $8.1 million, respectively, primarily resulting from interest rate swaps used to effectively convert the interest rates of certain outstanding debt instruments from fixed rate to floating rate.

Income Taxes

Our income tax expense was $225.4 million and $362.1 million in fiscal 2016 and 2015, 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 31% and 32% for fiscal 2016 and 2015, respectively.

Income tax expense for fiscal 2016 included $8.3 million of expense related to legal entity changes for a business retained from Private Brands and a $2.7 million charge for the prior year implementation of a new tax position, offset by the benefit of normal, recurring, income tax credits and deductions combined with a lower pre-tax level of earnings (due in large part to the impact of the write-off of $348.5 million of actuarial losses under our method of accounting for pension benefits).

In fiscal 2015, we implemented a new position and took a tax credit that applied to prior year tax returns which resulted in an income tax benefit of $5.2 million.

We expect our effective tax rate in fiscal 2017, exclusive of any unusual transactions or tax events, to be approximately 33%-34%.

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Equity Method Investment Earnings

We include our share of the earnings of certain affiliates based on our economic ownership interest in the affiliates. Significant affiliates include the Ardent Mills joint venture and affiliates that produce and market potato products for retail and foodservice customers. Our share of earnings from our equity method investments was $137.8 million ($134.6 million in the Commercial Foods segment and $3.2 million in the Consumer Foods segment) and $122.1 million ($119.1 million in the Commercial Foods segment and $3.0 million in the Consumer Foods segment) in fiscal 2016 and 2015, respectively. The increase in fiscal 2016 compared to fiscal 2015 reflects higher profits for our international potato joint ventures as well as a gain related to the settlement of a pension plan, partially offset by decreased profits for the Ardent Mills joint venture. Fiscal 2016 reflects a full year of earnings from the Ardent Mills joint venture, compared to the 11 months in fiscal 2015. We recognize earnings on a one-month lag for the Ardent Mills joint venture, due to differences in fiscal year periods.

Results of Discontinued Operations

Our discontinued operations generated after-tax losses of $1.16 billion and $1.0 billion in fiscal 2016 and 2015, respectively. As a result of the disposition of the Private Brands business, we recognized a pre-tax charge of $1.92 billion ($1.44 billion after-tax) in fiscal 2016 to write-down the goodwill and long-lived assets to the final sales price, less costs to sell, and to recognize the final loss. The results of discontinued operations for fiscal 2015 include a $1.51 billion impairment of goodwill and $57.6 million of impairment charges to write-down various brands and fixed assets recognized on the Private Brands business divestiture.

The results of discontinued operations for fiscal 2015 also include a pre-tax gain of $625.6 million ($379.6 million after-tax) recognized on the transactions related to the formation of Ardent Mills (see Note 6 "Discontinued Operations" in the consolidated financial statements).

Earnings (Loss) Per Share

Diluted loss per share in fiscal 2016 was $1.56, including earnings of $1.09 per diluted share from continuing operations and a loss of $2.65 per diluted share from discontinued operations. Diluted loss per share in fiscal 2015 was $0.59, including earnings of $1.73 per diluted share from continuing operations and a loss of $2.32 per diluted share from discontinued operations. See “Items Impacting Comparability” above as several significant items affected the comparability of year-over-year results of operations.

Fiscal 2015 compared to Fiscal 2014

Net Sales

($ in millions) Reporting Segment	Fiscal 2015 Net Sales		Fiscal 2014 Net Sales		% Inc (Dec)
Consumer Foods	$	7,565.3	$	7,596.3	—	%
Commercial Foods	4,371.7		4,241.9		3	%
Total	$	11,937.0	$	11,838.2	1	%

Overall, our net sales were $11.94 billion in fiscal 2015, an increase of 1% compared to fiscal 2014.

Consumer Foods net sales for fiscal 2015 were $7.57 billion, a decrease of $31.0 million, compared to fiscal 2014. Results reflected a volume benefit of approximately 1% in fiscal 2015 due to the inclusion of an additional week of results, offset by 1% decrease due to the impact of foreign exchange rates. In addition, we increased prices in fiscal 2015 for some categories to cover commodity costs.

Sales of products associated with some of our most significant brands, including ACT II^®, Chef Boyardee^®, Hebrew National^®, Hunt's^®, Marie Callender's^®, Odom's^®, Pam^®, Reddi-wip^®, Ro*Tel^®, and Slim Jim^®, grew in fiscal 2015 as compared to fiscal 2014. Significant brands whose products experienced sales declines in fiscal 2015 include Bertolli^®, Blue Bonnet^®, Healthy Choice^®, Libby's^®, Orville Redenbacher's^®, Peter Pan^®, Snack Pack^®, Swiss Miss^®, and Wesson^®.

Commercial Foods net sales were $4.37 billion in fiscal 2015, an increase of $129.8 million, or 3%, compared to fiscal 2014. Results for fiscal 2015 reflected increased volumes in the Lamb Weston specialty potato products business and

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Foodservice businesses due to the inclusion of an additional week of results. Lamb Weston results also reflected good domestic performance, more than offsetting the negative impact of the West Coast labor dispute on international sales and challenges facing quick service restaurant customers.

Selling, General and Administrative ("SG&A") Expenses (Includes general corporate expenses)

SG&A expenses totaled $1.55 billion for fiscal 2015, a decrease of $233.6 million compared to fiscal 2014. We estimate that the inclusion of an extra week in the fiscal 2015 results increased SG&A expenses in fiscal 2015 by approximately $30 million.

SG&A expenses for fiscal 2015 reflected:

• a decrease in advertising and promotion spending of $65.7 million,

• charges of $25.7 million related to goodwill and intangible asset impairments in our Consumer Foods segment,

• charges totaling $25.3 million in connection with our SCAE Plan,

• charges of $24.6 million related to early extinguishment of debt as a result of the payoff of our term loan facility and the repurchase of certain senior notes,

• a benefit of $7.0 million related to the reduction of the legal accrual for pending matters associated with the 2007 peanut butter recall,

• a charge of $6.9 million reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability, and

• charges of $5.0 million in support of our integration of the former Ralcorp business.

SG&A expenses for fiscal 2014 included:

• expenses of $40.7 million in connection with our restructuring plans,

• charges of $84.9 million related to goodwill and intangible asset impairments, primarily the Chef Boyardee^® brand in our Consumer Foods segment,

• expenses of $34.7 million in support of our integration of the former Ralcorp business,

• a charge of $16.5 million in connection with the impairment of a small production facility,

• a benefit of $10.2 million related legal matters associated with the 2007 peanut butter recall, including a reduction of the legal accrual for matters associated with the recall and the reimbursement of settlement and defense costs from an insurer,

• a charge of $8.9 million in connection with the impairment of certain assets received in connection with the bankruptcy of an onion products supplier,

• transaction-related costs of $2.2 million, and

• a benefit of $5.1 million in connection with the sale of land received in connection with the bankruptcy of an onion products supplier.

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Operating Profit (Earnings before general corporate expenses, interest expense, net, income taxes, and equity method investment earnings)

($ in millions) Reporting Segment	Fiscal 2015 Operating Profit		Fiscal 2014 Operating Profit		% Inc (Dec)
Consumer Foods	$	1,068.0	$	900.5	19	%
Commercial Foods	566.2		533.5		6	%

Consumer Foods operating profit for fiscal 2015 was $1.07 billion, an increase of $167.5 million, or 19%, compared to fiscal 2014. Gross profits in Consumer Foods were flat compared to fiscal 2014, driven by the impact of comparable net sales, discussed above, favorable product mix and improved plant productivity, offset by $18.9 million of net derivative losses in connection with certain derivatives that ceased to function as economic hedges and higher commodity costs. Operating profit was favorably impacted by the decrease in advertising and promotion expenses of $63.0 million and lower salaries expense. The decrease in advertising expense reflected a continually increasing focus on prioritization, efficiency, and return on investment. Consumer Foods operating profit in fiscal 2015 included a charge of $20.9 million related to the impairment of goodwill and a charge of $4.8 million related to impairment of the Poppycock^® brand intangible asset. Operating profit for the Consumer Foods segment for fiscal 2015 also includes $31.7 million of estimated negative impact from changes in foreign exchange rates. Charges totaling $36.5 million related to our restructuring plans also impacted Consumer Foods results in fiscal 2015, compared to $21.0 million in fiscal 2014. In fiscal 2014, Consumer Foods operating profit included a charge of $9.0 million related to the impairment of goodwill and charges of $72.7 million related to impairment of intangible assets, principally the Chef Boyardee^®brand. Charges of $1.8 million for transaction-related expenses also impacted fiscal 2014 Consumer Foods operating profit.

Operating profit for the Commercial Foods segment was $566.2 million in fiscal 2014, an increase of $32.7 million, or 6%, compared to fiscal 2014. Gross profits in the Commercial Foods segment were flat compared to fiscal 2014. Commercial Foods recognized $1.4 million of net derivative losses in connection with certain derivatives that ceased to function as economic hedges. The increases in operating profits reflected good domestic performance (discussed above), a better quality raw potato crop, and good operating efficiencies; collectively, these more than offset lower profits from international sales. International sales and profits were weak, resulting from challenges facing quick-serve restaurant customers in key Asian markets and the impact of the slowdown from the West Coast port labor dispute. The West Coast port labor dispute was resolved toward the end of the third quarter of fiscal 2015. Commercial Foods operating profit also included charges of $3.2 million and $4.8 million in fiscal 2015 and 2014, respectively, related to the execution of our restructuring plans. Commercial Foods operating profit for fiscal 2014 also included a charge of $16.5 million in connection with the impairment of a small production facility, as well as a charge of $8.9 million for the impairment of certain non-operating assets and a $5.1 million gain from the sale of land, both related to assets received in connection with the bankruptcy of an onion products supplier.

Interest Expense, Net

In fiscal 2015, net interest expense was $330.0 million, a decrease of $47.5 million, or 13%, from fiscal 2014. The decrease reflects the repayment of debt and other debt financing actions. Interest expense in fiscal 2015 and 2014 reflected a net benefit of $8.1 million and $12.1 million, respectively, primarily resulting from interest rate swaps used to effectively convert the interest rates of certain outstanding debt instruments from fixed rate to floating rate.

Income Taxes

Our income tax expense was $362.1 million and $178.3 million in fiscal 2015 and 2014, 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 32% for fiscal 2015 and 22% for fiscal 2014.

In fiscal 2015, we implemented a new position and took a tax credit that applied to prior year tax returns and resulted in an income tax benefit of $5.2 million. The fiscal 2014 effective tax rate included a change in estimate related to tax methods used for certain international sales, favorable tax adjustments resulting from changes in legal structure and state tax filing positions, resolution of foreign tax matters that were previously reserved, the effect of a law change in Mexico requiring deconsolidation for tax reporting purposes, and the resolution of certain income tax matters related to dispositions of foreign operations in prior years.

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Equity Method Investment Earnings

We include our share of the earnings of certain affiliates based on our economic ownership interest in the affiliates. Significant affiliates include the Ardent Mills joint venture and affiliates that produce and market potato products for retail and foodservice customers. Our share of earnings from our equity method investments was $122.1 million ($119.1 million in the Commercial Foods segment and $3.0 million in the Consumer Foods segment) and $32.5 million ($29.7 million in the Commercial Foods segment and $2.8 million in the Consumer Foods segment) in fiscal 2015 and 2014, respectively. The increase in fiscal 2015 compared to fiscal 2014 reflects the earnings from the Ardent Mills joint venture as well as higher profits for an international potato joint venture. The earnings from the Ardent Mills joint venture reflect results for 11 months of operations, as we recognize earnings on a one-month lag, due to differences in fiscal year periods. In fiscal 2014, earnings also reflected a $3.4 million charge reflecting the year-end write-off of actuarial losses in excess of 10% of the pension liability for an international potato venture.

Results of Discontinued Operations

Our discontinued operations generated an after-tax loss of $1.0 billion and $310.1 million in fiscal 2015 and 2014, respectively.

The results of discontinued operations for fiscal 2015 include a $1.51 billion impairment of goodwill and $57.6 million of impairment charges to write-down various brands and fixed assets recognized on the Private Brands business divestiture. In fiscal 2014, we recorded a $593.2 million impairment of goodwill and $3.0 million of impairment charges to write-down a small brand in Private Brands that are included in discontinued operations.

The results of discontinued operations for fiscal 2015 include a pre-tax gain of $625.6 million ($379.6 million after-tax) recognized on the formation of the Ardent Mills joint venture. The results for fiscal 2014 reflect a pre-tax gain of $90.0 million ($55.7 million after-tax) related to the disposition of three flour milling facilities as part of the Ardent Mills formation.

In fiscal 2014, we also completed the sale of a small snack business, Medallion Foods, for $32.0 million in cash. We recognized an after-tax loss of $3.5 million on the sale of this business in fiscal 2014. In fiscal 2014, we recognized an impairment charge related to allocated amounts of goodwill and intangible assets, totaling $15.2 million after-tax, in anticipation of this divestiture. We also completed the sale of the assets of the Lightlife^® business for $54.7 million in cash. We recognized an after-tax gain of $19.8 million on the sale of this business in fiscal 2014.

Earnings (Loss) Per Share

Diluted loss per share in fiscal 2015 was $0.59, including earnings of $1.73 per diluted share from continuing operations and a loss of $2.32 per diluted share from discontinued operations. Diluted earnings per share in fiscal 2014 were $0.70, including earnings of $1.43 per diluted share from continuing operations and a loss of $0.73 per diluted share from discontinued operations.

LIQUIDITY AND CAPITAL RESOURCES

Sources of Liquidity and Capital

Our primary financing objective is to maintain a prudent capital structure that provides us flexibility to pursue our growth objectives. If necessary, we use short-term debt principally to finance ongoing operations, including our seasonal requirements for working capital and a combination of equity and long-term debt to finance both our base working capital needs and our non-current assets. We are committed to maintaining an investment grade credit rating.

At May 29, 2016, we had a $1.5 billion revolving credit facility. The facility is scheduled to mature in September 2018. The facility has historically been used principally as a back-up facility for our commercial paper program. As of May 29, 2016, there were no outstanding borrowings under the facility. The facility requires that our consolidated funded debt not exceed 65% of our consolidated capital base and that our fixed charges coverage ratio be greater than 1.75 to 1.0. On September 21, 2015, the Company entered into an amendment to the facility to exclude certain non-cash impairments from the calculation of the fixed charge coverage ratio. As of May 29, 2016, we were in compliance with these financial covenants.

As of May 29, 2016 and May 31, 2015, we had no amounts outstanding under our commercial paper program. The highest level of borrowings during fiscal 2016 was $401.3 million, in part attributable to the use of commercial paper borrowings to fund the payment of the $250.0 million of 1.35% senior debt, which became due in September 2015.

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As of the end of fiscal 2016, 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.

We repurchase our shares of common stock from time to time after considering market conditions and in accordance with repurchase limits authorized by our Board of Directors. In December 2011, the Company's Board of Directors approved a $750.0 million increase to our share repurchase authorization. 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 authorization has no time limit and may be suspended or discontinued at any time. We repurchased 1.4 million shares of our common stock for an aggregate of $50.0 million under this program in fiscal 2015. The Company's total remaining share repurchase authorization as of May 29, 2016 was $131.9 million.

We have access to the $1.5 billion revolving credit facility, our commercial paper program, and the capital markets in addition to cash and cash equivalents totaling $834.5 million as of May 29, 2016. We believe we also have access to additional bank loan facilities, if needed.

We have recently signed separate agreements to sell the Spicetec Flavors & Seasonings and JM Swank businesses and expect to complete these sales in early fiscal 2017, subject to customary closing conditions. We expect to realize net proceeds from the sales in early fiscal 2017 of $316.5 million and $162.4 million, respectively.

In fiscal 2016, we announced our plans to separate ConAgra Foods, Inc. into two public companies, Conagra Brands and Lamb Weston. Although we have not finalized plans for our future capital structure, management believes the aforementioned sources of liquidity will be adequate to meet required debt repayments, planned capital expenditures, working capital needs, and payment of anticipated quarterly dividends for the foreseeable future.

Although a significant amount of our senior debt will mature over the next several years, including $550.0 million aggregate principal amount of our floating rate senior notes due in July 2016, we expect to maintain or have access to sufficient liquidity to either retire or refinance such debt, as market conditions warrant, from operating cash flows, our commercial paper program, proceeds from any divestitures and other disposition transactions, access to capital markets, and our revolving credit facility.

Cash Flows

In fiscal 2016, we generated $651.4 million of cash, which was the net result of $1.21 billion generated from operating activities, $2.13 billion provided by investing activities, $2.68 billion used in financing activities, and a decrease of $2.0 million in cash due to the effect of changes in foreign currency exchange rates.

Cash generated from operating activities of continuing operations totaled $1.05 billion in fiscal 2016, as compared to $1.22 billion generated in fiscal 2015. The decrease was mainly driven by a $158.6 million increase in income tax payments for fiscal 2016 compared to those made in fiscal 2015 from continuing operations. Cash flows from changes in working capital for continuing operations for 2016 were comparable to those of 2015. Increases in receivables, partially attributable to payment term concessions granted to major customers, were offset by lower inventory levels due to favorable commodity prices and supply decreases, and further reduced by increases in accrued expenses related to incentives and restructuring activities in connection with the SCAE Plan. Also, annual incentive compensation payments were approximately $22.0 million more in fiscal 2016 (earned in fiscal 2015) than in fiscal 2015 (earned in fiscal 2014) and approximately $43.2 million of cash was used to settle certain share-based incentive awards in fiscal 2016.

Cash generated from operating activities of discontinued operations was $162.1 million and $265.2 million in fiscal 2016 and fiscal 2015, respectively. The contribution of cash from operating activities of discontinued operations reflects the activities of the Private Brands business for a full year in fiscal 2015 and three quarters in fiscal 2016 and the limited results of the milling business which were included in the first quarter of fiscal 2015.

Investing activities of continuing operations used $397.5 million in fiscal 2016 compared to $37.2 million in fiscal 2015. Investing activities of continuing operations in fiscal 2016 consisted primarily of capital expenditures of $429.8 million, which included several significant plant expansions and improvements. Investing activities of continuing operations in fiscal 2015 consisted primarily of $391.4 million received from Ardent Mills in connection with the formation of that joint venture,

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partially offset by capital expenditures of $351.2 million and the purchases of a potato manufacturer in China and an organic frozen food business in the United States, totaling $95.7 million, net of cash acquired.

Cash provided by investing activities of discontinued operations in fiscal 2016 of $2.52 billion resulted primarily from the proceeds of the divestiture of our Private Brands operations totaling $2.60 billion, net of cash transferred and closing costs. This was offset by capital expenditures totaling $95.3 million. Cash used in investing activities of discontinued operations in fiscal 2015 totaled $4.4 million resulting from the receipt of $163.0 million cash associated with the sale of three flour milling facilities at the end of fiscal 2014, partially offset by $49.0 million of cash contributed to Ardent Mills upon the formation of the joint venture and capital expenditures of $120.5 million associated with the Private Brands operations.

Cash used for financing activities of continuing operations totaled $2.64 billion in fiscal 2016 compared to $1.43 billion in fiscal 2015. Financing activities of continuing operations for fiscal 2016 consisted primarily of long-term debt repayments totaling $2.53 billion principally financed from the proceeds of the divestiture of our Private Brands operations. In fiscal 2015, we repaid $1.49 billion of long-term debt, partially financed by the issuance of $550.0 million aggregate principal amount of floating rate notes and we also reduced short term debt, primarily commercial paper, by $150.0 million. During fiscal 2016 and 2015, we paid dividends of $432.5 million and $425.2 million, respectively. In fiscal 2015, we repurchased $50.0 million of our common stock as part of our share repurchase program. Amounts generated from proceeds of employee stock option exercises and issuance of other stock awards were $260.2 million and $153.8 million in fiscal 2016 and 2015, respectively.

The Company had cash and cash equivalents of $834.5 million at May 29, 2016 and $164.7 million at May 31, 2015, of which $138.9 million at May 29, 2016 and $79.0 million at May 31, 2015 was held in foreign countries. As of May 31, 2015, certain of the Company's foreign subsidiaries had extended short-term loans to domestic entities totaling $36.4 million. Domestic entities repaid these amounts early in the first quarter of fiscal 2016. The Company makes an assertion regarding the amount of earnings intended for permanent reinvestment outside the United States, with the balance available to be repatriated to the United States. The cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and future foreign investments. No related tax liability has been accrued as of May 29, 2016. At May 29, 2016, management does not intend to permanently repatriate additional foreign cash. Any future decision to repatriate foreign cash could result in an adjustment to the deferred tax liability after considering available foreign tax credits and other tax attributes. It is not practicable to determine the amount of any such deferred tax liability at this time.

Our preliminary estimate of capital expenditures for fiscal 2017 is approximately $585 million. This includes amounts attributable to the Lamb Weston business.

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

OFF-BALANCE SHEET ARRANGEMENTS

We use off-balance sheet arrangements (e.g., leases accounted for as operating leases) where sound business principles warrant their use. We also periodically enter into guarantees and other similar arrangements as part of transactions in the ordinary course of business. These are described further in “Obligations and Commitments,” below.

Variable Interest Entities Not Consolidated

We have variable interests in certain entities that we have determined to be variable interest entities, but for which we are not the primary beneficiary. We do not consolidate the financial statements of these entities.

We hold a 50.0% interest in Lamb Weston RDO, a potato processing venture. We provide all sales and marketing services to Lamb Weston RDO. We receive a fee for these services based on a percentage of the net sales of the venture. We reflect the value of our ownership interest in this venture in other assets in our Consolidated Balance Sheets, based upon the equity method of accounting. The balance of our investment was $16.9 million and $14.6 million at May 29, 2016 and May 31, 2015, respectively, representing our maximum exposure to loss as a result of our involvement with this venture. The capital structure of Lamb Weston RDO includes owners' equity of $33.9 million and term borrowings from banks of $41.1 million as of May 29, 2016. We have determined that we do not have the power to direct the activities that most significantly impact the economic performance of this venture.

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We lease certain office buildings from entities that we have determined to be variable interest entities. The lease agreements with these entities include fixed-price purchase options for the assets being leased. The lease agreements also contain contingent put options (the “lease put options”) that allow the lessors to require us to purchase the buildings at the greater of original construction cost, or fair market value, without a lease agreement in place (the “put price”) in certain limited circumstances. As a result of substantial impairment charges related to our Private Brands operations, these lease put options are exercisable now and remain exercisable until generally 30 days after the end of the respective lease agreements. We are amortizing the difference between the estimated put price and the estimated fair value (without a lease agreement in place) of each respective property over the remaining respective lease term within selling, general and administrative expenses. As of May 29, 2016, the estimated amount by which the put prices exceeded the fair values of the related properties was $58.5 million, of which we have accrued $9.3 million. As these buildings are worth considerably more when under lease agreements than when vacant, we may be able to mitigate some, or all of the financial exposure created by the put options by maintaining active lease agreements and/or by subleasing the buildings to credit worthy tenants. We do not expect to ultimately incur material financial losses as a result of the potential exercise of the lease put options by the lessors. These leases are accounted for as operating leases, and accordingly, there are no material assets or liabilities, other than the accrued portion of the put price, associated with these entities included in our Consolidated Balance Sheets. We have determined that we do not have the power to direct the activities that most significantly impact the economic performance of these entities. In making this determination, we have considered, among other items, the terms of the lease agreements, the expected remaining useful lives of the assets leased, and the capital structure of the lessor entities.

OBLIGATIONS AND COMMITMENTS

As part of our ongoing operations, we enter into arrangements that obligate us to make future payments under contracts such as lease agreements, debt agreements, and 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). The unconditional purchase obligation arrangements are entered into in our normal course of business in order to ensure adequate levels of sourced product are available. Of these items, debt, notes payable, capital lease obligations, and other contracts, which totaled $5.6 billion as of May 29, 2016, were recognized as liabilities in our Consolidated Balance Sheets. Operating lease obligations and unconditional purchase obligations, which totaled $1.7 billion as of May 29, 2016, were not recognized as liabilities in our Consolidated Balance Sheets, in accordance with generally accepted accounting principles.

A summary of our contractual obligations as of May 29, 2016 was as follows:

	Payments Due by Period (in millions)
Contractual Obligations	Total		Less than 1 Year		1-3 Years		3-5 Years		After 5 Years
Long-term debt	$	5,328.0	$	560.6	$	2,038.3	$	397.1	$	2,332.0
Capital lease obligations	149.2		11.1		20.1		17.2		100.8
Operating lease obligations	337.8		64.8		102.0		51.1		119.9
Purchase obligations1 and other contracts	1,479.3		1,013.5		129.0		80.5		256.3
Notes payable	38.8		38.8		—		—		—
Total	$	7,333.1	$	1,688.8	$	2,289.4	$	545.9	$	2,809.0

¹ Amount includes open purchase orders and agreements, some of which are not legally binding and/or may be cancellable. Such agreements are generally settleable in the ordinary course of business in less than one year. Excludes purchase commitments under potato supply agreements due to uncertainty of pricing and quantity.

We are also contractually obligated to pay interest on our long-term debt and capital lease obligations. The weighted average coupon interest rate of the long-term debt obligations outstanding as of May 29, 2016 was approximately 4.3%.

We own a 49.99% interest in Lamb Weston BSW, LLC ("Lamb Weston BSW"), a potato processing venture with Ochoa Ag Unlimited Foods, Inc. ("Ochoa"). We provide all sales and marketing services to Lamb Weston BSW. Under certain circumstances, we could be required to compensate Ochoa for lost profits resulting from significant production shortfalls ("production shortfalls"). Commencing on June 1, 2018, or on an earlier date under certain circumstances, we have a contractual right to purchase the remaining equity interest in Lamb Weston BSW from Ochoa (the "call option"). We are currently subject to a contractual obligation to purchase all of Ochoa's equity investment in Lamb Weston BSW at the option of Ochoa (the

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"put option"). The purchase prices under the call option and the put option (the "options") are based on the book value of Ochoa's equity interest at the date of exercise, as modified by an agreed-upon rate of return for the holding period of the investment balance. The agreed-upon rate of return varies depending on the circumstances under which any of the options are exercised. As of May 29, 2016, the price at which Ochoa had the right to put its equity interest to us was $47.4 million. This amount, which is presented within other noncurrent liabilities in our Consolidated Balance Sheets, is not included in the "Contractual Obligations" table above as the payment is contingent upon the exercise of the put option by Ochoa, and the eventual occurrence and timing of such exercise is uncertain.

As of May 29, 2016, we had aggregate unfunded pension obligations totaling $943.6 million. This amount is not included in the table above, as the unfunded pension obligation is marked-to-market each fiscal year and we do not expect to be required to make payments to fund these amounts in the next few years. Based on current statutory requirements, we are not obligated to fund any amount to our qualified pension plans during the next twelve months. We estimate that we will make payments of approximately $10.2 million over the next twelve months to fund current benefits of nonqualified pension plans. See Note 19, "Pension and Postretirement Benefits" to the consolidated financial statements and "Critical Accounting Estimates - Employment Related Benefits" for further discussion of our pension obligations and factors that could affect estimates of this liability.

As part of our ongoing operations, we also enter into arrangements that obligate us to make future cash payments only upon the occurrence of a future event (e.g., guarantees of debt or lease payments of a third party should the third party be unable to perform). In accordance with generally accepted accounting principles, the following commercial commitments are not recognized as liabilities in our Consolidated Balance Sheets. A summary of our commitments, including commitments associated with equity method investments, as of May 29, 2016, was as follows:

	Amount of Commitment Expiration Per Period (in millions)
Other Commercial Commitments	Total		Less than 1 Year		1-3 Years		3-5 Years		After 5 Years
Guarantees	$	67.2	$	43.2	$	5.4	$	8.4	$	10.2
Standby repurchase obligations	2.0		0.5		0.5		0.5		0.5
Other commitments	2.5		2.4		0.1		—		—
Total	$	71.7	$	46.1	$	6.0	$	8.9	$	10.7

We are a party to various potato supply agreements. Under the terms of certain such potato supply agreements, we have guaranteed repayment of short-term bank loans of the potato suppliers, under certain conditions. At May 29, 2016, the amount of supplier loans effectively guaranteed by us was $40.5 million, included in the table above. We have not established a liability for these guarantees, as we have determined that the likelihood of our required performance under the guarantees is remote.

Federal income tax credits were generated related to our sweet potato production facility in Delhi, Louisiana. Third parties invested in these income tax credits. We have guaranteed these third parties the face value of these income tax credits over their statutory lives, through fiscal 2017, in the event that the income tax credits are recaptured or reduced. The face value of the income tax credits was $26.7 million, included in the table above, as of May 29, 2016. We believe the likelihood of the recapture or reduction of the income tax credits is remote, and therefore we have not established a liability in connection with this guarantee.

We hold a 50% ownership interest in Lamb-Weston/Meijer, V.O.F. (“Lamb Weston Meijer”), a Netherlands joint venture, headquartered in the Netherlands, that manufactures and sells frozen potato products principally in Europe. We and our partner are jointly and severally liable for all legal liabilities of Lamb Weston Meijer. As of May 29, 2016 and May 31, 2015, the total liabilities of Lamb Weston Meijer were $203.7 million and $129.1 million, respectively. Lamb Weston Meijer is well capitalized, with partners’ equity of $284.5 million and $255.9 million as of May 29, 2016 and May 31, 2015, respectively. We have not established a liability on our balance sheets for the obligations of Lamb Weston Meijer, as we have determined the likelihood of any required payment by us to settle such liabilities of Lamb Weston Meijer is remote.

The obligations and commitments tables above do not include any reserves for uncertainties in income taxes, as we are unable to reasonably estimate the ultimate amount or timing of settlement of our reserves for income taxes. The liability for gross unrecognized tax benefits at May 29, 2016 was $38.4 million. The net amount of unrecognized tax benefits at May 29, 2016, that, if recognized, would impact our effective tax rate was $21.3 million. Recognition of these tax benefits would have a favorable impact on our effective tax rate.

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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.

Marketing Costs—We incur certain costs to promote our products through marketing programs, which include advertising, customer incentives, and consumer incentives. We recognize the cost of each of these types of marketing activities as incurred in accordance with generally accepted accounting principles. The judgment required in determining marketing costs can be significant. For volume-based incentives provided to customers, management must continually assess the likelihood of the customer achieving the specified targets. Similarly, for consumer coupons, management must estimate the level at which coupons will be redeemed by consumers in the future. Estimates made by management in accounting for marketing costs are based primarily on our historical experience with marketing programs with consideration given to current circumstances and industry trends. As these factors change, management’s estimates could change and we could recognize different amounts of marketing costs over different periods of time.

We have recognized reserves of $150.7 million for these marketing costs as of May 29, 2016. Changes in the assumptions used in estimating the cost of any individual customer marketing program (including amounts classified as a revenue reduction) would not result in a material change in our results of operations or cash flows.

Advertising and promotion expenses totaled $371.4 million, $330.0 million, and $395.7 million in fiscal 2016, 2015, and 2014, respectively.

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 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 15 “Pre-tax Income and Income Taxes” to the consolidated financial statements.

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.

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We have recognized a reserve of approximately $55.8 million for environmental liabilities as of May 29, 2016. 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, postretirement health care benefits, and workers’ compensation. 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, anticipated health care costs, and employee accidents incurred but not yet reported to us. 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.

As of May 29, 2016, the Company has elected to use a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans.  Historically, the weighted-average discount rate was used in the calculation of service and interest costs, both of which are components of pension expense. We plan to utilize a spot rate approach in the calculation of pension interest and service cost for fiscal 2017 and beyond. The spot rate approach applies separate discount rates for each projected benefit payment in the calculation of pension interest and service cost. This calculation change is considered a change in accounting estimate and will be applied prospectively in fiscal 2017.

We have recognized a pension liability of $946.6 million and $573.7 million, a postretirement liability of $201.6 million and $235.3 million, and a workers’ compensation liability of $62.2 million and $100.1 million, as of the end of fiscal 2016 and 2015, respectively. We also have recognized a pension asset of $3.0 million and $20.5 million as of the end of fiscal 2016 and 2015, 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 generally accepted accounting principles.

We recognized pension expense (benefit) from Company plans of $370.8 million, $0.9 million, and $(5.9) million in fiscal 2016, 2015, and 2014, respectively. Such amounts reflect the year-end write-off of actuarial losses in excess of 10% of our pension liability of $348.5 million, $6.9 million, and $2.7 million in fiscal 2016, 2015, and 2014, respectively. This also reflected expected returns on plan assets of $259.9 million, $267.9 million, and $252.9 million in fiscal 2016, 2015, and 2014, respectively. We contributed $11.5 million, $12.7 million, and $18.3 million to the pension plans of our continuing operations in fiscal 2016, 2015, and 2014, respectively. We anticipate contributing approximately $12.5 million to our pension plans in fiscal 2017.

One significant assumption for pension plan accounting is the discount rate. Historically, we have selected a discount rate each year (as of our fiscal year-end measurement date) for our plans based upon a high-quality corporate bond yield curve for which the cash flows from coupons and maturities match the year-by-year projected benefit cash flows for our pension plans. The corporate bond yield curve is comprised of high-quality fixed income debt instruments (usually Moody’s Aa) available at the measurement date. At May 29, 2016, the Company changed to use a spot-rate approach, discussed above. This alternative 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 4.10% for fiscal 2016, 4.15% for fiscal 2015, and 4.05% for fiscal 2014. We selected a weighted-average discount rate of 4.14% and 3.15% for determination of service and interest expense, respectively, for fiscal 2017. A 25 basis point increase in our discount rate assumption as of the end of fiscal 2016 would have resulted in a decrease of $109.7 million in our pension expense for fiscal 2016. A 25 basis point decrease in our discount rate assumption as of the end of fiscal 2016 would have resulted in an increase of $115.7 million in our pension expense for fiscal 2016. For our year-end pension obligation determination, we selected discount rates of 3.83% and 4.10% for fiscal years 2016 and 2015, 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

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long-term returns by investment type from external sources, and the current economic environment. Based on this information, we selected 7.75% for the long-term rate of return on plan assets for determining our fiscal 2016 pension expense. A 25 basis point increase/decrease in our expected long-term rate of return assumption as of the beginning of fiscal 2016 would decrease/increase annual pension expense for our pension plans by $8.7 million. We selected an expected rate of return on plan assets of 7.50% to be used to determine our pension expense for fiscal 2017. A 25 basis point increase/decrease in our expected long-term rate of return assumption as of the beginning of fiscal 2017 would decrease/increase annual pension expense for our pension plans by $7.2 million.

The rate of compensation increase is another significant assumption used in the development of accounting information for pension plans. We determine this assumption based on our long-term plans for compensation increases and current economic conditions. Based on this information, we selected 3.66% and 3.70% for fiscal years 2016 and 2015, respectively, as the rate of compensation increase for determining our year-end pension obligation. We selected 3.70% for the rate of compensation increase for determination of pension expense for fiscal year 2016, 4.25% for fiscal 2015, and 4.25% fiscal 2014, respectively. A 25 basis point increase in our rate of compensation increase assumption as of the beginning of fiscal 2016 would increase pension expense for our pension plans by $1.1 million for the year. A 25 basis point decrease in our rate of compensation increase assumption as of the beginning of fiscal 2016 would decrease pension expense for our pension plans by $1.6 million for the year. We selected a rate of 3.66% for the rate of compensation increase to be used to determine our pension expense for fiscal 2017. A 25 basis point increase in our rate of compensation increase assumption as of the beginning of fiscal 2017 would increase pension expense for our pension plans by $0.7 million for the year. A 25 basis point decrease in our rate of compensation increase assumption as of the beginning of fiscal 2017 would decrease pension expense for our pension plans by $0.7 million for the year.

In October 2014, The Society of Actuaries' Retirement Plan Experience Committee published new mortality tables and recommended their use for the measurement of U.S. pension plan obligations. With the assistance of our third-party actuary, in measuring our pension obligations as of May 31, 2015, we incorporated revised assumptions that generally reflect the mortality improvement inherent in these new tables, as adjusted for experience specific to our industry.

We also provide certain postretirement health care benefits. We recognized postretirement benefit expense of $0.2 million, $6.1 million, and $9.9 million in fiscal 2016, 2015, and 2014, respectively. We reflected liabilities of $201.6 million and $235.3 million in our balance sheets as of May 29, 2016 and May 31, 2015, respectively. We anticipate contributing approximately $22.1 million to our postretirement health care plans in fiscal 2017.

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 3.50% for fiscal 2016, 3.65% for fiscal 2015, and 3.35% for fiscal 2014. We have selected a weighted-average discount rate of 3.18% for determination of postretirement expense for fiscal 2017. A 25 basis point increase/decrease in our discount rate assumption as of the beginning of fiscal 2016 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 9.0%, with the trend rate decreasing to 4.5% by 2024. A one percentage point change in the assumed health care cost trend rate would have the following effects:

($ in millions)	One  Percent Increase		One  Percent Decrease
Effect on total service and interest cost	$	0.4	$	(0.4	)
Effect on postretirement benefit obligation	11.3		(10.1		)

We provide workers’ compensation benefits to our employees. The measurement of the liability for our cost of providing these benefits is largely based upon actuarial analysis of costs. One significant assumption we make is the discount rate used to calculate the present value of our obligation. The weighted-average discount rate used at May 29, 2016 was 2.57%. A 25 basis point increase/decrease in the discount rate assumption would not have a material impact on workers’ compensation expense.

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.

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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 must 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.

In fiscal 2016, we elected to perform a quantitative impairment test for indefinite lived intangibles. During fiscal 2016, we recognized impairment charges of $50.1 million in our Consumer Foods segment for our Chef Boyardee^® brand.

In fiscal 2015, we elected to perform a quantitative impairment test for indefinite lived intangibles. During fiscal 2015, we recognized impairment charges of $4.8 million in our Consumer Foods segment for our Poppycock^® brand.

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In fiscal 2014, we elected to perform a quantitative impairment test for indefinite lived intangibles. We recognized impairment charges of $72.7 million in our Consumer Foods segment, primarily for our Chef Boyardee^® brand. We also recognized a $3.2 million impairment charge for an amortizable technology license in our Corporate expenses in fiscal 2014.

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 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 two-step 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 two-step quantitative impairment test, the first step of 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 four or 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 discounts rates due to changes in market conditions could produce substantially different estimates of the fair value of the reporting unit.

If the fair value of a reporting unit determined in the first step of the evaluation is lower than its carrying value, we proceed to the second step, which compares the carrying value of goodwill to its implied fair value. In estimating the implied fair value of goodwill for a reporting unit, we must assign the fair value of the reporting unit (as determined in the first step) to the assets and liabilities associated with the reporting unit as if the reporting unit had been acquired in a business combination (i.e., we estimate the fair value of each asset and liability held in the reporting unit). The various assets and liabilities within the reporting unit are generally not adjusted to their new, estimated fair values (unless impairments of any individual assets are indicated). The implied goodwill is equal to the residual of the estimated fair value of the reporting unit over the estimated fair values of each identifiable asset and liability within the reporting unit. Any excess of the carrying value of goodwill of the reporting unit over its implied fair value is recorded as impairment.

In the fourth quarter of fiscal 2016, in conjunction with our annual review for impairment, we performed a qualitative analysis of goodwill for the reporting units in our Consumer Foods and Commercial Foods segments. Because forecasted sales and profits for the International reporting unit in our Consumer Foods segment continued to fall below our expectations relative to our previous projections throughout fiscal 2016, largely as a result of foreign exchange rates, we performed quantitative analyses of goodwill on this segment reporting unit in fiscal 2016. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans and future industry and economic conditions. We estimated the future cash flows of the International reporting unit and calculated the net present value of those estimated cash flows using a risk adjusted discount rate, in order to estimate the fair value of each reporting unit from the perspective of a market participant. We used discount rates and terminal growth rates of 7.5% and 3%, respectively, to calculate the present value of estimated future cash flows. We then compared the estimated fair value of the reporting unit to the respective historical carrying value (including allocated assets and liabilities of certain shared and Corporate functions), and determined that the fair value of the reporting unit was greater than the carrying value in fiscal 2016. With the assistance of a third-party valuation

36

specialist, we estimated the fair value of this reporting unit and determined that we had 12% cushion over the carrying value. As such, the results of the quantitative analysis did not result in an impairment of the International reporting unit.

Because forecasted sales and profits for a reporting unit in our divested Private Brands business continued to fall below our expectations relative to our previous projections throughout fiscal 2015, we performed quantitative analyses of goodwill on this Private Brands segment reporting unit in fiscal 2015. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans and future industry and economic conditions. We estimated the future cash flows of each reporting unit within the Private Brands segment and calculated the net present value of those estimated cash flows using a risk adjusted discount rate, in order to estimate the fair value of each reporting unit from the perspective of a market participant. We used discount rates and terminal growth rates of 8% and 3%, respectively, to calculate the present value of estimated future cash flows. We then compared the estimated fair value of the reporting unit to the respective historical carrying value (including allocated assets and liabilities of certain shared and Corporate functions), and determined that the fair value of the reporting unit was less than the carrying value in fiscal 2015. With the assistance of a third-party valuation specialist, we estimated the fair value of the assets and liabilities of each of this reporting unit in order to determine the implied fair value of goodwill of each reporting unit. We recognized an impairment charge for the difference between the implied fair value of goodwill and the carrying value of goodwill at the respective measurement dates. Accordingly, during fiscal 2015, we recorded charges totaling $20.9 million for the impairment of goodwill in the portion of the business we retained from the Private Brands segment that is now included in the Grocery reporting unit of the Consumer Foods segment.

During fiscal 2014, we recorded a $9.0 million charge for the impairment of goodwill in the portion of the business we retained from the Private Brands segment that is now included in our Grocery reporting unit of the Consumer Foods segment.

We completed the divestiture of our Private Brands operations in the third quarter of fiscal 2016. In fiscal 2016, we recognized charges of $1.92 billion ($1.44 billion after-tax) to write-down the goodwill and long-lived assets of the Private Brands business.

During fiscal 2015, we recognized impairment charges of $1.51 billion and $43.9 million for goodwill and indefinite-lived intangibles, respectively, in our Private Brands business. During fiscal 2015, we also recognized a charge of $13.7 million in our Private Brands business for the impairment of certain long-lived assets. The impairment was measured based upon an estimated disposal value for the related production facility. These impairment charges are included in discontinued operations.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP. On July 9, 2015, the FASB deferred the effective date of the new revenue recognition standard by one year. Based on the FASB’s ASU, we will apply the new revenue standard in our fiscal year 2019. Early adoption in our fiscal year 2018 is permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The standard permits the use of either the retrospective or cumulative effect transition method.

In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. We do not expect ASU 2015-11 to have a material impact to our financial statements. The standard is to be applied prospectively.

In February 2016, the FASB issued its final lease accounting standard, FASB Accounting Standard Codification ("ASC") Topic 842, Leases, which requires lessees to reflect most leases on their balance sheet as assets and obligations. The effective date for the standard is for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are evaluating the effect that ASC 842 will have on our consolidated financial statements and related disclosures. The standard is to be applied under the modified retrospective method, with elective reliefs, which requires application of the new guidance for all periods presented.

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In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. We plan to early adopt ASU 2016-09 in the first quarter of fiscal 2017 with an effective date of May 30, 2016. We are evaluating the effect that ASU 2016-09 will have on our consolidated financial statements.

FORWARD-LOOKING STATEMENTS

This report, including Management's Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. We undertake no responsibility for updating these statements. Readers of this report should understand that these statements are not guarantees of performance or results. Many factors could affect our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this report. These risks and uncertainties include, among other things: general economic and industry conditions; our ability to successfully execute our long-term value creation strategy; our ability to successfully complete the spin-off of our Lamb Weston business on a tax-free basis, within the expected time frame or at all, and achieve the intended benefits of the spin-off; our ability to access capital; our ability to execute our operating and restructuring plans and achieve our targeted operating efficiencies, cost-saving initiatives, and trade optimization programs; the effectiveness of our hedging activities, including volatility in commodities that could negatively impact our derivative positions and, in turn, our earnings; the competitive environment and related market conditions; our ability to respond to changing consumer preferences and the success of our innovation and marketing investments; the ultimate impact of any product recalls and litigation, including litigation related to the lead paint and pigment matters; actions of governments and regulatory factors affecting our businesses, including the Patient Protection and Affordable Care Act; the availability and prices of raw materials, including any negative effects caused by inflation or weather conditions; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; our ability to realize the synergies and benefits contemplated by the Ardent Mills joint venture; the costs, disruption, and diversion of management's attention associated with campaigns commenced by activist investors; and other risks described in our reports filed with the Securities and Exchange Commission. 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.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The principal market risks affecting us during fiscal 2016 and 2015 were exposures to price fluctuations of commodity and energy inputs, interest rates, and foreign currencies. These fluctuations impacted all reporting segments.

Commodity Market Risk

We purchase commodity inputs such as wheat, corn, oats, soybean meal, soybean oil, meat, dairy products, 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.

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 29, 2016 and May 31, 2015, the fair value of our long term debt (including current installments) was estimated at $5.9 billion and $8.2 billion, respectively, based on current market rates provided primarily by outside investment advisors. As of May 29, 2016 and May 31, 2015, a 1% increase in interest rates would decrease the fair value of our long-term debt by approximately $249.5 million and $428.6 million, respectively, while a 1% decrease in interest rates would increase the fair value of our long-term debt by approximately $275.0 million and $479.5 million, respectively.

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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, foreign exchange, and other commodities (including discontinued operations) for fiscal 2016 and 2015. Other commodities below consist primarily of forward and option contracts for a commodities index which includes items such as agricultural commodities, energy commodities, and metals. The other commodities category below may also include items such as packaging and/or livestock.

	Fair Value Impact
In Millions	Average During the Fiscal Year Ended May 29, 2016		Average During the Fiscal Year Ended May 31, 2015
Processing Activities
Energy commodities	$	0.6	$	1.2
Agriculture commodities	1.7		2.7
Other commodities	—		1.4
Foreign exchange	0.2		0.1

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ConAgra Foods, Inc. and Subsidiaries

Consolidated Statements of Operations

(in millions, except per share amounts)

	For the Fiscal Years Ended May
	2016			2015			2014
Net sales	$	11,642.9		$	11,937.0		$	11,838.2
Costs and expenses:
Cost of goods sold	8,552.1			9,061.4			8,910.8
Selling, general and administrative expenses	2,209.4			1,545.3			1,778.9
Interest expense, net	297.8			330.0			377.5
Income from continuing operations before income taxes and equity method investment earnings	583.6			1,000.3			771.0
Income tax expense	225.4			362.1			178.3
Equity method investment earnings	137.8			122.1			32.5
Income from continuing operations	496.0			760.3			625.2
Loss from discontinued operations, net of tax	(1,161.9		)	(1,001.1		)	(310.1		)
Net income (loss)	$	(665.9	)	$	(240.8	)	$	315.1
Less: Net income attributable to noncontrolling interests	11.1			11.8			12.0
Net income (loss) attributable to ConAgra Foods, Inc.	$	(677.0	)	$	(252.6	)	$	303.1
Earnings (loss) per share — basic
Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders	$	1.11		$	1.75		$	1.45
Loss from discontinued operations attributable to ConAgra Foods, Inc. common stockholders	(2.68		)	(2.35		)	(0.73		)
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(1.57	)	$	(0.60	)	$	0.72
Earnings (loss) per share — diluted
Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders	$	1.09		$	1.73		$	1.43
Loss from discontinued operations attributable to ConAgra Foods, Inc. common stockholders	(2.65		)	(2.32		)	(0.73		)
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(1.56	)	$	(0.59	)	$	0.70

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

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ConAgra Foods, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

(in millions)

	For the Fiscal Years Ended May
	2016									2015									2014
	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 (loss)	$	(1,033.6	)	$	367.7		$	(665.9	)	$	244.0		$	(484.8	)	$	(240.8	)	$	617.9		$	(302.8	)	$	315.1
Other comprehensive income (loss):
Derivative adjustments:
Unrealized derivative adjustments	—			—			—			—			—			—			49.6			(18.3		)	31.3
Reclassification for derivative adjustments included in net income	(2.1		)	0.8			(1.3		)	(0.5		)	0.2			(0.3		)	55.0			(20.6		)	34.4
Unrealized gains on available-for-sale securities	0.1			—			0.1			0.7			(0.3		)	0.4			0.2			(0.1		)	0.1
Currency translation losses:
Unrealized currency translation losses	(58.9		)	—			(58.9		)	(145.2		)	—			(145.2		)	(25.7		)	—			(25.7		)
Reclassification for currency translation losses included in net income	73.4			—			73.4			—			—			—			—			—			—
Pension and post-employment benefit obligations:
Unrealized pension and post-employment benefit obligations	(37.7		)	14.8			(22.9		)	(94.9		)	36.7			(58.2		)	23.8			(8.2		)	15.6
Reclassification for pension and post-employment benefit obligations included in net income	(14.5		)	4.9			(9.6		)	0.8			(0.3		)	0.5			3.3			(1.2		)	2.1
Comprehensive income (loss)	(1,073.3		)	388.2			(685.1		)	4.9			(448.5		)	(443.6		)	724.1			(351.2		)	372.9
Comprehensive income attributable to noncontrolling interests	7.8			(0.9		)	6.9			4.6			(0.4		)	4.2			8.9			(0.9		)	8.0
Comprehensive income (loss) attributable to ConAgra Foods, Inc.	$	(1,081.1	)	$	389.1		$	(692.0	)	$	0.3		$	(448.1	)	$	(447.8	)	$	715.2		$	(350.3	)	$	364.9

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

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ConAgra Foods, Inc. and Subsidiaries

Consolidated Balance Sheets

(in millions, except share data)

	May 29, 2016			May 31, 2015
ASSETS
Current assets
Cash and cash equivalents	$	834.5		$	164.7
Receivables, less allowance for doubtful accounts of $3.7 and $3.8	836.6			739.0
Inventories	1,582.1			1,642.6
Prepaid expenses and other current assets	206.5			168.2
Current assets held for sale	117.0			848.8
Total current assets	3,576.7			3,563.3
Property, plant and equipment
Land and land improvements	208.1			194.2
Buildings, machinery and equipment	4,993.0			4,822.3
Furniture, fixtures, office equipment and other	801.8			807.4
Construction in progress	206.3			244.3
	6,209.2			6,068.2
Less accumulated depreciation	(3,498.9		)	(3,423.6		)
Property, plant and equipment, net	2,710.3			2,644.6
Goodwill	4,533.8			4,544.6
Brands, trademarks and other intangibles, net	1,276.8			1,272.5
Other assets	1,067.2			926.8
Noncurrent assets held for sale	225.8			4,486.0
	$	13,390.6		$	17,437.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Notes payable	$	38.8		$	7.9
Current installments of long-term debt	571.4			1,007.8
Accounts payable	945.4			1,080.0
Accrued payroll	271.1			206.3
Other accrued liabilities	651.0			647.1
Current liabilities held for sale	54.7			361.0
Total current liabilities	2,532.4			3,310.1
Senior long-term debt, excluding current installments	4,721.9			6,692.9
Subordinated debt	195.9			195.9
Other noncurrent liabilities	2,144.1			1,915.9
Noncurrent liabilities held for sale	1.5			713.0
Total liabilities	9,595.8			12,827.8
Commitments and contingencies (Note 17)
Common stockholders' equity
Common stock of $5 par value, authorized 1,200,000,000 shares; issued 567,907,172	2,839.7			2,839.7
Additional paid-in capital	1,136.3			1,049.4
Retained earnings	3,218.3			4,331.1
Accumulated other comprehensive loss	(344.5		)	(329.5		)
Less treasury stock, at cost, 129,842,206 and 139,702,605 common shares	(3,136.2		)	(3,364.7		)
Total ConAgra Foods, Inc. common stockholders' equity	3,713.6			4,526.0
Noncontrolling interests	81.2			84.0
Total stockholders' equity	3,794.8			4,610.0
	$	13,390.6		$	17,437.8

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

42

ConAgra Foods, Inc. and Subsidiaries

Consolidated Statements of Common Stockholders' Equity

(in millions, except share data)

	ConAgra Foods, 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 26, 2013	567.9	$	2,839.7	$	1,006.2		5,129.5			$	(196.1	)	$	(3,514.9	)	$	98.6		$	5,363.0
Stock option and incentive plans				32.4			(0.8		)				120.5						152.1
Currency translation adjustment										(21.7		)				(4.0		)	(25.7		)
Repurchase of common shares													(100.0		)				(100.0		)
Unrealized gain on securities										0.1									0.1
Derivative adjustment, net of reclassification adjustment										65.7									65.7
Activities of noncontrolling interests				(1.7		)										2.1			0.4
Pension and postretirement healthcare benefits										17.7									17.7
Dividends declared on common stock; $1.00 per share							(421.2		)										(421.2		)
Net income attributable to ConAgra Foods, Inc.							303.1												303.1
Balance at May 25, 2014	567.9	2,839.7		1,036.9			5,010.6			(134.3		)	(3,494.4		)	96.7			5,355.2
Stock option and incentive plans				14.2			(0.4		)				179.7						193.5
Currency translation adjustment										(137.6		)				(7.6		)	(145.2		)
Repurchase of common shares													(50.0		)				(50.0		)
Unrealized gain on securities										0.4									0.4
Derivative adjustment, net of reclassification adjustment										(0.3		)							(0.3		)
Activities of noncontrolling interests				(1.7		)										(5.1		)	(6.8		)
Pension and postretirement healthcare benefits										(57.7		)							(57.7		)
Dividends declared on common stock; $1.00 per share							(426.5		)										(426.5		)
Net loss attributable to ConAgra Foods, Inc.							(252.6		)										(252.6		)
Balance at May 31, 2015	567.9	2,839.7		1,049.4			4,331.1			(329.5		)	(3,364.7		)	84.0			4,610.0
Stock option and incentive plans				91.7			(1.2		)				228.5						319.0
Currency translation adjustment										18.7						(4.2		)	14.5
Repurchase of common shares																			—
Unrealized gain on securities										0.1									0.1
Derivative adjustment, net of reclassification adjustment										(1.3		)							(1.3		)
Activities of noncontrolling interests				(4.8		)										1.4			(3.4		)
Pension and postretirement healthcare benefits										(32.5		)							(32.5		)
Dividends declared on common stock; $1.00 per share							(434.6		)										(434.6		)
Net loss attributable to ConAgra Foods, Inc.							(677.0		)										(677.0		)
Balance at May 29, 2016	567.9	$	2,839.7	$	1,136.3		$	3,218.3		$	(344.5	)	$	(3,136.2	)	$	81.2		$	3,794.8

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

43

ConAgra Foods, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in millions)

	For the Fiscal Years Ended May
	2016			2015			2014
Cash flows from operating activities:
Net income (loss)	$	(665.9	)	$	(240.8	)	$	315.1
Loss from discontinued operations	(1,161.9		)	(1,001.1		)	(310.1		)
Income from continuing operations	496.0			760.3			625.2
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:
Depreciation and amortization	373.9			380.4			354.6
Asset impairment charges	62.6			36.0			118.9
Lease cancellation expense	55.6			—			—
(Gain) loss on extinguishment of debt	23.9			24.6			(4.0		)
Loss on sale of fixed assets	2.3			7.5			1.2
Earnings of affiliates less than (in excess of) distributions	(59.5		)	(30.8		)	13.6
Stock-settled share-based payments expense	45.1			35.8			44.8
Contributions to pension plans	(11.5		)	(12.7		)	(18.3		)
Pension expense (benefits)	374.4			(0.8		)	(0.9		)
Other items	42.9			11.4			(19.5		)
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
Receivables	(171.9		)	77.3			50.4
Inventories	55.4			(112.1		)	7.3
Deferred income taxes and income taxes payable, net	(290.6		)	47.1			75.2
Prepaid expenses and other current assets	14.3			(11.4		)	0.5
Accounts payable	(111.0		)	(11.6		)	(3.2		)
Accrued payroll	88.8			70.8			(93.8		)
Other accrued liabilities	54.6			(56.4		)	(31.8		)
Net cash flows from operating activities - continuing operations	1,045.3			1,215.4			1,120.2
Net cash flows from operating activities - discontinued operations	162.1			265.2			448.4
Net cash flows from operating activities	1,207.4			1,480.6			1,568.6
Cash flows from investing activities:
Additions to property, plant and equipment	(429.8		)	(351.2		)	(461.1		)
Sale of property, plant and equipment	42.4			18.3			40.0
Purchase of businesses, net of cash acquired	—			(95.7		)	(39.9		)
Purchase of intangible assets	(10.4		)	—			—
Return of investment in equity method investee	—			391.4			—
Other items	0.3			—			—
Net cash flows from investing activities - continuing operations	(397.5		)	(37.2		)	(461.0		)
Net cash flows from investing activities - discontinued operations	2,524.9			(4.4		)	(70.5		)
Net cash flows from investing activities	2,127.4			(41.6		)	(531.5		)
Cash flows from financing activities:
Net short-term borrowings	30.9			(150.0		)	(43.2		)
Issuance of long-term debt	30.0			550.0			—
Repayment of long-term debt	(2,525.0		)	(1,493.5		)	(569.1		)
Repurchase of ConAgra Foods, Inc. common shares	—			(50.0		)	(100.0		)
Sale of ConAgra Foods, Inc. common shares	8.6			—			—
Cash dividends paid	(432.5		)	(425.2		)	(420.9		)
Exercise of stock options and issuance of other stock awards	260.2			153.8			103.7
Other items	(8.4		)	(13.6		)	(4.5		)
Net cash flows from financing activities - continuing operations	(2,636.2		)	(1,428.5		)	(1,034.0		)
Net cash flows from financing activities - discontinued operations	(45.2		)	(1.7		)	(0.1		)
Net cash flows from financing activities	(2,681.4		)	(1,430.2		)	(1,034.1		)
Effect of exchange rate changes on cash and cash equivalents	(2.0		)	(8.8		)	(3.8		)
Net change in cash and cash equivalents	651.4			—			(0.8		)
Add: Cash balance included in assets held for sale at beginning of period	18.4			64.9			58.4
Less: Cash balance included in assets held for sale at end of period	—			18.4			64.9
Cash and cash equivalents at beginning of year	164.7			118.2			125.5
Cash and cash equivalents at end of year	$	834.5		$	164.7		$	118.2

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

44

Notes to Consolidated Financial Statements

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions, except per share amounts)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fiscal Year — The fiscal year of ConAgra Foods, Inc. (“ConAgra Foods”, “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 year 2016, a 53-week period for fiscal 2015, and a 52-week period for fiscal year 2014.

Basis of Consolidation — The consolidated financial statements include the accounts of ConAgra Foods, Inc. and all majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we have been determined to be the primary beneficiary are included in our consolidated financial statements from the date such determination is made. 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 or the cost method of accounting, depending on specific facts and circumstances.

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.

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.

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

45

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

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 two-step 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 two-step quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. The first step of the test compares the carrying value of a reporting unit, including goodwill, with its fair value. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. Refer to Note 20 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. If the carrying value of a reporting unit exceeds its fair value, we complete the second step of the test to determine the amount of goodwill impairment loss, if any, to be recognized. In the second step, we estimate an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill (including any unrecognized intangible assets). The impairment loss is equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill.

In the fourth quarter of fiscal 2016, in conjunction with our annual review for impairment, we performed a qualitative analysis of goodwill for the reporting units in our Consumer Foods and Commercial Foods segments. Because sales and profits for our International reporting unit were below our expectations throughout fiscal 2016, largely as a result of foreign exchange rates, we performed a quantitative analysis of goodwill on the International reporting unit in the fourth quarter of fiscal 2016. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans, industry and economic conditions. No impairment charges were recorded in fiscal 2016.

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 2016, 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. Refer to Note 9 for the details of the impairment charge in fiscal 2016.

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

46

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

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.

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 generally accepted accounting principles.

Revenue Recognition — Revenue is recognized when title and risk of loss are transferred to customers upon delivery based on terms of sale and collectability is reasonably assured. Revenue is recognized as the net amount to be received after deducting estimated amounts for discounts, trade allowances, and returns of damaged and out-of-date products.

Shipping and Handling — Amounts billed to customers related to shipping and handling are included in net sales. Shipping and handling costs are included in cost of goods sold.

Marketing Costs — We promote our products with advertising, consumer incentives, and trade promotions. Such programs include, but are not limited to, discounts, coupons, rebates, and volume-based incentives. Advertising costs are expensed as incurred. Consumer incentives and trade promotion activities are recorded as a reduction of revenue or as a component of cost of goods sold based on amounts estimated as being due to customers and consumers at the end of the period, based principally on historical utilization and redemption rates. Advertising and promotion expenses totaled $371.4 million, $330.0 million, and $395.7 million in fiscal 2016, 2015, and 2014, respectively, and are included in selling, general and administrative expenses.

Research and Development — We incurred expenses of $66.7 million, $70.4 million, and $86.0 million for research and development activities in fiscal 2016, 2015, and 2014, respectively.

Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments, 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. We generally deem our foreign investments to be essentially permanent in nature and we do not provide for taxes on currency translation adjustments arising from converting the 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 are provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.

47

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

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

	2016			2015			2014
Currency translation gains (losses), net of reclassification adjustments	$	(95.2	)	$	(113.9	)	$	23.7
Derivative adjustments, net of reclassification adjustments	(0.4		)	0.9			1.2
Unrealized losses on available-for-sale securities	(0.6		)	(0.7		)	(1.1		)
Pension and post-employment benefit obligations, net of reclassification adjustments	(248.3		)	(215.8		)	(158.1		)
Accumulated other comprehensive loss	$	(344.5	)	$	(329.5	)	$	(134.3	)

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

							Affected Line Item in the Consolidated Statement of Operations1
	2016			2015
Net derivative adjustment, net of tax:
Cash flow hedges	$	(2.1	)	$	(0.5	)	Interest expense, net
	(2.1		)	(0.5		)	Total before tax
	0.8			0.2			Income tax expense (benefit)
	$	(1.3	)	$	(0.3	)	Net of tax
Amortization of pension and postretirement healthcare liabilities:
Net prior service benefit	$	(5.1	)	$	(4.2	)	Selling, general and administrative expenses
Divestiture of Private Brands	(4.3		)	—			Income (loss) from discontinued operations, net of tax
Pension settlement of equity method investment	(5.2		)	—			Equity method investment earnings
Net actuarial loss	0.1			3.5			Selling, general and administrative expenses
Curtailment	—			1.5			Cost of goods sold
	(14.5		)	0.8			Total before tax
	4.9			(0.3		)	Income tax expense (benefit)
	$	(9.6	)	$	0.5		Net of tax
Currency translation losses	$	73.4		$	—		Income (loss) from discontinued operations, net of tax
	$	73.4		$	—		Total before tax
	$	—		$	—		Income tax expense
	$	73.4		$	—		Net of tax

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

Foreign Currency Transaction Gains and Losses — We recognized net foreign currency transaction losses from continuing operations of $7.7 million, $2.9 million, and $5.4 million in fiscal 2016, 2015, and 2014, respectively, in selling, general and administrative 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.

48

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

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 generally accepted accounting principles 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 November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which will require entities to present deferred tax assets ("DTAs") and deferred tax liabilities ("DTLs") as noncurrent in a classified balance sheet. The ASU simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current and noncurrent in a classified balance sheet. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption was permitted. We adopted this standard for the fiscal year ended May 29, 2016. As a result, we have retrospectively adjusted Other current assets and Non-current liabilities by $104.3 million for the year ended May 30, 2015.

Recently Issued Accounting Standards — In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP. On July 9, 2015, the FASB deferred the effective date of the new revenue recognition standard by one year. Based on the FASB’s ASU, we will apply the new revenue standard in our fiscal year 2019. Early adoption in our fiscal year 2018 is permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The standard permits the use of either the retrospective or cumulative effect transition method.

In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. We do not expect ASU 2015-11 to have a material impact to our financial statements. The standard is to be applied prospectively.

In February 2016, the FASB issued its final lease accounting standard, FASB Accounting Standard Codification ("ASC") Topic 842, Leases, which requires lessees to reflect most leases on their balance sheet as assets and obligations. The effective date for the standard is for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are evaluating the effect that ASC 842 will have on our consolidated financial statements and related disclosures. The standard is to be applied under the modified retrospective method, with elective reliefs, which requires application of the new guidance for all periods presented.

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. We plan to early adopt ASU 2016-09 in the first quarter of 2017 with an effective date of May 30, 2016. We are evaluating the effect that ASU 2016-09 will have on our consolidated financial statements.

2. ACQUISITIONS

In May 2015, we acquired Blake's All Natural Foods, a family-owned company specializing in all natural and organic frozen meals, including pot pies, casseroles, pasta dishes, and other entrees, for $20.7 million in cash net of cash acquired. Approximately $20.0 million of the purchase price has been classified as goodwill. The goodwill is deductible for income tax purposes. This business is included in the Consumer Foods segment.

In July 2014, we acquired TaiMei Potato Industry Limited, a potato processor in China, for $92.2 million, consisting of $74.9 million in cash, net of cash acquired, plus assumed liabilities. The purchase included property and equipment associated with making frozen potato products. Approximately $23.8 million of the purchase price has been classified as goodwill and $3.5 million to other intangible assets. The amount allocated to goodwill is not deductible for income tax purposes. This business is included in the Commercial Foods segment.

49

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

In September 2013, we acquired frozen dessert production assets from Harlan Bakeries for $39.9 million in cash. The purchase included machinery, operating systems, warehousing/storage, and other assets associated with making frozen fruit pies, cream pies, pastry shells, and loaf cakes. This business is included in the Consumer Foods segment.

For each of these acquisitions, the amounts allocated to goodwill were primarily attributable to anticipated synergies, product portfolios, and other intangibles that do not qualify for separate recognition.

Under the acquisition method of accounting, the assets acquired and liabilities assumed in these acquisitions were recorded at their respective estimated fair values at the date of acquisition.

3. RESTRUCTURING ACTIVITIES

Supply Chain and Administrative Efficiency Plan

We previously announced a plan for the integration and restructuring of the operations of Ralcorp Holdings, Inc. ("Ralcorp"), optimization of the entire Company's supply chain network, manufacturing assets, and dry distribution and mixing centers, and improvement of selling, general and administrative effectiveness and efficiencies, which we refer to as the Supply Chain and Administrative Efficiency Plan (the "SCAE Plan"). Although the divestiture of the Private Brands business was completed in the third quarter of fiscal 2016, we will continue to implement portions of the SCAE Plan, including work related to optimizing our supply chain network and pursue cost reductions through our selling, general and administrative functions and productivity improvements. The SCAE Plan also includes plans announced in the second quarter of fiscal 2016 to realize efficiency benefits through a combination of reductions in selling, general and administrative expenses and enhancements to trade spend processes and tools.

Although we remain unable to make good faith estimates relating to the entire SCAE Plan, we are reporting on actions initiated through the end of fiscal 2016, 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 29, 2016, our Board of Directors has approved the incurrence of up to $739.0 million of expenses in connection with the SCAE Plan, including expenses allocated for the Private Brands operations. We have incurred or expect to incur approximately $443.9 million of charges, which includes $315.5 million of cash charges and $128.4 million of non-cash charges, for actions identified to date under the SCAE Plan related to our continuing operations. We recognized charges of $281.8 million, $47.7 million, and $31.3 million in relation to the SCAE Plan related to our continuing operations in fiscal 2016, 2015, and 2014, respectively. We expect to incur costs related to the SCAE Plan over a multi-year period.

We anticipate that we will recognize the following pre-tax expenses associated with the SCAE Plan related to our continuing operations (amounts include charges recognized from plan inception to May 29, 2016):

	Consumer Foods		Corporate		Commercial Foods		Total
Multi-employer pension costs	$	31.3	$	—	$	—	$	31.3
Accelerated depreciation	50.9		1.2		—		52.1
Other cost of goods sold	7.8		—		—		7.8
Total cost of goods sold	90.0		1.2		—		91.2
Severance and related costs	35.4		99.7		8.1		143.2
Accelerated depreciation	0.1		1.5		—		1.6
Consulting/Professional fees	1.1		63.2		—		64.3
Fixed asset impairment /Net loss on disposal	10.8		0.8		—		11.6
Contract/Lease termination expenses	1.3		64.1		—		65.4
Other selling, general and administrative expenses	15.7		50.9		—		66.6
Total selling, general and administrative expenses	64.4		280.2		8.1		352.7
Consolidated total	$	154.4	$	281.4	$	8.1	$	443.9

50

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

During fiscal 2016, we recognized the following pre-tax expenses for the SCAE Plan related to our continuing operations:

	Consumer Foods			Corporate		Commercial Foods		Total
Multi-employer pension costs	$	29.8		$	—	$	—	$	29.8
Accelerated depreciation	17.3			0.2		—		17.5
Other cost of goods sold	1.7			—		—		1.7
Total cost of goods sold	48.8			0.2		—		49.0
Severance and related costs	11.8			88.6		0.1		100.5
Accelerated depreciation	—			0.5		—		0.5
Consulting/Professional fees	0.1			48.0		—		48.1
Fixed asset impairment /Net loss on disposal	9.7			0.8		—		10.5
Contract/Lease termination expenses (recoveries)	(0.1		)	61.4		—		61.3
Other selling, general and administrative expenses	3.8			8.1		—		11.9
Total selling, general and administrative expenses	25.3			207.4		0.1		232.8
Consolidated total	$	74.1		$	207.6	$	0.1	$	281.8

Included in the above results are $195.7 million of charges that have resulted or will result in cash outflows and $86.2 million in non-cash charges. Not included in the above amounts are $11.8 million of pre-tax expenses related to the Private Brands operations we sold in the third quarter of fiscal 2016.

During the second quarter of fiscal 2016, we entered into a series of related transactions in which we exchanged a warehouse we owned in Indiana for two buildings and parcels of land that we leased as part of our Omaha corporate offices. Concurrent with the asset exchange, leases on the two Omaha corporate buildings were canceled. We have recognized aggregate charges of $55.6 million for the early termination of these leases. We also entered into a lease for the warehouse in Indiana and we recorded a financing lease obligation of $74.2 million.

We recognized the following cumulative (plan inception to May 29, 2016) pre-tax expenses related to the SCAE Plan in our Consolidated Statement of Operations related to our continuing operations:

	Consumer Foods		Corporate		Commercial Foods		Total
Multi-employer pension costs	$	31.3	$	—	$	—	$	31.3
Accelerated depreciation	38.8		1.2		—		40.0
Other cost of goods sold	3.8		—		—		3.8
Total cost of goods sold	73.9		1.2		—		75.1
Severance and related costs	33.4		96.4		8.1		137.9
Accelerated depreciation	—		1.3		—		1.3
Consulting/Professional fees	1.1		50.8		—		51.9
Fixed asset impairment / Net loss on disposal	10.8		0.8		—		11.6
Contract/Lease termination expenses	1.3		61.7		—		63.0
Other selling, general and administrative expenses	7.0		13.0		—		20.0
Total selling, general and administrative expenses	53.6		224.0		8.1		285.7
Consolidated total	$	127.5	$	225.2	$	8.1	$	360.8

Included in the above results are $248.8 million of charges that have resulted or will result in cash outflows and $112.0 million in non-cash charges. Not included in the above table are $130.2 million of pre-tax expenses ($84.5 million of cash charges and $45.7 million of non-cash charges) related to the Private Brands operations which we sold in the third quarter of fiscal 2016.

51

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

Liabilities recorded for the SCAE Plan and changes therein for fiscal 2016 were as follows:

	Balance at May 31, 2015		Costs Incurred and Charged to Expense		Costs Paid or  Otherwise Settled			Changes  in Estimates			Balance at May 29, 2016
Multi-employer pension costs	$	11.4	$	30.0	$	(0.7	)	$	—		$	40.7
Severance and related costs	16.4		84.8		(46.5		)	(7.5		)	47.2
Consulting	0.2		48.2		(43.7		)	—			4.7
Contract termination	3.1		6.0		(2.5		)	(0.3		)	6.3
Other costs	1.2		10.5		(11.2		)	—			0.5
Total	$	32.3	$	179.5	$	(104.6	)	$	(7.8	)	$	99.4

Acquisition-related Restructuring Costs

During fiscal 2012, we started incurring costs in connection with actions taken to attain synergies when integrating businesses acquired prior to the third quarter of fiscal 2013. These costs, collectively referred to as "acquisition-related restructuring costs", include severance and other costs associated with consolidating facilities and administrative functions. In connection with the acquisition-related restructuring costs, we have incurred charges of $23.7 million, $15.8 million of which are charges that have resulted or will result in cash outflows and $7.9 million of which are non-cash charges. At the end of fiscal 2014, the acquisition-related restructuring costs were substantially complete.

During fiscal 2015 and 2014, we recognized $0.2 million and $9.4 million, respectively, of pre-tax expenses for acquisition-related restructuring costs, primarily representing impairment of equipment, all within our Consumer Foods segment.

52

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

4. LONG-TERM DEBT

	May 29, 2016			May 31, 2015
4.65% senior debt due January 2043	$	176.7		$	737.0
6.625% senior debt due August 2039	91.4			450.0
8.25% senior debt due September 2030	300.0			300.0
7.0% senior debt due October 2028	382.2			382.2
6.7% senior debt due August 2027	9.2			9.2
7.125% senior debt due October 2026	262.5			372.4
3.2% senior debt due January 2023	837.0			1,000.0
3.25% senior debt due September 2022	250.0			250.0
9.75% subordinated debt due March 2021	195.9			195.9
4.95% senior debt due August 2020	197.7			300.0
7.0% senior debt due April 2019	335.0			475.0
2.1% senior debt due March 2018	225.0			225.0
1.9% senior debt due January 2018	1,000.0			1,000.0
5.819% senior debt due June 2017	475.0			475.0
LIBOR plus 0.37% senior notes due July 2016	550.0			550.0
1.3% senior debt due January 2016	—			750.0
1.35% senior debt due September 2015	—			250.0
2.00% to 9.59% lease financing obligations due on various dates through 2040	149.2			68.4
Other indebtedness	40.4			10.9
Total face value of debt	5,477.2			7,801.0
Unamortized fair value adjustment of senior debt in connection with Ralcorp	39.8			146.7
Unamortized discounts/premiums	(19.8		)	(32.8		)
Unamortized debt issuance costs	(14.6		)	(30.1		)
Adjustment due to hedging activity	6.6			11.8
Less current installments	(571.4		)	(1,007.8		)
Total long-term debt	$	4,917.8		$	6,888.8

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 29, 2016, are as follows:

2017	$	571.7
2018	1,714.0
2019	347.8
2020	31.6
2021	402.2

During the third quarter of fiscal 2016, we repurchased $560.3 million aggregate principal amount of senior notes due 2043, $341.8 million aggregate principal amount of senior notes due 2039, $139.9 million aggregate principal amount of senior notes due 2019, $110.0 million aggregate principal amount of senior notes due 2026, $85.0 million aggregate principal amount of senior notes due 2020, and $163.0 million of aggregate principal amount of senior notes due 2023, in each case prior to maturity in a tender offer including a $109.5 million tender premium, resulting in a net loss of $23.9 million as a cost of early retirement of debt.

53

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

During the third quarter of fiscal 2016, we repaid the entire principal balance of $750.0 million of our 1.30% senior notes on the maturity date of January 25, 2016. The repayment was primarily funded through the issuance of term loans totaling $600.0 million, which were repaid in the third quarter of fiscal 2016 with the proceeds from the divestiture of our Private Brands business.

See Note 6 for repayment of senior notes issued by Ralcorp in an aggregate principal amount of $33.9 million in the third quarter of fiscal 2016.

During the second quarter of fiscal 2016, we repaid the entire principal balance of $250.0 million of our 1.35% senior notes on the maturity date of September 10, 2015.

During fiscal 2015, we repurchased $225.0 million aggregate principal amount of senior notes due in 2023, $200.0 million aggregate principal amount of senior notes due 2043, $25.0 million aggregate principal amount of senior notes due 2019, $25.0 million aggregate principal amount of senior notes due 2018, and $25.0 million aggregate principal amount of senior notes due 2017, in each case prior to maturity in a tender offer, resulting in a net loss of $16.3 million as a cost of early retirement of debt, including a $9.5 million tender premium.

During the first quarter of fiscal 2015, we repaid the remaining borrowings of our unsecured term loan facility (the "Term Loan Facility") of $900.0 million (with interest rate at LIBOR plus 1.75% per annum), prior to maturity, resulting in a loss of $8.3 million as a cost of early retirement of debt. The Term Loan Facility was terminated after repayment.

During fiscal 2015, we issued $550.0 million aggregate principal amount of floating rate notes due July 21, 2016. The notes bear interest at a rate equal to three-month LIBOR plus 0.37% per annum.

During fiscal 2014, we repaid the entire principal balance of $500.0 million of our 5.875% senior notes, which were due April 15, 2014.

Net interest expense consists of:

	2016			2015			2014
Long-term debt	$	304.5		$	335.0		$	391.9
Short-term debt	2.4			2.8			1.5
Interest income	(1.3		)	(1.2		)	(2.3		)
Interest capitalized	(7.8		)	(6.6		)	(13.6		)
	$	297.8		$	330.0		$	377.5

Interest paid from continuing operations was $323.8 million, $335.4 million, and $393.7 million in fiscal 2016, 2015, and 2014, respectively.

Our net interest expense in fiscal 2015 and 2014 was reduced by $7.1 million and $4.1 million, respectively, due to the impact of the interest rate swap contracts designated as fair value hedges entered into in the third quarter of fiscal 2014. The interest rate swaps effectively converted the interest on our senior long-term debt instruments maturing in fiscal 2019 and 2020 from fixed rate to floating rate (see Note 18). These interest rate swap contracts were terminated during the third quarter of fiscal 2015. The cumulative adjustments to the fair value of the debt instruments that were hedged (the effective portion of the hedges), totaling $12.6 million, will be amortized as a reduction of interest expense over the remaining lives of the debt instruments (through fiscal 2020). Our net interest expense was reduced by $2.1 million and $0.8 million for fiscal 2016 and fiscal 2015, respectively, as a result of this amortization.

We entered into interest rate swaps during fiscal 2010 that effectively changed our interest rate on the senior long-term debt instrument that matured in fiscal 2014 from fixed to variable. During the second quarter of fiscal 2011, we terminated these interest rate swap contracts and received proceeds of $28.2 million. The cumulative adjustment to the fair value of the debt instrument that was hedged (the effective portion of the hedge) was amortized as a reduction of interest expense over the remaining life of the debt instrument (through fiscal 2014). Net interest expense for fiscal 2014 was reduced by $8.6 million due to the impact of the interest rate swap contracts.

As a result of our acquisition of Ralcorp, senior unsecured notes issued in exchange for senior notes issued by Ralcorp of $716.0 million were recorded at fair value. The fair value adjustment on these notes was $156.8 million and is being

54

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

amortized within interest expense over the life of the respective notes. The portion written off related to the third quarter of fiscal 2016 tender offers totaled $94.2 million. Our net interest expense in fiscal 2016, 2015, and 2014 was reduced by $6.7 million, $7.4 million, and $6.7 million, respectively, as a result of this amortization.

5. CREDIT FACILITIES AND BORROWINGS

At May 29, 2016, we had a $1.50 billion multi-year revolving credit facility with a syndicate of financial institutions that matures in September 2018. The multi-year facility has historically been used principally as a back-up facility for our commercial paper program. As of May 29, 2016, there were no outstanding borrowings under the credit facility. Borrowings under the multi-year facility, based on our fiscal year-end credit rating, bear interest at 1.25% over LIBOR and may be prepaid without penalty. The multi-year revolving credit facility requires us to repay borrowings if our consolidated funded debt exceeds 65% of our consolidated capital base, or if our fixed charges coverage ratio is less than 1.75 to 1.0 on a four-quarter rolling basis. In the fourth quarter of fiscal 2015 and the second quarter of fiscal 2016, the Company entered into amendments to exclude certain non-cash impairments from the calculation of the fixed charge coverage ratio. As of May 29, 2016, we were in compliance with all financial covenants in the facility.

We finance our short-term liquidity needs with bank borrowings, commercial paper borrowings, and bankers’ acceptances. As of May 29, 2016 and May 31, 2015, there were no outstanding borrowings under our commercial paper program.

6. DISCONTINUED OPERATIONS

Private Brands Operations

On February 1, 2016, pursuant to the Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. ("Treehouse") for $2.6 billion in cash on a debt-free basis, subject to working capital and other adjustments.

As a result of the disposition, we recognized a pre-tax charge of $1.92 billion ($1.44 billion after-tax) in fiscal 2016 to write-down the goodwill and long-lived assets to the final sales price, less costs to sell, and to recognize the final loss of the Private Brands business. We reflected the results of this business as discontinued operations for all periods presented. The assets and liabilities of the discontinued business have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheets for all periods presented prior to the divestiture.

In fiscal 2016, we repaid senior notes issued by Ralcorp in an aggregate principal amount of $33.9 million, consisting of 4.95% senior notes due August 15, 2020 in an aggregate principal amount of $17.2 million (with an effective interest rate of 2.83%) and 6.625% senior notes due August 15, 2039 in total an aggregate principal amount of $16.7 million (with an effective interest rate of 4.82%), in each case, prior to maturity, resulting in a loss $5.4 million as a cost of early retirement of debt, which is reflected in discontinued operations.

In connection with classifying the Private Brands operations as assets held for sale, we recognized, in fiscal 2016, a deferred tax asset of $1.54 billion on the capital loss of our investment in this business. A partial valuation allowance is recorded as we have not met the accounting requirements for recognition of a benefit at this time. In fiscal 2016, we recognized an income tax benefit of $20.7 million, resulting primarily from prior period capital gains. In addition, we released $147.3 million of the valuation allowance in the fourth quarter of fiscal 2016 due to the impending Spicetec and JM Swank dispositions.

In fiscal 2015, we recorded a $1.51 billion impairment of goodwill and $57.6 million of impairment charges to write-down various brands and fixed assets, which are reflected in discontinued operations. In fiscal 2014, we recorded a $593.2 million impairment of goodwill and $3.0 million of impairment charges to write-down a small brand, which are reflected in discontinued operations.

55

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows:

	2016			2015			2014
Net sales	$	2,490.6		$	3,895.4		$	4,005.4
Long-lived asset impairment charges	$	(1,923.0	)	$	(1,564.6	)	$	(596.2	)
Income from operations of discontinued operations before income taxes	168.0			68.8			186.5
Loss before income taxes and equity method investment earnings	(1,755.0		)	(1,495.8		)	(409.7		)
Income tax expense (benefit)	(593.1		)	(128.1		)	41.8
Loss from discontinued operations, net of tax	$	(1,161.9	)	$	(1,367.7	)	$	(451.5	)

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Private Brands business were as follows:

	May 31, 2015
Cash and cash equivalents	$	18.4
Receivables, less allowance for doubtful accounts of $0.5	199.3
Inventories	489.3
Prepaids and other current assets	37.3
Current assets held for sale	$	744.3
Property, plant and equipment, net	$	920.4
Goodwill	1,600.8
Brands, trademarks and other intangibles, net	1,716.6
Other assets	9.1
Noncurrent assets held for sale	$	4,246.9
Accounts payable	$	219.5
Accrued payroll	7.0
Other accrued liabilities	67.5
Current liabilities held for sale	$	294.0
Other noncurrent liabilities	$	711.0
Noncurrent liabilities held for sale	$	711.0

ConAgra Mills Operations

On May 29, 2014, the Company, Cargill, Incorporated ("Cargill"), and CHS, Inc. ("CHS") completed the formation of Ardent Mills. In connection with the formation, we contributed all of the assets of ConAgra Mills, our milling operations. For further details about the joint venture, see Note 7. We reflected the results of the ConAgra Mills operations as discontinued operations for all periods presented. The assets and liabilities of the discontinued business have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheet for the period presented prior to divestiture. Our equity in the earnings of Ardent Mills is reflected in our continuing operations.

56

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

The summary comparative financial results of the ConAgra Mills operations, included within discontinued operations, were as follows:

	2015			2014
Net sales	$	16.2		$	1,859.0
Income (loss) from operations of discontinued operations before income taxes	(9.2		)	124.8
Net gain on sale of businesses	627.3			90.3
Income before income taxes and equity method investment earnings	618.1			215.1
Income tax expense	251.1			78.0
Equity method investment earnings	—			0.3
Income from discontinued operations, net of tax	$	367.0		$	137.4

Medallion Foods

In fiscal 2014, we completed the sale of a small snack business, Medallion Foods, for $32.0 million in cash. The business results were previously reflected in the Private Brands segment. We reflected the results of these operations as discontinued operations for all periods presented. We recognized a pre-tax loss of $5.8 million ($3.5 million after-tax) on the sale of this business in fiscal 2014. In fiscal 2014, we recognized an impairment charge related to allocated amounts of goodwill and intangible assets, totaling $25.4 million ($15.2 million after-tax), in anticipation of this divestiture. Net sales, income from operations of discontinued operations before income taxes, and income tax benefit for fiscal 2014 related to Medallion Foods were $59.1 million, $5.9 million, and $10.2 million, respectively.

Lightlife^® Operations

In fiscal 2014, we completed the sale of the assets of the Lightlife^® business for $54.7 million in cash. This business produced and sold vegetarian-based burgers, hot dogs, and other meatless frozen and refrigerated items. The results of this business were previously reflected in the Consumer Foods segment. We reflected the results of these operations as discontinued operations for all periods presented. We recognized a pre-tax gain of $32.1 million ($19.8 million after-tax) on the sale of this business in fiscal 2014. Loss from operations of discontinued operations before income taxes and income tax benefit for fiscal 2015 related to the Lightlife^® business were $0.7 million and $0.3 million, respectively. Net sales, income from operations of discontinued operations before income taxes, and income tax expense for fiscal 2014 related to the Lightlife^® business were $11.2 million, $1.9 million, and $14.9 million, respectively.

Other Assets Held for Sale

During late fiscal 2016 and early fiscal 2017, we announced the agreements to sell Spicetec and JM Swank, parts of our Commercial segment. We expect to realize net proceeds from the sales in early fiscal 2017 of $316.5 million and $162.4 million, respectively. The assets and liabilities of these businesses have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheets for all periods presented.

57

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Spicetec and JM Swank businesses were as follows:

	May 29, 2016		May 31, 2015
Spicetec:
Current assets	$	43.3	$	38.0
Noncurrent assets (including goodwill of $102.4 million)	145.9		148.2
Current liabilities	10.3		14.7
Noncurrent liabilities	1.2		1.6
Swank:
Current assets	$	73.7	$	66.6
Noncurrent assets (including goodwill of $52.5 million)	73.0		74.3
Current liabilities	44.3		48.0
Noncurrent liabilities	0.4		0.4

In addition, we are actively marketing certain other long-lived assets. These assets have been reclassified as assets held for sale within our Consolidated Balance Sheets for all periods presented. These assets were held within our Corporate and Consumer Foods segments, respectively. The balance of these noncurrent assets classified as held for sale was $6.9 million and $16.7 million at May 29, 2016 and May 31, 2015, respectively.

7. INVESTMENTS IN JOINT VENTURES

In the first quarter of fiscal 2015, the Company, Cargill, and CHS, completed the formation of Ardent Mills. In connection with the formation, we contributed all of the assets of ConAgra Mills, our milling operations, including $49.0 million of cash, to Ardent Mills, we received a 44% ownership interest in Ardent Mills, and Ardent Mills distributed $391.4 million in cash to us as a return of capital. The contribution of the assets of ConAgra Mills in exchange for a non-controlling interest in the newly formed joint venture was required to be accounted for at fair value, and accordingly, we recognized a gain of $625.6 million ($379.6 million after-tax) in fiscal 2015 in income from discontinued operations, to reflect the excess of the fair value of our interest over its carrying value at the time of the transfer. As part of the formation of Ardent Mills, in the fourth quarter of fiscal 2014, pursuant to an agreement with the U.S. Department of Justice, we sold three flour milling facilities to Miller Milling Company LLC for $163.0 million. We received the cash proceeds from the sale of these flour milling facilities in the first quarter of fiscal 2015. In the first quarter of fiscal 2015, we used the net cash proceeds from the Ardent Mills transaction to repay debt. The business results were previously reflected in the Commercial Foods segment. The operating results of our legacy milling business, including the disposition of three mills aforementioned, are included as discontinued operations within our Consolidated Statement of Operations.

We recognized the 44% ownership interest in Ardent Mills at fair value, as of the date of the formation of the joint venture. We now recognize our proportionate share of the earnings of Ardent Mills under the equity method of accounting within results of continuing operations. Due to differences in fiscal reporting periods, we recognized the equity method earnings on a lag of approximately one month; and as a result, we recognized only 11 months of earnings from Ardent Mills in fiscal 2015. The carrying value of our Ardent Mills equity method investment at the end of fiscal 2016 and 2015 was $732.8 million and $708.4 million, respectively.

We also have potato joint ventures in our Commercial Foods segment and other equity method investments in our Consumer Foods segment. We recognized a gain of $17.7 million in fiscal 2016 related to the settlement of a pension plan of an international potato venture, classified within equity method investment earnings.

The total carrying value of our equity method investments at the end of fiscal 2016 and 2015 was $910.8 million and $853.0 million, respectively. These amounts are included in Other assets.

In fiscal 2016, we had sales to and purchases from our equity method investments of$16.6 millionand$90.8 million, respectively. Total dividends received from equity method investments in fiscal 2016 were $78.3 million.

58

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

In fiscal 2015, we had sales to and purchases from our equity method investments of $9.5 million and $98.0 million, respectively. Total dividends received from equity method investments in fiscal 2015 were $91.3 million.

We entered into transition services agreements in connection with the Ardent Mills formation and recognized $9.7 million and $14.1 million of income for the performance of transition services during fiscal 2016 and 2015, respectively, classified within Selling, general and administrative expenses.

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

	2016		2015
Net Sales:
Ardent Mills	$	3,395.3	$	3,299.2
Potato joint ventures	917.3		872.1
Others	167.2		167.3
Total net sales	$	4,479.8	$	4,338.6
Gross margin:
Ardent Mills	339.2		365.3
Potato joint ventures	167.0		171.7
Others	32.8		33.3
Total gross margin	539.0		570.3
Earnings after income taxes:
Ardent Mills	$	142.9	$	173.5
Potato joint ventures	101.3		99.8
Others	6.4		6.1
Total earnings after income taxes	$	250.6	$	279.4

	May 29, 2016		May 31, 2015
Ardent Mills:
Current assets	$	988.4	$	1,080.3
Noncurrent assets	1,695.3		1,692.5
Current liabilities	507.7		415.3
Noncurrent liabilities	545.0		649.5
Potato joint ventures:
Current assets	$	304.8	$	285.3
Noncurrent assets	294.8		193.0
Current liabilities	202.2		151.8
Noncurrent liabilities	81.7		47.1
Others:
Current assets	$	80.8	$	73.1
Noncurrent assets	10.5		10.8
Current liabilities	51.0		42.2
Noncurrent liabilities	—		—

59

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

8. VARIABLE INTEREST ENTITIES

Variable Interest Entities Consolidated

We own a 49.99% interest in Lamb Weston BSW, LLC ("Lamb Weston BSW"), a potato processing venture with Ochoa Ag Unlimited Foods, Inc. ("Ochoa"). We provide all sales and marketing services to Lamb Weston BSW. Under certain circumstances, we could be required to compensate Ochoa for lost profits resulting from significant production shortfalls ("production shortfalls"). Commencing on June 1, 2018, or on an earlier date under certain circumstances, we have a contractual right to purchase the remaining equity interest in Lamb Weston BSW from Ochoa (the "call option"). We are currently subject to a contractual obligation to purchase all of Ochoa's equity investment in Lamb Weston BSW at the option of Ochoa (the "put option"). The purchase prices under the call option and the put option (the "options") are based on the book value of Ochoa's equity interest at the date of exercise, as modified by an agreed-upon rate of return for the holding period of the investment balance. The agreed-upon rate of return varies depending on the circumstances under which any of the options are exercised. As of May 29, 2016, the price at which Ochoa had the right to put its equity interest to us was $47.4 million. This amount is presented within other noncurrent liabilities in our Consolidated Balance Sheets. We have determined that Lamb Weston BSW is a variable interest entity and that we are the primary beneficiary of the entity. Accordingly, we consolidate the financial statements of Lamb Weston BSW.

At May 31, 2015, we held a promissory note from Lamb Weston BSW with a balance of $36.1 million. The promissory note and accrued interest was repaid in full during the third quarter of fiscal 2016. In addition, as of May 31, 2015, we provided lines of credit of up to $15.0 million to Lamb Weston BSW which were terminated in the third quarter of fiscal 2016. The amounts owed by Lamb Weston BSW to the Company as of May 31, 2015 were not reflected in our Consolidated Balance Sheet, as they were eliminated in consolidation.

During the third quarter of fiscal 2016, Lamb Weston BSW issued a $30.0 million promissory note with a financial institution. The note includes a $23.0 million fixed rate loan segment with interest at 4.34% and a $7.0 million variable rate loan segment with interest at LIBOR plus an applicable margin ranging from 1.90% to 2.30%, payable in semi-annual installments through fiscal 2032. Lamb Weston BSW also issued a $10.0 million revolving note with interest at LIBOR plus an applicable margin ranging from 1.75% to 2.00% that matures in June 2021. As of May 29, 2016, Lamb Weston BSW had $1.0 million outstanding against this revolving note.

Our variable interests in Lamb Weston BSW include an equity investment in the venture, the options, the promissory note, certain fees paid to us by Lamb Weston BSW for sales and marketing services, the contingent obligation related to production shortfalls, and the lines of credit advanced to Lamb Weston BSW. Our maximum exposure to loss as a result of our involvement with this venture is equal to our equity investment in the venture, the balance of the promissory note extended to the venture, the amount, if any, advanced under the lines of credit, and the amount, if any, by which the put option exercise price exceeds the fair value of the noncontrolling interest in Lamb Weston BSW upon its exercise. Also, in the event of a production shortfall, we could be required to compensate Ochoa for lost profits. It is not possible to determine the maximum exposure to losses from the potential exercise of the put option or from potential production shortfalls. However, we do not expect to incur material losses resulting from these potential exposures.

60

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

Due to the consolidation of these variable interest entities, we reflected the following in our Consolidated Balance Sheets:

	May 29, 2016		May 31, 2015
Cash and cash equivalents	$	4.3	$	13.7
Receivables, less allowance for doubtful accounts	0.1		0.2
Inventories	1.2		1.3
Prepaid expenses and other current assets	0.4		0.3
Property, plant and equipment, net	52.2		53.2
Goodwill	18.8		18.8
Brands, trademarks and other intangibles, net	5.2		6.0
Total assets	$	82.2	$	93.5
Notes payable	$	1.0	$	—
Current installments of long-term debt	0.5		—
Accounts payable	10.9		16.9
Accrued payroll	0.8		0.7
Other accrued liabilities	0.9		0.6
Senior long-term debt, excluding current installments	29.5		—
Other noncurrent liabilities (minority interest)	32.2		31.3
Total liabilities	$	75.8	$	49.5

The liabilities recognized as a result of consolidating the Lamb Weston BSW entity do not represent additional claims on our general assets. The creditors of Lamb Weston BSW have claims only on the assets of Lamb Weston BSW. The assets recognized as a result of consolidating Lamb Weston BSW are the property of the venture and are not available to us for any other purpose, other than as a secured lender under the promissory note and lines of credit.

Variable Interest Entities Not Consolidated

We also have variable interests in certain other entities that we have determined to be variable interest entities, but for which we are not the primary beneficiary. We do not consolidate the financial statements of these entities.

We hold a 50% interest in Lamb Weston RDO, a potato processing venture (see Note 7). We provide all sales and marketing services to Lamb Weston RDO. We receive a fee for these services based on a percentage of the net sales of the venture. We reflect the value of our ownership interest in this venture in other assets in our Consolidated Balance Sheets, based upon the equity method of accounting. The balance of our investment was $16.9 million and $14.6 million at May 29, 2016 and May 31, 2015, respectively, representing our maximum exposure to loss as a result of our involvement with this venture. The capital structure of Lamb Weston RDO includes owners' equity of $33.9 million and term borrowings from banks of $41.1 million as of May 29, 2016. We have determined that we do not have the power to direct the activities that most significantly impact the economic performance of this venture.

We lease certain office buildings from entities that we have determined to be variable interest entities. The lease agreements with these entities include fixed-price purchase options for the assets being leased. The lease agreements also contain contingent put options (the “lease put options”) that allow the lessors to require us to purchase the buildings at the greater of original construction cost, or fair market value, without a lease agreement in place (the “put price”) in certain limited circumstances. As a result of substantial impairment charges related to our Private Brands operations, these lease put options are exercisable now and remain exercisable until generally 30 days after the end of the respective lease agreements. We are amortizing the difference between the estimated put price and the estimated fair value (without a lease agreement in place) of each respective property over the remaining respective lease term within selling, general and administrative expenses. As of May 29, 2016, the estimated amount by which the put prices exceeded the fair values of the related properties was $58.5 million, of which we have accrued $9.3 million. As these buildings are worth considerably more when under lease agreements than when vacant, we may be able to mitigate some, or all of the financial exposure created by the put options by maintaining active lease agreements and/or by subleasing the buildings to credit worthy tenants. We do not expect to ultimately incur material financial

61

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

losses as a result of the potential exercise of the lease put options by the lessors. These leases are accounted for as operating leases, and accordingly, there are no material assets or liabilities, other than the accrued portion of the put price, associated with these entities included in our Consolidated Balance Sheets. We have determined that we do not have the power to direct the activities that most significantly impact the economic performance of these entities. In making this determination, we have considered, among other items, the terms of the lease agreements, the expected remaining useful lives of the assets leased, and the capital structure of the lessor entities.

9. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The change in the carrying amount of goodwill for fiscal 2016 and 2015 was as follows:

	Consumer Foods			Commercial Foods			Total
Balance as of May 25, 2014	$	3,850.9		$	697.7		$	4,548.6
Impairment	(20.9		)	—			(20.9		)
Acquisitions	20.0			23.8			43.8
Currency translation and purchase accounting adjustments	(25.4		)	(1.5		)	(26.9		)
Balance as of May 31, 2015	$	3,824.6		$	720.0		$	4,544.6
Currency translation	(9.8		)	(1.0		)	(10.8		)
Balance as of May 29, 2016	$	3,814.8		$	719.0		$	4,533.8

Other identifiable intangible assets were as follows:

	2016				2015
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets	$	857.9	$	—	$	915.4	$	—
Amortizing intangible assets	584.0		165.1		489.6		132.5
	$	1,441.9	$	165.1	$	1,405.0	$	132.5

During fiscal 2015, we recorded charges totaling $20.9 million for the impairment of goodwill in the portion of the business we retained from the Private Brands segment that is now included in the Grocery reporting unit of the Consumer Foods segment.

During fiscal 2014, we recorded a $9.0 million charge for the impairment of goodwill in the portion of the business we retained from the Private Brands segment that is now included in our Grocery reporting unit of the Consumer Foods segment.

In fiscal 2016, we elected to perform a quantitative impairment test for indefinite lived intangibles.During fiscal 2016, we recognized impairment charges of $50.1 million in our Consumer Foods segment for our Chef Boyardee^® brand.

In fiscal 2015 and 2014, we also elected to perform a quantitative impairment test for indefinite lived intangibles. During fiscal 2015, we recognized impairment charges of $4.8 million in our Consumer Foods segment for our Poppycock^® brand.

During fiscal 2014, we recognized impairment charges of $72.7 million in our Consumer Foods segment, primarily for our Chef Boyardee^® brand. We also recognized a $3.2 million impairment charge for an amortizable technology license in Corporate expenses in fiscal 2014.

See Note 6 for a discussion of impairments related to discontinued operations.

Amortizing intangible assets, carrying a remaining weighted average life of approximately 16 years, are principally composed of customer relationships, licensing arrangements, and intellectual property. For fiscal 2016, 2015, and 2014, we recognized amortization expense of $36.7 million, $28.8 million, and $28.9 million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 29, 2016, amortization expense is estimated to average $35.6 million

62

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

for each of the next five years, with a high expense of $36.8 million in fiscal year 2017 and decreasing to a low expense of $34.8 million in fiscal year 2021.

In the first quarter of fiscal 2016, we entered into an agreement for the use of certain intellectual property and recorded an amortizing intangible asset of $92.8 million, of which only $10.4 million was a cash payment made in the first quarter of fiscal 2016. Remaining payments will be made over a six-year period.

10. EARNINGS PER SHARE

Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities.

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

	2016			2015			2014
Net income (loss) available to ConAgra Foods, Inc. common stockholders:
Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders	$	484.9		$	748.5		$	613.2
Loss from discontinued operations, net of tax, attributable to ConAgra Foods, Inc. common stockholders	(1,161.9		)	(1,001.1		)	(310.1		)
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(677.0	)	$	(252.6	)	$	303.1
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated	4.8			1.7			1.7
Net income (loss) available to ConAgra Foods, Inc. common stockholders	$	(681.8	)	$	(254.3	)	$	301.4
Weighted average shares outstanding:
Basic weighted average shares outstanding	434.4			426.1			421.3
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities	4.1			5.2			6.2
Diluted weighted average shares outstanding	438.5			431.3			427.5

For fiscal 2016, 2015, and 2014, there were 0.4 million, 3.3 million, and 3.1 million stock options outstanding, respectively, that were excluded from the computation of shares contingently issuable upon exercise of the stock options because exercise prices exceeded the average market value of our common stock during the period.

11. INVENTORIES

The major classes of inventories were as follows:

	May 29, 2016		May 31, 2015
Raw materials and packaging	$	300.5	$	364.0
Work in process	119.4		125.3
Finished goods	1,082.9		1,073.1
Supplies and other	79.3		80.2
Total	$	1,582.1	$	1,642.6

63

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

12. OTHER NONCURRENT LIABILITIES

Other noncurrent liabilities consisted of:

	May 29, 2016			May 31, 2015
Postretirement health care and pension obligations	$	1,147.8		$	769.9
Noncurrent income tax liabilities	491.7			850.0
Self-insurance liabilities	61.0			67.0
Environmental liabilities (see Note 17)	55.8			55.0
Accrued legal settlement costs (see Note 17)	108.9			—
Technology agreement liability (see Note 9)	84.5			—
Other	302.9			266.0
	2,252.6			2,007.9
Less current portion	(108.5		)	(92.0		)
	$	2,144.1		$	1,915.9

13. CAPITAL STOCK

We have authorized shares of preferred stock as follows:

Class B—$50 par value; 150,000 shares

Class C—$100 par value; 250,000 shares

Class D—without par value; 1,100,000 shares

Class E—without par value; 16,550,000 shares

There were no preferred shares issued or outstanding as of May 29, 2016.

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 of Directors. In December 2011, our Board of Directors approved a $750.0 million increase to the share repurchase program. We repurchased 1.4 million shares of our common stock for approximately $50.0 million and 2.9 million shares of our common stock for approximately $100.0 million in fiscal 2015 and 2014, respectively, under this program.

14. SHARE-BASED PAYMENTS

In accordance with stockholder-approved plans, we issue share-based payments under various stock-based compensation arrangements, including stock options, restricted stock units, cash-settled restricted stock units, performance shares, and other share-based awards. The shares to be delivered under the plan may consist, in whole or part, of treasury stock or authorized but unissued stock, not reserved for any other purpose.

On September 19, 2014, the stockholders approved the ConAgra Foods 2014 Stock Plan, which authorized the issuance of up to 30.0 million shares of ConAgra Foods common stock as well as certain shares of stock subject to outstanding awards under predecessor stock plans that expire, lapse, are cancelled, terminated, forfeited or otherwise become unexercisable. At May 29, 2016, approximately 30.2 million shares were reserved for granting additional options, restricted stock units, cash-settled restricted stock units, performance shares, or other share-based awards.

All amounts below are of continuing and discontinued operations.

Stock Option Plan

We have stockholder-approved stock option plans that provide for granting of options to employees for the purchase of common stock at prices equal to the fair value at the date of grant. Options become exercisable under various vesting schedules (typically three years) and generally expire seven to ten years after the date of grant.

64

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

The fair value of each option is estimated on the date of grant using a Black-Scholes option-pricing model with the following weighted average assumptions for stock options granted:

	2016	2015	2014
Expected volatility (%)	17.88	17.45	21.13
Dividend yield (%)	2.74	3.10	3.24
Risk-free interest rates (%)	1.60	1.58	1.37
Expected life of stock option (years)	4.96	4.92	4.91

The expected volatility is based on the historical market volatility of our stock over the expected life of the stock options granted. The expected life represents the period of time that the awards are expected to be outstanding and is based on the contractual term of each instrument, taking into account employees’ historical exercise and termination behavior.

A summary of the option activity as of May 29, 2016 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, 2015	15.5		$	28.28
Granted	1.6		$	43.14
Exercised	(8.8	)	$	24.19		$	165.6
Forfeited	(1.2	)	$	35.63
Expired	—		$	—
Outstanding at May 29, 2016	7.1		$	33.11	6.73	$	234.1
Exercisable at May 29, 2016	4.0		$	30.21	5.47	$	119.9

We recognize compensation expense using the straight-line method over the requisite service period. During fiscal 2016, 2015, and 2014, the Company granted 1.6 million options, 4.4 million options, and 3.6 million options, respectively, with a weighted average grant date value of $5.08, $3.36, and $4.71, respectively. The total intrinsic value of options exercised was $165.6 million, $69.5 million, and $46.9 million for fiscal 2016, 2015, and 2014, respectively. The closing market price of our common stock on the last trading day of fiscal 2016 was $45.29 per share.

Compensation expense for stock option awards totaled $9.4 million, $12.4 million, and $15.3 million for fiscal 2016, 2015, and 2014, respectively. Included in the compensation expense for stock option awards for fiscal 2016, 2015, and 2014 was $1.0 million, $1.4 million, and $2.7 million, respectively, 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 2016, 2015, and 2014 was $3.6 million, $4.8 million, and $5.7 million, respectively.

At May 29, 2016, we had $6.6 million of total unrecognized compensation expense, net of estimated forfeitures, related to stock options that will be recognized over a weighted average period of 1.3 years.

Cash received from option exercises for the fiscal years ended May 29, 2016, May 31, 2015, and May 25, 2014 was $228.7 million, $150.2 million, and $104.6 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $57.3 million, $26.7 million, and $17.4 million for fiscal 2016, 2015, and 2014, respectively.

Share Unit Plans

In accordance with stockholder-approved plans, we issue stock under various stock-based compensation arrangements, including restricted stock units, cash-settled restricted stock units, and other share-based awards (“share units”). These awards generally have requisite service periods of three years. Under each arrangement, stock 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 (vesting period). For those grants, the value of the grants is reduced by the net present value of the foregone dividend equivalent

65

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

payments. We recognize compensation expense for share unit awards on a straight-line basis over the requisite service period. All cash-settled restricted stock units are marked-to-market and presented within other current and noncurrent liabilities in our Consolidated Balance Sheets. The compensation expense for our stock-settled share unit awards totaled $25.1 million, $21.0 million, and $26.1 million for fiscal 2016, 2015, and 2014, respectively. The tax benefit related to the stock-settled share unit award compensation expense for fiscal 2016, 2015, and 2014 was $9.6 million, $8.1 million, and $9.8 million, respectively.The compensation expense for our cash-settled share unit awards totaled $33.9 million, $29.2 million, and $12.4 million for fiscal 2016, 2015, and 2014, respectively. The tax benefit related to the cash-settled share unit award compensation expense for fiscal 2016, 2015, and 2014 was $13.0 million, $11.2 million, and $4.6 million, respectively.

The following table summarizes the nonvested share units as of May 29, 2016 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, 2015	2.16		$	31.20	2.17		$	30.74
Granted	1.04		$	43.64	0.79		$	44.48
Vested/Issued	(1.12	)	$	29.29	(1.02	)	$	28.25
Forfeited	(0.54	)	$	37.74	(0.48	)	$	37.98
Nonvested share units at May 29, 2016	1.54		$	38.67	1.46		$	37.53

During fiscal 2016, 2015, and 2014, we granted 1.0 million, 0.9 million, and 0.9 million stock-settled share units, respectively, with a weighted average grant date value of $43.64, $31.71, and $36.22, respectively. During fiscal 2016, 2015, and 2014, we granted 0.8 million, 0.9 million, and 0.8 million cash-settled share units, respectively, with a weighted average grant date value of $44.48, $30.89, and $36.89, respectively.

The total intrinsic value of stock-settled share units vested was $48.8 million, $46.6 million, and $46.4 million during fiscal 2016, 2015, and 2014, respectively. The total intrinsic value of cash-settled share units vested was $44.9 million and $1.6 million during fiscal 2016 and 2015, respectively.

At May 29, 2016, we had $22.5 million and $21.7 million of total unrecognized compensation expense, net of estimated forfeitures, that will be recognized over a weighted average period of 2.0 years and 1.7 years, related to stock-settled share unit awards and cash-settled share unit awards, respectively.

Performance-Based Share Plan

Performance shares are granted to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goals for the performance period ending in fiscal 2015 are based upon our operating cash flow return on operations, a measure of operating cash flow as a percentage of invested capital, and revenue growth, each measured over a defined performance period. The performance goals for the performance periods ending in fiscal 2016 and 2017 are based upon our earnings before interest, taxes, depreciation, and amortization ("EBITDA") return on capital, and revenue growth, each measured over the defined performance period. The awards actually earned will range from zero to two hundred twenty percent of the targeted number of performance shares for each of the performance periods. Subject to overarching minimum earnings per share performance requirements for executive officers, a payout equal to 25 percent of approved target incentive is required to be paid out for each performance period, as applicable, if we achieve a threshold level of cash flow return on operations for the performance period ending in fiscal 2015, and a threshold level of EBITDA return on capital for the performance periods ending in fiscal 2016 and 2017. Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in the performance share plan, any shares earned will be distributed at the end of the performance period. The value of the performance shares is adjusted based upon the market price of our common stock at the end of each reporting period and amortized as compensation expense over the vesting period.

66

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

A summary of the activity for performance share awards as of May 29, 2016 and changes during the fiscal year then ended is presented below:

Performance Shares	Shares (in  Millions)		Weighted Average Grant-Date Fair Value
Nonvested performance shares at May 31, 2015	1.06		$	29.74
Granted	0.27		$	41.70
Adjustments for performance results attained and dividend equivalents	(0.11	)	$	24.94
Vested/Issued	(0.29	)	$	24.92
Forfeited	(0.18	)	$	33.62
Nonvested performance shares at May 29, 2016	0.75		$	36.09

The compensation expense for our performance share awards totaled $14.2 million, $5.7 million, and $6.5 million for fiscal 2016, 2015, and 2014, respectively. The tax benefit related to the compensation expense for fiscal 2016, 2015, and 2014 was $5.4 million, $2.2 million, and $2.4 million, respectively.

The total intrinsic value of share units vested (including shares paid in lieu of dividends) during fiscal 2016, 2015, and 2014 was $12.7 million, $13.9 million, and $10.4 million, respectively.

Based on estimates at May 29, 2016, the Company had $9.7 million of total unrecognized compensation expense, net of estimated forfeitures, related to performance shares that will be recognized over a weighted average period of 1.6 years.

Accounting guidance requires the benefits of tax deductions in excess of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow in our Consolidated Statement of Cash Flows. As a result, in fiscal 2016, 2015, and 2014, our net operating cash flows decreased and our net financing cash flows increased by approximately $51.3 million, $24.0 million, and $18.9 million, respectively.

15. PRE-TAX INCOME AND INCOME TAXES

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

	2016		2015		2014
United States	$	629.1	$	1,015.7	$	704.4
Canada	20.3		36.6		42.9
Foreign - other	72.0		70.1		56.2
	$	721.4	$	1,122.4	$	803.5

67

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

The provision for income taxes included the following:

	2016			2015			2014
Current
Federal	$	338.2		$	284.6		$	280.0
State	39.4			26.4			26.0
Canada	5.3			5.7			10.2
Foreign - other	15.2			23.4			10.9
	398.1			340.1			327.1
Deferred
Federal	(139.7		)	22.7			(67.4		)
State	(38.1		)	6.1			(67.0		)
Canada	(0.8		)	1.1			1.0
Foreign - other	5.9			(7.9		)	(15.4		)
	(172.7		)	22.0			(148.8		)
	$	225.4		$	362.1		$	178.3

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 Operations as follows:

	2016			2015			2014
Computed U.S. Federal income taxes	$	252.5		$	392.8		$	281.2
State income taxes, net of U.S. Federal tax impact	1.2			22.1			10.9
Tax credits and domestic manufacturing deduction	(29.3		)	(31.4		)	(27.9		)
Audit adjustments and settlements	(2.3		)	—			(15.3		)
Effect of taxes booked on foreign operations	(6.4		)	(11.7		)	(19.7		)
Statute lapses on previously reserved items	(3.0		)	(5.2		)	(5.1		)
Goodwill and intangible impairments	—			6.6			4.1
Change in legal structure and other state elections	—			—			(23.5		)
Change in estimate related to tax methods used for certain international sales, federal credits, and state credits	6.0			(2.4		)	(20.9		)
Other	6.7			(8.7		)	(5.5		)
	$	225.4		$	362.1		$	178.3

Income taxes paid, net of refunds, were $442.6 million, $283.7 million, and $223.9 million in fiscal 2016, 2015, and 2014, respectively.

68

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

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 29, 2016					May 31, 2015
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	411.6	$	—		$	392.1
Goodwill, trademarks and other intangible assets	—			698.8		—			699.0
Accrued expenses	20.4			—		20.7			—
Compensation related liabilities	88.7			—		78.1			—
Pension and other postretirement benefits	437.6			—		290.9			—
Investment in unconsolidated subsidiaries	—			256.8		—			211.6
Other liabilities that will give rise to future tax deductions	147.5			—		109.0			—
Net capital and operating loss carryforwards	1,595.7			—		34.1			—
Other	78.3			10.0		71.0			63.1
	2,368.2			1,377.2		603.8			1,365.8
Less: Valuation allowance	(1,448.0		)	—		(38.0		)	—
Net deferred taxes	$	920.2		$	1,377.2	$	565.8		$	1,365.8

The liability for gross unrecognized tax benefits at May 29, 2016 was $38.4 million, excluding a related liability of $9.3 million for gross interest and penalties. Included in the balance at May 29, 2016 are $1.1 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, 2015, our gross liability for unrecognized tax benefits was $35.3 million, excluding a related liability of $9.5 million for gross interest and penalties. Included in the balance at May 31, 2015 are $1.7 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Interest and penalties recognized in the Consolidated Statement of Earnings was a benefit of $0.2 million in fiscal 2016, $0.4 million in fiscal 2015 and $1.3 million in fiscal 2014.

The net amount of unrecognized tax benefits at May 29, 2016 and May 31, 2015 that, if recognized, would favorably impact our effective tax rate was $21.3 million and $23.1 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 for tax years through fiscal 2015 and all resulting significant items for fiscal 2015 and prior years have been settled with the IRS. Other major jurisdictions where we conduct business generally have statutes of limitations ranging from 3 to 5 years.

We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $9.0 million over the next twelve months due to various Federal, state, and foreign audit settlements and the expiration of statutes of limitations.

69

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

The change in the unrecognized tax benefits for the year ended May 29, 2016 was:

Beginning balance on May 31, 2015	$	35.3
Increases from positions established during prior periods	1.9
Decreases from positions established during prior periods	(2.3		)
Increases from positions established during the current period	11.4
Decreases relating to settlements with taxing authorities	(4.0		)
Reductions resulting from lapse of applicable statute of limitation	(3.5		)
Other adjustments to liability	(0.4		)
Ending balance on May 29, 2016	$	38.4

We have approximately $87.0 million of foreign net operating loss carryforwards ($65.3 million will expire between fiscal 2017 and 2037 and $22.0 million have no expiration dates) and $13.3 million of Federal net operating loss carryforwards which expire between fiscal 2027 and 2031. Federal capital loss carryforwards related to the private brands divestiture of approximately $4.0 billion will expire in fiscal 2021. Included in net deferred tax liabilities are $43.9 million of tax effected state net operating loss carryforwards that expire in various years ranging from fiscal 2017 to 2036 and included in net deferred tax assets are $202.7 million of tax effected state capital loss carryforwards related to the divestiture of private brands, the vast majority of which expire in fiscal 2021. Substantially all of our foreign tax credits will expire in fiscal 2025. State tax credits of approximately $21.4 million will expire in various years ranging from fiscal 2017 to 2020. Preliminary estimates of the deferred tax asset associated with the capital loss carryforwards were reduced by $55.1 million for Federal and increased by $5.1 million for state as refinements were made to the detailed tax computations in the fourth quarter. Further adjustments may result from changes in tax attributes based upon contract terms of the private brands sale and review of this transaction by the tax authorities. Any such adjustments are expected to be immaterial.

We have recognized a valuation allowance for the portion of the net operating loss carryforwards, tax credit carryforwards, and other deferred tax assets we believe are not more likely than not to be realized. The net impact on income tax expense related to changes in the valuation allowance for fiscal 2016 was expense of $1.4 billion. For fiscal 2015 and 2014, changes in the valuation allowance were a benefit of $1.4 million and a benefit of $2.0 million, respectively. The fiscal 2016 change principally relates to a full valuation being set up on the capital gain generated from the private brands disposition, less $147.3 million that was released in the fourth quarter of fiscal 2016 due to the impending Spicetec and JM Swank dispositions.

As of May 29, 2016, undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $540 million. Those earnings are considered to be indefinitely reinvested and accordingly, no U.S. federal income taxes have been provided thereon. We have not provided U.S. deferred taxes on cumulative earnings of non-U.S. affiliates and associated companies that the Company considers to be reinvested indefinitely. It is not practicable to estimate the amount of U.S. income taxes that would be incurred in the event that we were to repatriate the cumulative earnings of non-U.S. affiliates and associated companies. Deferred taxes are provided for earnings of non-U.S. affiliates and associated companies when we determine that such earnings are no longer indefinitely reinvested.

16. OPERATING LEASES

We lease certain facilities, land, and transportation equipment under agreements that expire at various dates. Rent expense under all operating leases from continuing operations was $153.7 million, $151.6 million, and $156.4 million in fiscal 2016, 2015, and 2014, respectively.

70

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

A summary of non-cancellable operating lease commitments for fiscal years following May 29, 2016, was as follows:

2017	$	64.8
2018	57.5
2019	44.5
2020	30.0
2021	21.1
Later years	119.9
	$	337.8

17. CONTINGENCIES

In fiscal 1991, we acquired Beatrice Company ("Beatrice"). As a result of the acquisition of Beatrice and the significant pre-acquisition contingencies of the Beatrice businesses and its former subsidiaries, our condensed consolidated post-acquisition financial statements reflect liabilities associated with the estimated resolution of these contingencies. These include various litigation and environmental proceedings related to businesses divested by Beatrice prior to its acquisition by us. The litigation includes suits against a number of lead paint and pigment manufacturers, including ConAgra Grocery Products Company, a wholly owned subsidiary of the Company ("ConAgra Grocery Products"), and the Company as alleged successors to W. P. Fuller Co., a lead paint and pigment manufacturer owned and operated by Beatrice until 1967. Although decisions favorable to us have been rendered in Rhode Island, New Jersey, Wisconsin, and Ohio, we remain a defendant in active suits in Illinois and California. The Illinois suit seeks class-wide relief for reimbursement of costs associated with the testing of lead levels in blood. In California, a number of cities and counties joined in a consolidated action seeking abatement of the alleged public nuisance. 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 Judgment (the "Judgment") against ConAgra Grocery Products and two other defendants, which orders the creation of a California abatement fund in the amount of $1.15 billion. Liability is joint and several. The Company believes ConAgra Grocery Products did not inherit any liabilities of W. P. Fuller Co. The Company will continue to vigorously defend itself in this case and has appealed the Judgment to The Court of Appeal of the State of California Sixth Appellate District. The Company expects the appeal process will last several years. The absence of any linkage between ConAgra Grocery Products and W. P. Fuller Co. is a critical issue among others that the Company will continue to advance throughout the appeals process. It is not possible to estimate exposure in this case or the remaining case in Illinois (which is based on different legal theories). If ultimately necessary, the Company will look to its insurance policies for coverage; its carriers are on notice. However, the extent of insurance coverage is uncertain, and the Company cannot absolutely assure that the final resolution of these matters will not have a material adverse effect on its financial condition, results of operations, or liquidity.

The environmental proceedings associated with Beatrice include litigation and administrative proceedings involving Beatrice's status as a potentially responsible party at 37 Superfund, proposed Superfund, or state-equivalent sites. These sites involve locations previously owned or operated by predecessors of Beatrice that used or produced petroleum, pesticides, fertilizers, dyes, inks, solvents, PCBs, acids, lead, sulfur, tannery wastes, and/or other contaminants. Beatrice has paid or is in the process of paying its liability share at 33 of these sites. Reserves for these matters 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 $54.0 million as of May 29, 2016, a majority of which relates to the Superfund and state-equivalent sites referenced above. We expect expenditures for Beatrice-related environmental matters to continue for up to 18 years.

In certain limited situations, we will guarantee an obligation of an unconsolidated entity. At the time in which we initially provide such a guarantee, we assess the risk of financial exposure to us under these agreements. We consider the credit-worthiness of the guaranteed party, the value of any collateral pledged against the related obligation, and any other factors that may mitigate our risk. We actively monitor market and entity-specific conditions that may result in a change of our assessment of the risk of loss under these agreements.

We are a party to various potato supply agreements. Under the terms of certain such potato supply agreements, we have guaranteed repayment of short-term bank loans of the potato suppliers, under certain conditions. At May 29, 2016, the amount

71

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

of supplier loans we have effectively guaranteed was $40.5 million. We have not established a liability for these guarantees, as we have determined that the likelihood of our required performance under the guarantees is remote.

Federal income tax credits were generated related to our sweet potato production facility in Delhi, Louisiana. Third parties invested in these income tax credits. We have guaranteed these third parties the face value of these income tax credits over their statutory lives, through fiscal 2017, in the event that the income tax credits are recaptured or reduced. The face value of the income tax credits was $26.7 million as of May 29, 2016. We believe the likelihood of recapture or reduction of the income tax credits is remote, and therefore we have not established a liability in connection with these guarantees.

We are a party to a number of lawsuits and claims arising out of our ongoing business operations. Among these, there are lawsuits, claims, and matters related to the February 2007 recall of our peanut butter products. Among the matters outstanding during fiscal 2016 related to the peanut butter recall was an investigation by the U.S. Attorney's office in Georgia and the Consumer Protection Branch of the Department of Justice into the 2007 recall. Just prior to the end of fiscal 2015, we negotiated a resolution of this matter, which resulted in an executed plea agreement pursuant to which ConAgra Grocery Products will plead guilty to a single misdemeanor violation of the Food, Drug & Cosmetics Act. If the plea is accepted by the U.S. District Court for the Middle District of Georgia, the government’s investigation into the 2007 recall will conclude and ConAgra Grocery Products will make payments totaling $11.2 million to the federal government. Expenses related to this payment were accrued in previous periods. During fiscal 2013 and 2012, we recognized charges of $7.5 million and $17.5 million, respectively, in connection with this matter. During the fourth quarter of fiscal 2014, we reduced our accrual by $6.7 million. During the first quarter of fiscal 2015, we further reduced our accrual by $5.8 million and further reduced it by $1.2 million in the second quarter of fiscal 2015, based on ongoing discussions with the U.S. Attorney's office and the Department of Justice. The plea agreement is subject to Court approval, which will be sought along with the formal sentencing process in the coming months.

In June 2009, an accidental explosion occurred at our manufacturing facility in Garner, North Carolina. This facility was the primary production facility for our Slim Jim^® branded meat snacks. In June 2009, the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives announced its determination that the explosion was the result of an accidental natural gas release, and not a deliberate act. During the fourth quarter of fiscal 2011, we settled our property and business interruption claims related to the Garner accident with our insurance providers. During the fourth quarter of fiscal 2011, Jacobs Engineering Group Inc. ("Jacobs"), our engineer and project manager at the site, filed a declaratory judgment action against us seeking indemnity for personal injury claims brought against it as a result of the accident. In the first quarter of fiscal 2012, our motion for summary judgment was granted and the suit was dismissed without prejudice on the basis that the suit was filed prematurely. In the third quarter of fiscal 2014, Jacobs refiled its action for indemnity. On March 25, 2016, a Douglas County jury in Nebraska rendered a verdict in favor of Jacobs and against us in the amount of $108.9 million. The case will be appealed. Although our insurance carriers have provided customary notices of reservation of their rights under the policies of insurance, we expect any ultimate exposure in this case to be limited to the applicable insurance deductible.

We hold a 50% ownership interest in Lamb-Weston/Meijer, V.O.F. (“Lamb Weston Meijer”), a Netherlands joint venture, headquartered in the Netherlands, that manufactures and sells frozen potato products principally in Europe. We and our partner are jointly and severally liable for all legal liabilities of Lamb Weston Meijer. As of May 29, 2016 and May 31, 2015, the total liabilities of Lamb Weston Meijer were $203.7 million and $129.1 million, respectively. Lamb Weston Meijer is well capitalized, with partners’ equity of $284.5 million and $255.9 million as of May 29, 2016 and May 31, 2015, respectively. We have not established a liability on our balance sheets for the obligations of Lamb Weston Meijer, as we have determined the likelihood of any required payment by us to settle such liabilities of Lamb Weston Meijer is remote.

We lease certain office buildings from entities that we have determined to be variable interest entities. The lease agreements contain put options exercisable now and remain exercisable until generally 30 days after the end of the respective lease agreements, that allow the lessors to require us to purchase the buildings at the greater of original construction cost, or fair market value, without a lease in place. We have financial exposure with respect to these entities in the event we are required to purchase the leased buildings for a price in excess of the then current fair value under the applicable lease purchase options. We are amortizing the difference between the estimated put price and the estimated fair value (without a lease agreement in place) of each respective property over the remaining respective lease term within selling, general, and administrative expenses. As of May 29, 2016, the estimated amount by which the put prices exceeded the fair values of the related properties was $58.5 million, of which we have accrued $9.3 million. As these buildings are worth considerably more when under lease agreements than when vacant, we may be able to mitigate some, or all, of the related financial exposure created by the put options by maintaining active lease agreements and/or by subleasing the buildings to credit worthy tenants. We do not expect to ultimately incur material financial losses as a result of the potential exercise of the lease put options by the lessors.

72

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

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. It is reasonably possible that a change in one of the estimates of the foregoing matters may occur in the future and, as noted, while unlikely, the lead paint matter could result in a material final judgment. Costs of legal services associated with the foregoing matters are recognized in earnings as services are provided.

18. 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 29, 2016, we had economically hedged certain portions of our anticipated consumption of commodity inputs using derivative instruments with expiration dates through January 2017.

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 29, 2016, we had economically hedged certain portions of our foreign currency risk in anticipated transactions using derivative instruments with expiration dates through May 2017.

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 2011, we entered into interest rate swap contracts to hedge the interest rate risk related to our forecasted issuance of long-term debt in April 2014 (based on the anticipated refinancing of the senior long-term debt maturing at that time). We designated these interest rate swaps as cash flow hedges of the forecasted interest payments related to this anticipated debt issuance and recorded the unrealized loss in accumulated other comprehensive loss. In the third quarter of fiscal 2014, we determined that we would not issue long-term debt to refinance the debt maturing in April 2014. Accordingly, we recognized a charge to earnings, within selling, general and administrative expenses, of $54.9 million in fiscal 2014.

Derivatives Designated as Fair Value Hedges

During fiscal 2014, we entered into interest rate swap contracts to hedge the fair value of certain of our senior long-term debt instruments maturing in fiscal 2019 and 2020. These contracts, with a total notional amount of $500 million, effectively converted interest on this debt from fixed rate to floating rate. We designated these interest rate swap contracts as fair value hedges of the debt instruments. During fiscal 2015, we terminated the interest rate swap contracts and received proceeds of $21.9 million. The proceeds include $3.9 million of accrued interest from the interest rate swap contract, gains of $5.4 million representing the change in fair value of the interest rate swap contracts (the ineffective portion of the hedge) recognized within selling, general and administrative expenses, and $12.6 million of cumulative adjustment to the fair value of the debt instruments that were hedged (the effective portion of the hedge), that will be amortized as a reduction to interest expense over the remaining life of the debt instruments through fiscal 2020. The unamortized amount of the deferred gain was $6.6 million at May 29, 2016. The portion written off related to the third quarter of fiscal 2016 tender offers totaled $3.0 million (see Note 4).

Changes in fair value of such derivative instruments were immediately recognized in earnings along with changes in the fair value of the items being hedged (based solely on the change in the benchmark interest rate). In fiscal 2015 and 2014, we recognized gains of $8.9 million and $9.1 million, respectively, representing the fair value of the interest rate swap contracts and losses of $5.8 million and $6.8 million, respectively, representing the change in fair value of the related senior long-term

73

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

debt. The net gains of $3.1 million and $2.3 million for fiscal 2015 and 2014, respectively, are classified within selling, general and administrative expenses.

The entire change in fair value of the derivative instruments was included in our assessment of hedge effectiveness.

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 selling, general and administrative 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 20 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 generally accepted accounting principles, 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 29, 2016 and May 31, 2015 amounts representing a right to reclaim cash collateral of $0.3 million and $5.9 million, 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 29, 2016		May 31, 2015
Prepaid expenses and other current assets	$	26.1	$	32.2
Other accrued liabilities	0.7		14.2

74

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

The following table presents our derivative assets and liabilities, at May 29, 2016, on a gross basis, prior to the setoff of $1.8 million to total derivative assets and $2.1 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	$	6.5	Other accrued liabilities	$	2.3
Foreign exchange contracts	Prepaid expenses and other current assets	21.4		Other accrued liabilities	0.2
Other	Prepaid expenses and other current assets	—		Other accrued liabilities	0.3
Total derivatives not designated as hedging instruments		$	27.9		$	2.8
Total derivatives		$	27.9		$	2.8

The following table presents our derivative assets and liabilities, at May 31, 2015, on a gross basis, prior to the setoff of $7.3 million to total derivative assets and $13.2 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	$	20.8	Other accrued liabilities	$	26.9
Foreign exchange contracts	Prepaid expenses and other current assets	17.7		Other accrued liabilities	0.4
Other	Prepaid expenses and other current assets	1.0		Other accrued liabilities	0.1
Total derivatives not designated as hedging instruments		$	39.5		$	27.4
Total derivatives		$	39.5		$	27.4

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

	For the Fiscal Year Ended May 29, 2016
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Operations of Gain (Loss) Recognized  on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Consolidated Statement of Operations
Commodity contracts	Cost of goods sold	$	(13.4	)
Foreign exchange contracts	Cost of goods sold	1.5
Foreign exchange contracts	Selling, general and administrative expense	2.9
Total loss from derivative instruments not designated as hedging instruments		$	(9.0	)

75

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

	For the Fiscal Year Ended May 31, 2015
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Consolidated Statement of Operations
Commodity contracts	Cost of goods sold	$	(80.5	)
Foreign exchange contracts	Cost of goods sold	1.3
Foreign exchange contracts	Selling, general and administrative expense	10.3
Interest rate contracts	Selling, general and administrative expense	(1.4		)
Total loss from derivative instruments not designated as hedging instruments		$	(70.3	)

	For the Fiscal Year Ended May 25, 2014
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Consolidated Statement of Operations
Commodity contracts	Cost of goods sold	$	18.9
Foreign exchange contracts	Cost of goods sold	1.9
Commodity contracts	Selling, general and administrative expense	7.9
Foreign exchange contracts	Selling, general and administrative expense	(54.9		)
Total loss from derivative instruments not designated as hedging instruments		$	(26.2	)

As of May 29, 2016, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $107.5 million and $55.1 million for purchase and sales contracts, respectively. As of May 31, 2015, our open commodity contracts had a notional value of $554.9 million and $393.1 million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward and cross currency swap contracts as of May 29, 2016 and May 31, 2015 was $120.0 million and $108.6 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 29, 2016, 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 $21.4 million.

19. PENSION AND POSTRETIREMENT BENEFITS

We have defined benefit retirement plans ("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 ("other postretirement 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.

We recognize the funded status of our plans and other benefits in the Consolidated Balance Sheets. For our plans, we also recognize as a component of accumulated other comprehensive 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 other benefits, 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

76

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

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 benefit and other postretirement benefit costs, below, as recognized net actuarial loss.

The information below includes the activities of our continuing and discontinued operations.

The changes in benefit obligations and plan assets at May 29, 2016 and May 31, 2015 are presented in the following table.

	Pension Benefits						Other Benefits
	2016			2015			2016			2015
Change in Benefit Obligation
Benefit obligation at beginning of year	$	4,092.2		$	3,979.0		$	235.4		$	283.5
Service cost	93.8			88.5			0.4			0.6
Interest cost	159.8			161.3			7.5			9.9
Plan participants’ contributions	—			—			4.8			5.9
Amendments	2.0			0.7			—			(3.3		)
Actuarial loss (gain)	(18.5		)	35.7			0.6			(35.9		)
Special termination benefits	25.6			6.9			—			—
Curtailments	(18.8		)	—			—			—
Benefits paid	(168.2		)	(176.7		)	(21.9		)	(24.3		)
Currency	(1.0		)	(3.2		)	(0.2		)	(1.0		)
Business divestitures	(263.9		)				(24.9		)
Benefit obligation at end of year	$	3,903.0		$	4,092.2		$	201.7		$	235.4
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,539.0		$	3,546.0		$	0.1		$	0.3
Actual return on plan assets	(146.2		)	178.6			—			(0.3		)
Employer contributions	11.9			13.5			17.1			18.5
Plan participants’ contributions	—			—			4.8			5.9
Investment and administrative expenses	(22.0		)	(18.8		)	—			—
Benefits paid	(168.2		)	(176.7		)	(21.9		)	(24.3		)
Currency	(1.1		)	(3.6		)	—			—
Business divestitures	(254.0		)	—			—			—
Fair value of plan assets at end of year	$	2,959.4		$	3,539.0		$	0.1		$	0.1

77

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

The funded status and amounts recognized in our Consolidated Balance Sheets at May 29, 2016 and May 31, 2015 were:

	Pension Benefits						Other Benefits
	2016			2015			2016			2015
Funded Status	$	(943.6	)	$	(553.2	)	$	(201.6	)	$	(235.3	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	3.0		$	20.5		$	—		$	—
Other accrued liabilities	(10.6		)	(10.7		)	(21.8		)	(23.3		)
Other noncurrent liabilities	(936.0		)	(563.0		)	(179.8		)	(212.0		)
Net Amount Recognized	$	(943.6	)	$	(553.2	)	$	(201.6	)	$	(235.3	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss	$	373.0		$	339.6		$	23.9		$	16.1
Net prior service cost (benefit)	13.4			14.2			(11.6		)	(25.0		)
Total	$	386.4		$	353.8		$	12.3		$	(8.9	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2016 and May 31, 2015
Discount rate	3.83		%	4.10		%	3.18		%	3.50		%
Long-term rate of compensation increase	3.66		%	3.70		%	N/A			N/A

The accumulated benefit obligation for all defined benefit pension plans was $3.8 billion and $3.9 billion at May 29, 2016 and May 31, 2015, 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 29, 2016 and May 31, 2015 were:

	2016		2015
Projected benefit obligation	$	3,809.5	$	3,805.8
Accumulated benefit obligation	3,734.6		3,658.3
Fair value of plan assets	2,862.9		3,232.1

Components of pension benefit and other postretirement benefit costs included:

	Pension Benefits									Other Benefits
	2016			2015			2014			2016			2015			2014
Service cost	$	93.8		$	88.5		$	89.0		$	0.4		$	0.6		$	0.7
Interest cost	159.8			161.3			151.1			7.5			9.9			9.7
Expected return on plan assets	(259.9		)	(267.9		)	(252.9		)	—			—			—
Amortization of prior service cost (benefit)	2.7			3.7			3.8			(7.8		)	(7.9		)	(7.2		)
Special termination benefits	25.6			6.9			0.4			—			—			—
Recognized net actuarial loss	348.5			6.9			2.7			0.1			3.5			6.7
Curtailment loss	0.3			1.5			—			—			—			—
Benefit cost — Company plans	370.8			0.9			(5.9		)	0.2			6.1			9.9
Pension benefit cost — multi-employer plans	42.9			12.4			12.6			—			—			—
Total benefit cost	$	413.7		$	13.3		$	6.7		$	0.2		$	6.1		$	9.9

78

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

Special termination benefits granted in connection with the voluntary retirement program resulted in the recognition of $25.6 million of expense during fiscal 2016. This expense was included in restructuring activities. Special termination benefits granted in connection with the formation of Ardent Mills resulted in the recognition of $6.9 million of expense during fiscal 2015. This expense was included in results of discontinued operations.

In fiscal 2016, the Company recorded a charge of $348.5 million reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability.

The Company recorded an expense of $29.8 million during fiscal 2016 related to our expected incurrence of certain multi-employer plan withdrawal costs. This expense was included in restructuring activities.

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

	Pension Benefits						Other Benefits
	2016			2015			2016			2015
Net actuarial gain (loss)	$	(390.5	)	$	(143.8	)	$	(8.0	)	$	35.8
Amendments	(2.0		)	(0.6		)	(5.6		)	3.3
Amortization of prior service cost (benefit)	2.7			5.2			(7.8		)	(7.9		)
Recognized net actuarial loss	348.5			6.9			0.1			3.5
Net amount recognized	$	(41.3	)	$	(132.3	)	$	(21.3	)	$	34.7

Weighted-Average Actuarial Assumptions Used to Determine Net Expense

	Pension Benefits						Other Benefits
	2016		2015		2014		2016		2015		2014
Discount rate	4.10	%	4.15	%	4.05	%	3.50	%	3.65	%	3.35	%
Long-term rate of return on plan assets	7.75	%	7.75	%	7.75	%	N/A		N/A		N/A
Long-term rate of compensation increase	3.70	%	4.25	%	4.25	%	N/A		N/A		N/A

At May 29, 2016, the Company elected to further refine its approach for calculating its service and interest costs beginning in fiscal 2017 by applying a split discount rate (spot rate approach) under which specific spot rates along the selected yield curve are applied to the relevant projected cash flows as the Company believes this method more precisely measures its obligations.

We amortize prior service cost for our pension plans 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.

The amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net expense during the next year are as follows:

	Pension Benefits		Other Benefits
Prior service cost (benefit)	$	2.6	$	(6.8	)
Net actuarial loss	NA		0.4

79

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

Plan Assets

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 29, 2016, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.9	$	73.4	$	—	$	74.3
Equity securities:
U.S. equity securities	453.5		13.2		—		466.7
International equity securities	267.5		318.1		—		585.6
Fixed income securities:
Government bonds	43.3		232.8		—		276.1
Corporate bonds	23.6		242.6		—		266.2
Mortgage-backed bonds	58.1		64.4		—		122.5
Real estate funds	—		—		425.0		425.0
Multi-strategy hedge funds	—		—		466.4		466.4
Private equity funds	—		—		89.7		89.7
Master limited partnerships	155.8		—		—		155.8
Private natural resources funds	—		—		27.9		27.9
Net receivables for unsettled transactions	3.2		—		—		3.2
Total assets	$	1,005.9	$	944.5	$	1,009.0	$	2,959.4

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 31, 2015, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	2.4	$	80.3	$	—	$	82.7
Equity securities:
U.S. equity securities	542.2		90.9		—		633.1
International equity securities	362.9		448.8		—		811.7
Fixed income securities:
Government bonds	43.9		290.5		—		334.4
Corporate bonds	49.6		394.9		—		444.5
Mortgage-backed bonds	49.5		24.0		—		73.5
Real estate funds	—		6.6		344.9		351.5
Multi-strategy hedge funds	—		—		484.5		484.5
Private equity funds	—		—		93.0		93.0
Master limited partnerships	191.4		—		—		191.4
Private natural resources funds	—		11.9		19.9		31.8
Net receivables for unsettled transactions	6.9		—		—		6.9
Total assets	$	1,248.8	$	1,347.9	$	942.3	$	3,539.0

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. The Level 2 assets listed above consist primarily of commingled equity investments where values are based on the net asset value of the underlying investments held, individual fixed income securities where values are based on quoted prices of

80

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

similar securities and observable market data, and commingled fixed income investments where values are based on the net asset value of the underlying investments held. Level 3 assets are those where the fair value is determined based on unobservable inputs. The Level 3 assets listed above consist of alternative investments where active market pricing is not readily available and, as such, we use net asset values as an estimate of fair value as a practical expedient. For real estate funds, the value is based on the net asset value provided by the investment manager who uses market data and independent third party appraisals to determine fair market value. For the multi-strategy hedge funds, the value is based on the net asset values provided by a third party administrator. For private equity and private energy funds, the investment manager provides the valuation using, among other things, comparable transactions, comparable public company data, discounted cash flow analysis, and market conditions.

Level 3 investments are generally considered long-term in nature with varying redemption availability. Certain of our Level 3 investments, with a fair value of approximately $896.1 million as of May 29, 2016, have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 29, 2016, Level 3 investments with a fair value of $0.3 million have imposed such gates.

As of May 29, 2016, we have unfunded commitments for additional investments of $94.3 million in private equity funds, $41.6 million in natural resources funds, and $15.5 million in real estate 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 and our target asset allocations, by asset category were as follows:

	May 29, 2016		May 31, 2015		Target Allocation
Equity securities	36	%	41	%	25% - 45%
Debt securities	22	%	24	%	14% - 24%
Real estate funds	14	%	10	%	1% - 19%
Multi-strategy hedge funds	16	%	14	%	5% - 25%
Private equity	3	%	2	%	3% - 13%
Other	9	%	9	%	3% - 30%
Total	100	%	100	%

The Company’s investment strategy reflects the expectation that equity securities and multi-strategy hedge funds will outperform debt securities over the long term. Assets are invested in a prudent manner to maintain the security of funds while maximizing returns within the Company’s Investment Policy guidelines. The strategy is implemented utilizing indexed and actively managed assets from the categories listed.

The investment goals are to provide a total return that, over the long term, increases the ratio of plan assets to liabilities subject to an acceptable level of risk. This is accomplished through diversification of assets in accordance with the Investment Policy guidelines. Investment risk is mitigated by periodic rebalancing between asset classes as necessitated by changes in market conditions within the Investment Policy guidelines.

Other investments are primarily made up of cash and master limited partnerships.

81

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

Level 3 Gains and Losses

The change in the fair value of the plan’s Level 3 assets is summarized as follows:

	Fair Value May 31, 2015		Realized Gains (Losses)		Unrealized Gains (Losses)			Net Purchases and Sales			Fair Value May 29, 2016
Real estate funds	$	344.9	$	0.4	$	46.1		$	33.6		$	425.0
Multi-strategy hedge funds	484.5		0.2		(17.2		)	(1.1		)	466.4
Private equity	93.0		2.2		(0.5		)	(5.0		)	89.7
Private natural resources	19.9		—		(6.1		)	14.1			27.9
Total	$	942.3	$	2.8	$	22.3		$	41.6		$	1,009.0

	Fair Value May 25, 2014		Realized Gains (Losses)		Unrealized Gains (Losses)			Net Purchases and Sales			Fair Value May 31, 2015
Real estate funds	$	170.6	$	0.5	$	21.0		$	152.8		$	344.9
Multi-strategy hedge funds	462.3		0.3		22.8			(0.9		)	484.5
Private equity	81.3		2.7		(3.3		)	12.3			93.0
Private natural resources	16.6		—		0.5			2.8			19.9
Total	$	730.8	$	3.5	$	41.0		$	167.0		$	942.3

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 29, 2016		May 31, 2015
Initial health care cost trend rate	9.0	%	9.0	%
Ultimate health care cost trend rate	4.5	%	4.5	%
Year that the rate reaches the ultimate trend rate	2024		2023

A one percentage point change in assumed health care cost rates would have the following effect:

	One  Percent Increase		One  Percent Decrease
Effect on total service and interest cost	$	0.4	$	(0.4	)
Effect on postretirement benefit obligation	11.3		(10.1		)

We currently anticipate making contributions of approximately $12.5 million to our pension plans in fiscal 2017. We anticipate making contributions of $22.1 million to our other postretirement plans in fiscal 2017. These estimates are based on 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 Benefits		Health Care and Life Insurance Benefits
2017	$	183.8	$	22.1
2018	190.4		21.0
2019	194.7		19.8
2020	199.6		18.6
2021	204.2		17.5
Succeeding 5 years	1,080.3		69.0

82

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(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 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 29, 2016 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 2015 and 2014 is for plan years that ended in calendar years 2015 and 2014, 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 2015.

• 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 29, 2016 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 Foods the total amount of contributions is presented in the aggregate.

83

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

		Pension Protection Act Zone Status		FIP / RP Status Pending / Implemented	Contributions by the Company (millions)					Expiration Dates of Collective Bargaining Agreements
Pension Fund	EIN / PN	2015	2014		FY16		FY15	FY14	Surcharge Imposed
Bakery and Confectionary Union and Industry International Pension Plan	52-6118572 / 001	Red	Red	RP Implemented	$	3.1	$3.7	$3.5	No	2/28/2020
Central States, Southeast and Southwest Areas Pension Fund	36-6044243 / 001	Red	Red	RP Implemented	1.9		2.0	2.1	No	6/04/2017
National Conference of Fireman & Oilers National Pension Fund	52-6085445 / 003	Yellow	Yellow	FIP Implemented	—		0.6	0.7	No	11/19/2015
Western Conference of Teamsters Pension Plan	91-6145047 / 001	Green	Green	N/A	5.4		4.9	4.9	No	05/31/2016 to 06/30/2018
Other Plans					0.7		0.8	1.2
Total Contributions					$	11.1	$12.0	$12.4

The Company was listed in its plans' Forms 5500 as providing more than 5% of the plan's total contributions for the National Conference of Firemen & Oilers National Pension Fund for the plan year ending in calendar year 2014. The Company withdrew from participation in that plan on or about June 1, 2015.

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 2015.

In addition to the contributions listed in the table above, we recorded an additional expense of $31.8 million, $0.4 million, and $0.2 million in fiscal 2016, 2015, and 2014, respectively, 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 $35.4 million, $40.6 million, and $40.2 million in fiscal 2016, 2015, and 2014, respectively.

20. 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 interest rate curves and 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, interest rate swaps, and cross-currency swaps.

84

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(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 29, 2016:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	4.7	$	21.4	$	—	$	26.1
Available-for-sale securities	3.0		—		—		3.0
Deferred compensation assets	0.7		—		—		0.7
Total assets	$	8.4	$	21.4	$	—	$	29.8
Liabilities:
Derivative liabilities	$	—	$	0.7	$	—	$	0.7
Deferred compensation liabilities	46.5		—		—		46.5
Total liabilities	$	46.5	$	0.7	$	—	$	47.2

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, 2015:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	13.6	$	18.6	$	—	$	32.2
Available-for-sale securities	2.8		—		—		2.8
Deferred compensation assets	0.9		—		—		0.9
Total assets	$	17.3	$	18.6	$	—	$	35.9
Liabilities:
Derivative liabilities	$	—	$	14.2	$	—	$	14.2
Deferred compensation liabilities	43.7		—		—		43.7
Total liabilities	$	43.7	$	14.2	$	—	$	57.9

Certain assets and liabilities, including long-lived assets, goodwill, asset retirement obligations, and cost and equity investments are measured at fair value on a nonrecurring basis. There were no significant fair value measurement losses recognized for such assets and liabilities in the periods reported.

During fiscal 2015, goodwill impairment charges of $20.9 million were recognized within the Consumer Foods segment. See Note 9 for a discussion of the methodology employed to measure these impairments.

During fiscal 2016, we recognized impairment charges of $50.1 million in our Consumer Foods segment for our Chef Boyardee^® brand. During fiscal 2015, an impairment of an indefinite-lived brand was recognized for $4.8 million in the Consumer Foods segment. The fair values of these brands were estimated using the “relief from royalty” method (see Note 9).

During fiscal 2015, we recognized impairment charges of $1.51 billion and $43.9 million for goodwill and indefinite-lived intangibles, respectively, in our Private Brands business. During fiscal 2015, we also recognized a charge of $13.7 million in our Private Brands business for the impairment of certain long-lived assets. The impairment was measured based upon an estimated disposal value for the related production facility. These impairment charges are included in discontinued operations. (see Note 6).

The carrying amount of long-term debt (including current installments) was $5.5 billion as of May 29, 2016 and $7.9 billion as of May 31, 2015. Based on current market rates, the fair value of this debt (level 2 liabilities) at May 29, 2016 and May 31, 2015 was estimated at $5.9 billion and $8.2 billion, respectively.

85

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

21. BUSINESS SEGMENTS AND RELATED INFORMATION

We report our operations in two reporting segments: Consumer Foods and Commercial Foods. In the third quarter of fiscal 2016, we completed the sale of substantially all of the operations that were previously reported within the Private Brands segment. The Private Brands operations we sold are classified as held for sale for periods prior to the sale and the results of operations have been classified as discontinued operations for all periods presented. Minor portions of the former Private Brands segment were retained and have been included in the Consumer Foods and Commercial Foods segments for all periods presented. Minor portions of the Consumer Foods and Commercial Foods segments have been classified as discontinued operations as they were included with the sale of the Private Brands operations.

The Consumer Foods reporting segment principally includes branded food sold in various retail channels primarily in North America. Our food products are sold in a variety of categories (meals, entrees, condiments, pasta, sides, snacks, and desserts) in various retail channels across frozen, refrigerated, and shelf-stable temperature classes.

The Commercial Foods reporting segment includes commercially branded and private label food and ingredients, which are sold primarily to commercial, foodservice, restaurant, food manufacturing, and industrial customers. The segment's primary food items include: frozen potato and sweet potato items and a variety of vegetable, spice, and frozen bakery goods, which are sold under brands such as Lamb Weston^® and Spicetec Flavors & Seasonings^®.

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

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

86

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

	2016		2015		2014
Net sales
Consumer Foods	$	7,225.1	$	7,565.3	$	7,596.3
Commercial Foods	4,417.8		4,371.7		4,241.9
Total net sales	$	11,642.9	$	11,937.0	$	11,838.2
Operating profit
Consumer Foods	$	1,087.6	$	1,068.0	$	900.5
Commercial Foods	633.2		566.2		533.5
Total operating profit	$	1,720.8	$	1,634.2	$	1,434.0
Equity method investment earnings
Consumer Foods	$	3.2	$	3.0	$	2.8
Commercial Foods	134.6		119.1		29.7
Total equity method investment earnings	$	137.8	$	122.1	$	32.5
Operating profit plus equity method investment earnings
Consumer Foods	$	1,090.8	$	1,071.0	$	903.3
Commercial Foods	767.8		685.3		563.2
Total operating profit plus equity method investment earnings	$	1,858.6	$	1,756.3	$	1,466.5
General corporate expenses	$	839.4	$	303.9	$	285.5
Interest expense, net	297.8		330.0		377.5
Income tax expense	225.4		362.1		178.3
Income from continuing operations	$	496.0	$	760.3	$	625.2
Less: Net income attributable to noncontrolling interests	11.1		11.8		12.0
Income from continuing operations attributable to ConAgra Foods, Inc.	$	484.9	$	748.5	$	613.2
Identifiable assets
Consumer Foods	$	7,811.3	$	7,792.7	$	7,917.4
Commercial Foods	3,770.9		3,678.1		2,954.3
Corporate	1,465.6		632.2		591.2
Held for Sale	342.8		5,334.8		7,778.6
Total identifiable assets	$	13,390.6	$	17,437.8	$	19,241.5
Additions to property, plant and equipment
Consumer Foods	$	198.8	$	133.7	$	183.5
Commercial Foods	151.1		117.4		205.6
Corporate	79.9		100.1		72.0
Total additions to property, plant and equipment	$	429.8	$	351.2	$	461.1
Depreciation and amortization
Consumer Foods	$	210.4	$	209.0	$	191.4
Commercial Foods	102.5		105.3		98.8
Corporate	61.0		66.1		64.4
Total depreciation and amortization	$	373.9	$	380.4	$	354.6

87

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

Net sales by product type within each segment were:

	2016		2015		2014
Net sales
Consumer Foods:
Grocery	$	3,382.0	$	3,503.7	$	4,182.1
Frozen	2,867.4		2,985.5		2,288.1
International	874.8		970.8		1,010.7
Other Brands	100.9		105.3		115.4
Total Consumer Foods	$	7,225.1	$	7,565.3	$	7,596.3
Commercial Foods:
Specialty Potatoes	$	2,968.1	$	2,892.4	$	2,792.7
Foodservice	1,449.7		1,479.3		1,449.2
Total Commercial Foods	$	4,417.8	$	4,371.7	$	4,241.9
Total net sales	$	11,642.9	$	11,937.0	$	11,838.2

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

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

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

	2016			2015			2014
Net derivative gains (losses) incurred	$	(12.1	)	$	(79.3	)	$	21.2
Less: Net derivative losses allocated to reporting segments	(30.2		)	(46.6		)	(1.6		)
Net derivative gains (losses) recognized in general corporate expenses	$	18.1		$	(32.7	)	$	22.8
Net derivative losses allocated to Consumer Foods	$	(21.1	)	$	(41.9	)	$	(5.9	)
Net derivative gains (losses) allocated to Commercial Foods	(9.1		)	(4.7		)	4.3
Net derivative losses included in segment operating profit	$	(30.2	)	$	(46.6	)	$	(1.6	)

As of May 29, 2016, 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 $3.2 million. This amount reflected net gains of $3.6 million incurred during the fiscal year ended May 29, 2016, as well as net losses of $0.4 million incurred prior to fiscal 2016. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $2.4 million in fiscal 2017 and gains of $0.8 million in fiscal 2018 and thereafter.

In the second quarter of fiscal 2015, management determined that certain derivatives that had been previously entered into as an economic hedge of forecasted commodity purchases had ceased to function as economic hedges. We recognized $18.9 million and $1.4 million of net derivative losses during fiscal 2015 within the operating results of the Consumer Foods and Commercial Foods segments, respectively, in connection with these derivatives. Management effectively exited these derivative positions in the third quarter of fiscal 2015.

88

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

Other Information

At May 29, 2016, ConAgra Foods and its subsidiaries had approximately 20,900 employees, primarily in the United States. Approximately 36% of our employees are parties to collective bargaining agreements. Of the employees subject to collective bargaining agreements, approximately 31% are parties to collective bargaining agreements scheduled to expire during fiscal 2017.

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 2016, 2015, and 2014. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $1.5 billion, $1.6 billion, and $1.7 billion in fiscal 2016, 2015, and 2014, respectively. Our long-lived assets located outside of the United States are not significant.

Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 16%, 16%, and 17% of consolidated net sales for fiscal 2016, 2015, and 2014, respectively, significantly impacting the Consumer Foods segment.

Wal-Mart Stores, Inc. and its affiliates accounted for approximately 20% and 16% of consolidated net receivables as of May 29, 2016 and May 31, 2015, respectively, significantly impacting the Consumer Foods segment.

We were a party to a supply agreement with an onion processing company where we had guaranteed, under certain conditions, repayment of up to$25.0 million payable under a secured loan (the "Secured Loan") of this onion products supplier to the supplier's lender. During the fourth quarter of fiscal 2012, we received notice from the lender that the supplier had defaulted on the Secured Loan and we exercised our option to purchase the Secured Loan from the lender for $40.8 million, thereby assuming first-priority secured rights to the underlying collateral for the amount of the Secured Loan, and cancelling our guarantee. The supplier filed for bankruptcy during the fourth quarter of fiscal 2012 and during the second quarter of fiscal 2013, we acquired ownership and all rights to the underlying collateral, consisting of agricultural land and an onion processing facility. During the third quarter of fiscal 2013, we recognized an impairment charge of $10.2 million in our Commercial Foods segment to reduce the carrying amount of these assets to their estimated fair value based upon updated appraisals. During the second quarter of fiscal 2014, we recognized an additional impairment charge of $8.9 million in our Commercial Foods segment to reduce the carrying amount of the processing facility to its estimated fair value based upon expected sales proceeds. In the fourth quarter of fiscal 2014, we sold the land and recognized a gain of $5.1 million in our Commercial Foods segment. In the third quarter of fiscal 2015, we sold the processing facility and recognized an immaterial gain in our Commercial Foods segment.

89

Notes to Consolidated Financial Statements - (Continued)

Fiscal Years Ended May 29, 2016, May 31, 2015, and May 25, 2014

(columnar dollars in millions except per share amounts)

22. QUARTERLY FINANCIAL DATA (Unaudited)

	2016											2015
	First Quarter			Second Quarter			Third Quarter		Fourth Quarter			First Quarter		Second Quarter			Third Quarter			Fourth Quarter
Net sales	$	2,796.2		$	3,095.1		$	2,924.1	$	2,827.5		$	2,765.5	$	3,138.7		$	2,907.3		$	3,125.5
Gross profit	701.0			828.5			800.4		760.9			591.3		757.7			720.0			806.6
Income (loss) from continuing operations, net of tax	167.4			166.1			187.6		(25.1		)	95.4		218.1			212.3			234.5
Income (loss) from discontinued operations, net of tax	(1,319.8		)	(6.8		)	18.7		146.0			389.1		(202.2		)	(1,165.0		)	(23.0		)
Net income (loss) attributable to ConAgra Foods, Inc.	(1,154.1		)	154.9			204.6		117.6			482.3		10.0			(954.1		)	209.2
Earnings per share (1):
Basic earnings per share:
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(2.68	)	$	0.36		$	0.46	$	0.27		$	1.14	$	0.02		$	(2.23	)	$	0.49
Diluted earnings per share:
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(2.65	)	$	0.35		$	0.46	$	0.27		$	1.12	$	0.02		$	(2.21	)	$	0.48
Dividends declared per common share	$	0.25		$	0.25		$	0.25	$	0.25		$	0.25	$	0.25		$	0.25		$	0.25
Share price:
High	$	45.49		$	42.75		$	42.70	$	46.43		$	32.85	$	35.65		$	37.29		$	38.90
Low	37.42			38.84			38.70		42.06			28.73		31.87			33.57			33.58

⁽¹⁾  Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year.

90

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

ConAgra Foods, Inc.:

We have audited the accompanying consolidated balance sheets of ConAgra Foods, Inc. and subsidiaries (the Company) as of May 29, 2016 and May 31, 2015, and the related consolidated statements of operations, comprehensive income (loss), common stockholders’ equity, and cash flows for each of the fiscal years in the three‑year period ended May 29, 2016. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of ConAgra Foods, Inc. and subsidiaries as of May 29, 2016 and May 31, 2015, and the results of their operations and their cash flows for each of the fiscal years in the three‑year period ended May 29, 2016, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of May 29, 2016, based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated July 15, 2016 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

/s/  KPMG LLP

Omaha, Nebraska

July 15, 2016

91

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 29, 2016. 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 are 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 the Company's internal control over financial reporting during the fourth quarter of fiscal 2016 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

Management's Annual Report on Internal Control Over Financial Reporting

ConAgra Foods' management is responsible for establishing and maintaining adequate internal control over financial reporting of ConAgra Foods (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended). ConAgra Foods' 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 Foods' 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 Foods; (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 Foods are being made only in accordance with the authorization of management and directors of ConAgra Foods; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of ConAgra Foods' 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 Foods' Chief Executive Officer and Chief Financial Officer, management assessed the effectiveness of ConAgra Foods' internal control over financial reporting as of May 29, 2016. 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 29, 2016, its internal control over financial reporting was effective.

The effectiveness of ConAgra Foods' internal control over financial reporting as of May 29, 2016 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 Sean M. Connolly President and Chief Executive Officer July 15, 2016 /s/ JOHN F. GEHRING John F. Gehring Executive Vice President and Chief Financial Officer July 15, 2016

92

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

ConAgra Foods, Inc.:

We have audited ConAgra Foods, Inc.'s (the Company) internal control over financial reporting as of May 29, 2016, based on the criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company's management is responsible 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 internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit 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 audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

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.

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.

In our opinion, ConAgra Foods, Inc. maintained, in all material respects, effective internal control over financial reporting as of May 29, 2016, based on the criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of May 29, 2016 and May 31, 2015, and the related consolidated statements of operations, comprehensive income (loss), common stockholders' equity, and cash flows for each of the fiscal years in the three-year period ended May 29, 2016, and our report dated July 15, 2016 expressed an unqualified opinion on those consolidated financial statements.

/s/  KPMG LLP

Omaha, Nebraska

July 15, 2016

93

ITEM 9B. OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information with respect to our Directors will be set forth in the 2016 Proxy Statement under the heading “Voting Item #1—Election of Directors,” and the information is incorporated herein by reference.

Information regarding our executive officers is included in Part I of this Form 10-K under the heading “Executive Officers of the Registrant,” as permitted by Instruction 3 to Item 401(b) of Regulation S-K.

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 2016 Proxy Statement under the heading “Section 16(a) Beneficial Ownership Reporting Compliance,” and the information is incorporated herein by reference.

Information with respect to the Audit / Finance Committee and the audit committee’s financial experts will be set forth in the 2016 Proxy Statement under the heading “Board Committees—Audit / Finance Committee,” 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.conagrafoods.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 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.conagrafoods.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 2016 Proxy Statement under the headings “Non-Employee Director Compensation,” “Board Committees—Human Resources Committee,” and “Executive Compensation,” and the information is incorporated herein by reference.

94

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 2016 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 upon the exercise of options, warrants, and rights under existing equity compensation plans as of our most recent fiscal year-end, May 29, 2016.

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights (a)	Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights (b)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c)
Equity compensation plans approved by security holders (1)	9,848,044	$	33.11	30,232,308
Equity compensation plans not approved by security holders	—	—		—
Total	9,848,044	$	33.11	30,232,308

(1) Column (a) includes 750,886 shares that could be issued under performance shares outstanding at May 29, 2016. The performance shares 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 included in column (a), depending on actual performance. Column (b) does not take these awards into account because they do not have an exercise price. The number of shares reflected in column (a) with respect to these performance shares assumes the vesting criteria will be achieved at target levels. Column (b) also excludes 1,536,681 restricted stock units and 490,185 deferral interests in deferred compensation plans that are included in column (a) but do not have an exercise price. The 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.

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 2016 Proxy Statement under the headings “Voting Item #1—Election of Directors—Consideration of Director Independence” and “Board Committees—Audit / Finance Committee,” and "Board Committees—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 2016 Proxy Statement under the heading “Voting Item #2: Ratification of the Appointment of Independent Auditor,” and the information is incorporated herein by reference.

95

PART IV

ITEM 15. EXHIBITS 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

Schedule Number	Description	Page Number
S-II	Valuation and Qualifying Accounts	98
	Report of Independent Registered Public Accounting Firm	99

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

3.    Exhibits

All exhibits as set forth on the Exhibit Index, which is incorporated herein by reference.

96

SIGNATURES

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

CONAGRA FOODS, INC.
By:	/s/ SEAN M. CONNOLLY
	Sean M. Connolly
	President and Chief Executive Officer
	July 15, 2016
By:	/s/ JOHN F. GEHRING
	John F. Gehring
	Executive Vice President and Chief Financial Officer
	July 15, 2016
By:	/s/  ROBERT G. WISE
	Robert G. Wise
	Senior Vice President and Corporate Controller
	July 15, 2016

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 15th day of July, 2016.

Sean M. Connolly*	Director
Bradley A. Alford*	Director
Thomas K. Brown*	Director
Stephen G. Butler*	Director
Steven F. Goldstone*	Director
Joie A. Gregor*	Director
Rajive Johri*	Director
W.G. Jurgensen*	Director
Richard H. Lenny*	Director
Ruth Ann Marshall*	Director
Timothy R. McLevish*	Director
Andrew J. Schindler*	Director

*     John F. Gehring, by signing his name hereto, signs this annual report on Form 10-K on behalf of each person indicated. Powers-of-Attorney authorizing John F. Gehring to sign this annual report on Form 10-K on behalf of each of the indicated Directors of ConAgra Foods, Inc. have been filed herewith as Exhibit 24.

By:	/s/  JOHN F. GEHRING
	John F. Gehring
	Attorney-In-Fact

97

Schedule II

CONAGRA FOODS, INC. AND SUBSIDIARIES

Valuation and Qualifying Accounts

For the Fiscal Years ended May 29, 2016, May 31, 2015, and May 25, 2014

(Dollars in millions)

Description	Balance at Beginning of Period		Additions Charged to Costs  and Expenses	Other			Deductions from Reserves		Balance at Close of Period
Year ended May 29,2016
Allowance for doubtful receivables	$	3.8	1.1	(0.1	)	(1)	1.1	(2)	$	3.7
Year ended May 31, 2015
Allowance for doubtful receivables	$	2.7	2.3	(0.1	)	(1)	1.1	(2)	$	3.8
Year ended May 25, 2014
Allowance for doubtful receivables	$	4.2	1.2	—			2.7	(2)	$	2.7

⁽¹⁾  Primarily translation incurred during fiscal 2016 and 2015.

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

98

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

ConAgra Foods, Inc.:

Under date of July 15, 2016, we reported on the consolidated balance sheets of ConAgra Foods, Inc. and subsidiaries (the Company) as of May 29, 2016 and May 31, 2015, and the related consolidated statements of operations, comprehensive income (loss), common stockholders’ equity, and cash flows for each of the fiscal years in the three-year period ended May 29, 2016, which are included in the annual report on Form 10-K of ConAgra Foods, Inc. for the fiscal year ended May 29, 2016. In connection with our audits of the aforementioned consolidated financial statements, we also audited the related consolidated financial statement schedule listed in the Index at Item 15. This consolidated financial statement schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion on this consolidated financial statement schedule based on our audits.

In our opinion, such consolidated financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/    KPMG LLP

Omaha, Nebraska

July 15, 2016

99

EXHIBIT INDEX

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

EXHIBIT	DESCRIPTION
*2.2	Master Agreement by and among ConAgra Foods, Inc., Cargill, Incorporated, CHS Inc. and HM Luxembourg S.A R.L. dated as of March 4, 2013, incorporated herein by reference to Exhibit 2.2 of ConAgra Foods' annual report on Form 10-K for the fiscal year ended May 26, 2013
*2.2.1	Amendment No. 1 dated April 30, 2013 to Master Agreement by and among 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 Foods' annual report on Form 10-K for the fiscal year ended May 26, 2013
*2.2.2	Acknowledgment and Amendment No. 2 dated May 31, 2013 to Master Agreement by and among 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 Foods' annual report on Form 10-K for the fiscal year ended May 26, 2013
*2.2.3	Acknowledgment and Amendment No. 3 to Master Agreement dated as of the 24th of July, 2013 by and among ConAgra Foods, Inc., Cargill, Incorporated, and CHS Inc. in connection with that certain Master Agreement, made as of the 4th day of March, 2013, incorporated herein by reference to Exhibit 2.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 23, 2014
*2.2.4	Acknowledgment and Amendment No. 4 to Master Agreement dated as of the 27th of March 2014, by and among ConAgra Foods, Inc., Cargill, Incorporated and CHS Inc. in connection with that certain Master Agreement, made as of the 4th day of March, 2013, incorporated herein by reference to Exhibit 2.2.4 of ConAgra Foods’ annual report on Form 10-K for the fiscal year ended May 25, 2014
*2.2.5	Acknowledgment and Amendment No. 5 to Master Agreement dated as of the 25th of May 2014, by and among ConAgra Foods, Inc., Cargill, Incorporated and CHS Inc. in connection with that certain Master Agreement, made as of the 4th day of March, 2013, incorporated herein by reference to Exhibit 2.2.5 of ConAgra Foods’ annual report on Form 10-K for the fiscal year ended May 25, 2014
*2.3	Stock Purchase Agreement, dated as of November 1, 2015, between ConAgra Foods, Inc. and TreeHouse Foods, Inc., incorporated herein by reference to Exhibit 2.1 of ConAgra Foods’ current report on Form 8-K filed on November 2, 2015
3.1	ConAgra Foods' Certificate of Incorporation, as restated, incorporated herein by reference to Exhibit 3.1 of ConAgra Foods' current report on Form 8-K filed on December 2, 2005
3.2	Amended and Restated By-Laws of ConAgra Foods, Inc., as Amended on May 7, 2015, June 18, 2015, and September 30, 2015, incorporated herein by reference to Exhibit 3.1 of ConAgra Foods' current report on Form 8-K filed on October 1, 2015
4.1	Indenture, dated as of October 8, 1990, between 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 Foods' Registration Statement on Form S-3 (Registration No. 033-36967)
**10.1	ConAgra Foods, Inc. Amended and Restated Non-Qualified CRISP Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 23, 2008
**10.1.1	Amendment One dated November 29, 2010 to the ConAgra Foods, Inc. Amended and Restated Non-Qualified CRISP Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 27, 2011
**10.2	ConAgra Foods, Inc. Non-Qualified Pension Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.2 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 23, 2008

100

**10.2.1	Amendment One dated December 3, 2009 to ConAgra Foods, Inc. Nonqualified Pension Plan, incorporated herein by reference to Exhibit 10.2 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 28, 2010
**10.2.2	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 Foods' quarterly report on Form 10-Q for the quarter ended February 27, 2011
**10.3	ConAgra Foods, Inc. Directors' Deferred Compensation Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.4 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 23, 2008
**10.3.1	Amendment One dated December 10, 2010 to ConAgra Foods, Inc. Directors' Deferred Compensation Plan (September, 2009 Restatement), incorporated herein by reference to Exhibit 10.4 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 27, 2011
**10.4	ConAgra Foods, Inc. Amended and Restated Voluntary Deferred Compensation Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.3 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 23, 2008
**10.4.1	Amendment One dated December 3, 2009 to the ConAgra Foods, Inc. Amended and Restated Voluntary Deferred Compensation Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 28, 2010
**10.4.2	Amendment Two dated November 29, 2010 to ConAgra Foods, Inc. Amended and Restated Voluntary Deferred Compensation Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.3 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 27, 2011
**10.4.3	Amendment Three dated March 6, 2013 to ConAgra Foods, Inc. Amended and Restated Voluntary Deferred Compensation Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 24, 2013
**10.4.4	Amendment Four dated May 21, 2013 to ConAgra Foods, Inc. Amended and Restated Voluntary Deferred Compensation Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.4.4 of ConAgra Foods' annual report on Form 10-K for the fiscal year ended May 26, 2013
**10.4.5	Amendment Five dated December 9, 2013 to ConAgra Foods, Inc. Amended and Restated Voluntary Deferred Compensation Plan (January 1, 2009 Restatement), incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 23, 2014
**10.5	ConAgra Foods 1995 Stock Plan, incorporated herein by reference to Exhibit 10.7 of ConAgra Foods' annual report on Form 10-K for the fiscal year ended May 29, 2005
**10.6	ConAgra Foods 2000 Stock Plan, incorporated herein by reference to Exhibit 10.8 of ConAgra Foods' annual report on Form 10-K for the fiscal year ended May 29, 2005
**10.7	Amendment dated May 2, 2002 to ConAgra Foods Stock Plans and other Plans, incorporated herein by reference to Exhibit 10.10 of ConAgra Foods' annual report on Form 10-K for the fiscal year ended May 26, 2002
**10.8	ConAgra Foods 2006 Stock Plan, incorporated herein by reference to Exhibit 10.10 of ConAgra Foods' annual report on Form 10-K for the fiscal year ended May 28, 2006
**10.8.1	Form of Stock Option Agreement for Non-Employee Directors (ConAgra Foods 2006 Stock Plan), incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' current report on Form 8-K filed on October 3, 2006
**10.8.2	Form of Stock Option Agreement for Employees (ConAgra Foods 2006 Stock Plan), incorporated herein by reference to Exhibit 10.25 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 26, 2006
**10.8.3	Form of Restricted Stock Award Agreement (ConAgra Foods 2006 Stock Plan), incorporated herein by reference to Exhibit 10.26 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 26, 2006

101

**10.8.4	Form of Restricted Stock Unit Agreement (ConAgra Foods 2006 Stock Plan), incorporated herein by reference to Exhibit 10.27 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 26, 2006
**10.8.4.1	Amendment One to Restricted Stock Unit Agreement (ConAgra Foods 2006 Stock Plan) (Pre-July 2007), incorporated herein by reference to Exhibit 10.12 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 23, 2008
**10.8.5	Form of Restricted Stock Unit Agreement (ConAgra Foods 2006 Stock Plan) (Post-July 2007), incorporated herein by reference to Exhibit 10.13 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 23, 2008
**10.9	ConAgra Foods 2009 Stock Plan, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' current report on Form 8-K filed on September 28, 2009
**10.9.1	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 Foods' quarterly report on Form 10-Q for the quarter ended August 30, 2009
**10.9.2	Form of Stock Option Agreement (ConAgra Foods 2009 Stock Plan) for Employees, incorporated herein by reference to Exhibit 10.4 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended August 30, 2009
**10.9.3	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 Foods' quarterly report on Form 10-Q for the quarter ended August 30, 2009
**10.9.4	Form of Restricted Stock Unit Agreement (ConAgra Foods 2009 Stock Plan), incorporated herein by reference to Exhibit 10.3 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended August 30, 2009
**10.9.4.1	Form of Restricted Stock Unit Agreement (ConAgra Foods 2009 Stock Plan) (Choice Program), incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended August 29, 2010
**10.9.4.2	Form of Restricted Stock Unit Agreement (ConAgra Foods 2009 Stock Plan) (Choice Program-post November 2010), incorporated herein by reference to Exhibit 10.5 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 27, 2011
**10.9.5	Form of Restricted Stock Unit Agreement for stock settled RSUs (ConAgra Foods 2009 Stock Plan post July 2012), incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended August 26, 2012
**10.9.6	Form of Restricted Stock Unit Agreement (ConAgra Foods 2009 Stock Plan) (Ralcorp Transaction), incorporated herein by reference to Exhibit 10.10.6 of ConAgra Foods' annual report on Form 10-K for the fiscal year ended May 26, 2013
**10.9.7	Form of Restricted Stock Unit Agreement for Non-Employee Directors (ConAgra Foods 2009 Stock Plan), incorporated herein by reference to Exhibit 10.6 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 27, 2011
**10.9.8	Form of Restricted Stock Unit Agreement for Non-Employee Directors (ConAgra Foods 2009 Stock Plan) (post July 2012), incorporated herein by reference to Exhibit 10.2 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended August 26, 2012
**10.10	ConAgra Foods, Inc. 2014 Stock Plan, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods’ current report on Form 8-K filed on September 22, 2014
**10.10.1	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 Foods’ annual report on Form 10-K for the fiscal year ended May 31, 2015
**10.10.2	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 Foods’ annual report on Form 10-K for the fiscal year ended May 31, 2015

102

**10.10.3	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 Foods’ annual report on Form 10-K for the fiscal year ended May 31, 2015
**10.10.4	Form on 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 Foods’ annual report on Form 10-K for the fiscal year ended May 31, 2015
**10.10.5	Form of Retention Restricted Stock Unit Agreement (Stock Settled) under the ConAgra Foods’ 2014 Stock Plan, incorporated herein by reference to Exhibit 10.3 of ConAgra Foods' quarterly report on Form 10-Q for quarter ended August 30, 2015
**10.11	ConAgra Foods Executive Incentive Plan, as amended and restated, incorporated herein by reference to Exhibit 10.2 of ConAgra Foods' current report on Form 8-K filed on September 28, 2009
**10.12	ConAgra Foods, Inc. 2014 Executive Incentive Plan incorporated herein by reference to Exhibit 10.2 of ConAgra Foods’ current report on Form 8-K filed on September 22, 2014
**10.13	ConAgra Foods, Inc. 2008 Performance Share Plan, effective July 16, 2008, incorporated herein by reference to Exhibit 10.3 of ConAgra Foods' quarterly report on Form 10-Q for quarter ended August 24, 2008
**10.14	CEO Performance Share Plan for Transitional Awards, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods’ current report on Form 8-K filed on February 12, 2015
**10.15	ConAgra Foods, Inc. Deferred Compensation Plan Requirements dated December 10, 2010, incorporated herein by reference to Exhibit 10.7 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 27, 2011
**10.16	Amendment to Certain Equity Awards and Agreements Pursuant to the ConAgra Foods Inc. 2015 Voluntary Retirement Program and 2015 SG&A Reduction Program, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 29, 2015
**10.17	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 Foods' quarterly report on Form 10-Q for the quarter ended November 23, 2008
**10.17.1	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 Foods’ annual report on Form 10-K for the fiscal year ended May 31, 2015
**10.18	Form of Executive Time Sharing Agreement,as adopted on February 18, 201, incorporated herein by reference to Exhibit 10.17 of ConAgra Foods’ annual report on Form 10-K for the fiscal year ended May 31, 2015
**10.19	Amended and Restated Employment Agreement between ConAgra Foods and Gary M. Rodkin, incorporated herein by reference to Exhibit 10.15 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended November 23, 2008
**10.19.1	Letter Agreement, dated as of February 12, 2015, between ConAgra Foods and Gary M. Rodkin incorporated herein by reference to Exhibit 10.4 of ConAgra Foods’ current report on form 8-K filed February 12, 2015
**10.20	Stock Option Agreement between ConAgra Foods, Inc. and Gary M. Rodkin incorporated herein by reference to Exhibit 10.2 of ConAgra Foods' current report on Form 8-K filed on September 1, 2005
**10.21	Employment Agreement, dated as of February 12, 2015, between ConAgra Foods, Inc. and Sean Connolly, incorporated herein by reference to Exhibit 10.2 of ConAgra Foods’ current report on Form 8-K filed on February 12, 2015
**10.22	Amendment to Employment Agreement dated December 31, 2015, effective January 1, 2016, by and between ConAgra Foods, Inc. and Sean Connolly, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended February 28, 2016
**10.23	Change of Control Agreement, dated as of February 12, 2015, between ConAgra Foods and Sean Connolly, incorporated herein by reference to Exhibit 10.3 of ConAgra Foods’ current report on Form 8-K filed on February 12, 2015

103

**10.24	Letter Agreement between ConAgra Foods, Inc. and Brian L. Keck dated September 7, 2010, as amended, incorporated herein by reference to Exhibit 10.2 of ConAgra Foods' quarterly report on Form 10-Q for the quarter ended August 28, 2011
**10.25	Amendment to Stock Option Agreements between ConAgra Foods, Inc. and Brian L. Keck dated March 14, 2014, incorporated herein by reference to Exhibit 10.19 of ConAgra Foods’ annual report on Form 10-K for the fiscal year ended May 25, 2014
**10.26	Letter Agreement between ConAgra Foods, Inc. and Paul Maass dated May 16, 2013, incorporated herein by reference to Exhibit 10.21 of ConAgra Foods' annual report on Form 10-K for the fiscal year ended May 26, 2013
**10.27	Transition and Separation Agreement with Paul Maass dated May 4, 2015, incorporated herein by reference to Exhibit 10.25 of ConAgra Foods’ annual report on Form 10-K for the fiscal year ended May 31, 2015
10.28	Separation Agreement with Albert Bolles, Ph.D., dated August 11, 2015, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods’ current report on Form 8-K filed on August 14, 2015
10.29	Revolving Credit Agreement, dated as of September 14, 2011, by and among ConAgra Foods, Inc., JP Morgan Chase Bank, N.A., as administrative agent and a lender, Bank of America, N.A., as syndication agent and a lender, and the other financial institutions party thereto, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' current report on Form 8-K filed on September 15, 2011
10.29.1	Amendment No. 1 to the Revolving Credit Agreement, entered into as of December 21, 2012, among ConAgra Foods, Inc., JPMorgan Chase Bank, N.A. as administrative agent and a lender and the other financial institutions party thereto, incorporated herein by reference to Exhibit 10.3 of ConAgra Foods' current report on Form 8-K filed on December 27, 2012
10.29.2	Amendment No. 2 to the Revolving Credit Agreement entered into as of August 27, 2013, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods, quarterly report on Form 10-Q for the Quarter Ended November 24, 2013
10.29.3	Amendment No. 3 to the Revolving Credit Agreement, entered into as of March 23, 2015, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods Current Report on Form 8-K filed on March 26, 2015
10.29.4	Amendment No. 4 to Revolving Credit Agreement, dated as of September 14, 2011, among the Company, JPMorgan Chase Bank, N.A., as administrative agent and a lender, and the other financial institutions party thereto, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' current report on Form 8-K filed September 22, 2015
10.30	Term Loan Agreement, entered into as of December 21, 2012, among ConAgra Foods, Inc. and Bank of America, N.A., as administrative agent, JPMorgan Bank, N.A., as syndication agent and Merrill Lynch, Pierce, Fenner & Smith, Incorporated, as sole lead arranger and sole bookrunner, and the other financial institutions party thereto, incorporated herein by reference to Exhibit 10.2 of ConAgra Foods' Current Report on Form 8-K filed on December 27, 2012
10.31	Letter Agreement, entered into as of January 15, 2016, between ConAgra Foods, Inc. and Bank of America, N.A., as lender, incorporated herein by reference to Exhibit 10.1 of ConAgra Foods' current report on Form 8-K filed on January 20, 2016
10.32	Letter Agreement, entered into as of January 15, 2016, between ConAgra Foods, Inc. and Goldman Sachs Bank USA, as lender, incorporated herein by reference to Exhibit 10.2 of ConAgra Foods' current report on Form 8-K filed on January 20, 2016
10.33	Letter Agreement, entered into as of January 15, 2016, between ConAgra Foods, Inc. and Wells Fargo Bank, National Association, as lender, incorporated herein by reference to Exhibit 10.3 of ConAgra Foods' current report on Form 8-K filed on January 20, 2016
10.34	Cooperation Agreement, dated as of July 8, 2015, between JANA Partners LLC and ConAgra Foods, Inc., incorporated herein by reference to Exhibit 99.1 of ConAgra Foods' current report on Form 8-K filed on July 8, 2015

104

10.34.1	Amended and Restated Cooperation Agreement, dated as of May 27, 2016, between JANA Partners LLC and ConAgra Foods, Inc., incorporated herein by reference to Exhibit 99.1 of ConAgra Foods' current report on Form 8-K filed on May 31, 2016
12	Statement regarding computation of ratio of earnings to fixed charges
21	Subsidiaries of ConAgra Foods, Inc.
23	Consent of KPMG LLP
24	Powers of Attorney
31.1	Section 302 Certificate
31.2	Section 302 Certificate
32.1	Section 906 Certificates
	The following materials from ConAgra Foods' Annual Report on Form 10-K for the year ended May 29, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive Income (Loss), (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.
	* Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. ConAgra Foods 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 Foods' long-term debt are not filed with this Form 10-K. ConAgra Foods will furnish a copy of any such long-term debt agreement to the Securities and Exchange Commission upon request.

105

EX-10.17

Exhibit 10.17

FORM OF EXECUTIVE TIME SHARING AGREEMENT

This Time Sharing Agreement (this “Agreement”), dated as of [DATE] (the “Effective Date”), is entered into between CONAGRA FOODS, INC., a Delaware corporation (“Operator”) and [EXECUTIVE] (“Lessee”) and replaces any prior agreement between the parties with respect to the subject matter hereof.

RECITALS

WHEREAS, Operator has operational control of certain civil aircraft set forth on Exhibit A of this Agreement (hereinafter referred to collectively as the “Aircraft” and each individually as an “Aircraft”);

WHEREAS, Operator employs a fully qualified flight crew to operate the Aircraft; and

WHEREAS, Operator desires to lease the Aircraft and flight crew to Lessee, and Lessee desires to lease the Aircraft and flight crew from Operator on a time sharing basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FARs”) on such terms and conditions as are mutually satisfactory to both parties.

NOW, THEREFORE, Operator and Lessee, declaring their intention to enter into and be bound by this Agreement, and for the good and valuable consideration set forth below, hereby covenant and agree as follows:

1. Time Share and Term. Operator agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR 91.501(c)(1) and to provide a fully qualified flight crew for all operations on a nonexclusive, non-continuous basis commencing on the Effective Date and continuing unless and until terminated. Either party may terminate this Agreement by giving ten (10) days written notice to the other party, provided, however that upon the termination of any Lease (as defined below) due to a Default or Event of Default thereunder (and as defined therein), this Agreement shall terminate immediately with respect to the Aircraft subject to the terminated Lease.

2. Charges. Lessee shall pay Operator for each flight conducted under this Agreement Operator’s incremental costs of each specific flight, as authorized by FAR Part 91.501(d), limited to the following:

(a)fuel, oil, lubricants, and other additives;

(b)hangar and tie-down costs away from the aircraft’s base of operation;

(c)insurance obtained for the specific flight;

(d)landing fees, airport taxes and similar assessments;

(e)customs, foreign permit, and similar fees directly related to the flight;

(f)in flight food and beverages;

(g)passenger ground transportation; and

(h)flight planning and weather contract services.

Except as set forth above in this Section 2, Operator shall, at its sole cost and expense, be responsible for all parts, fuel, lubricants, maintenance, repair, insurance, licensing, taxes and other expenses relating to the ownership or operation of the Aircraft.

Operator will pay all expenses related to the operation of the Aircraft when incurred, and will provide an invoice and bill Lessee for the expenses enumerated in Section 2 above within a reasonable period of time

following the occurrence of any flight or flights for the account of Lessee. Lessee shall pay to Operator the commercial Federal excise tax imposed on the transportation of persons for flights conducted under this Agreement. Amounts due for taxes shall be included on the invoices submitted to Lessee. Lessee shall pay Operator for said expenses and taxes within thirty (30) days of receipt of the invoice and bill therefore.

3. Scheduling. [INSERT HERE ANY OPTIONAL TERMS REGARDING LIMITATIONS ON USE] In the event Lessee desires to use an Aircraft pursuant to and in accordance with the terms of this Agreement, Lessee will provide Operator with requests for flight time and proposed flight schedules as far in advance of any given flight as possible, and in any case, at least ten (10) hours in advance of Lessee’s planned departure. Operator shall have sole and exclusive authority over the scheduling of the Aircraft including which Aircraft is to be used for any particular flight. Operator shall have the absolute right to deny a scheduling request that does not comply with the limitations contained in the first two sentences of this paragraph.

4. Maintenance. Operator shall be solely responsible for securing maintenance, preventive maintenance and required or otherwise necessary inspections on the Aircraft, and shall take such requirements into account in scheduling the Aircraft. No period of maintenance, preventive maintenance or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless said maintenance or inspection can be safely conducted at a later time in compliance with all applicable laws and regulations, and within the sound discretion of the pilot-in-command. The pilot-in-command shall have final and complete authority to cancel any flight for any reason or condition which in his judgment would compromise the safety of the flight.

5. Operational Control. At any time during which a flight is made by or on behalf of Lessee under this Agreement, Operator shall have possession, command and control of the Aircraft. Operator shall have complete and exclusive responsibility for (i) scheduling, dispatching and flight of the Aircraft on all flights conducted pursuant to this Agreement, (ii) the physical and technical operation of the Aircraft and (iii) the sole performance of all flights. Operator shall have operational control of the Aircraft for all purposes of the Federal Aviation Regulations.

Operator shall employ, pay for and provide to Lessee a qualified flight crew for each flight undertaken under this Agreement. The members of such flight crew shall remain the employees of and under the direction and control of Operator. Notwithstanding the foregoing, the pilot-in-command of each flight shall have the final authority with respect to (i) the initiation or termination of any flight, (ii) selection of the routing of any flight, (iii) determination of the load to be carried and (iv) all decisions relating to the safety of any flight. The parties further agree that Operator shall not be liable for delay or failure to furnish the Aircraft and crew pursuant to this Agreement for any reason.

6. Insurance. Operator may maintain such insurance coverage with respect to the Aircraft and any flights made under this Agreement as Operator may elect in its sole discretion, including aircraft physical damage coverage (hull insurance) and liability coverage for bodily injury and property damage. Operator shall retain all rights and benefits with respect to the proceeds payable under the hull insurance as a result of any incident or occurrence while an Aircraft is being operated on behalf of Lessee under this Agreement. Lessee shall be named as an additional insured on liability insurance policies maintained by Operator on the Aircraft with respect to flights conducted pursuant to this Agreement. Any hull insurance maintained by Operator on the Aircraft shall include a waiver of any rights of subrogation of the insurers against Lessee. Notwithstanding the foregoing and subject to the limitations of FAR 91.501(d), upon Operator’s request, Lessee shall, at Operator’s request, reimburse Operator for the cost and expense of any additional insurance obtained for any specific flight.

7. Limitation of Liability. Operator shall not be liable for any special, incidental, indirect or consequential damages or for lost profits or revenues in connection with the furnishing, performance or use of the services to be performed hereunder.

8. No Warranty of Operator. OPERATOR MAKES NO REPRESENTATION OR WARRANTY, EITHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, THE DESIGN OR CONDITION OF THE AIRCRAFT, ITS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, THE QUALITY OF THE MATERIAL OR WORKMANSHIP OF THE AIRCRAFT, ITS VALUE OR AIRWORTHINESS OR CONFORMITY TO THE PROVISIONS AND SPECIFICATIONS OF

ANY AGREEMENTS RELATING THERETO, NOR SHALL OPERATOR BE LIABLE TO LESSEE, REGARDLESS OF ANY ACTUAL OR ALLEGED NEGLIGENCE, FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES CAUSED, DIRECTLY OR INDIRECTLY, BY, OR FOR STRICT OR ABSOLUTE LIABILITY IN TORT FOR OR ARISING OUT OF, THE AIRCRAFT OR ANY LACK OR LOSS OF USE THEREOF.

9. Lessee’s Representations. Lessee represents, warrants and covenants to Operator that:

(a)he will use each Aircraft for and on his own account only and will not use any Aircraft for the purposes of providing transportation of passengers or cargo in air commerce for compensation or hire;

(b)he shall refrain from incurring any mechanics or other lien in connection with inspection, preventative maintenance, maintenance or storage of the Aircraft, whether permissible or impermissible under this Agreement, and he shall not attempt to convey, mortgage, assign, lease or any way alienate any Aircraft or create any kind of lien or security interest involving any Aircraft or do anything or take any action that might mature into such a lien;

(c)during the term of this Agreement, he will abide by and conform to all such laws, governmental, and airport orders, rules, and regulations as shall from time to time be in effect relating in any way to the operation and use of the Aircraft by a time-sharing lessee.

10. Operator’s Base. For purposes of this Agreement, the permanent base of operation of the Aircraft shall be Eppley Airfield, Omaha, Nebraska, unless changed by Operator, in which event Operator shall notify Lessee of the new permanent base of operation of the Aircraft.

11. Successors and Assigns. Neither this Agreement nor any party’s interest in this Agreement shall be assignable to any other person or entity. This Agreement shall be binding upon and inure to the benefit of the parties hereto and the successors of Operator and the heirs, representatives and successors of Lessee.

12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Nebraska (excluding the conflicts of law rules thereof).

13. Entire Agreement. This Agreement constitutes the entire understanding between Operator and Lessee with respect to its subject matter, and there are no representations, warranties, conditions, covenants, or agreements other than as set forth expressly herein. Notwithstanding the foregoing, the Operator and Lessee acknowledge that each Aircraft is the subject of a lease with the lessor (“Lessor”) identified on Exhibit B (each, a “Lease”). Any changes or modifications to this Agreement must be in writing and signed by authorized representatives of both parties, provided that Operator may amend the specific references to the Leases on Exhibit A and Exhibit B without written consent of Lessee. If any Lease is amended in any material respect (other than to modify the amount of rental payments owed), Operator shall promptly notify Lessee of such amendment to provide Lessee with the opportunity to terminate this Agreement in accordance with Section 1.

14. Additional Terms Related to Leases. Operator and Lessee acknowledge the following as to themselves:

(a) Subject and Subordinate. The rights of Operator and Lessee (and any party claiming through Operator or Lessee) with respect to an Aircraft shall be subject and subordinate in all respects to the rights, title and interest in such Aircraft of the Lessor of that Aircraft, including, all of its rights and remedies under the Lease and any related agreements; provided that nothing contained herein shall be deemed an assumption by Lessee of Operator’s obligations as lessee under the Lease.

(b) Neither Operator nor Lessee has, and it disclaims, any present or future right, title or interest in or to each Aircraft, or any engine, auxiliary power unit, or any part thereof (collectively, the “Equipment”) (including without limitation, any leasehold interest, or other property or possessory interest). Operator will keep the Equipment free and clear of liens and Lessee will not impose or cause the incurrence of any lien on any of the Equipment.

(c) No Inconsistent Actions. Operator shall not take, and Operator shall not permit Lessee to take any action under this Agreement that conflicts with the Leases.

(d) Lessor may rely upon the truth and accuracy of all representations and warranties made by Operator in this Agreement or by Lessee in Section 9 herein to the same extent and effect as if such representations and warranties had been made directly to and for the benefit of Lessor. Lessor shall be an express third party beneficiary of any indemnities and disclaimers of condition made by Operator in favor of Lessee.

15. Counterparts. This Agreement may be executed in counterparts, which shall, singly or in the aggregate, constitute a fully executed and binding agreement.

16. Notices. Any notice, request, or other communication to any party by the other party under this Agreement shall be conveyed in writing and shall be deemed given on the earlier of the date (i) notice is personally delivered with receipt acknowledged, (ii) a facsimile notice is transmitted, or (iii) three (3) days after notice is mailed by certified mail, return receipt requested, postage paid, and addressed to the party at the address set forth below.

If to Operator:ConAgra Foods, Inc.

Attn: Corporate Secretary

One ConAgra Drive

Omaha, Nebraska 68102

If to Lessee:[EXECUTIVE]

c/o ConAgra Foods, Inc.

One ConAgra Drive

Omaha, NE 68102

The address of a party to which notices or copies of notice are to be given may be changed from time to time by such party by written notice to the other party.

17. Severability. If any one or more of the provisions of the Agreement shall be held invalid, illegal, or unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal, or unenforceable provision shall be replaced by a mutually acceptable provision, which, being valid, legal, and enforceable, comes closest to the intention of the parties underlying the invalid, illegal, or unenforceable provision. To the extent permitted by applicable law, the parties hereby waive any provision of law, which renders any provision of this Agreement prohibited or unenforceable in any respect.

18. No Agency. Nothing herein shall be construed to create a partnership, joint venture, franchise, or to create any relationship of principal and agent.

19. TRUTH IN LEASING STATEMENT PURSUANT TO 14 CFR 91.23 (FAR 91.23):

(a)OPERATOR HERETO CERTIFIES THAT EACH OF THE AIRCRAFT:

(i)HAS BEEN MAINTAINED AND INSPECTED WITHIN THE TWELVE (12) MONTHS PRECEDING THE DATE OF THIS AGREEMENT IN ACCORDANCE WITH THE PROVISIONS SET FORTH IN PART 91 OF THE FEDERAL AVIATION REGULATIONS, AND THAT ALL APPLICABLE REQUIREMENTS THEREUNDER FOR MAINTENANCE AND INSPECTION HAVE BEEN COMPLIED WITH; AND

(ii)WILL BE MAINTAINED AND INSPECTED UNDER PART 91 OF THE FEDERAL AVIATION REGULATIONS FOR OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT.

(b)DURING THE DURATION OF THIS AGREEMENT, OPERATOR, WHOSE ADDRESS APPEARS IN SECTION ABOVE, THROUGH ITS OFFICER WHOSE NAME, SIGNATURE AND TITLE IS SET FORTH BELOW, (i) AGREES, CERTIFIES AND ACKNOWLEDGES THAT WHENEVER AN AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, IT IS THE OPERATOR OF SUCH AIRCRAFT AS PROVIDED

HEREIN AND (ii) UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH ALL APPLICABLE FEDERAL AVIATION REGULATIONS.

(c)AN EXPLANATION OF THE FACTORS BEARING ON OPERATIONAL CONTROL OF THE AIRCRAFT WHEN OPERATED UNDER THE TERMS AND CONDITIONS OF THIS AGREEMENT AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE, GENERAL AVIATION DISTRICT OFFICE OR AIR CARRIER DISTRICT OFFICE.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have caused the signatures of their authorized representatives to be affixed below on the day and year first above written. The persons signing below warrant their authority to sign.

CONAGRA FOODS, INC., Operator

By:

Name:

Title:

[EXECUTIVE], Lessee

4839-1640-0162, v. 1

Exhibit A

Aircraft Make and ModelSerial Number

[INSERT IDENTIFYING INFORMATION FOR AIRCRAFT COVERED BY AGREEMENT]

4839-1640-0162, v. 1

Exhibit B

[INSERT SCHEDULE OF LEASES APPLICABLE TO AIRCRAFT COVERED BY AGREEMENT]

EX-10.25

Exhibit 10.25

April 29, 2015

Mr. Paul Maass

c/o ConAgra Foods, Inc.

One ConAgra Drive

Omaha, NE 68102

RE:Transition and Separation Agreement

Dear Paul:

This letter agreement (“Agreement”) describes the components of your transition and separation package. If you agree to the terms of this Agreement you will receive the benefits described below. This Agreement will become effective once you have signed it and you have not exercised your right to revoke the Agreement within the Revocation Period described below (the “Effective Date”).

1.Transition Responsibilities and Separation Payments

a. Your last day of active employment with ConAgra Foods, Inc. (“ConAgra Foods” or the “Company”), will be July 31, 2015 (the “Termination Date”).

b. As of May 5, 2015 (the “Transition Date”), you will cease to be an Executive Officer of the Company, become a special employee of the Company, and resign your board service on any ConAgra Foods subsidiary, affiliate, or joint venture of the Company. From the Transition Date until the Termination Date (the “Transition Period”), you will report to the CEO and work solely on matters assigned by the CEO; any such matters will be of a level commensurate with your prior position. You will not have any direct reports.

c. During the Transition Period, you will receive your base salary as in effect on the date hereof, payable in accordance with the ordinary payroll practices of the Company. During the Transition Period you and your eligible dependents will be provided coverage under all employee benefit programs, plans and practices in which you are eligible as of the date hereof, except as provided in this Agreement. In accordance with its terms, the Change of Control Agreement in effect between you and the Company will terminate as of the date hereof.

d. As consideration for the waiver and release in paragraph 8 and the restrictive covenants described in paragraph 5, ConAgra Foods will pay you, less applicable withholdings, the total amount of One Million and Four Hundred Thousand Dollars ($1,400,000.00). That amount shall be paid in three installments as follows:

i. You will receive the first payment, in the amount of Four Hundred and Sixty Six Thousand Dollars ($466,000.00), less applicable withholdings, six months after your Termination Date.

ii. You will receive the second payment, in the amount of Four Hundred and Sixty Six Thousand Dollars ($466,000.00), less applicable withholdings, nine months after your Termination Date.

iii. You will receive the third payment, in the amount of Four Hundred and Sixty Eight Thousand Dollars ($468,000.00), less applicable withholdings, 12 months after your Termination Date.

If you breach this Agreement, materially in the case of the obligations set forth in paragraphs 4, 6 or 7 of this Agreement, or commence a legal action to challenge the validity of this Agreement, within eighteen (18) months after the Termination Date and, if curable, don’t cure such breach after written notice, you will not receive or be entitled to retain any payments made pursuant to this paragraph. If such breach or challenge is after issuance of the first payment, you agree that you will repay all such prior payments within thirty (30) days of such breach or challenge.

e. Provided you were enrolled in ConAgra Foods’ medical, dental or vision plans at the time of your termination, you and your dependents, if previously enrolled, will be eligible to continue coverage at your current coverage levels. Most individuals will be eligible for COBRA continuation for up to eighteen (18) months. You will pay the entire premium cost. Premium cost and payment information will be provided to you in a separate letter. PayFlex will mail the enrollment forms to your address of record within two to three weeks after your Termination Date. To enroll for COBRA coverage, you must return all applicable forms to PayFlex Systems, the COBRA administrator, within sixty (60) days after receipt. Questions should be directed to PayFlex Systems at (877) 284-0395. If you do not elect COBRA coverage, your coverage will otherwise cease at the end of the pay period in which you terminate. If you elect COBRA coverage, ConAgra Foods will provide to you, on a bi-weekly basis, a taxable payment which will represent the approximate value of your previous employer-paid contribution in order to offset the cost of COBRA continuation. To partially offset the taxable status, twenty-five percent (25%) of the calculated amount will be added to this payment. This payment will be based on your elected benefits at the time of termination. You will be eligible to receive this payment until July 31, 2016, provided you maintain COBRA coverage during that time period.

f. Your 401(k) participation eligibility will end on your Termination Date. Vesting is according to the plan design schedule.

g. No additional vacation will accrue after your Termination Date. Any vacation earned but unused will be paid to you.

2.Incentive Compensation and Equity:

a. You will not be eligible for additional equity grants following the Transition Date, but your outstanding equity will continue to vest until your Termination Date.

b. Stock options that are unvested on the Termination Date will be forfeited in accordance with their terms. You may exercise your vested stock options for the period defined in your original grant notices or agreements.

c. Any award that becomes payable for the fiscal 2013-2015 cycle of the Company’s Performance Share Plan shall be made in accordance with the plan’s terms, at the same time as awards are paid to all participants and at the same payout level as generally authorized for other senior executives in the Plan for the full cycle. All future payouts for the fiscal year 2014-2016 and fiscal year 2015-2017 cycles of the Performance Share Plan will be forfeited on the Termination Date in accordance with the Plan’s terms.

d. You will not receive a payout under the Company’s Fiscal Year 2015 Management Incentive Plan (“MIP”), nor will you be eligible for participation in the Fiscal Year 2016 MIP or any other incentive program in which you are not a participant as of the Transition Date.

3.Outplacement

You will be eligible for outplacement services as selected and provided by ConAgra Foods. You will be contacted directly by the provider after the Effective Date of your Agreement.

4.Post-Employment Obligations

a. You agree to make yourself reasonably available to ConAgra Foods, and will, for eighteen (18) months following the Termination Date, with regard to matters related to your employment period with ConAgra Foods, (other than those where ConAgra’s position could be adverse to you personally):

i. Personally provide reasonable assistance and cooperation in providing information for ConAgra Foods, and its representatives, concerning any ConAgra Foods matter of which you are knowledgeable.

ii. Personally provide to ConAgra Foods, and its representatives, reasonable assistance and cooperation relating to any pending or future lawsuits or claims, about which you are knowledgeable.

iii. Promptly notify me, in writing, if you receive any request from anyone other than ConAgra Foods for information regarding any potential claims or proposed litigation against ConAgra Foods or any of its affiliates.

iv. Refrain from providing any information related to any claim or potential litigation against ConAgra Foods, or its affiliates to any non-ConAgra Foods representatives, without either ConAgra Foods’ written permission or being required to provide information pursuant to legal process. Nothing in this Agreement prohibits you from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation.  You do not need the prior authorization of ConAgra Foods’ legal department to make any such reports or disclosures, and you are not required to notify the Company that you have made such reports or disclosures.

v. If required by law to provide sworn testimony on ConAgra Foods or affiliate-related matters, to the extent legally permitted, consult with and, to the extent legally permitted, have ConAgra Foods-designated legal counsel present (in addition to any personal counsel) for such testimony. ConAgra Foods will be responsible for the costs of Company designated counsel (but not personal counsel) and you will bear no cost for same. You will confine your testimony to items about which you have actual knowledge rather than speculation, unless otherwise directed by legal process.

vi. You will be reimbursed shortly after an expense statement is received for reasonable travel, food, lodging and similar out-of-pocket expenses required to fulfill the cooperation provisions above.

b. You agree to refrain from making comments, disparaging remarks or statements, the purpose or effect of which is to harm the reputation, good will, or commercial interests of ConAgra Foods, its management or leadership, or any of its affiliates for a period of five (5) years following the Termination Date. ConAgra Foods also agrees that its executive officers and Board members will refrain from making comments or statements, the purpose or effect of which is to harm the reputation, good will or interest of you, for a period of five (5) years following the Termination Date. The foregoing limitations are not meant to limit competition beyond the Restrictive Covenants in Section 5 and, hence, do not limit normal competitive type statements. The foregoing shall not be violated by compliance with legal process or legal actions or by rebuttal of false or misleading statements.

5.Restrictive Covenants

a. Definition of Confidential Information: For the purposes of this Agreement, “Confidential Information” means information (whether or not in writing) that is related to ConAgra Foods’ business and is maintained as confidential. Confidential Information includes, without limitation, past, present, or future business or Trade Secrets (“Trade Secrets” means any information, including formulas, patterns, compilations, programs, devices, methods, techniques, or processes that ConAgra Foods considers confidential and is valuable and provides a competitive advantage because it is not generally known and not readily ascertainable by proper means); information relating to customers, methods or policies, including customer lists; prices or price formulas; processes; procedures; prospective partners, partners, and other entities; financial information; computer software (including design, programming techniques, flow charts, source code, object code, and related information and documentation); intellectual property; business plans; business,

manufacturing, and sales strategies; business processes and methods of operation; customer contacts and referral sources; vendors and vendor contacts; marketing information; and all other information of any kind or character relating to the development, improvement, manufacture, sale, or delivery of products or services by ConAgra Foods, its subsidiaries, affiliates or joint ventures, whether or not reduced to writing. Confidential Information does not include information that (i) is or becomes generally available to the public other than through disclosure by you or (ii) becomes available to you on a non-confidential basis from a source other than ConAgra Foods, provided that the source is not prohibited from disclosing such information to you, by any contractual or other obligation with ConAgra Foods or otherwise.

b. Acknowledgements: As a result of your position as President of ConAgra Foods Private Brands and Commercial Foods, in which you led the private brands and commercial foods activities for ConAgra Foods throughout the United States and internationally, along with your previous 27 years of employment with ConAgra Foods in a variety of management and executive positions, you acknowledge (i) ConAgra Foods’ business is both highly specialized and competitive, (ii) ConAgra Foods’ Confidential Information is not generally known to, or readily ascertainable by, the public or ConAgra Foods’ competitors and gives ConAgra Foods a competitive advantage, (iii) ConAgra Foods’ goodwill and relationships with its customers, clients, employees, and other business associations are among ConAgra Foods’ most important assets and that developing, maintaining, and continuing such relationships is one of ConAgra Foods’ highest priorities, and (iv) that if you solicited, worked with or serviced the customers of ConAgra Foods, its subsidiaries, affiliates or joint ventures, you would be in a position to cause irreparable injury to ConAgra Foods, its subsidiaries, affiliates or joint ventures. You further acknowledge that, during your employment, you had access to Confidential Information belonging to ConAgra Foods, its subsidiaries, affiliates or joint ventures, agree such information shall remain the exclusive property of ConAgra Foods, its subsidiaries, affiliates or joint ventures, and understand the

misappropriation or unauthorized disclosure of such information at any time is prohibited and will cause ConAgra Foods irreparable injury. You further understand that you have been relied upon to develop and to maintain relationships with ConAgra Foods’ customers, clients, employees, and other business associations on behalf of ConAgra Foods, its subsidiaries, affiliates or joint ventures, throughout the course of your employment with ConAgra Foods. You agree the restrictions in this Agreement are reasonable, necessary, and proper to protect ConAgra Foods’ Confidential Information and that they will not unreasonably restrict your ability to obtain alternative and gainful employment.

c. Non-Disclosure: You agree, except in compliance with legal process, (i) you will not disclose Confidential Information to anyone other than ConAgra Foods’ officers or authorized employees and as directed by the Company, and (ii) you will not use such information for any unauthorized purpose without the prior written consent of ConAgra Foods. Further, if you are requested in any judicial or administrative process to disclose Confidential Information, then, to the extent legally permitted, you shall immediately notify ConAgra Foods to allow ConAgra Foods as much time as possible to oppose such process and shall inform such judicial or administrative process of your non-disclosure obligations under this Agreement. Further, for eighteen (18) months after your Termination Date, you shall promptly notify ConAgra Foods in writing to the extent you have actual knowledge of any unauthorized person (1) using, disclosing, or attempting to use or disclose the Confidential Information without the prior written consent of ConAgra Foods, or (2) copying, duplicating, reverse engineering, reverse compiling, recording, otherwise reproducing, analyzing, or attempting any such reproduction or analysis of any of the Confidential Information.

d. Non-Competition: In order to protect ConAgra Foods’ Confidential Information, for twelve (12) months after your Termination Date, you agree you will not, anywhere throughout North America, without prior written authorization from ConAgra Foods, engage in or render any services to any person, firm, corporation, business, organization, and/or cooperative, including self-employment,

sole proprietorship, or consulting work, as an employee and/or contractor, with any entity that is engaged in (i) the manufacture or production of frozen potato products for the retail, foodservice or institutional channels, or (ii) wheat milling or refinement for the sale of related products to third parties. You agree that you could not reasonably be expected to fulfill your job responsibilities as a member of the business team for such a ConAgra Foods competitor, or that of its subsidiaries, affiliates, or joint ventures, in the twelve (12) months following the Termination Date, without utilizing ConAgra Foods’ Confidential Information. The foregoing shall not be violated solely through your provision of services to a consulting, investment banking or professional services firm that is providing products or services to numerous customers including, incidentally, such a competitor, provided that during the twelve (12) months following the Termination Date, you do not participate on, consult with, or provide advice for the benefit of the service team supporting such a competitor. You acknowledge that the scope of this agreement not to compete is reasonable and necessary to protect ConAgra Foods’ Confidential Information and its customer relationships.

e. Non-Solicitation of Business: For twelve (12) months after your Termination Date, you agree you will not, directly or indirectly, solicit, call on, service, work with, divert, or take away, or attempt to divert, solicit, call on, service, work with or take away, the business or patronage of any of the clients, customers, licensors, or accounts of ConAgra Foods, its subsidiaries, affiliates, or joint ventures, with which you did business and had personal contact on behalf of ConAgra Foods, its subsidiaries, affiliates, or joint ventures in the areas set forth in (d) above.

f. Non-Solicitation of Individuals: For eighteen (18) months after your Termination Date, you agree you will not, directly or indirectly, recruit, solicit, or induce, or attempt to induce, any employee(s) of ConAgra Foods, its subsidiaries, affiliates, or joint ventures, or their sales representatives, to terminate their employment with, or otherwise cease a relationship with ConAgra Foods or such enterprise.

g. Judicial Modification: You agree that you and ConAgra Foods have attempted to limit your right to disclose, compete, and solicit only to the extent permitted by applicable law and necessary to protect ConAgra Foods from unfair competition. If a Court of competent jurisdiction determines the restrictions contained in this paragraph 5 are too long in duration or too broad in geographic scope to be reasonable and enforceable, then the Court shall amend such a provision only so much as shall be necessary for the restrictions contained herein to be reasonable and enforceable, notwithstanding any law or authority to the contrary.

h. Disclosure of Agreement: In the event ConAgra Foods has reason to believe this Agreement has or may be breached, you acknowledge and consent that this Agreement may be disclosed by ConAgra Foods, without risk of liability, to your current or prospective employer or other relevant business entity.

i. Breach: You agree that the restrictions contained in paragraph 5 are necessary for the protection of the legitimate business interests, goodwill, and Confidential Information of ConAgra Foods. You agree any breach or threatened breach of the restrictions in paragraph 5 will cause ConAgra Foods substantial and irrevocable damage. You further agree that, in addition to such other remedies that may be available, including the recovery of damages from you, ConAgra Foods shall have the right to injunctive relief to restrain or enjoin any actual or threatened breach of the provisions of the restrictions in paragraph 5, without posting bond notwithstanding any law or authority to the contrary. You agree you cannot defend against any action for such relief on the basis of an adequate remedy at law.

6. Confidentiality Agreement

Except in compliance with legal process, you agree that you have kept and will keep the terms and amounts in this Agreement completely confidential, except as required by applicable law, and that you have not, nor will you hereafter disclose any information concerning this Agreement to any person other than your present attorneys, accountants, tax advisors, or spouse, and only if those persons agree

to abide by the provisions of this paragraph. You may also disclose the terms and amounts of the Agreement to applicable taxing authorities, and the restrictions on your activities to potential employers and search firms. This provision shall not apply to the extent this argument is publicly filed by ConAgra Foods.

7.Return of Company Property

You agree that within fifteen (15) business days of the Transition Date, you will have returned to ConAgra Foods, as applicable, all files, records, documents, reports, computers, and other business equipment, keys, and other physical, personal or electronically stored property of ConAgra Foods in your possession or control and to further agree that you will not keep, transfer or use any copies or excerpts of the foregoing items without the approval of ConAgra Foods, except as desirable to provide services to ConAgra Foods between the Transitional Date and the Termination Date. You agree that within fifteen (15) business days of the Transition Date, you will have returned to ConAgra Foods all company-issued credit cards, to immediately cease use of all such cards and to make payment of any and all outstanding balances in accordance with cardholder agreements and the time limitations contained therein. You agree to provide no later than twenty (20) business days after your Termination Date, expense statements for all company authorized expenses, and where charged on company-issued credit cards, to use any reimbursement payments for the purpose of paying such charges. You may retain your address books to the extent they only contain contact information. ConAgra Foods recognizes that your cell phone, including your cell phone number, is your property. During the fifteen (15) business days after the Transition Date, you will work with ConAgra Foods to have all ConAgra Food’s applications, including ConAgra Foods email, removed from your personal mobile devices.

8.Release of ConAgra Foods

a. General Release: In exchange for the benefits provided to you by ConAgra Foods, and except for ConAgra Foods’ obligations hereunder, you hereby release ConAgra Foods, and each of its

subsidiaries, agents, directors, officers, employees, representatives, attorneys, affiliates, and its and their predecessors, successors, heirs, executors, administrators and assigns, and all persons acting by, through, or under or in concert with any of them (collectively “Releasees”), or any of them, of and from any and all claims related to ConAgra Foods of any nature whatsoever, in law or equity, which you ever had, now have, or may have had relating to your employment, or termination of employment (“Claims”). This includes (i) all Claims relating to salary, overtime, vacation pay, incentive bonus plans, including but not limited to the MIP and/or the SIP; and/or separation pay, stock options, and any and all other fringe benefits, for which you were eligible during your employment and (ii) all Claims under any employment agreement, change-in-control agreement or other agreements between you and ConAgra Foods, and/or its Releasees; (iii) and all Claims you may have against ConAgra Foods and/or its Releasees under Title VII of the Civil Rights Act of 1964; the Employee Retirement Income Security Act of 1974; the Americans with Disabilities Act; the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; the Family and Medical Leave Act; or any other federal, state, or local law or regulation regarding your employment or termination of employment. Nothing in this Agreement shall interfere with your right to initiate, cooperate or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, or any other federal or state regulatory or law enforcement agency. However, the consideration provided to you in this Agreement shall be the sole relief provided to you for the Claims that are released herein and you will not be entitled to recover and agree to waive any monetary benefits or recovery against ConAgra Foods and/or its Releasees in connection with any such Claim without regard to who has brought such Claim. Furthermore, this release shall not cover rights to indemnification and advancement of legal fees, coverage under directors and officers liability insurance, bested benefits or equity.

b. ADEA Release

i. You agree to hereby waive and release any and all Claims arising under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., as modified by the Older Workers Benefit Protection Act, 29 U.S.C. § 626(f) (together, the “ADEA”), against ConAgra Foods and/or its Releasees. Nothing in this Agreement shall interfere with your right to initiate, cooperate or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, or any other federal or state regulatory or law enforcement agency. Nothing in this Agreement shall limit or restrict your right under the ADEA to challenge the validity of this ADEA release in a court of law. However, you nevertheless understand that this ADEA release still applies to your ADEA Claims and that you have waived all ADEA Claims as part of this Agreement. You further understand that in any Claim brought under the ADEA, you would not be entitled to any damages or other relief unless this ADEA release is deemed to be invalid.

ii. This release shall not preclude an action to enforce the specific terms of this Agreement; to any Claims based on acts or events after this Agreement has become effective; to any unemployment or workers’ compensation benefits to which you may be entitled; nor to benefits in which you have become vested under the Employee Retirement Income Security Act.

9.Entire Agreement

Except as specifically provided herein, this Agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes all previous agreements and understandings, whether written or oral, between ConAgra Foods and you. No modification or waiver of any provision of this Agreement will be valid unless in writing and signed by ConAgra Foods and you.

10.No Waiver

The failure of either party to insist on the performance of any of the terms or conditions of this Agreement, or failure to enforce any of the provisions of this Agreement, shall not be construed as a

waiver or a relinquishment of any such provision. Any waiver or failure to enforce on any one occasion is effective only in that instance and the obligations of either party with respect of any provision in this Agreement shall continue in full force and effect.

11.Section 409A

This Agreement shall be interpreted and administered at all times such that any amount or benefit payable under the Agreement shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder. As permitted by Section 409A, each installment or other payment made or benefit provided hereunder shall be treated as “separate payment” for purposes of Section 409A and the available exemptions under Section 409A shall be stacked to the maximum extent possible. Because you are a “specified employee” as defined in Section 409A(a)(2)(B), you acknowledge and agree that any payments or benefits under this Agreement that constitute non-exempt deferred compensation for purposes of Section 409A shall be delayed for a period of six (6) months following your separation from service with ConAgra Foods (or, if earlier, your date of death). Further, to the extent you are entitled to be paid or reimbursed for any taxable expenses under this Agreement, and such payments or reimbursements are includible in your federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. Your right to reimbursement of expenses under this Agreement shall be subject to liquidation or exchange for another benefit. Neither ConAgra Foods nor its directors, officers, executives, or advisers make any representations or warranties regarding the tax treatment of any payments or benefits under this Agreement and none of them shall be held liable for any taxes, interest, penalties or other monetary amounts owed by you as a result of the application of Section 409A or any other provision of the Internal Revenue Code.

12.Your Rights

You understand that you may take up to twenty-one (21) days to decide whether to accept this Agreement. If we have not received an executed Agreement from you within twenty-one (21) days, any offers made by us in this letter are withdrawn. If you wish, you may sign the Agreement before this deadline. If you do decide to sign the Agreement, you have up to seven (7) days after signing (the “Revocation Period”) to change your mind. To revoke this Agreement, please write to Megan M. Belcher, Vice President & Chief Counsel, ConAgra Foods, Inc., One ConAgra Drive, Omaha, NE 68102 - Fax (402) 917-9559, within the Revocation Period. You acknowledge and understand that by signing this Agreement, and the release contained in paragraph 8, herein, that (1) at the time of your execution of this Agreement you are expressly aware of the Company’s decision to terminate your employment, which termination shall be effective on July 31, 2015, and (2) you understand you are waiving and releasing any and all claims that you may have arising out of your employment with the Company or your termination from employment with the Company, including, but not limited to, any events that occur between your date of execution of this agreement and July 31, 2015.

13.Non-Admission

You agree that nothing herein shall be construed as an admission by ConAgra Foods and/or its Releasees of any wrongdoing or violation of any applicable law, and that nothing in this Agreement shall be so construed by any other person.

14.Not Precedent

You agree that this Agreement shall not be used to establish a precedent in any Claim, except in an action to enforce the terms of this Agreement.

15.Consultation with Attorney

You acknowledge that you have had an adequate amount of time to consider the meaning and effect of this Agreement and have been advised to consult with your attorney prior to executing this

Agreement. You further acknowledge that you now fully understand this Agreement and the effect of signing and executing this Agreement.

16. ADEA Release

If you successfully challenge the validity of your ADEA release and prevail on the merits of an ADEA Claim, you agree that the court may reduce any monetary award for such ADEA Claim up to the amount of Five Hundred Dollars ($500.00), which you agree represents the amount of money being given to you in consideration for your ADEA release.

17. Additional Acknowledgments

You acknowledge that as of the date you signed this Agreement, you (a) have not suffered a work-related injury that you have not properly disclosed to ConAgra Foods; (b) have been paid in full all wages due and owing to you for any and all work performed for ConAgra Foods and/or its Releasees, except those due in normal course; (c) have not exercised any actual or apparent authority by or on behalf of ConAgra Foods and/or its Releasees that you have not specifically disclosed to ConAgra Foods that were not within the scope of your employment; and (d) have not entered into any agreements, whether written or otherwise, with any of ConAgra Foods’ employees (current and former), its Releasees, and/or third parties that could legally bind ConAgra Foods and/or its Releasees that were not within the scope of your employment.

18.Severability

The terms and provisions of this Agreement are severable in whole or in part, and if any term or provision of this Agreement should be deemed invalid, illegal or unenforceable, the remaining terms and provisions shall remain in full force and effect.

19.Choice of Law

a. This Agreement, for all purposes, shall be construed in accordance with the laws of Delaware without regard to conflicts-of-law principles. You agree that your employment and this Agreement

have a substantial connection to the State of Delaware, because, among other things, ConAgra Foods is incorporated there. You further agree that no other state has a materially greater interest in the subject matter of this Agreement than Delaware.

b. If, however, a court of competent jurisdiction determines, for whatever reason, that the laws of Delaware shall not apply to this Agreement, then you agree that this Agreement, for all purposes, shall be construed in accordance with the laws of Nebraska without regard to conflicts-of-law principles. You agree that your employment and this Agreement have a substantial connection to the State of Nebraska, because, among other things, ConAgra Foods’ main place of business is located there, you maintain a residence and office in Nebraska and performed a substantial portion of your services for ConAgra Foods in Nebraska. You further agree that no other state (with the exception of Delaware) has a materially greater interest in the subject matter of this Agreement than Nebraska.

20.Jurisdiction and Venue

The parties agree that the state and federal courts serving Wilmington, Delaware shall be the sole venue and jurisdiction for all actions arising under, out of, in connection with, or in relation to this Agreement. You and ConAgra Foods hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

If the above meets with your agreement, please sign and return one copy of this letter to me.

Sincerely,

/s/ Nicole Theophilius

Nicole Theophilus

EVP & Chief HR Officer

ConAgra Foods, Inc.

ACCEPTANCE

SignatureDate May 4, 2015

/s/ Paul Maass

Printed Name

Paul Maass

EX-10.10.1

Exhibit 10.10.1

FORM OF RESTRICTED STOCK UNIT AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

CONAGRA FOODS, INC. 2014 STOCK PLAN

This Restricted Stock Unit Agreement for Non-Employee Directors, hereinafter referred to as the “Agreement”, is made on the ___ day of ____________, 20__ between ConAgra Foods, Inc., a Delaware corporation (the “Company”), and the undersigned director of the Company (the “Director”).

1. Award Grant. The Company hereby grants Restricted Stock Units (“RSUs,” and each such unit an “RSU”) to the Director under the ConAgra Foods, Inc. 2014 Stock Plan (the “Plan”), as follows, effective as of ____________ __, 20__ (the “Date of Grant”):

Director:

Number of RSUs:

Date of Grant:

Vesting Date: (the “Vesting Date”)

Dividend Equivalents: Dividend equivalents on the RSUs will be accumulated for the benefit of the Director if and when regular cash dividends are declared and paid on the Stock in accordance with Section 7 of this Agreement, and will be paid in shares of Stock to the Director upon settlement of the RSUs.

IN WITNESS WHEREOF, the Company and the Director have caused this Agreement to be executed effective as of the date first written above. The Company and the Director acknowledge that this Agreement includes six pages including this first page. The Director acknowledges reading and agreeing to all six pages and that in the event of any conflict between the terms of this Agreement and the terms of the Plan, the Plan shall control. Capitalized terms used herein without definition have the meaning set forth in the Plan.

CONAGRA FOODS, INC.	DIRECTOR
By:	By:
Date:_____________________________	Date:

2. Vesting of RSUs.

(a)Normal Vesting. Subject to the Plan and this Agreement, if the Director serves continuously as a member of the Board from the Date of Grant through the Vesting Date, then the RSUs will become nonforfeitable (“Vest” or similar terms).

(b)Death or Permanent Disability. If the Director ceases to serve as a member of the Board before the Vesting Date due to the death or permanent disability (as defined in the Company’s sole discretion) of the Director (with the occurrence of such permanent disability determined in the Company’s sole discretion), then, to the extent the RSUs have not previously been forfeited, the RSUs will Vest upon the date of the Director’s cessation of service as a member of the Board as a result of such death or permanent disability.

(c)Other than Death or Permanent Disability. If the Director ceases to serve as a member of the Board before the Vesting Date for any reason other than as set forth in Section 2(b) or Section 2(d), then, to the extent the RSUs have not previously been forfeited, the RSUs will Vest upon the date of the Director’s cessation of service as a member of the Board at a rate of 25% of the RSUs for each fiscal quarter during the fiscal year in which the RSU is granted during which the Director served as a member of the Board for at least one (or a portion of one) day (with any RSUs that do not Vest according to this Section 2(c) being forfeited by the Director upon such cessation of service).

(d)Accelerated Vesting in Connection with a Change of Control.

(i)If a Change of Control occurs prior to the Vesting Date, and the Director has continuously served as a member of the Board between the Date of Grant and the date of such Change of Control, then all RSUs evidenced by this Agreement shall become 100% Vested, except (A) to the extent such RSUs have previously been forfeited, or (B) to the extent that a Replacement Award is provided to the Director to replace, continue or adjust the outstanding RSUs (the “Replaced Award”). If the Director’s service as a member of the Board (or the board of directors of any of the Company’s successors after the Change of Control (as applicable, the “Successor Company”)) ceases, other than at the volition of the Director, within a period of one year after the Change of Control but prior to the Vesting Date, to the extent that the Replacement Award has not previously been forfeited, the Replacement Award will become 100% Vested (and become entitled to settlement as specified in Section 3(b)(iii)).

(ii)For purposes of this Agreement, a “Replacement Award” means an award (A) of the same type (i.e., time-based restricted stock units) as the Replaced Award, (B) that has a value at least equal to the value of the Replaced Award, (C) that relates to publicly traded equity securities of the Successor Company in the Change of Control (or another entity that is affiliated with the Successor Company following the Change of Control), (D) the tax consequences of which for such Director under the Code, if the Director is subject to U.S. federal income tax under the Code, are not less favorable to the Director than the tax consequences of the Replaced Award, and (E) the other terms and conditions of which are not less favorable to the Director than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent change in control). A Replacement Award may be granted only to the extent it does not result in the Replaced Award or Replacement Award failing to comply with or ceasing to be exempt from Section 409A of the Code. Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding two sentences are satisfied. The determination of whether the conditions of this Section 2(d)(ii) are satisfied will be made in good faith by the Committee, as constituted immediately before the Change of Control, in its sole discretion.

(iii)If a Replacement Award is provided, notwithstanding anything in this Agreement to the contrary, any outstanding RSUs which at the time of the Change of Control are not subject to a “substantial risk of forfeiture” (within the meaning of Section 409A of the Code) will be deemed to be Vested at the time of such Change of Control.

3.Settlement of RSUs.

(a)Normal. Subject to Section 3(b), the Company will issue to the Director one share of Stock as soon as administratively practicable after the Vesting Date (but in no event more than thirty days after the Vesting Date) for each RSU that is a Vested RSU on such Vesting Date to the extent the RSU has not been previously forfeited or settled.

(b)Other Settlement Events. Notwithstanding Section 3(a), to the extent the RSUs are Vested RSUs on the dates set forth below and to the extent the Vested RSUs have not previously been forfeited or settled, the Company will settle such Vested RSUs as follows:

(i)Death or Permanent Disability. If there are such Vested RSUs at the time of the Director’s cessation of service due to death or permanent disability, within thirty days of the Director’s Separation from Service (within the meaning of Section 409A of the Code and the regulations promulgated thereunder) as a result of such death or permanent disability, the Company will issue to the person entitled by will or the applicable laws of descent and distribution to such Vested RSUs one share of Stock for each such Vested RSU.

(ii)Other than Death or Permanent Disability. If there are such Vested RSUs at the time of the Director’s Separation from Service for any reason other than as set forth in Section 2(b) or 2(d), within thirty days of the Director’s Separation from Service, the Company will issue to the Director (or the Director’s legal representative, if applicable) one share of Stock for each such Vested RSU.

(iii)Change of Control. If there are such Vested RSUs upon a Change of Control, the Director is entitled to receive payment for such Vested RSUs in the form of one share of Stock for each such Vested RSU on the date of the Change of Control; provided, however, that if such Change of Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations thereunder, and where Section 409A of the Code applies to such distribution, the Director is entitled to receive the corresponding payment on the date that would have otherwise applied pursuant to this Section 3 as though such Change of Control had not occurred.

(c)Deferral of Settlement. Notwithstanding the foregoing or anything in this Agreement or the Plan to the contrary, a Director may elect to defer receipt of shares of Stock to be received pursuant to this Agreement pursuant to the Company’s Directors’ Deferred Compensation Plan, as amended from time to time, or any successor deferred compensation plan applicable to non-employee directors.

(d)Specified Employee. Notwithstanding anything (including any provision of the Agreement or Plan) to the contrary, if the Director becomes a specified employee (as defined in Section 409A of the Code), payment to the Director of any deferred compensation subject to Section 409A of the Code on account of a Separation from Service (within the meaning of Section 409A of the Code) shall, in accordance with Treasury Regulation Section 1.409A-3(i)(2), be made to the Director on the earlier of (i) the Director’s death or (ii) the first business day (or within 30 days after such first business day) that is more than six months after the date of Separation from Service. Interest may be paid due to such delay,

provided that such interest payments are made at a reasonable rate in accordance with Treasury Regulation Section 1.409A-1(o). Further, any interest will be calculated in the manner determined by the Company in its sole and absolute discretion. Dividend equivalents will be paid with respect to any dividends that would have been paid during the delay as if the Stock had been issued.

4.Non-Transferability of RSUs. The RSUs may not be assigned, transferred, pledged or hypothecated in any manner (otherwise than by will or the laws of descent or distribution), nor may the Director enter into any transaction for the purpose of, or which has the effect of, reducing the market risk of holding the RSUs by using puts, calls or similar financial techniques. The RSUs subject to this Agreement may be settled during the lifetime of the Director only with the Director or the Director’s guardian or legal representative. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of the RSUs or any related rights to the RSUs that is contrary to the provisions of this Agreement or the Plan, or upon the levy of any attachment or similar process upon the RSUs or such rights, the RSUs and such rights shall immediately become null and void. The terms of this Agreement shall be binding upon the beneficiaries, executors, administrators, heirs, successors and assigns (the “Successors”) of the Director.

5.Stock Subject to the RSUs. The Company will not be required to issue or deliver any certificate or certificates for shares to be issued hereunder until such shares have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange on which outstanding shares of the same class are then listed and until the Company has taken such steps as may, in the opinion of counsel for the Company, be required by law and applicable regulations, including the rules and regulations of the Securities and Exchange Commission, and state securities laws and regulations, in connection with the issuance of such shares, and the listing of such shares on each such exchange. The Company will use its best efforts to comply with any such requirements.

6.Rights as Stockholder. The Director or his/her Successors shall have no rights as a stockholder with respect to any shares subject to the RSUs until the Director or his/her Successors shall have become the beneficial owner of such shares, and, except as provided in Section 7 and Section 8 of this Agreement, no adjustment shall be made for dividends or distributions or other rights in respect of such shares for which the record date is prior to the date on which the Director or his/her Successors shall have become the beneficial owner thereof.

7.Payment of Dividend Equivalents. From and after the Date of Grant and until the earlier of (a) the time when the RSUs become Vested and are settled in accordance with Section 2 and Section 3 of this Agreement or (b) the time when the Director’s right to receive shares of Stock in settlement of the RSUs is forfeited in accordance with Section 2 of this Agreement, on the date that the Company pays a cash dividend (if any) to holders of Stock generally, the Director shall be entitled to a number of additional RSUs determined by dividing (i) the product of (x) the dollar amount of the cash dividend paid per share of Stock on such date and (y) the total number of RSUs (including dividend equivalents paid thereon) previously credited to the Director as of such date, by (ii) the Fair Market Value of the Stock on such date. Such dividend equivalents (if any) shall be subject to the same terms and conditions and shall be paid, in the aggregate rounded down to the nearest whole number, or forfeited in the same manner and at the same time as the RSUs to which the dividend equivalents were credited.

8.Adjustments Upon Changes in Capitalization; Change in Control. In the event of any change in corporate capitalization, corporate transaction, sale or other disposition of assets or similar corporate transaction or event involving the Company as described in Section 5.5 of the Plan, the Committee shall make equitable adjustment as it determines necessary and appropriate in the number and type of shares

subject to the RSUs; provided, however, that no fractional share shall be issued upon subsequent settlement of the RSUs. No adjustment shall be made if such adjustment is prohibited by Section 5.5 of the Plan (relating to Section 409A of the Code).

9.Notices. Each notice relating to this Agreement shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to its principal office in Omaha, Nebraska, Attention: Compensation. Each notice to the Director or any other person or persons entitled to receive shares issuable upon settlement of the RSUs shall be addressed to the Director’s address and may be in written or electronic form. Anyone to whom a notice may be given under this Agreement may designate a new address by giving notice to that effect.

10.Benefits of Agreement. This Agreement shall inure to the benefit of and be binding upon each successor of the Company. All obligations imposed upon the Director and all rights granted to the Company under this Agreement shall be binding upon the Director’s Successors. This Agreement and the Plan shall be the sole and exclusive source of any and all rights which the Director or his/her Successors may have in respect to the Plan or this Agreement.

11.Resolution of Disputes. Any dispute or disagreement which should arise under or as a result of or in any way relate to the interpretation, construction or application of this Agreement will be determined by the Board. Any determination made hereunder shall be final, binding and conclusive for all purposes. This Agreement and the legal relations between the parties hereto shall be governed by and construed in accordance with the laws of the State of Delaware.

12.Section 409A Compliance. To the extent applicable, this Agreement is intended to comply with Section 409A of the Code and any regulations or notices provided thereunder. This Agreement and the Plan shall be interpreted in a manner consistent with this intent. The Company reserves the unilateral right to amend this Agreement on written notice to the Director in order to comply with Section 409A of the Code. It is intended that all compensation and benefits payable or provided to Director under this Agreement shall, to the extent required to comply with Section 409A of the Code, fully comply with the provisions of Section 409A of the Code and the Treasury Regulations relating thereto so as not to subject Directors to the additional tax, interest or penalties which may be imposed under Section 409A of the Code. None of the Company, its contractors, agents and employees, the Board and each member of the Board shall be liable for any consequences of any failure to follow the requirements of Section 409A of the Code or any guidance or regulations thereunder, unless such failure was the direct result of an action or failure to act that was undertaken by the Company in bad faith.

13.Amendment. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto.

14.Severability. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances shall not be affected, and the provisions so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to the extent) necessary to make it enforceable, valid and legal.

15.Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to the RSUs and the Director’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Director’s consent to participate in the Plan by electronic means. The Director hereby consents to receive such documents by electronic delivery and, if requested, agrees to

participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

EX-10.10.2

Exhibit 10.10.2

FORM OF RESTRICTED STOCK UNIT AGREEMENT (CASH-SETTLED)

CONAGRA FOODS, INC. 2014 STOCK PLAN

This Restricted Stock Unit Agreement (Cash-Settled), hereinafter referred to as the “Agreement”, is made on the ___ day of _____________, 20__ between ConAgra Foods, Inc., a Delaware corporation (“ConAgra Foods”), and the undersignedemployee of the Company (the “Participant”).

1. Award Grant. ConAgra Foods hereby grants Restricted Stock Units ("RSUs", and each such unit an “RSU”) to the Participant under the ConAgra Foods, Inc. 2014 Stock Plan (the “Plan”), as follows, effective as of _________________ ___, 20__ (the “Date of Grant”):

Participant:

Employee ID:

Number of RSUs:

Date of Grant:

Vesting Date: (“Vesting Date”)

Dividend Equivalents: Dividend equivalents on the RSUs will [as applicable: be accumulated for the benefit of the Participant if and when regular cash dividends are paid on the Stock in accordance with Section 7 of this Agreement, and will be paid in cash to the Participant upon settlement of the RSUs/ not be paid or accumulated].

ConAgra Foods has caused this Agreement to be executed effective as of the date first written above (the “Effective Date”). In the event of any conflict between the terms of this Agreement and the terms of the Plan, the Plan shall control. Please read this Agreement and the Plan carefully. If you do not wish to receive this award and/or you do not consent and agree to the terms and conditions on which this award is offered, as set forth in this Agreement and the Plan, then you must reject the award (1) online from the "Grant Acceptance" page on the Merrill Lynch Benefits Online website or (2) by contacting the Merrill Lynch call center, in either case, no later than 11:59 p.m., Pacific Time, on the ninetieth calendar day following the Effective Date, in which case the award will be cancelled. Your failure to notify ConAgra Foods of your rejection of the award by or before this deadline will constitute your acceptance of the award and your agreement with all terms and conditions of the award, as set forth in this Agreement and the Plan.

CONAGRA FOODS, INC.

By:

Name:

Date:

2. Definitions. Capitalized terms used herein without definition have the meanings set forth in the Plan. The following terms shall have the respective meanings set forth below:

(a) “Continuous Employment” shall mean the absence of any interruption or termination of employment with the Company and the performance of substantial services. Continuous Employment shall not be considered interrupted or terminated in the case of sick leave, short-term disability (as defined in the Company’s sole discretion), military leave or any other leave of absence approved by the Company unless and until there is a Separation from Service (as defined in Section 2(e) below).

(b)“Divestiture” means a permanent disposition to a person other than the Company of a plant or other facility or property at which the Participant performs a majority of the Participant’s services whether such disposition is effected by means of a sale of assets, a sale of Subsidiary stock or otherwise.

(c)“Early Retirement” means a Separation from Service with the Company when the Participant (i) is at least age 55, and (ii) has at least ten years of credited service with the Company.

(d)“Normal Retirement” shall mean a Separation from Service with the Company on or after attaining age 65.

(e)“Separation from Service,” “termination of employment” and similar terms means the date that the Participant “separates from service” within the meaning of Section 409A of the Code. Generally, a Participant separates from service if and only if the Participant dies, retires, or otherwise has a termination of employment with the Company determined in accordance with Section 409A of the Code and the following:

(i) Leaves of Absence. The employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or, if longer, so long as the Participant retains a right to reemployment with the Company under an applicable statute or by contract. A leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Company. If the period of leave exceeds six months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the Participant to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, a twenty-nine-month period of absence shall be substituted for such six-month period.

(ii) Dual Status. Generally, if a Participant performs services both as an employee and an independent contractor, such Participant must separate from service both as an employee, and as an independent contractor pursuant to standards set forth in Treasury Regulations, to be treated as having a separation from service. However, if a Participant provides services to the Company as an employee and as a member of the Board, and if any plan in which such person participates as a Board member is not aggregated with this Agreement pursuant to Treasury Regulation Section 1.409A-1(c)(2)(ii), then the services provided as a director are not taken into account in determining whether the Participant has a separation from service as an employee for purposes of this Agreement.

(iii) Termination of Employment. Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Company and the Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after such date (whether as an employee or as an independent contractor except as provided in (ii) above) would permanently decrease to no more than twenty percent of the average level of bona fide services performed (whether as an employee or an independent contractor, except as provided in (ii) above) over the immediately preceding thirty-six-month period (or the full period of services to the Company if the Participant has been providing services to the Company less than thirty-six months). For periods during which a Participant is on a paid bona fide leave of absence and has not otherwise terminated employment as described above, for purposes of this paragraph (iii) the Participant is treated as providing bona fide services at a level equal to the level of services that the Participant would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which a Participant is on an unpaid bona fide leave of absence and has not otherwise terminated employment are disregarded for purposes of this paragraph (iii) (including for purposes of determining the applicable thirty-six-month (or shorter) period).

As used in connection with the definition of “Separation from Service,” Company includes ConAgra Foods and any other entity that with ConAgra Foods constitutes a controlled group of corporations (as defined in Section 414(b) of the Code), or a group of trades or businesses (whether or not incorporated) under common control (as defined in Section 414(c) of the Code), substituting 25% for the 80% ownership level for purposes of both Section 414(b) and Section 414(c) of the Code.

(f) “Settlement Amount” shall mean an amount in cash equal to the closing price of one share of Stock on the New York Stock Exchange.

(g)“Specified Employee” is as defined under Section 409A of the Code and Treasury Regulation Section 1.409A-1(i).

(h)“Successors” shall mean the beneficiaries, executors, administrators, heirs, successors and assigns of a person.

3. Vesting of RSUs.

(a) Normal Vesting. Subject to the Plan and this Agreement, if the Participant has been in Continuous Employment through the Vesting Date as set forth in Section 1, then the RSUs subject to such Vesting Date will become nonforfeitable (“Vest” or similar terms).

(b)Termination of Employment. If, prior to the Vesting Date set forth in Section 1, the Participant’s employment with the Company shall terminate:

(i) by reason of death, then all RSUs evidenced by this Agreement shall, to the extent such RSUs have not previously been forfeited, become 100% Vested.

(ii) by reason of Normal Retirement occurring on or after the date that is 12 months after the of the Date of Grant, then all RSUs evidenced by this Agreement shall, to the extent such RSUs have not previously been forfeited, become 100% Vested.

(iii) by reason of Early Retirement, involuntary termination due to disability, position elimination, reduction in force (each as defined in the Company's sole discretion), or Divestiture, in each case, on or after the date that is 12 months after the Date of Grant, then the Participant will Vest in a pro rata portion of the RSUs determined by multiplying the number of RSUs evidenced by this Agreement, to the extent not previously forfeited, by a fraction, the numerator of which is the total number of calendar days during which the Participant was employed by the Company during the period beginning on the Date of Grant and ending on the Separation from Service and the denominator of which is the total number of calendar days beginning on the Date of Grant and ending on the Vesting Date, rounded to the nearest whole number of RSUs.

(iv) for Cause prior to the Vesting Date, then all RSUs, whether Vested or unvested prior to the Vesting Date, shall be immediately forfeited without further consideration to the Participant.

(c)Accelerated Vesting in Connection with a Change of Control.

(i) If a Change of Control occurs prior to the Vesting Date, and the Participant has been in Continuous Employment between the Date of Grant and the date of such Change of Control, then all RSUs evidenced by this Agreement shall become 100% Vested, except (A) to the extent such RSUs have previously been forfeited, or (B) to the extent that a Replacement Award is provided to the Participant to replace, continue or adjust the outstanding RSUs (the “Replaced Award”). If the Participant’s employment with the Company (or any of its successors after the Change of Control) (as applicable, the “Successor Company”) is terminated by the Participant for Good Reason or by the Successor Company other than for Cause, in each case within a period of two years after the Change of Control but prior to the Vesting Date, to the extent that the Replacement Award has not previously been forfeited, the Replacement Award will become 100% Vested (and become entitled to settlement as specified in Section 4(b)(ii)).

(ii) For purposes of this Agreement, a “Replacement Award” means an award (A) of the same type (i.e., time-based restricted stock units) as the Replaced Award, (B) that has a value at least equal to the value of the Replaced Award, (C) that relates to publicly traded equity securities of the Successor Company in the Change of Control (or another entity that is affiliated with the Successor Company following the Change of Control), (D) the tax consequences of which for such Participant under the Code, if the Participant is subject to U.S. federal income tax under the Code, are not less favorable to the Participant than the tax consequences of the Replaced Award, and (E) the other terms and conditions of which are not less favorable to the Participant than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent change of control). A Replacement Award may be granted only to the extent it does not result in the Replaced Award or Replacement Award failing to comply with or ceasing to be exempt from Section 409A of the Code. Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding two sentences are satisfied. The determination of whether the conditions of this Section 3(c)(ii) are satisfied will be made in good faith by the Committee, as constituted immediately before the Change of Control, in its sole discretion.

(iii) For purposes of this Agreement, “Cause” means: (A) the willful and continued failure by the Participant to substantially perform the Participant’s duties with the Successor Company (other than any such failure resulting from termination by the Participant for Good Reason) after a demand for substantial performance is delivered to the Participant that specifically identifies the manner in which the Successor Company believes that the Participant has not substantially performed the Participant’s duties, and the Participant has failed to resume substantial performance of the Participant’s duties on a continuous basis within five days of receiving such demand; (B) the willful engaging by the Participant in conduct

which is demonstrably and materially injurious to the Successor Company, monetarily or otherwise; or (C) the Participant’s conviction of a felony or conviction of a misdemeanor which impairs the Participant’s ability substantially to perform the Participant’s duties with the Successor Company. For the purposes of this definition, no act, or failure to act, on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant’s action or omission was in the best interest of the Successor Company.

(iv) For purposes of this Agreement, “Good Reason” means: (A) any material failure of the Successor Company to comply with and satisfy any of the terms of any employment or change in control (or similar) agreement between the Successor Company and the Participant pursuant to which the Participant provides services to the Successor Company; (B) any significant involuntary reduction of the authority, duties or responsibilities held by the Participant immediately prior to the Change of Control (and, for the avoidance of doubt, involuntary removal of the Participant from an officer position that the Participant holds immediately prior to the Change of Control will not, by itself, constitute a significant involuntary reduction of the authority, duties or responsibilities held by the Participant immediately prior to the Change of Control); (C) any material involuntary reduction in the aggregate remuneration of the Participant as in effect immediately prior to the Change of Control; or (D) requiring the Participant to become based at any office or location more than the minimum number of miles required by the Code for the Participant to claim a moving expense deduction, from the office or location at which the Participant was based immediately prior to such Change of Control, except for travel reasonably required in the performance of the Participant’s responsibilities; provided, however, that no termination shall be deemed to be for Good Reason unless (x) the Participant provides the Successor Company with written notice setting forth the specific facts or circumstances constituting Good Reason within ninety days after the initial existence of the occurrence of such facts or circumstances, and (y) the Successor Company has failed to cure such facts or circumstances within thirty days of its receipt of such written notice.

(v) If a Replacement Award is provided, notwithstanding anything in this Agreement to the contrary, any outstanding RSUs which at the time of the Change of Control are not subject to a "substantial risk of forfeiture" (within the meaning of Section 409A of the Code) will be deemed to be Vested at the time of such Change in Control.

(d) Forfeiture of RSUs. Subject to Section 3(b)(iv), any RSUs that have not Vested pursuant to Section 3(a), Section 3(b), or Section 3(c) as of the Vesting Date will be forfeited automatically and without further notice on such date (or earlier if, and on such date that, the Participant cases to be in Continuous Employment prior to the Vesting Date for any reason other than as described in Section 3(b) or Section 3(c)).

4. Settlement of RSUs.

(a)Normal. Subject to Section 4(b), the Company will pay to the Participant the Settlement Amount on or within thirty days after the Vesting Date for each RSU that is a Vested RSU on such Vesting Date to the extent the RSU has not previously been forfeited or settled.

(b)Other Settlement Events. Notwithstanding Section 4(a), to the extent the RSUs are Vested RSUs on the dates set forth below and to the extent the Vested RSUs have not previously been forfeited or settled, the Company will settle such Vested RSUs as follows:

(i) Death. If there are such Vested RSUs on the Participant's death, within thirty days of the Participant's death, the Company will pay to the person entitled by will or the applicable laws of descent and distribution to such Vested RSUs the Settlement Amount for each such Vested RSU.

(ii) Separation from Service. If there are such Vested RSUs upon the Participant's Separation from Service, within thirty days of the Participant's Separation from Service, the Company will pay to the Participant the Settlement Amount for each such Vested RSU.

(iii) Change of Control. If there are such Vested RSUs upon a Change of Control, the Participant is entitled to receive payment of the Settlement Amount for each such Vested RSU on the date of the Change of Control; provided, however, that if such Change of Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations thereunder, and where Section 409A of the Code applies to such distribution, the Participant is entitled to receive the corresponding payment on the date that would have otherwise applied pursuant to Section 4 as though such Change of Control had not occurred.

(c)Payment of Taxes Upon Settlement. As a condition of the payment of the Settlement Amount upon settlement

of RSUs hereunder, the Participant agrees that the Company will withhold from the Settlement Amount any taxes required to be withheld by the Company under Federal, State or local law as a result of the settlement of the RSUs in an amount sufficient to satisfy the minimum statutory withholding amount permissible.

(d)Specified Employee. Notwithstanding anything (including any provision of the Agreement or the Plan) to the contrary, if a Participant is a Specified Employee and if the RSUs are subject to Section 409A of the Code, payment to the Participant on account of a Separation from Service shall, to the extent required to comply with Treasury Regulation Section 1.409A-3(i)(2), be made to the Participant on the earlier of (i) the Participant’s death or (ii) the first business day (or within 30 days after such first business day) that is more than six months after the date of Separation from Service. In the Company’s sole and absolute discretion, interest may be paid due to such delay. Further,any interest will be calculated in the manner determined by the Company in its sole and absolute discretion in a manner that qualifies any interest as reasonable earnings under Section 409A of the Code.  Dividend equivalents will not be paid with respect to any dividends that would have been paid during the delay.

5.Non-Transferability of RSUs.The RSUs may not be assigned, transferred, pledged or hypothecated in any manner (otherwise than by will or the laws of descent or distribution) nor may the Participant enter into any transaction for the purpose of, or which has the effect of, reducing the market risk of holding the RSUs by using puts, calls or similar financial techniques. The RSUs subject to this Agreement may be settled during the lifetime of the Participant only with the Participant or the Participant’s guardian or legal representative. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of the RSUs or any related rights to the RSUs that is contrary to the provisions of this Agreement or the Plan, or upon the levy of any attachment or similar process upon the RSUs or such rights, the RSUs and such rights shall immediately become null and void. The terms of this Agreement shall be binding upon the Successors of the Participant.

6.Rights as Stockholder. The Participant or his/her Successors shall have no rights as stockholder with respect to any RSUs covered by this Agreement, and, except as provided in [Section 7 or]Section 8 of this Agreement, no adjustment shall be made for dividends or distributions or other rights in respect of such RSUs.

7.[As applicable: Payment of Dividend Equivalents. From and after the Date of Grant until the earlier of (a) the time when the RSUs become Vested and are settled in accordance with Section 3 and Section 4 of this Agreement or (b) the time when the Participant’s right to receive cash in settlement of the RSUs is forfeited in accordance with Section 3 of this Agreement, on the date that the Company pays a cash dividend (if any) to holders of Stock generally, the Participant shall be entitled to a number of additional RSUs determined by dividing (i) the product of (x) the dollar amount of the cash dividend paid per share of Stock on such date and (y) the total number of RSUs (including dividend equivalents paid thereon) previously credited to the Participant as of such date, by (ii) the Fair Market Value of the Stock on such date. Such dividend equivalents (if any) shall be subject to the same terms and conditions and shall be paid, in the aggregate rounded up to the nearest whole number, or forfeited in the same manner and at the same time as the RSUs to which the dividend equivalents were credited./No Dividend Equivalents. No dividend equivalents will be paid or accumulated on the RSUs.]

8.Adjustments Upon Changes in Capitalization; Change in Control. In the event of any change in corporate capitalization, corporate transaction, sale or other disposition of assets or similar corporate transaction or event involving the Company as described in Section 5.5 of the Plan, the Committee shall make equitable adjustment as it determines necessary and appropriate in the number of RSUs subject to this Agreement. No adjustment shall be made if such adjustment is prohibited by Section 5.5 of the Plan (relating to Section 409A of the Code).

9.Notices. Each notice relating to this Agreement shall be deemed to have been given onthe date it is received. Each notice to the Company shall be addressed to its principal Office in Omaha, Nebraska, Attention: Compensation. Each notice to the Participant or any other person or persons entitled to receive a Settlement Amount upon settlement of the RSUs shall be addressed to the Participant’s address and may

be in written or electronic form. Anyone to whom a notice may be given under this Agreement may designate a new address by giving notice to the effect.

10.Benefits of Agreement,This Agreement shall inure to the benefit of and be binding upon each successor of the Company. All obligations imposed upon the Participant and all rights granted to the Company under this Agreement shall be binding upon the Participant's Successors. This Agreement shall be the sole and exclusive source of any and all rights which the Participant or his/her Successors may have in respect to the Plan or this Agreement.

11.No Right to Continued Employment. Nothing in this Agreement shall interfere with or affect the rights of the Company or the Participant under any employment agreement or confer upon the Participant any right to continued employment with the Company.

12.Resolution of Disputes.Any dispute or disagreement which should arise under or as a result of or in any way related to the interpretation, construction or application of this Agreement will be determined by the Committee. Any determination made hereunder shall be final, binding and conclusive for all purposes. This Agreement and the legal relations between the parties hereto shall be governed by and construed in accordance with the laws of the state of Delaware.

13.Section 409A Compliance. To the extent applicable, this Agreement is intended to comply with Section 409A of the Code and any regulations or notices provided thereunder. This Agreement and the Plan shall be interpreted in a manner consistent with this intent. The Company reserves the unilateral right to amend this Agreement on written notice to the Participant in order to comply with Section 409A of the Code. It is intended that all compensation and benefits payable or provided to Participant under this Agreement shall, to the extent required to comply with Section 409A of the Code, fully comply with the provisions of Section 409A of the Code and the Treasury Regulations relating thereto so as not to subject Participants to the additional tax, interest or penalties which may be imposed under Section 409A of the Code. None of the Company, its contractors, agents and employees, the Board and each member of the Board shall be liable for any consequences of any failure to follow the requirements of Section 409A of the Code or any guidance or regulations thereunder, unless such failure was the direct result of an action or failure to act that was undertaken by the Company in bad faith.

14.Amendment. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto.

15.Severability. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances shall not be affected, and the provisions so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to the extent) necessary to make it enforceable, valid and legal.

16.Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to the RSUs and the Participant’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Participant’s consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

EX-10.10.3

Exhibit 10.10.3

FORM OF RESTRICTED STOCK UNIT AGREEMENT (STOCK-SETTLED)

CONAGRA FOODS, INC. 2014 STOCK PLAN

This Restricted Stock Unit Agreement, hereinafter referred to as the “Agreement”, is made on the ___ day of __________, 20__ between ConAgra Foods, Inc., a Delaware corporation (“ConAgra Foods”), and the undersigned employee of the Company (the “Participant”).

1.Award Grant. ConAgra Foods hereby grants Restricted Stock Units ("RSUs", and each such unit an “RSU”) to the Participant under the ConAgra Foods, Inc. 2014 Stock Plan (the “Plan”), as follows, effective as of ____________ ___, 20__ (the “Date of Grant”):

Participant:

Employee ID:

Number of RSUs:

Date of Grant:

Vesting Date: (“Vesting Date”)

Dividend Equivalents: Dividend equivalents on the RSUs will [as applicable: be accumulated for the benefit of the Participant if and when regular cash dividends are declared and paid on the Stock in accordance with Section 8 of this Agreement, and will be paid in shares of Stock to the Participant upon settlement of the RSUs/ not be paid or accumulated].

ConAgra Foods has caused this Agreement to be executed effective as of the date first written above (the “Effective Date”). In the event of any conflict between the terms of this Agreement and the terms of the Plan, the Plan shall control. Please read this Agreement and the Plan carefully. If you do not wish to receive this award and/or you do not consent and agree to the terms and conditions on which this award is offered, as set forth in this Agreement and the Plan, then you must reject the award (1) online from the "Grant Acceptance" page on the Merrill Lynch Benefits Online website or (2) by contacting the Merrill Lynch call center, in either case, no later than 11:59 p.m., Pacific Time, on the ninetieth calendar day following the Effective Date, in which case the award will be cancelled. Your failure to notify ConAgra Foods of your rejection of the award by or before this deadline will constitute your acceptance of the award and your agreement with all terms and conditions of the award, as set forth in this Agreement and the Plan.

CONAGRA FOODS, INC.

By: _________

Name:

Date: ________

2.Definitions. Capitalized terms used herein without definition have the meanings set forth in the Plan. The following terms shall have the respective meanings set forth below:

(a)“Continuous Employment” shall mean the absence of any interruption or termination of employment with the Company and the performance of substantial services. Continuous Employment shall not be considered interrupted or terminated in the case of sick leave, short-term disability (as defined in the Company’s sole discretion), military leave or any other leave of absence approved by the Company unless and until there is a Separation from Service (as defined in Section 2(e) below).

(b)“Divestiture” means a permanent disposition to a person other than the Company of a plant or other facility or property at which the Participant performs a majority of the Participant’s services whether such disposition is effected by means of a sale of assets, a sale of Subsidiary stock or otherwise.

(c)“Early Retirement” means Separation from Service with the Company when the Participant (i) is at least age 55, and (ii) has at least ten years of credited service with the Company.

(d)“Normal Retirement” shall mean a Separation from Service with the Company on or after attaining age 65.

(e)“Separation from Service,” “termination of employment” and similar terms means the date that the Participant “separates from service” within the meaning of Section 409A of the Code. Generally, a Participant separates from service if and only if the Participant dies, retires, or otherwise has a termination of employment with the Company determined in accordance with Section 409A of the Code and the following:

(i)Leaves of Absence. The employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or, if longer, so long as the Participant retains a right to reemployment with the Company under an applicable statute or by contract. A leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Company. If the period of leave exceeds six months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the Participant to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, a twenty-nine-month period of absence shall be substituted for such six-month period.

(ii)Dual Status. Generally, if a Participant performs services both as an employee and an independent contractor, such Participant must separate from service both as an employee, and as an independent contractor pursuant to standards set forth in Treasury Regulations, to be treated as having a separation from service. However, if a Participant provides services to the Company as an employee and as a member of the Board, and if any plan in which such person participates as a Board member is not aggregated with this Agreement pursuant to Treasury Regulation Section 1.409A-1(c)(2)(ii), then the services provided as a director are not taken into account in determining whether the Participant has a separation from service as an employee for purposes of this Agreement.

(iii)Termination of Employment. Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Company and the Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after such date (whether as an employee or as an independent contractor except as provided in (ii) above) would permanently decrease to no more than twenty percent of the average level of bona fide services performed (whether as an employee or an independent contractor, except as provided in (ii) above) over the immediately preceding thirty-six-month period (or the full period of services to the Company if the Participant has been providing services to the Company less than thirty-six months). For periods during which a Participant is on a paid bona fide leave of absence and has not otherwise terminated employment as described above, for purposes of this paragraph (iii) the Participant is treated as providing bona fide services at a level equal to the level of services that the Participant would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which a Participant is on an unpaid bona fide leave of absence and has not otherwise terminated employment are disregarded for purposes of this paragraph (iii) (including for purposes of determining the applicable thirty-six-month (or shorter) period).

As used in connection with the definition of “Separation from Service,” Company includes ConAgra Foods and any other entity that with ConAgra Foods constitutes a controlled group of corporations (as defined in Section 414(b) of the Code), or a group of trades or businesses (whether or not incorporated) under common control (as defined in Section 414(c) of the Code), substituting 25% for the 80% ownership level for purposes of both Section 414(b) and Section 414(c) of the Code.

(f)“Specified Employee” is as defined under Section 409A of the Code and Treasury Regulation Section 1.409A-1(i).

(g)“Successors” shall mean the beneficiaries, executors, administrators, heirs, successors and assigns of a person.

3.Vesting of RSUs.

(a)Normal Vesting. Subject to the Plan and this Agreement, if the Participant has been in Continuous Employment through the Vesting Date as set forth in Section 1, then the RSUs subject to such Vesting Date will become nonforfeitable (“Vest” or similar terms).

(b)Termination of Employment. If, prior to the Vesting Date set forth in Section 1, the Participant’s employment with the Company shall terminate:

(i)by reason of death, then all RSUs evidenced by this Agreement shall, to the extent such RSUs have not previously been forfeited, become 100% Vested;

(ii)by reason of Normal Retirement occurring on or after the date that is 12 months after the Date of Grant, then all RSUs evidenced by this Agreement shall, to the extent such RSUs have not previously been forfeited, become 100% Vested;

(iii)by reason of Early Retirement or involuntary termination due to disability, position elimination, reduction in force (each as defined in the Company's sole discretion), or Divestiture, in each case, on or after the date that is 12 months after the Date of Grant, the Participant will Vest in a pro rata portion of the RSUs determined by multiplying the number of RSUs evidenced by this Agreement, to the extent not previously forfeited, by a fraction, the numerator of which is the total number of calendar days during which the Participant was employed by the Company during the period beginning on the Date of Grant and ending on the Separation from Service and the denominator of which is the total number of calendar days beginning on the Date of Grant and ending on the Vesting Date, rounded to the nearest whole number of RSUs;

(iv)for Cause prior to the Vesting Date, then all RSUs, whether Vested or unvested prior to the Vesting Date, shall be immediately forfeited without further consideration to the Participant.

(c)Accelerated Vesting in Connection with a Change of Control.

(i)If a Change of Control occurs prior to the Vesting Date, and the Participant has been in Continuous Employment between the Date of Grant and the date of such Change of Control, then all RSUs evidenced by this Agreement shall become 100% Vested, except (A) to the extent such RSUs have previously been forfeited, or (B) to the extent that a Replacement Award is provided to the Participant to replace, continue or adjust the outstanding RSUs (the “Replaced Award”). If the Participant’s employment with the Company (or any of its successors after the Change of Control) (as applicable, the “Successor Company”) is terminated by the Participant for Good Reason or by the Successor Company other than for Cause, in each case within a period of two years after the Change of Control but prior to the Vesting Date, to the extent that the Replacement Award has not previously been forfeited, the Replacement Award will become 100% Vested (and become entitled to settlement as specified in Section 4(b)(ii)).

(ii)For purposes of this Agreement, a “Replacement Award” means an award (A) of the same type (i.e., time-based restricted stock units) as the Replaced Award, (B) that has a value at least equal to the value of the Replaced Award, (C) that relates to publicly traded equity securities of the Successor Company in the Change of Control (or another entity that is affiliated with the Successor Company following the Change of Control), (D) the tax consequences of which for such Participant under the Code, if the Participant is subject to U.S. federal income tax under the Code, are not less favorable to the Participant than the tax consequences of the Replaced Award, and (E) the other terms and conditions of which are not less favorable to the Participant than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent change of control). A Replacement Award may be granted only to the extent it does not result in the Replaced Award or Replacement Award failing to comply with or ceasing to be exempt from Section 409A of the Code. Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding two sentences are satisfied. The determination of whether the conditions of this Section 3(c)(ii) are satisfied will be made in good faith by the Committee, as constituted immediately before the Change of Control, in its sole discretion.

(iii)For purposes of this Agreement, “Cause” means: (A) the willful and continued failure by the Participant to substantially perform the Participant’s duties with the Successor Company (other than any such failure resulting from termination by the Participant for Good Reason) after a demand for substantial performance is delivered to the Participant that specifically identifies the manner in which the Successor Company believes that the Participant has not substantially performed the Participant’s duties, and the Participant has failed to resume substantial performance of the Participant’s duties on a continuous basis within five days of receiving such demand; (B) the willful engaging by the Participant in conduct which is demonstrably and materially injurious to the Successor Company, monetarily or otherwise; or (C) the Participant’s conviction of a felony or conviction of a misdemeanor which impairs the Participant’s ability substantially to perform the Participant’s duties with the Successor Company. For the purposes of this definition, no act, or failure to act, on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant’s action or omission was in the best interest of the Successor Company.

(iv)For purposes of this Agreement, “Good Reason” means: (A) any material failure of the Successor Company to comply with and satisfy any of the terms of any employment or change in control (or similar) agreement between the Successor Company and the Participant pursuant to which the Participant provides services to the Successor Company; (B) any significant involuntary reduction of the authority, duties or responsibilities held by the Participant immediately prior to the Change of Control (and, for the avoidance of doubt, involuntary removal of the Participant from an officer position that the Participant holds immediately prior to the Change of Control will not, by itself, constitute a significant involuntary reduction of the authority, duties or responsibilities held by the Participant immediately prior to the Change of Control); (C) any material involuntary reduction in the aggregate remuneration of the Participant as in effect immediately prior to the Change of Control; or (D) requiring the Participant to become based at any office or location more than the minimum number of miles required by the Code for the Participant to claim a moving expense deduction, from the office or location at which the Participant was based immediately prior to such Change of Control, except for travel reasonably required in the performance of the Participant’s responsibilities; provided, however, that no termination shall be deemed to be for Good Reason unless (x) the Participant provides the Successor Company with written notice setting forth the specific facts or circumstances constituting Good Reason within ninety days after

the initial existence of the occurrence of such facts or circumstances, and (y) the Successor Company has failed to cure such facts or circumstances within thirty days of its receipt of such written notice.

(v)If a Replacement Award is provided, notwithstanding anything in this Agreement to the contrary, any outstanding RSUs which at the time of the Change of Control are not subject to a "substantial risk of forfeiture" (within the meaning of Section 409A of the Code) will be deemed to be Vested at the time of such Change in Control.

(d)Forfeiture of RSUs. Subject to Section 3(b)(iv), any RSUs that have not Vested pursuant to Section 3(a), Section 3(b), or Section 3(c) as of the Vesting Date will be forfeited automatically and without further notice on such date (or earlier if, and on such date that, the Participant cases to be in Continuous Employment prior to the Vesting Date for any reason other than as described in Section 3(b) or Section 3(c)).

4.Settlement of RSUs.

(a)Normal. Subject to Section 4(b), the Company will issue to the Participant one share of Stock on the Vesting Date for each RSU that is a Vested RSU on such Vesting Date to the extent the RSU has not previously been forfeited or settled.

(b)Other Settlement Events. Notwithstanding Section 4(a), to the extent the RSUs are Vested RSUs on the dates set forth below and to the extent the Vested RSUs have not previously been forfeited or settled, the Company will settle such Vested RSUs as follows:

(i)Death. If there are such Vested RSUs on the Participant's death, within thirty days of the Participant's death, the Company will issue to the person entitled by will or the applicable laws of descent and distribution to such Vested RSUs one share of Stock for each such Vested RSU.

(ii)Separation from Service. If there are such Vested RSUs upon the Participant's Separation from Service, within thirty days of the Participant's Separation from Service, the Company will issue to the Participant one share of Stock for each such Vested RSU.

(iii)Change of Control. If there are such Vested RSUs upon a Change of Control, the Participant is entitled to receive payment for such Vested RSUs in the form of one share of Stock for each such Vested RSU on the date of the Change of Control; provided, however, that if such Change of Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations thereunder, and where Section 409A of the Code applies to such distribution, the Participant is entitled to receive the corresponding payment on the date that would have otherwise applied pursuant to Section 4 as though such Change of Control had not occurred.

(c)Payment of Taxes Upon Settlement. As a condition of the issuance of shares of Stock upon settlement of RSUs hereunder, the Participant agrees to remit to the Company at the time of settlement any taxes required to be withheld by the Company under Federal, State or local law as a result of the settlement of the RSUs. As a condition of the issuance of shares of Stock upon settlement of RSUs hereunder, the Participant agrees that the Company will deduct from the total shares to be issued as a result of the Vesting of the RSUs a sufficient number of shares to satisfy the minimum statutory withholding amount permissible. In addition, the Participant may deliver previously acquired shares of Stock held by the Participant for at least six months in order to satisfy additional tax withholding above the minimum statutory tax withholding amount permissible; provided, however, the Participant shall not be entitled to deliver such additional shares if it would cause adverse accounting consequences for the Company.

(d)Specified Employee. Notwithstanding anything (including any provision of the Agreement or the Plan) to the contrary, if a Participant is a Specified Employee and if the RSUs are subject to Section 409A of the Code, payment to the Participant on account of a Separation from Service shall, to the extent required to comply with Treasury Regulation Section 1.409A-3(i)(2), be made to the Participant on the earlier of (i) the Participant’s death or (ii) the first business day (or within 30 days after such first business day) that is more than six months after the date of Separation from Service. In the Company’s sole and absolute discretion, interest may be paid due to such delay. Further,any interest will be calculated in the manner determined by the Company in its sole and absolute discretion in a manner that qualifies any interest as reasonable earnings under Section 409A of the Code.  Dividend equivalents will not be paid with respect to any dividends that would have been paid during the delay if the Stock had been issued.

5.Non-Transferability of RSUs.The RSUs may not be assigned, transferred, pledged or hypothecated in any manner (otherwise than by will or the laws of descent or distribution) nor may the Participant enter into any transaction for the purpose of, or which has the effect of, reducing the market risk of holding the RSUs by using puts, calls or similar financial techniques. The RSUs subject to this Agreement may be settled during the lifetime of the Participant only with the Participant or the Participant’s guardian or legal representative. Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of the RSUs or any related rights to the RSUs that is contrary to the provisions of this Agreement or the Plan, or upon the levy of any attachment or similar process upon the RSUs or such rights, the RSUs and such rights shall immediately become null and void. The terms of this Agreement, shall be binding upon the Successors of the Participant.

6.Stock Subject to the RSUs; Compliance with Law. The Company will not be required to issue

or deliver any certificate or certificates for shares to be issued hereunder until such shares have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange on which outstanding shares of the same class are then listed and until the Company has taken such steps as may, in the opinion of counsel for the Company, be required by law and applicable regulations, including the rules and regulations of the Securities and Exchange Commission, and state securities laws and regulations, in connection with the issuance of such shares, and the listing of such shares on each such exchange. The Company will use its best efforts to comply with any such requirements.

7.Rights as Stockholder. The Participant or his/her Successors shall have no rights as stockholder with respect to any RSUs or underlying shares covered by this Agreement until the Participant or his/her Successors shall have become the beneficial owner of such shares, and, except as provided in [Section 8 or] Section 9 of this Agreement, no adjustment shall be made for dividends or distributions or other rights in respect of such shares for which the record date is prior to the date on which the Participant or his/her Successors shall have become the beneficial owner thereof.

8.[As applicable: Payment of Dividend Equivalents. From and after the Date of Grant until the earlier of (a) the time when the RSUs become Vested and are settled in accordance with Section 3 and Section 4 of this Agreement or (b) the time when the Participant’s right to receive shares of Stock in settlement of the RSUs is forfeited in accordance with Section 3 of this Agreement, on the date that the Company pays a cash dividend (if any) to holders of Stock generally, the Participant shall be entitled to a number of additional RSUs determined by dividing (i) the product of (x) the dollar amount of the cash dividend paid per share of Stock on such date and (y) the total number of RSUs (including dividend equivalents paid thereon) previously credited to the Participant as of such date, by (ii) the Fair Market Value of the Stock on such date. Such dividend equivalents (if any) shall be subject to the same terms and conditions and shall be paid, in the aggregate rounded up to the nearest whole number, or forfeited in the same manner and at the same time as the RSUs to which the dividend equivalents were credited./No Dividend Equivalents. No dividend equivalents will be paid or accumulated on the RSUs.]

9.Adjustments Upon Changes in Capitalization; Change of Control. In the event of any change in corporate capitalization, corporate transaction, sale or other disposition of assets or similar corporate transaction or event involving the Company as described in Section 5.5 of the Plan, the Committee shall make equitable adjustment as it determines necessary and appropriate in the number and type of shares subject to this Agreement; provided, however, that no fractional share shall be issued upon subsequent settlement of the RSUs. No adjustment shall be made if such adjustment is prohibited by Section 5.5 of the Plan (relating to Section 409A of the Code).

10.Notices. Each notice relating to this Agreement shall be deemed to have been given onthe date it is received. Each notice to the Company shall be addressed to its principal Office in Omaha, Nebraska, Attention: Compensation. Each notice to the Participant or any other person or persons entitled to shares issuable upon settlement of the RSUs shall be addressed to the Participant’s address and may be in written or electronic form. Anyone to whom a notice may be given under this Agreement may designate a new address by giving notice to the effect.

11.Benefits of Agreement,This Agreement shall inure to the benefit of and be binding upon each successor of the Company. All obligations imposed upon the Participant and all rights granted to the Company under this Agreement shall be binding upon the Participant's Successors. This Agreement shall be the sole and exclusive source of any and all rights which the Participant or his/her Successors may have in respect to the Plan or this Agreement.

12.No Right to Continued Employment. Nothing in this Agreement shall interfere with or affect the rights of the Company or the Participant under any employment agreement or confer upon the Participant any right to continued employment with the Company.

13.Resolution of Disputes. Any dispute or disagreement which should arise under or as a result of or in any way related to the interpretation, construction or application of this Agreement will be determined by the Committee. Any determination made hereunder shall be final, binding and conclusive for all purposes. This Agreement and the legal relations between the parties hereto shall be governed by and construed in accordance with the laws of the state of Delaware.

14.Section 409A Compliance. To the extent applicable, this Agreement is intended to comply with Section 409A of the Code and any regulations or notices provided thereunder. This Agreement and the

Plan shall be interpreted in a manner consistent with this intent. The Company reserves the unilateral right to amend this Agreement on written notice to the Participant in order to comply with Section 409A of the Code. It is intended that all compensation and benefits payable or provided to Participant under this Agreement shall, to the extent required to comply with Section 409A of the Code, fully comply with the provisions of Section 409A of the Code and the Treasury Regulations relating thereto so as not to subject Participants to the additional tax, interest or penalties which may be imposed under Section 409A of the Code. None of the Company, its contractors, agents and employees, the Board and each member of the Board shall be liable for any consequences of any failure to follow the requirements of Section 409A of the Code or any guidance or regulations thereunder, unless such failure was the direct result of an action or failure to act that was undertaken by the Company in bad faith.

15.Amendment. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto.

16.Severability. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances shall not be affected, and the provisions so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to the extent) necessary to make it enforceable, valid and legal.

17.Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to the RSUs and the Participant’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Participant’s consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

EX-10.10.4

Exhibit 10.10.4

FORM OF NONQUALIFIED STOCK OPTION AGREEMENT FOR EMPLOYEES

CONAGRA FOODS, INC. 2014 STOCK PLAN

This Nonqualified Stock Option Agreement for Employees, hereinafter referred to as the “Agreement,” is made on the ___ day of ___________, 20__ between ConAgra Foods, Inc., a Delaware corporation (“ConAgra Foods”), and _____________________ (the “Optionee”).

1. Grant of Option. ConAgra Foods hereby grants an Option to purchase shares of ConAgra Foods’ common stock (the “Common Stock”) to the Optionee under the ConAgra Foods, Inc. 2014 Stock Plan (the “Plan”) as follows (the “Option”), effective as of ______________ ___, 20__ (the “Date of Grant”):

Optionee:

Employee ID:

Number of Shares of Common Stock:

Exercise Price Per Share:

Date of Grant:

Type of Option:Nonqualified

Expiration Date:The 10th anniversary of the Date of Grant.

Except as modified in Section 3(b) or (c), the Option will vest and become exercisable as follows:

# Shares	Portion of Grant	Vest Date
		__________ __, 20__
		__________ __, 20__
		__________ __, 20__

The Option is intended to constitute a nonqualified stock option and shall not be treated as an “incentive stock option” within the meaning of that term under Section 422 of the Code.

ConAgra Foods has caused this Agreement to be executed effective as of the date first written above (the “Effective Date”). In the event of any conflict between the terms of this Agreement and the terms of the Plan, the Plan shall control. Please read this Agreement and the Plan carefully. If you do not wish to receive this award and/or you do not consent and agree to the terms and conditions on which this award is offered, as set forth in this Agreement and the Plan, then you must reject the award (1) online from the "Grant Acceptance" page on the Merrill Lynch Benefits Online website or (2) by contacting the Merrill Lynch call center, in either case, no later than 11:59 p.m., Pacific Time, on the ninetieth calendar day following the Effective Date, in which case the award will be cancelled. Your failure to notify ConAgra Foods of your rejection of the award by or before this deadline will

constitute your acceptance of the award and your agreement with all terms and conditions of the award, as set forth in this Agreement and the Plan.

CONAGRA FOODS, INC.

By: ________

Title:

Date:  

2. Definitions. Capitalized terms used herein without definition have the meanings set forth in the Plan. The following terms shall have the respective meanings set forth below:

a.“Continuous Employment” means the absence of any interruption or termination of employment by the Company. Continuous Employment shall not be considered interrupted in the case of sick leave, short-term disability (as defined in the Company’s sole discretion), military leave or any other leave of absence approved by the Company.

b.“Divestiture” means a permanent disposition to a person other than the Company of a plant or other facility or property at which the Optionee performs a majority of the Optionee’s services whether such disposition is effected by means of a sale of assets, a sale of Subsidiary stock or otherwise.

c.“Early Retirement” means terminating employment with the Company when the Optionee (i) is at least age 55, and (ii) has at least ten years of credited service with the Company.

d.“Exercise Price” means the per share purchase price payable on exercise of the Option.

e.“Normal Retirement” means terminating employment with the Company on or after attaining age 65.

f.“Vest Date” means, with respect to any portion of the Option, the date on which such portion becomes vested and exercisable as set forth in Section 1, except as such Vest Date may be modified in accordance with Section 3(b) or (c).

3.Exercise of Option.

a.Normal Vesting. A portion of this Option shall become vested and exercisable, on each Vest Date as set forth in the schedule set forth in Section 1, if the Optionee remains in Continuous Employment until such Vest Date.

b.Termination of Employment. If, prior to the last Vest Date set forth in Section 1, the Optionee’s employment with the Company shall terminate:

i. by reason of death, then this Option shall, to the extent it has not previously been forfeited, become 100% vested and exercisable;

ii. by reason of Normal Retirement, then this Option shall, to the extent it has not previously been forfeited, become 100% vested and exercisable;

iii. by reason of Early Retirement, involuntary termination due to disability, position elimination, reduction in force (each as defined in the Company’s sole discretion), or Divestiture, in each case, on or after the date that is 12 months after the Date of Grant, then, an additional portion of this Option shall vest (the “Additional Portion”), with the number of shares of Common Stock subject to the Additional Portion determined by (A) multiplying the total number of shares of Common Stock that are subject to this Agreement, by a fraction, the numerator of which is the total number of calendar days during which the

Optionee was employed by the Company during the period beginning on the Date of Grant and ending on the date of such termination, and the denominator of which is the total number of calendar days beginning with the Date of Grant and ending on the last vest date set forth in Section 1, rounded to the nearest whole number of shares, and (B) subtracting the number of shares subject to the portion of the Option that is vested pursuant to Section 3(a) (the Additional Portion, together with the portion of the Option that is vested pursuant to Section 3(a), the “Pro Rata Vested Option”), and will forfeit all rights to any portions of the Option other than those included in the Pro Rata Vested Option.

c.Accelerated Vesting in Connection with a Change of Control.

i. Upon a Change of Control occurring prior to the last Vest Date set forth in Section 1, if the Optionee has been in Continuous Employment between the Date of Grant and the date of such Change of Control, to the extent that this Option has not previously been forfeited, this Option will fully vest and become fully exercisable, except to the extent that a Replacement Award is provided to the Optionee to replace, continue or adjust the outstanding Option (the “Replaced Award”). If the Optionee is provided with a Replacement Award in connection with the Change of Control, then if, upon or after receiving the Replacement Award, the Optionee’s employment with the Company (or any of its successors after the Change of Control) (as applicable, the “Successor Company”) is terminated by the Optionee for Good Reason or by the Successor Company other than for Cause, in each case within a period of two years after the Change of Control and prior to the last Vest Date set forth in Section 1, to the extent that the Replacement Award has not previously been forfeited, (A) the Replacement Award will become fully vested and immediately exercisable in full, and (B) the Replacement Award will remain exercisable for a period of 90 days following such termination or until the expiration of the stated term of such Replacement Award, whichever period is shorter.

ii. For purposes of this Agreement, a “Replacement Award” means an award (A) of the same type (i.e., stock option) as the Replaced Award, (B) that has a value at least equal to the value of the Replaced Award, (C) that relates to publicly traded equity securities of the Successor Company in the Change of Control (or another entity that is affiliated with the Successor Company following the Change of Control), (D) the tax consequences of which for such Optionee under the Code, if the Optionee is subject to U.S. federal income tax under the Code, are not less favorable to the Optionee than the tax consequences of the Replaced Award, and (E) the other terms and conditions of which are not less favorable to the Optionee than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent change of control). A Replacement Award may be granted only to the extent it does not result in the Replaced Award or Replacement Award failing to comply with or ceasing to be exempt from Section 409A of the Code. Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding two sentences are satisfied. The determination of whether the conditions of this

Section 3(c)(ii) are satisfied will be made in good faith by the Committee, as constituted immediately before the Change of Control, in its sole discretion.

iii. For purposes of this Agreement, “Cause” means: (A) the willful and continued failure by the Optionee to substantially perform the Optionee’s duties with the Successor Company (other than any such failure resulting from termination by the Optionee for Good Reason) after a demand for substantial performance is delivered to the Optionee that specifically identifies the manner in which the Successor Company believes that the Optionee has not substantially performed the Optionee’s duties, and the Optionee has failed to resume substantial performance of the Optionee’s duties on a continuous basis within five days of receiving such demand; (B) the willful engaging by the Optionee in conduct which is demonstrably and materially injurious to the Successor Company, monetarily or otherwise; or (C) the Optionee’s conviction of a felony or conviction of a misdemeanor which impairs the Optionee’s ability substantially to perform the Optionee’s duties with the Successor Company. For the purposes of this definition, no act, or failure to act, on the Optionee’s part shall be deemed “willful” unless done, or omitted to be done, by the Optionee not in good faith and without reasonable belief that the Optionee’s action or omission was in the best interest of the Successor Company.

iv. For purposes of this Agreement, “Good Reason” means: (A) any material failure of the Successor Company to comply with and satisfy any of the terms of any employment or change in control (or similar) agreement between the Successor Company and the Optionee pursuant to which the Optionee provides services to the Successor Company; (B) any significant involuntary reduction of the authority, duties or responsibilities held by the Optionee immediately prior to the Change of Control (and, for the avoidance of doubt, involuntary removal of the Optionee from an officer position that the Optionee holds immediately prior to the Change of Control will not, by itself, constitute a significant involuntary reduction of the authority, duties or responsibilities held by the Optionee immediately prior to the Change of Control); (C) any material involuntary reduction in the aggregate remuneration of the Optionee as in effect immediately prior to the Change of Control; or (D) requiring the Optionee to become based at any office or location more than the minimum number of miles required by the Code for the Optionee to claim a moving expense deduction, from the office or location at which the Optionee was based immediately prior to such Change of Control, except for travel reasonably required in the performance of the Optionee’s responsibilities; provided, however, that no termination shall be deemed to be for Good Reason unless (x) the Optionee provides the Successor Company with written notice setting forth the specific facts or circumstances constituting Good Reason within ninety days after the initial existence of the occurrence of such facts or circumstances, and (y) the Successor Company has failed to cure such facts or circumstances within thirty days of its receipt of such written notice.

d.Right to Exercise. Each vested portion of this Option shall be exercisable beginning on the applicable Vest Date and ending at the conclusion of the applicable Option Expiration Date (as hereinafter defined), all in accordance with the terms of this Agreement and the Plan. To the extent this Option is exercisable, it may be

exercised in whole or in part. Subject toSection 3(i) below, this Option shall terminate on the earliest of the following dates (such earliest date, the “Option Expiration Date”):

i. subject to the exercise period specified as applicable in Section 3(c) above, 90 days after the date on which the Optionee’s Continuous Employment terminates for any reason other than Early Retirement, Normal Retirement, death or involuntary termination due to disability. The Option may be exercised as to the portion of the Option that is vested (and not previously exercised) at the time such termination of employment occurs;

ii. three years after the date of the Optionee’s Early Retirement or involuntary termination due to disability (as defined in the Company’s sole discretion); provided, however, that the Company, at the sole and absolute discretion of the Committee, may shorten or eliminate such period. The Option may be exercised as to the portion of the Option that is vested (and not previously exercised) at the time such Early Retirement or involuntary termination due to disability, as applicable, occurs;

iii. three years after the date of the Optionee’s Normal Retirement;

iv. three years after date of the Optionee’s death if the Optionee should die while in Continuous Employment; and

v. the Expiration Date.

e.Method of Exercise. This Option shall be exercisable by delivering to the Company a notice (in accordance with Section 8) which shall state the election to exercise the Option, identify the portion of the Option being exercised and be accompanied by such additional information and documents as the Company in its discretion may prescribe. Such notice shall be accompanied by the payment of the full Exercise Price of the shares then to be purchased, except as provided below. The Exercise Price of any shares of Common Stock with respect to which the Option is being exercised shall be paid by one or any combination of the following:

i.cash,

ii.check,

iii.wire transfer,

iv.certified or cashier’s check,

v.subject to the provisions of any applicable Insider Trading Agreement, by delivering previously owned shares of Common Stock held by the Optionee for at least six months valued at Fair Market Value in accordance with Section 6.4 of the Plan,

vi.subject to the provisions of any applicable Insider Trading Agreement, by electing to have ConAgra Foods retain shares of Common Stock that would otherwise be issued upon exercise of the Option valued at Fair Market Value in accordance with Section 6.4 of the Plan, or

vii.subject to the provisions of any applicable Insider Trading Agreement and applicable law, by irrevocably authorizing a third party to sell shares of Common Stock (or a sufficient portion thereof) acquired upon exercise of the Option and remitting to the Company a sufficient portion of the sale proceeds to pay both the entire Exercise Price and amounts owed under Section 3(g) of this Agreement.

f.Restrictions on Exercise. As a condition to exercise of this Option, the Company may require the person exercising this Option to make any representation and warranty to the Company as may be required by any applicable law or regulation.

g.Payment of Taxes Upon Exercise. As a condition of the issuance of shares of Common Stock upon exercise hereunder, the Optionee agrees to remit to the Company at the time of exercise of this Option any taxes required to be withheld by the Company under Federal, state or local law as a result of the exercise. The minimum statutory tax withholding amount may be paid by one or any combination of the following:

i.cash,

ii.check,

iii.wire transfer,

iv.certified or cashier’s check,

v.subject to the provisions of any applicable Insider Trading Agreement, by delivering previously owned shares of Common Stock held by the Optionee for at least six months valued at Fair Market Value in accordance with Section 11.4 of the Plan,

vi.subject to the provisions of any applicable Insider Trading Agreement, by electing to have ConAgra Foods retain shares of Common Stock that would otherwise be issued upon exercise of the Option valued at Fair Market Value in accordance with Section 11.4 of the Plan, or

vii.subject to the provisions of any applicable Insider Trading Agreement and subject to applicable law, by irrevocably authorizing a third party to sell shares of Common Stock (or a sufficient portion thereof) acquired upon exercise of the Option and remitting to the Company a sufficient portion of the sale proceeds to pay both the entire Exercise Price and amounts owed under this Section 3(g).

In addition, the Optionee may deliver previously acquired shares of Common Stock held by the Optionee for at least six months in order to satisfy additional tax withholding above the minimum statutory tax withholding amount permissible; provided, however, that the Optionee shall not be entitled to deliver such additional shares if it would cause adverse accounting consequences for the Company.

h.Cancellation of Option. Except as set forth in Section 3(a), Section 3(b), or Section 3(c), upon the Optionee’s termination of employment, any unvested portion of the Option shall immediately terminate and any vested portion of the Option not exercised during the exercise period set forth in Section 3(d) shall be cancelled at the end of such exercise period.

i.Automatic Exercise. Notwithstanding anything in this Agreement to the contrary, but subject to applicable law, if and only if, at 4:15 p.m. ET on the applicable Option Expiration Date, (i) the product of (A) the closing sale price of one share of Common Stock on the principal stock exchange on which the Common Stock is then listed (or, if there are no sales of Common Stock on the Option Expiration Date, on the next preceding trading day during which a sale of Common Stock occurred), multiplied by (B) the number of shares of Common Stock subject to the exercisable portion of the Option, exceeds the product of (X) the Exercise Price, multiplied by (Y) the number of shares of Common Stock subject to the exercisable portion of the Option, by at least $500; (ii) to the extent the Option is exercisable and the Optionee has not yet exercised the Option; and (iii) to the extent the Option has not otherwise expired, terminated, or been cancelled or forfeited, then the Company will deem such remaining exercisable portion of the Option to have been exercised by the Optionee on the Option Expiration Date (and prior to the Option’s termination) at such time (“Automatic Exercise”). Further to such Automatic Exercise, payment of the aggregate Exercise Price for such Automatic Exercise and any applicable withholding taxes in connection with such Automatic Exercise will be deemed to have been made by the Company withholding a number of shares of Common Stock otherwise issuable in connection with such Automatic Exercise that are equal in value to the

amount necessary to satisfy such aggregate Exercise Price payment and minimum required withholding taxes. To clarify, upon Automatic Exercise, the Company will deliver to the Optionee the number of whole shares of Common Stock resulting from such Automatic Exercise less a number of shares of Common Stock equal in value to (x) the aggregate Exercise Price plus (y) any minimum required withholding taxes; provided, however, that any fractional share otherwise deliverable to the Optionee will be cancelled for no consideration.

4.Non-Transferability of Option. This Option may not be assigned, transferred, pledged or hypothecated in any manner (otherwise than by will or the laws of descent or distribution) nor may the Optionee enter into any transaction for the purpose of, or which has the effect of, reducing the market risk of holding the Option by using puts, calls or similar financial techniques. This Option may be exercised during the lifetime of the Optionee only by the Optionee or the Optionee’s guardian or legal representative. Upon any attempt to assign, transfer, pledge, hypothecate, or otherwise dispose of the Option or any related rights to the Option that is contrary to the provisions of this Agreement or the Plan, or upon the levy of any attachment or similar process upon the Option or such rights, the Option and such rights shall immediately become null and void. The terms of this Option shall be binding upon the beneficiaries, executors, administrators, heirs, successors and assigns (“Successors”) of the Optionee.

5.Stock Subject to the Option. The Company will not be required to issue or deliver any certificate or certificates for shares to be issued hereunder until such shares have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange on which outstanding shares of the same class are then listed and until the Company has taken such steps as may, in the opinion of counsel for the Company, be required by law and applicable regulations, including the rules and regulations of the Securities and Exchange Commission, and state securities laws and regulations, in connection with the issuance or sale of such shares, and the listing of such shares on each such exchange. The Company will use its best efforts to comply with any such requirements.

6.Rights as Stockholder. The Optionee or his/her Successors shall have no rights as a stockholder with respect to any shares covered by this Option until the Optionee or his/her Successors shall have become the beneficial owner of such shares, and, except as provided in Section 7 of this Agreement, no adjustment shall be made for dividends or distributions or other rights in respect of such shares for which the record date is prior to the date on which the Optionee or his/her Successors shall have become the beneficial owner thereof.

7.Adjustments Upon Changes in Capitalization; Change of Control. In the event of any change in corporate capitalization, corporate transaction, sale or other disposition of assets or similar corporate transaction or event involving the Company as described in Section 5.5 of the Plan, the Committee shall make equitable adjustment as it determines necessary and appropriate in the number and type of shares subject to this Option and adjustment in the Exercise Price; provided, however, that no fractional share shall be issued upon subsequent exercise of the Option and the aggregate price paid shall be appropriately reduced on account of any fractional share not issued. No adjustment shall be made if such adjustment is prohibited by Section 5.5 of the Plan (relating to Section 409A of the Code).

8.Notices. Each notice relating to this Agreement shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to its principal office in Omaha, Nebraska, Attention: Compensation. Each notice to the Optionee or any other person or persons entitled to exercise the Option shall be addressed to the Optionee’s address and may be in written or electronic form. Anyone to whom a notice may be given under this Agreement may designate a new address by notice to the effect.

9.Benefits of Agreement. This Agreement shall inure to the benefit of and be binding upon each successor of the Company. All obligations imposed upon the Optionee and all rights granted to the Company under this

Agreement shall be binding upon the Optionee’s Successors. This Agreement shall be the sole and exclusive source of any and all rights which the Optionee or his/her Successors may have in respect to the Plan or this Agreement.

10.No Right to Continued Employment. Nothing in this Agreement shall interfere with or affect the rights of the Company or the Optionee under any employment agreement or confer upon the Optionee any right to continued employment with the Company.

11.Compliance with Section 409A of the Code. It is intended that this Agreement comply with or be exempt from the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Optionee. This Agreement shall be administered in a manner consistent with this intent. Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and will also include any regulations or other formal guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

12.Resolution of Disputes. Any dispute or disagreement which should arise under or as a result of or in any way related to the interpretation, construction or application of this Agreement will be determined by the Committee. Any determination made hereunder shall be final, binding and conclusive for all purposes. This Agreement and the legal relations between the parties hereto shall be governed by and construed in accordance with the laws of the state of Delaware.

13.Amendment. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto.

14.Severability. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances shall not be affected, and the provisions so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to the extent) necessary to make it enforceable, valid and legal.

15.Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to the Option and the Optionee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Optionee’s consent to participate in the Plan by electronic means. The Optionee hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

EX-10.16.1

Exhibit 10.16.1

CHANGE OF CONTROL AGREEMENT

This CHANGE OF CONTROL AGREEMENT (“Agreement”) is made this ____ day of _____, ______ between ConAgra Foods, Inc., a Delaware Corporation (the “Company”), and ____________ (the “Employee”).

WHEREAS, as is the case with most, if not all, publicly traded businesses, it is expected that the Company from time to time may consider or need to consider the possibility of an acquisition by another company or other Change of Control of the ownership of the Company. The Board of Directors of the Company (the “Board”) recognizes that such considerations can be a distraction to Employee and can cause the Employee to consider alternative employment opportunities or to be influenced by the impact of a possible Change of Control of the ownership of the Company on Employee’s personal circumstances in evaluating such opportunities. The Board has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication and objectivity of Employee, notwithstanding the possibility, threat or occurrence of a Change of Control of the Company.

WHEREAS, the Board believes that it is in the best interests of the Company and its shareholders to provide Employee with an incentive to continue Employee’s employment and to motivate Employee to maximize the value of the Company upon a Change of Control for the benefit of its shareholders.

WHEREAS, the Board believes that it is important to provide Employee with certain benefits upon Employee’s termination of employment in certain instances upon or following a Change of Control that provide Employee with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change of Control.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto agree as follows:

1.Definitions. For all purposes of this Agreement, the following terms shall have the meanings specified in this Section unless the context clearly otherwise requires:

(a)“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of Regulation 12B under the Exchange Act.

(b)“Change of Control” shall mean:

(i) Individuals who constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or

(ii) Consummation of a reorganization, merger or consolidation, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated company’s then outstanding voting securities, or a liquidation or dissolution of the Company or of the sale of all or substantially all of its assets.

(c)“Cause” shall mean (i) the willful and continued failure by Employee to substantially perform Employee’s duties with the Company (other than any such failure resulting from termination by the Employee for Good Reason) after a demand for substantial performance is delivered to the Employee that specifically identifies the manner in which the Company believes that the Employee has not substantially performed Employee’s duties, and the Employee has failed to resume substantial performance of the Employee’s duties on a continuous basis within five (5) days of receiving such demand, (ii) the willful engaging by the Employee in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise, or (iii) the Employee’s conviction of a felony or conviction of a misdemeanor which impairs the Employee’s ability substantially to perform the Employee’s duties with the Company. For purposes of this subsection, no act, or failure to act, on the Employee’s part shall be deemed “willful” unless done, or omitted to be done, by the Employee not in good faith and without reasonable belief that the Employee’s action or omission was in the best interest of the Company.

(d)“Code” shall mean the Internal Revenue Code of 1986, as amended.

(e)“Continuation Period” means the two (2) year period beginning on the Employee’s Termination Date.

(f)“Exchange Act” means the Securities Exchange Act of 1934, as amended.

(g)“Good Reason Termination” shall mean a termination of employment initiated by the Employee upon one or more of the following occurrences:

(i) any failure of the Company to comply with and satisfy any of the terms of this Agreement;

(ii) any significant involuntary reduction of the authority, duties or responsibilities held by the Employee immediately prior to the Change of Control;

(iii) any involuntary removal of the Employee from an officer position which the Employee holds with the Company or, if the Employee is employed by a Subsidiary or Affiliate, with the Subsidiary or Affiliate, held by the Employee immediately prior to the Change of Control, except in connection with promotions to higher office;

(iv) any involuntary reduction in the aggregate compensation level of the Employee including, but not limited to, base salary, annual and long term incentive opportunity, and supplemental executive retirement plans, as in effect immediately prior to the Change of Control;

(v) requiring the Employee to become based at any office or location more than the minimum number of miles required by the Code for the Employee to claim a moving expense deduction, from the office or location at which the Employee was based immediately prior to such Change of Control, except for travel reasonably required in the performance of the Employee’s responsibilities; and

(vi) the Employee being required to undertake business travel to an extent substantially greater than the Employee’s business travel obligations immediately prior to the Change of Control.

(h)“Related Company” shall mean (i) any corporation that is a member of a controlled group of corporations (as defined in Code Section 414(b)) that includes the Company; and (ii) any trade or business (whether or not incorporated) that is under common control (as defined in Code Section 414(c)) with the Company. For purposes of applying Code §§ 414(b) and (c), 25% is substituted for the 80% ownership level.

(i)“Separation from Service”, shall mean the date that Employee separates from service within the meaning of Code Section 409A. Generally, Employee separates from service if Employee dies, retires, or otherwise has a termination of employment with the Company, determined in accordance with the following:

(i) Leaves of Absence. The employment relationship is treated as continuing intact while Employee is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six (6) months, or, if longer, so long as Employee

retains a right to reemployment with the Company under an applicable statute or by contract (including but not limited to this Agreement). A leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that Employee will return to perform services for the Company. If the period of leave exceeds six (6) months and Employee does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six (6) month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes Employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, a twenty nine (29) month period of absence shall be substituted for such six (6) month period.

(ii) Dual Status. Generally, if Employee performs services both as an employee and an independent contractor, Employee must separate from service both as an employee, and as an independent contractor pursuant to standards set forth in Treasury Regulations, to be treated as having a separation from service. However, if Employee provides services to the Company as an employee and as a member of the Board, and if any plan in which such person participates as a Board member is not aggregated with this Agreement pursuant to Treasury Regulation section 1.409A 1(c)(2)(ii), then the services provided as a director are not taken into account in determining whether Employee has a separation from service as an employee for purposes of this Agreement.

(iii) Termination of Employment. Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Company and Employee reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services Employee would perform after such date (whether as an employee or as an independent contractor except as provided in clause (ii) above) would permanently decrease to no more than twenty (20) percent of the average level of bona fide services performed (whether as an employee or an independent contractor, except as provided in clause (ii) above) over the immediately preceding thirty six (36) month period (or the full period of services to the Company if Employee has been providing services to the Company less than thirty six (36) months). For periods during which Employee is on a paid bona fide leave of absence and has not otherwise terminated employment as described above, for purposes of this clause (iii) Employee is treated as providing bona fide services at a level equal to the level of services that Employee would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which Employee is on an unpaid bona fide leave of absence and has not otherwise terminated employment are disregarded for purposes of this clause (iii) (including for purposes of determining the applicable thirty six (36) month (or shorter) period).

(j)“Subsidiary” shall mean any corporation in which the Company, directly or indirectly, owns at least a fifty percent (50%) interest or an unincorporated entity of which the Company, directly or indirectly, owns at least fifty percent (50%) of the profits or capital interests.

(k)“Termination Date” shall mean the effective date of the Employee’s Separation from Service.

2.Notice of Termination. Any Separation from Service upon or following a Change of Control shall be communicated by a Notice of Termination to Employee (or from Employee to the Company with respect to a Good Reason Termination) given in accordance with Section 16 hereof. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific provision in

this Agreement relied upon, (ii) briefly summarizes the facts and circumstances deemed to provide a basis for Employee’s Separation from Service under the provision so indicated, and (iii) if the Termination Date is other than the date of receipt of such notice, specifies the Termination Date (which date shall not be more than 15 days after the giving of such notice).

3.Severance Compensation upon Separation from Service.

(a)Subject to the provisions of Sections 9 and 10 hereof and further subject to Employee executing and not revoking a release of claims substantially in the form set forth as Exhibit A to this Agreement and the period to revoke such release expiring within sixty (60) days following Employee’s Separation from Service, in the event of Employee’s involuntary Separation from Service initiated by the Company or a Subsidiary or Affiliate for any reason other than Cause or in the event of a Good Reason Termination, in either event upon or within three years after a Change of Control, Employee shall receive the following amounts in lieu of any severance compensation and benefits under the Company’s severance plan:

(i) The Company shall pay to Employee a lump sum cash payment equal to three (3) multiplied by the sum of (1) Employee’s annual base salary plus (2) the greater of (x) the highest annual cash bonus paid to Employee for the three (3) full fiscal years of the Company preceding the fiscal year in which the Change of Control occurs or (y) 150% of Employee’s annual base salary for the fiscal year in which the Change of Control occurs. The annual base salary for purposes of item (1) in the preceding sentence shall be Employee’s highest annual base salary as of or after the Change of Control.

(ii) During the Continuation Period, the Employee shall continue to be entitled to participate in the medical and dental, disability, basic life insurance and supplemental life insurance plans of the Company or Subsidiary or Affiliate (to the extent such benefits remain in effect for other executives of the Company from time to time during the Continuation Period) based upon the amount of benefit provided to the Employee as of the Employee’s Separation from Service. The Employee shall be responsible for making required contributions, on an after-tax basis, at the rate required of all executive employees at the time of the Employee’s Separation from Service or thereafter, except for the medical and dental coverage. For the medical and dental coverage, the Employee shall be required to contribute, on an after-tax basis, the premium (“COBRA Premium”) determined for the plan under Section 4980B(f) of the Code. The Company shall pay to the Employee a single lump sum payment equal to the present value of the cost of the medical and dental coverage for the Continuation Period (assuming family coverage and a reasonable increase in the COBRA Premium). If it is not possible to continue the disability, basic life and supplemental life insurance coverage without violation of or noncompliance with tax (including Code Section 409A), legal or insurance requirements, the Company shall pay to the Employee a single lump sum payment equal to the present value of the cost of such coverage for the Continuation Period on the first day on which severance compensation is paid pursuant to subsection (b) below; provided that if payment in a lump sum would cause taxation under Code Section 409A, the Company shall pay the cost of such coverage for each calendar year (or portion thereof) that falls within the Continuation Period on the first business day during each such calendar year (or portion thereof) on which payment can be made without causing taxation under Code Section 409A.

(iii) If the Employee participates in the qualified and/or nonqualified ConAgra Foods Retirement Income Savings Plan (“CRISP”), the Employee shall receive a supplemental credit to his nonqualified CRISP “Account” equal to the maximum employer contribution that the Employee could have received under the qualified and

nonqualified CRISP (or any successor plan) in the year that includes the Termination Date.

(iv) Subject to Section 11, the Company, at its expense, shall provide reasonable outplacement assistance to the Employee through the end of the second calendar year beginning after the Termination Date from a professional outplacement assistant firm which is reasonably suitable to the Employee and commensurate with the Employee’s position and responsibilities. In no event shall the amount expended with outplacement assistance for the Employee exceed Thirty Thousand Dollars ($30,000).

(b)Except as otherwise set forth in Sections 9 and 10, (1) the amounts described in subsections 3(a) (i) and (ii) above shall be paid, and (2) the supplemental credit in subsection 3(a)(iii) shall be allocated (with payment governed by the terms of CRISP), on the 61^st day after the Termination Date.

4.Other Payments. Upon any Separation from Service entitling the Employee to payments under this Agreement, the Employee shall receive all accrued but unpaid salary and all benefits (other than severance benefits) accrued and payable under any plans, policies and programs of the Company and its Subsidiaries or Affiliates.

5.Interest; Enforcement.

(a)If payment of the amounts described in Section 3 or Section 10 is delayed pursuant to Section 409A of the Code, the Company shall pay interest at the rate described below on the postponed payments from the 61^st day after Employee’s Termination Date to the date on which such amounts are paid. If the Company shall fail or refuse to pay any amounts due the Employee under Section 3 or 10 on the applicable due date, the Company shall pay interest at the rate described below on the unpaid payments from the applicable due date to the date on which such amounts are paid. Interest shall be credited at an annual rate equal to the rate announced by Wells Fargo & Company (or its successor) as its “prime rate” as of the Employee’s Termination Date, plus one percent (1%), compounded annually.

(b)The Employee shall not be required to incur any expenses associated with the enforcement of the Employee’s rights under this Agreement by arbitration, litigation or other legal action, because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Employee hereunder. Accordingly, the Company shall pay the Employee on demand the amount necessary to reimburse the Employee in full for all reasonable expenses (including all attorneys’ fees and legal expenses) incurred by the Employee in enforcing any of the obligations of the Company under this Agreement. The Employee shall notify the Company of the expenses for which the Employee demands reimbursement within sixty (60) days after the Employee receives an invoice for such expenses, and the Company shall pay the reimbursement amount within fifteen (15) days after receipt of such notice, subject to Section 11.

6.No Mitigation. The Employee shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for herein be reduced by any compensation earned by other employment or otherwise.

7.Nonexclusivity of Rights. Nothing in this Agreement shall prevent or limit the Employee’s continuing or future participation in or rights under any benefit, bonus, incentive or other plan or program provided by the Company, or any of its Subsidiaries or Affiliates, and for which the Employee may qualify, except as provided in this Agreement.

8.No Set Off. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Employee or others.

9.Taxation.

(a)Notwithstanding anything contained in this Agreement to the contrary, if the Employee is a “specified employee” (determined in accordance with Code Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) as of the date of Separation from Service (other than a Separation from Service due to death)

and if the Employee is entitled under this Agreement to any payment, benefit or entitlement upon Separation from Service that constitutes “deferred compensation” subject to Code Section 409A, then (i) any such payment, benefit or entitlement (the “Postponed Benefit”) that is payable during the first six months following the date of Separation from Service shall be paid or provided to the Employee, together with accrued interest as described in Section 5, in a lump sum cash payment to be made on the earlier of (a) the Employee’s death or (b) the first business day (or within 30 days after such first business day) of the seventh calendar month immediately following the month in which the date of Separation from Service occurs (the “Postponement Period”); and (ii) unless doing so would violate Code section 409A(b), an amount equal to the Postponed Benefit plus an estimate of the interest to be paid shall be deposited, as of the date the Postponed Benefit would have been paid but for this section, in a trust in the form of the model grantor trust contained in IRS Revenue Procedure 92-64, which trust is incorporated by reference. If Code section 409A(b) initially prevents the funding described in the prior sentence, but it is possible to carry out such funding without violating Code section 409A(b) at a later date that precedes when payment is made (“409A(b) Date”), such funding shall occur at the earliest possible 409A(b) Date. If the Employee dies during the Postponement Period prior to the payment of benefits, the amounts withheld on account of Section 409A of the Code, with accrued interest as described in Section 5, shall be paid to the personal representative of the Employee’s estate within sixty (60) days after the date of the Employee’s death. Payments under this Agreement shall be made by mail to the last address provided for notices to the Employee pursuant to Section 16 of this Agreement.

(b)Further notwithstanding anything in this Agreement to the contrary, the Company shall attempt in good faith not to take any action, or refrain from taking any action that would result in the imposition of tax, interest and/or penalties upon the Employee under Code Section 409A. The parties acknowledge that the requirements of Code Section 409A are ambiguous in certain respects. The parties further acknowledge that this Agreement shall be interpreted and administered to maximize the exemptions from Code Section 409A and, to the extent this Agreement provides for deferred compensation subject to Code Section 409A, to comply with Code Section 409A and to avoid the imposition of additional taxes upon the Employee under Code Section 409A. Accordingly, to comply with Code Section 409A, if Employee is entitled to any payment or benefit under this Agreement (i) following a Change in Control that does not qualify under Code Section 409A as a “change in ownership,” “change in effective control” or “change in ownership of a substantial portion of the assets,” in each case with respect to the Company, or (ii) due to a Separation from Service that occurs more than two years after the date of the Change in Control, and if Employee is a party to another agreement, offer letter or other arrangement providing for severance benefits in connection with a Separation from Service other than in connection with a Change in Control, payments under this Agreement up to the total payments required under such other agreement shall be paid in the same manner and at the same time as payments would be paid under such other agreement, and any additional amounts shall be paid as provided in Section 3(b) above. If the Company has acted or refrained from acting in good faith as required by this Section 9, it will not be responsible for any consequences of failure to comply with Code Section 409A.

(c)All payments under this Agreement shall be subject to all requirements of the law with regard to tax withholding and reporting and filing requirements, and the Company shall use its best efforts to satisfy promptly all such requirements.

10.Limitation on Payment.

(a)Except as otherwise provided in subsection (b) below, in the event that it shall be determined that any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, the aggregate present value of the Payments under the Agreement shall be reduced (but not below zero) to the Safe Harbor Amount (as defined below). Any required reduction in the Payments pursuant to the foregoing shall be done only to the extent such reduction of the Payment can contribute to avoiding the Excise Tax and Expenses (as defined below), and it shall be accomplished first by reducing the lump sum severance payment payable pursuant to Section 3(a)

(i) of the Agreement, and then (to the extent reduction of the Section 3(a)(i) payment is not adequate) by reducing the additional NQ CRISP credit provided pursuant to Section 3(a)(iii). The “Safe Harbor Amount” is the maximum dollar amount of payments in the nature of compensation that are contingent on a Change of Control (as described in Section 280G of the Code) and that may be paid or distributed to the Employee without imposition of the Excise Tax and Expenses. The term “Excise Tax and Expenses” means the excise tax imposed under Section 4999 of the Code,together with any interest or penalties imposed with respect to such excise tax.

(b)Notwithstanding the foregoing, the Company shall not reduce the Payments as described in subsection (a) if the net after-tax amount of the unreduced Payments that would be retained by the Employee after considering all income, employment, excise and other taxes (including any Excise Tax and Expenses) exceeds the net after-tax amount of the Safe Harbor Amount that would be retained by the Employee after considering all income, employment, excise and other taxes.

(c)All determinations to be made under this Section 10 shall be made by an independent registered public accounting firm selected by the Company immediately prior to the Change of Control (the “Accounting Firm”), which shall provide its determinations and any supporting calculations both to the Company and the Employee within ten (10) days of the Change of Control. Any such determination by the Accounting Firm shall be binding upon the Company and the Employee.

(d)All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section shall be borne solely by the Company. The Company agrees to indemnify and hold harmless the Accounting Firm of and from any and all claims, damages and expenses resulting from or relating to its determinations pursuant to this Section, except for claims, damages or expenses resulting from the gross negligence or willful misconduct of the Accounting Firm.

11.Reimbursements. Any reimbursements or in-kind benefits to be provided pursuant to this Agreement (including but not limited to Sections 3(a)(iv) and 5(b)) that are taxable to Employee shall be subject to the following restrictions: (a) each reimbursement must be paid no later than the last day of the Employee’s tax year following the Employee’s tax year during which the expense was incurred or in-kind benefit was received, as the case may be; (b) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a tax year of the Employee may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other tax year of the Employee; (c) the period during which any expenses that are eligible for reimbursement may be paid or in-kind benefit may be provided is ten years after termination of this Agreement; and (d) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

12.Term. This Agreement shall commence on the date hereof and, unless there is a Change of Control, shall continue until the earliest of (a) the Employee’s termination of employment as a full-time employee of the Company, (b) the date the Employee enters into a written separation agreement with the Company; or (c) the date when this Agreement is terminated by the Company in accordance with the next sentence. If a Change of Control has not occurred, then the Company shall have the right at any time to terminate this Agreement by giving the Employee six (6) months prior written notice of termination of this Agreement. If a Change of Control occurs at any time prior to the termination of this Agreement pursuant to the preceding, this Agreement shall terminate on the third anniversary of such Change of Control.

13.Confidentiality. The Employee acknowledges that during the Employee’s employment with the Company or any of its Affiliates, the Employee will acquire, be exposed to and have access to, non-public material, data and information of the Company and its Affiliates and/or their customers or clients that is confidential, proprietary, and/or a trade secret (“Confidential Information”). At all times, both during and after the Term, the Employee shall keep and retain in confidence and shall not disclose, except as required and authorized in the course of the Employee’s employment with the Company or any of its Affiliates, to any person, firm or corporation, or use for his or her own purposes, any Confidential Information. For purposes of this Agreement, such Confidential Information shall include, but shall not be limited to: sales methods, information concerning principals or customers, advertising methods, financial affairs or methods

of procurement, marketing and business plans, strategies (including risk strategies), projections, business opportunities, inventions, designs, drawings, research and development plans, client lists, sales and cost information and financial results and performance. Notwithstanding the foregoing, “Confidential Information” shall not include any information known generally to the public (other than as a result of unauthorized disclosure by the Employee or by the Company or its Affiliates). The Employee acknowledges that the obligations pertaining to the confidentiality and non-disclosure of Confidential Information shall remain in effect for a period of five (5) years after the Employee’s Separation from Service, or until the Company or its Affiliates has released any such information into the public domain, in which case the Employee’s obligation hereunder shall cease with respect only to such information so released into the public domain. The Employee’s obligation under this Section 13 shall survive any Separation from Service. If the Employee receives a subpoena or other judicial process requiring that he or she produce, provide or testify about Confidential Information, the Employee shall notify the Company and cooperate fully with the Company in resisting disclosure of the Confidential Information. The Employee acknowledges that the Company has the right either in the name of the Employee or in its own name to oppose or move to quash any subpoena or other legal process directed to the Employee regarding Confidential Information.

14.Incentive Payments Upon Change of Control. Upon a Change of Control that qualifies under 409A as a “change in ownership,” “change in effective control” or “change in ownership of a substantial portion of the assets,” in each case with respect to the Company, the Company may, at the Board’s, or the Human Resources Committee’s, as the case may be, sole and absolute discretion, pay the Employee all or a portion of the Employee’s Short and/or Long Term Incentive for the Company fiscal year in which the Change of Control occurs (to the extent that such compensation is not deferred compensation subject to Code section 409A). The amounts paid may be based upon (a) a proration of the Employee’s target incentives for the fiscal year, (b) a proration of the projected incentives at the time of the Change of Control, or (c) a pro rata amount computed at the end of the fiscal year. Any proration shall be based upon the number of completed months elapsed in the fiscal year since the Change of Control.

15.Successor Company. The Company shall require any successor or successors (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to the Employee, to acknowledge expressly that this Agreement is binding upon and enforceable against the Company in accordance with the terms hereof, and to become jointly and severally obligated with the Company to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession or successions had taken place. Failure of the Company to notify the Employee in writing as to such successorship, to provide the Employee the opportunity to review and agree to the successor’s assumption of this Agreement or to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement. As used in this Agreement, the Company shall mean the Company as defined above and any such successor or successors to its business or assets, jointly and severally.

16.Notice. All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be in writing and shall be delivered personally or mailed by registered or certified mail, return receipt requested, or by overnight express courier service, as follows:

If to the Company, to:

ConAgra Foods, Inc.

One ConAgra Drive

Omaha, NE 68102-5094

Attention: Corporate Secretary

If to the Employee, to the most recent address provided by the Employee to the Company or a Subsidiary or Affiliate for payroll purposes, or to such other address as the Company or the Employee, as the case may be, shall designate by notice to the other party hereto in the manner specified in this Section;

provided, however, that if no such notice is given by the Company following a Change of Control, notice at the last address of the Company or any successor pursuant to Section 15 shall be deemed sufficient for the purposes hereof. Any such notice shall be deemed delivered and effective when received in the case of personal delivery, five (5) days after deposit, postage prepaid, with the U.S. Postal Service in the case of registered or certified mail, or on the next business day in the case of overnight express courier service.

17.Contents of Agreement; Amendment. This Agreement supersedes all prior agreements with respect to the subject matter hereof and sets forth the entire understanding between the parties hereto with respect to the subject matter hereof. This Agreement cannot be amended except pursuant to approval by the Human Resources Committee of the Company’s Board of Directors and a written amendment executed by the Employee and the Chair of the Company’s Board of Directors or his delegee. The provisions of this Agreement may require a variance from the terms and conditions of certain compensation or bonus plans under circumstances where such plans would not provide for payment thereof in order to obtain the maximum benefits for the Employee. The parties intend that, to the extent permitted under Code Section 409A, the provisions of this Agreement shall supersede any provisions to the contrary in such plans, and such plans shall be deemed to have been amended to correspond with this Agreement without further action by the Company or the Human Resources Committee of the Company’s Board of Directors.

18.No Right to Continued Employment. Nothing in this Agreement shall be construed as giving the Employee any right to be retained in the employ of the Company or a Subsidiary or Affiliate.

19.Governing Law. This Agreement shall be governed by and interpreted under the laws of the State of Delaware without giving effect to any conflict of laws provisions.

20.Successors and Assigns. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of the Employee and the Company hereunder shall not be assignable in whole or in part.

21.Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances shall be determined to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions or applications of this Agreement which can be given effect without the invalid or unenforceable provision or application.

22.Remedies Cumulative; No Waiver. No right conferred upon the Employee by this Agreement is intended to be exclusive of any other right or remedy, and each and every such right or remedy shall be cumulative and shall be in addition to any other right or remedy given hereunder or now or hereafter existing at law or in equity. No delay or omission by the Employee in exercising any right, remedy or power hereunder or existing at law or in equity shall be construed as a waiver thereof.

23.Miscellaneous. All Section headings are for convenience only. This Agreement may be executed in several counterparts, each of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

EMPLOYEE:CONAGRA FOODS, INC.

___________________________________________________________________

NameNicole Theophilus, E.V.P. and Chief HR Officer

EXHIBIT A

WAIVER AND RELEASE OF CLAIMS

In consideration of, and subject to, the payment to be made to me by ConAgra Foods, Inc. (the “Employer”) of the payments and benefits provided by Change of Control Agreement, dated as of May 18, 2015, entered into between me and the Company (the “Agreement”), I hereby waive any claims I may have for employment or re-employment by the Employer or any parent or subsidiary of the Employer after the date hereof, and I further agree to and do release and forever discharge the Employer and any parent or subsidiary of the Employer, and their respective past and present officers, directors, shareholders, insurers, employees and agents from any and all claims and causes of action, known or unknown, arising out of or relating to my employment with the Employer or any parent or subsidiary of the Employer, or the termination thereof, including, but not limited to, wrongful discharge, breach of contract, tort, fraud, the Civil Rights Acts, the Age Discrimination in Employment Act, the Employee Retirement Income Security Acts, the Americans with Disabilities Act, the Family and Medical Leave Act, the Older Workers Benefit Protection Act, or any other federal, state or local legislation or common law relating to employment or discrimination in employment or otherwise.

Notwithstanding the foregoing or any other provision hereof, nothing in this Waiver and Release of Claims shall adversely affect (i) my rights to payment and benefits under the Agreement; (ii) my rights to benefits other than severance payments or benefits under plans, programs and arrangements of the Employer or any parent or subsidiary of the Employer; or (iii) my rights to indemnification under any indemnification agreement, applicable law or the certificates of incorporation or bylaws of the Employer or any parent or subsidiary of the Employer, (iv) my rights under any director’s and officers’ liability insurance policy covering me, (v) my workers compensation rights, or (vi) my unemployment insurance rights.

I acknowledge that I have signed this Waiver and Release of Claims voluntarily, knowingly, of my own free will and without reservation or duress, and that no promises or representations have been made to me by any person to induce me to do so other than the promise of payment set forth in the first paragraph above and the Employer’s acknowledgment of my rights reserved under the second paragraph above.

I understand that this release will be deemed to be an application for benefits under the Agreement and that my entitlement thereto shall be governed by the terms and conditions of the Agreement and any applicable plan. I expressly hereby consent to such terms and conditions.

I acknowledge that I have been given not less than forty-five (45) days to review and consider this Waiver and Release of Claims (unless I have signed a written waiver of such review and consideration period), and that I have had the opportunity to consult with an attorney or other advisor of my choice and have been advised by the Company to do so if I choose. I may revoke this Waiver and Release of Claims seven (7) days or less after its execution by providing written notice to the Employer.

I acknowledge that it is my intention and the intention of the Employer in executing this Waiver and Release of Claims that the same shall be effective as a bar to each and every claim, demand and cause of action hereinabove specified. In furtherance of this intention, I hereby expressly waive any and all rights and benefits conferred upon me by the provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE, to the extent applicable to me, and expressly I consent that this Waiver and Release of Claims shall be given full force and effect according to each and all of its express terms and provisions, including as well those related to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands and causes of action hereinabove specified. SECTION 1542 provides:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

I acknowledge that I may hereafter discover claims or facts in addition to or different from those which I now know or believe to exist with respect to the subject matter of this Waiver and Release of Claims and which, if known or suspected at the time of executing this Waiver and Release of Claims, may have materially affected this settlement.

Finally, I acknowledge that I have read this Waiver and Release of Claims and understand all of its terms.

_____________________________________

Signature of Employee

_____________________________________

Printed Name

_____________________________________

Date Signed

EX-12

Exhibit 12

ConAgra Foods, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

($ in millions)

	2016			2015			2014			2013			2012
Earnings:
Income from continuing operations before income taxes and equity method investment earnings	$	583.6		$	1,000.3		$	771.0		$	966.6		$	510.0
Add (deduct):
Fixed charges	358.2			388.3			445.5			333.4			219.7
Distributed income of equity method investees	78.3			91.3			46.1			25.8			27.4
Capitalized interest	(7.8		)	(6.6		)	(13.6		)	(5.5		)	(4.4		)
Earnings available for fixed charges (a)	$	1,012.3		$	1,473.3		$	1,249.0		$	1,320.3		$	752.7
Fixed charges:
Interest expense	$	299.1		$	331.2		$	379.8		$	278.6		$	171.3
Capitalized interest	7.8			6.6			13.6			5.5			4.4
One third of rental expense (1)	51.3			50.5			52.1			49.3			44.0
Total fixed charges (b)	$	358.2		$	388.3		$	445.5		$	333.4		$	219.7
Ratio of earnings to fixed charges (a/b)	2.8			3.8			2.8			4.0			3.4

⁽¹⁾ Considered to be representative of interest factor in rental expense.

EX-21

Exhibit 21

SUBSIDIARIES OF CONAGRA FOODS, INC.

ConAgra Foods, Inc. is the parent corporation owning, directly or indirectly, 100% of the voting securities (unless otherwise noted) of the following subsidiaries principally engaged in the production and distribution of food products (unless otherwise noted) as of May 29, 2016:

Subsidiary	Jurisdiction of Formation
ConAgra Foods AM Holding S.a.r.l.	Luxembourg
ConAgra Foods Canada, Inc. / Aliments ConAgra Canada, Inc. (owns 100% of one Canadian corporation)	Canada
ConAgra Foods Enterprise Services, Inc.	Delaware
ConAgra Foods Export Company, Inc.	Delaware
ConAgra Foods Food Ingredients Company, Inc.	Delaware
ConAgra Foods Lamb Weston, Inc. (owns 100% of one domestic corporation, 100% of one domestic limited liability company, 82% of one domestic limited liability company, 49.99% of one domestic limited liability company and 36% of one domestic limited liability company)	Delaware
ConAgra Foods Packaged Foods, LLC (owns 100% of one domestic corporation)	Delaware
ConAgra Foods RDM, Inc. (owns 100% of one foreign entity)	Delaware
ConAgra Foods Sales, LLC	Delaware
ConAgra Grocery Products Company, LLC (owns 100% of two domestic corporations, 50% of one domestic corporation, 50% of one foreign entity, and 1% or less of four foreign entities)	Delaware
ConAgra International, Inc. (owns 100% of two domestic corporations, 100% of three foreign entities, 98% of one foreign entity, 66% of one foreign entity, 54% of one foreign entity, 34% of one foreign entity, and less than 1% of four foreign entities)	Delaware
ConAgra Limited/ConAgra Limitée (owns 100% of two Canadian corporations and 50% of one Canadian corporation)	Canada
Lamb Weston Sales, Inc.	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 and Stockholders

ConAgra Foods, Inc.:

We consent to the incorporation by reference in the registration statement No. 333‑198976 on Form S‑3 and registration statements Nos. 333‑70476, 333‑46962, 333‑46960, 333‑44426, 333‑78063, 333‑64633, 33‑50113, 33‑48295, 33‑28079, 2‑81244, 2‑96891, 33‑15815, 333‑17573, 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 Foods, Inc. (the Company) of our reports dated July 15, 2016, with respect to the consolidated balance sheets of the Company as of May 29, 2016 and May 31, 2015, and the related consolidated statements of operations, comprehensive income (loss), common stockholders’ equity, and cash flows for each of the fiscal years in the three‑year period ended May 29, 2016 and the related consolidated financial statement schedule, and the effectiveness of internal control over financial reporting as of May 29, 2016, which reports appear in the annual report on Form 10‑K of ConAgra Foods, Inc. for the fiscal year ended May 29, 2016.

/s/ KPMG LLP

Omaha, Nebraska

July 15, 2016

EX-24

Exhibit 24

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Bradley A. Alford        

Bradley A. Alford

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Stephen G. Butler         

Stephen G. Butler

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Steven F. Goldstone         

Steven F. Goldstone

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as her Attorney-in-Fact in her name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Joie A. Gregor         

Joie A. Gregor

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Rajive Johri         

Rajive Johri

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Richard H. Lenny         

Richard H. Lenny

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as her Attorney-in-Fact in her name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Ruth Ann Marshall         

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Andrew J. Schindler         

Andrew J. Schindler

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ W.G. Jurgensen         

W.G. Jurgensen

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Thomas K. Brown         

Thomas K. Brown

POWER OF ATTORNEY

The undersigned Director of ConAgra Foods, Inc., a Delaware corporation, hereby constitutes and appoints each of John F. Gehring, Robert G. Wise, and Colleen R. Batcheler as his Attorney-in-Fact in his name, place and stead, to execute ConAgra Foods’ Annual Report on Form 10-K for the fiscal year ended May 29, 2016, 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 15th day of July, 2016.

/s/ Timothy R. McLevish    

Timothy R. McLevish

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 29, 2016 of ConAgra Foods, 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 15, 2016

/s/ SEAN M. CONNOLLY

Sean M. Connolly

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

I, John F. Gehring, certify that:

1. I have reviewed this annual report on Form 10-K for the year ended May 29, 2016 of ConAgra Foods, 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 15, 2016

/s/ JOHN F. GEHRING

John F. Gehring

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

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 Foods, 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 Foods, Inc.'s Annual Report on Form 10-K for the fiscal year ended May 29, 2016 (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 Foods, Inc. as of the dates and for the periods presented therein.

July 15, 2016

/s/ SEAN M. CONNOLLY

Sean M. Connolly

Chief Executive Officer

I, John F. Gehring, Executive Vice President and Chief Financial Officer of ConAgra Foods, 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 Foods, Inc.'s Annual Report on Form 10-K for the fiscal year ended May 29, 2016 (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 Foods, Inc. as of the dates and for the periods presented therein.

July 15, 2016

/s/ JOHN F. GEHRING

John F. Gehring

Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to ConAgra Foods, Inc. and will be retained by ConAgra Foods, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - USD ($)	12 Months Ended
	May 29, 2016	Jun. 26, 2016	Nov. 29, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CONAGRA FOODS INC /DE/
Entity Central Index Key	0000023217
Current Fiscal Year End Date	--05-29
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	May 29, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	CAG
Amendment Flag	false
Entity Common Stock, Shares Outstanding		438,720,098
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 18,081,494,300

XML

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Income Statement [Abstract]
Net sales	$ 11,642.9	$ 11,937.0	$ 11,838.2
Costs and expenses:
Cost of goods sold	8,552.1	9,061.4	8,910.8
Selling, general and administrative expenses	2,209.4	1,545.3	1,778.9
Interest expense, net	297.8	330.0	377.5
Income from continuing operations before income taxes and equity method investment earnings	583.6	1,000.3	771.0
Income tax expense	225.4	362.1	178.3
Equity method investment earnings	137.8	122.1	32.5
Income from continuing operations	496.0	760.3	625.2
Income (loss) from discontinued operations, net of tax	(1,161.9)	(1,001.1)	(310.1)
Net income (loss)	(665.9)	(240.8)	315.1
Less: Net income attributable to noncontrolling interests	11.1	11.8	12.0
Net income (loss) attributable to ConAgra Foods, Inc.	$ (677.0)	$ (252.6)	$ 303.1
Earnings (loss) per share — basic
Income (loss) from continuing operations attributable to ConAgra Foods, Inc. common stockholders (in dollars per share)	$ 1.11	$ 1.75	$ 1.45
Income from discontinued operations attributable to ConAgra Foods, Inc. common stockholders (in dollars per share)	(2.68)	(2.35)	(0.73)
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders (in dollars per share)	(1.57)	(0.60)	0.72
Earnings (loss) per share — diluted
Income (loss) from continuing operations attributable to ConAgra Foods, Inc. common stockholders (in dollars per share)	1.09	1.73	1.43
Income from discontinued operations attributable to ConAgra Foods, Inc. common stockholders (in dollars per share)	(2.65)	(2.32)	(0.73)
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders (in dollars per share)	$ (1.56)	$ (0.59)	$ 0.70

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Pre-Tax Amount
Net income (loss)	$ (1,033.6)	$ 244.0	$ 617.9
Derivative adjustments:
Unrealized derivative adjustments	0.0	0.0	49.6
Reclassification for derivative adjustments included in net income	(2.1)	(0.5)	55.0
Unrealized gains on available-for-sale securities	0.1	0.7	0.2
Unrealized currency translation losses	(58.9)	(145.2)	(25.7)
Reclassification for currency translation losses included in net income	73.4	0.0	0.0
Pension and post-employment benefit obligations:
Unrealized pension and post-employment benefit obligations	(37.7)	(94.9)	23.8
Reclassification for pension and post-employment benefit obligations included in net income	(14.5)	0.8	3.3
Comprehensive income (loss)	(1,073.3)	4.9	724.1
Comprehensive income attributable to noncontrolling interests	7.8	4.6	8.9
Comprehensive income (loss) attributable to ConAgra Foods, Inc.	(1,081.1)	0.3	715.2
Tax (Expense) Benefit
Net income (loss)	367.7	(484.8)	(302.8)
Derivative adjustments:
Unrealized derivative adjustments	0.0	0.0	(18.3)
Reclassification for derivative adjustments included in net income	0.8	0.2	(20.6)
Unrealized gains on available-for-sale securities	0.0	(0.3)	(0.1)
Unrealized currency translation losses	0.0	0.0	0.0
Reclassification for currency translation losses included in net income	0.0	0.0	0.0
Pension and post-employment benefit obligations:
Unrealized pension and post-employment benefit obligations	14.8	36.7	(8.2)
Reclassification for pension and post-employment benefit obligations included in net income	4.9	(0.3)	(1.2)
Comprehensive income (loss)	388.2	(448.5)	(351.2)
Comprehensive income attributable to noncontrolling interests	(0.9)	(0.4)	(0.9)
Comprehensive income (loss) attributable to ConAgra Foods, Inc.	389.1	(448.1)	(350.3)
After-Tax Amount
Net income (loss)	(665.9)	(240.8)	315.1
Derivative adjustments:
Unrealized derivative adjustments	0.0	0.0	31.3
Reclassification for derivative adjustments included in net income	(1.3)	(0.3)	34.4
Unrealized gains on available-for-sale securities	0.1	0.4	0.1
Unrealized currency translation losses	(58.9)	(145.2)	(25.7)
Reclassification for currency translation losses included in net income	73.4	0.0	0.0
Pension and post-employment benefit obligations:
Unrealized pension and post-employment benefit obligations	(22.9)	(58.2)	15.6
Reclassification for pension and post-employment benefit obligations included in net income	(9.6)	0.5	2.1
Comprehensive income (loss)	(685.1)	(443.6)	372.9
Comprehensive income attributable to noncontrolling interests	6.9	4.2	8.0
Comprehensive income (loss) attributable to ConAgra Foods, Inc.	$ (692.0)	$ (447.8)	$ 364.9

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Consolidated Balance Sheets - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Current assets
Cash and cash equivalents	$ 834.5	$ 164.7
Receivables, less allowance for doubtful accounts of $3.7 and $3.8	836.6	739.0
Inventories	1,582.1	1,642.6
Prepaid expenses and other current assets	206.5	168.2
Current assets held for sale	117.0	848.8
Total current assets	3,576.7	3,563.3
Land and land improvements	208.1	194.2
Buildings, machinery and equipment	4,993.0	4,822.3
Furniture, fixtures, office equipment and other	801.8	807.4
Construction in progress	206.3	244.3
Property, plant and equipment	6,209.2	6,068.2
Less accumulated depreciation	(3,498.9)	(3,423.6)
Property, plant and equipment, net	2,710.3	2,644.6
Goodwill	4,533.8	4,544.6
Brands, trademarks and other intangibles, net	1,276.8	1,272.5
Other assets	1,067.2	926.8
Noncurrent assets held for sale	225.8	4,486.0
Total assets	13,390.6	17,437.8
Current liabilities
Notes payable	38.8	7.9
Current installments of long-term debt	571.4	1,007.8
Accounts payable	945.4	1,080.0
Accrued payroll	271.1	206.3
Other accrued liabilities	651.0	647.1
Current liabilities held for sale	54.7	361.0
Total current liabilities	2,532.4	3,310.1
Senior long-term debt, excluding current installments	4,721.9	6,692.9
Subordinated debt	195.9	195.9
Other noncurrent liabilities	2,144.1	1,915.9
Noncurrent liabilities held for sale	1.5	713.0
Total liabilities	9,595.8	12,827.8
Commitments and contingencies (Note 17)
Common stock of $5 par value, authorized 1,200,000,000 shares; issued 567,907,172	2,839.7	2,839.7
Additional paid-in capital	1,136.3	1,049.4
Retained earnings	3,218.3	4,331.1
Accumulated other comprehensive loss	(344.5)	(329.5)
Less treasury stock, at cost, 129,842,206 and 139,702,605 common shares	(3,136.2)	(3,364.7)
Total ConAgra Foods, Inc. common stockholders' equity	3,713.6	4,526.0
Noncontrolling interests	81.2	84.0
Total stockholders' equity	3,794.8	4,610.0
Total liabilities and stockholders' equity	$ 13,390.6	$ 17,437.8

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.7	$ 3.8
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)	567,907,172	567,907,172
Treasury stock, common shares (in shares)	129,842,206	139,702,605

XML

Consolidated Statements of Common Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Balance at (in shares) at May. 26, 2013		567.9
Balance at at May. 26, 2013	$ 5,363.0	$ 2,839.7	$ 1,006.2	$ 5,129.5	$ (196.1)	$ (3,514.9)	$ 98.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option and incentive plans	152.1		32.4	(0.8)		120.5
Currency translation adjustment	(25.7)				(21.7)		(4.0)
Repurchase of common shares	(100.0)					(100.0)
Unrealized gain on securities	0.1				0.1
Derivative adjustment, net of reclassification adjustment	65.7				65.7
Activities of noncontrolling interests	0.4		(1.7)				2.1
Pension and postretirement healthcare benefits	17.7				17.7
Dividends declared on common stock	(421.2)			(421.2)
Net income (loss) attributable to ConAgra Foods, Inc.	303.1			303.1
Balance at (in shares) at May. 25, 2014		567.9
Balance at at May. 25, 2014	5,355.2	$ 2,839.7	1,036.9	5,010.6	(134.3)	(3,494.4)	96.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option and incentive plans	193.5		14.2	(0.4)		179.7
Currency translation adjustment	(145.2)				(137.6)		(7.6)
Repurchase of common shares	(50.0)					(50.0)
Unrealized gain on securities	0.4				0.4
Derivative adjustment, net of reclassification adjustment	(0.3)				(0.3)
Activities of noncontrolling interests	(6.8)		(1.7)				(5.1)
Pension and postretirement healthcare benefits	(57.7)				(57.7)
Dividends declared on common stock	(426.5)			(426.5)
Net income (loss) attributable to ConAgra Foods, Inc.	(252.6)			(252.6)
Balance at (in shares) at May. 31, 2015		567.9
Balance at at May. 31, 2015	4,610.0	$ 2,839.7	1,049.4	4,331.1	(329.5)	(3,364.7)	84.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option and incentive plans	319.0		91.7	(1.2)		228.5
Currency translation adjustment	14.5				18.7		(4.2)
Unrealized gain on securities	0.1				0.1
Derivative adjustment, net of reclassification adjustment	(1.3)				(1.3)
Activities of noncontrolling interests	(3.4)		(4.8)				1.4
Pension and postretirement healthcare benefits	(32.5)				(32.5)
Dividends declared on common stock	(434.6)			(434.6)
Net income (loss) attributable to ConAgra Foods, Inc.	(677.0)			(677.0)
Balance at (in shares) at May. 29, 2016		567.9
Balance at at May. 29, 2016	$ 3,794.8	$ 2,839.7	$ 1,136.3	$ 3,218.3	$ (344.5)	$ (3,136.2)	$ 81.2

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Consolidated Statements of Common Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended														6 Months Ended		12 Months Ended
	May 29, 2016		Feb. 28, 2016		Nov. 29, 2015		Aug. 30, 2015		May 31, 2015		Feb. 22, 2015		Aug. 24, 2014		Nov. 23, 2014		May 29, 2016	May 31, 2015	May 25, 2014
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in dollars per share)	$ 0.25	[1]	$ 0.25	[1]	$ 0.25	[1]	$ 0.25	[1]	$ 0.25	[1]	$ 0.25	[1]	$ 0.25	[1]	$ 0.25	[1]	$ 1.00	$ 1.00	$ 1.00

[1] Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year.

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Cash flows from operating activities:
Net income (loss)	$ (665.9)	$ (240.8)	$ 315.1
Income (loss) from discontinued operations, net of tax	(1,161.9)	(1,001.1)	(310.1)
Income from continuing operations	496.0	760.3	625.2
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:
Depreciation and amortization	373.9	380.4	354.6
Asset impairment charges	62.6	36.0	118.9
Lease cancellation expense	55.6	0.0	0.0
(Gain) loss on extinguishment of debt	23.9	24.6	(4.0)
Loss on sale of fixed assets	2.3	7.5	1.2
Earnings of affiliates less than (in excess of) distributions	(59.5)	(30.8)	13.6
Stock-settled share-based payments expense	45.1	35.8	44.8
Contributions to pension plans	(11.5)	(12.7)	(18.3)
Pension expense (benefits)	374.4	(0.8)	(0.9)
Other items	42.9	11.4	(19.5)
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
Receivables	(171.9)	77.3	50.4
Inventories	55.4	(112.1)	7.3
Deferred income taxes and income taxes payable, net	(290.6)	47.1	75.2
Prepaid expenses and other current assets	14.3	(11.4)	0.5
Accounts payable	(111.0)	(11.6)	(3.2)
Accrued payroll	88.8	70.8	(93.8)
Other accrued liabilities	54.6	(56.4)	(31.8)
Net cash flows from operating activities - continuing operations	1,045.3	1,215.4	1,120.2
Net cash flows from operating activities - discontinued operations	162.1	265.2	448.4
Net cash flows from operating activities	1,207.4	1,480.6	1,568.6
Cash flows from investing activities:
Additions to property, plant and equipment	(429.8)	(351.2)	(461.1)
Sale of property, plant and equipment	42.4	18.3	40.0
Purchase of businesses, net of cash acquired	0.0	(95.7)	(39.9)
Purchase of intangible assets	(10.4)	0.0	0.0
Return of investment in equity method investee	0.0	391.4	0.0
Other items	0.3	0.0	0.0
Net cash flows from investing activities - continuing operations	(397.5)	(37.2)	(461.0)
Net cash flows from investing activities - discontinued operations	2,524.9	(4.4)	(70.5)
Net cash flows from investing activities	2,127.4	(41.6)	(531.5)
Cash flows from financing activities:
Net short-term borrowings	30.9	(150.0)	(43.2)
Issuance of long-term debt	30.0	550.0	0.0
Repayment of long-term debt	(2,525.0)	(1,493.5)	(569.1)
Repurchase of ConAgra Foods, Inc. common shares	0.0	(50.0)	(100.0)
Sale of ConAgra Foods, Inc. common shares	8.6	0.0	0.0
Cash dividends paid	(432.5)	(425.2)	(420.9)
Exercise of stock options and issuance of other stock awards	260.2	153.8	103.7
Other items	(8.4)	(13.6)	(4.5)
Net cash flows from financing activities - continuing operations	(2,636.2)	(1,428.5)	(1,034.0)
Net cash flows from financing activities - discontinued operations	(45.2)	(1.7)	(0.1)
Net cash flows from financing activities	(2,681.4)	(1,430.2)	(1,034.1)
Effect of exchange rate changes on cash and cash equivalents	(2.0)	(8.8)	(3.8)
Net change in cash and cash equivalents	651.4	0.0	(0.8)
Add: Cash balance included in assets held for sale at beginning of period	18.4	64.9	58.4
Less: Cash balance included in assets held for sale at end of period	0.0	18.4	64.9
Cash and cash equivalents at beginning of year	164.7	118.2	125.5
Cash and cash equivalents at end of year	$ 834.5	$ 164.7	$ 118.2

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

May 29, 2016

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fiscal Year — The fiscal year of ConAgra Foods, Inc. (“ConAgra Foods”, “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 year 2016, a 53-week period for fiscal 2015, and a 52-week period for fiscal year 2014.

Basis of Consolidation — The consolidated financial statements include the accounts of ConAgra Foods, Inc. and all majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we have been determined to be the primary beneficiary are included in our consolidated financial statements from the date such determination is made. 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 or the cost method of accounting, depending on specific facts and circumstances.

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.

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.

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 two-step 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 two-step quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. The first step of the test compares the carrying value of a reporting unit, including goodwill, with its fair value. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. Refer to Note 20 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. If the carrying value of a reporting unit exceeds its fair value, we complete the second step of the test to determine the amount of goodwill impairment loss, if any, to be recognized. In the second step, we estimate an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill (including any unrecognized intangible assets). The impairment loss is equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill.

In the fourth quarter of fiscal 2016, in conjunction with our annual review for impairment, we performed a qualitative analysis of goodwill for the reporting units in our Consumer Foods and Commercial Foods segments. Because sales and profits for our International reporting unit were below our expectations throughout fiscal 2016, largely as a result of foreign exchange rates, we performed a quantitative analysis of goodwill on the International reporting unit in the fourth quarter of fiscal 2016. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans, industry and economic conditions. No impairment charges were recorded in fiscal 2016.

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 2016, 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. Refer to Note 9 for the details of the impairment charge in fiscal 2016.

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.

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 generally accepted accounting principles.

Revenue Recognition — Revenue is recognized when title and risk of loss are transferred to customers upon delivery based on terms of sale and collectability is reasonably assured. Revenue is recognized as the net amount to be received after deducting estimated amounts for discounts, trade allowances, and returns of damaged and out-of-date products.

Shipping and Handling — Amounts billed to customers related to shipping and handling are included in net sales. Shipping and handling costs are included in cost of goods sold.

Marketing Costs — We promote our products with advertising, consumer incentives, and trade promotions. Such programs include, but are not limited to, discounts, coupons, rebates, and volume-based incentives. Advertising costs are expensed as incurred. Consumer incentives and trade promotion activities are recorded as a reduction of revenue or as a component of cost of goods sold based on amounts estimated as being due to customers and consumers at the end of the period, based principally on historical utilization and redemption rates. Advertising and promotion expenses totaled $371.4 million, $330.0 million, and $395.7 million in fiscal 2016, 2015, and 2014, respectively, and are included in selling, general and administrative expenses.

Research and Development — We incurred expenses of $66.7 million, $70.4 million, and $86.0 million for research and development activities in fiscal 2016, 2015, and 2014, respectively.

Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments, 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. We generally deem our foreign investments to be essentially permanent in nature and we do not provide for taxes on currency translation adjustments arising from converting the 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 are 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 (except for currency translation adjustments):

	2016			2015			2014
Currency translation gains (losses), net of reclassification adjustments	$	(95.2	)	$	(113.9	)	$	23.7
Derivative adjustments, net of reclassification adjustments	(0.4		)	0.9			1.2
Unrealized losses on available-for-sale securities	(0.6		)	(0.7		)	(1.1		)
Pension and post-employment benefit obligations, net of reclassification adjustments	(248.3		)	(215.8		)	(158.1		)
Accumulated other comprehensive loss	$	(344.5	)	$	(329.5	)	$	(134.3	)

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

							Affected Line Item in the Consolidated Statement of Operations1
	2016			2015
Net derivative adjustment, net of tax:
Cash flow hedges	$	(2.1	)	$	(0.5	)	Interest expense, net
	(2.1		)	(0.5		)	Total before tax
	0.8			0.2			Income tax expense (benefit)
	$	(1.3	)	$	(0.3	)	Net of tax
Amortization of pension and postretirement healthcare liabilities:
Net prior service benefit	$	(5.1	)	$	(4.2	)	Selling, general and administrative expenses
Divestiture of Private Brands	(4.3		)	—			Income (loss) from discontinued operations, net of tax
Pension settlement of equity method investment	(5.2		)	—			Equity method investment earnings
Net actuarial loss	0.1			3.5			Selling, general and administrative expenses
Curtailment	—			1.5			Cost of goods sold
	(14.5		)	0.8			Total before tax
	4.9			(0.3		)	Income tax expense (benefit)
	$	(9.6	)	$	0.5		Net of tax
Currency translation losses	$	73.4		$	—		Income (loss) from discontinued operations, net of tax
	$	73.4		$	—		Total before tax
	$	—		$	—		Income tax expense
	$	73.4		$	—		Net of tax

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

Foreign Currency Transaction Gains and Losses — We recognized net foreign currency transaction losses from continuing operations of $7.7 million, $2.9 million, and $5.4 million in fiscal 2016, 2015, and 2014, respectively, in selling, general and administrative 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 generally accepted accounting principles 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 November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which will require entities to present deferred tax assets ("DTAs") and deferred tax liabilities ("DTLs") as noncurrent in a classified balance sheet. The ASU simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current and noncurrent in a classified balance sheet. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption was permitted. We adopted this standard for the fiscal year ended May 29, 2016. As a result, we have retrospectively adjusted Other current assets and Non-current liabilities by $104.3 million for the year ended May 30, 2015.

Recently Issued Accounting Standards — In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP. On July 9, 2015, the FASB deferred the effective date of the new revenue recognition standard by one year. Based on the FASB’s ASU, we will apply the new revenue standard in our fiscal year 2019. Early adoption in our fiscal year 2018 is permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The standard permits the use of either the retrospective or cumulative effect transition method.

In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. We do not expect ASU 2015-11 to have a material impact to our financial statements. The standard is to be applied prospectively.

In February 2016, the FASB issued its final lease accounting standard, FASB Accounting Standard Codification ("ASC") Topic 842, Leases, which requires lessees to reflect most leases on their balance sheet as assets and obligations. The effective date for the standard is for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are evaluating the effect that ASC 842 will have on our consolidated financial statements and related disclosures. The standard is to be applied under the modified retrospective method, with elective reliefs, which requires application of the new guidance for all periods presented.

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. We plan to early adopt ASU 2016-09 in the first quarter of 2017 with an effective date of May 30, 2016. We are evaluating the effect that ASU 2016-09 will have on our consolidated financial statements.

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ACQUISITIONS

12 Months Ended

May 29, 2016

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITIONS

In May 2015, we acquired Blake's All Natural Foods, a family-owned company specializing in all natural and organic frozen meals, including pot pies, casseroles, pasta dishes, and other entrees, for $20.7 million in cash net of cash acquired. Approximately $20.0 million of the purchase price has been classified as goodwill. The goodwill is deductible for income tax purposes. This business is included in the Consumer Foods segment.

In July 2014, we acquired TaiMei Potato Industry Limited, a potato processor in China, for $92.2 million, consisting of $74.9 million in cash, net of cash acquired, plus assumed liabilities. The purchase included property and equipment associated with making frozen potato products. Approximately $23.8 million of the purchase price has been classified as goodwill and $3.5 million to other intangible assets. The amount allocated to goodwill is not deductible for income tax purposes. This business is included in the Commercial Foods segment.

In September 2013, we acquired frozen dessert production assets from Harlan Bakeries for $39.9 million in cash. The purchase included machinery, operating systems, warehousing/storage, and other assets associated with making frozen fruit pies, cream pies, pastry shells, and loaf cakes. This business is included in the Consumer Foods segment.

For each of these acquisitions, the amounts allocated to goodwill were primarily attributable to anticipated synergies, product portfolios, and other intangibles that do not qualify for separate recognition.

Under the acquisition method of accounting, the assets acquired and liabilities assumed in these acquisitions were recorded at their respective estimated fair values at the date of acquisition.

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RESTRUCTURING ACTIVITIES

12 Months Ended

May 29, 2016

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES

Supply Chain and Administrative Efficiency Plan

We previously announced a plan for the integration and restructuring of the operations of Ralcorp Holdings, Inc. ("Ralcorp"), optimization of the entire Company's supply chain network, manufacturing assets, and dry distribution and mixing centers, and improvement of selling, general and administrative effectiveness and efficiencies, which we refer to as the Supply Chain and Administrative Efficiency Plan (the "SCAE Plan"). Although the divestiture of the Private Brands business was completed in the third quarter of fiscal 2016, we will continue to implement portions of the SCAE Plan, including work related to optimizing our supply chain network and pursue cost reductions through our selling, general and administrative functions and productivity improvements. The SCAE Plan also includes plans announced in the second quarter of fiscal 2016 to realize efficiency benefits through a combination of reductions in selling, general and administrative expenses and enhancements to trade spend processes and tools.

Although we remain unable to make good faith estimates relating to the entire SCAE Plan, we are reporting on actions initiated through the end of fiscal 2016, 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 29, 2016, our Board of Directors has approved the incurrence of up to $739.0 million of expenses in connection with the SCAE Plan, including expenses allocated for the Private Brands operations. We have incurred or expect to incur approximately $443.9 million of charges, which includes $315.5 million of cash charges and $128.4 million of non-cash charges, for actions identified to date under the SCAE Plan related to our continuing operations. We recognized charges of $281.8 million, $47.7 million, and $31.3 million in relation to the SCAE Plan related to our continuing operations in fiscal 2016, 2015, and 2014, respectively. We expect to incur costs related to the SCAE Plan over a multi-year period.

We anticipate that we will recognize the following pre-tax expenses associated with the SCAE Plan related to our continuing operations (amounts include charges recognized from plan inception to May 29, 2016):

	Consumer Foods		Corporate		Commercial Foods		Total
Multi-employer pension costs	$	31.3	$	—	$	—	$	31.3
Accelerated depreciation	50.9		1.2		—		52.1
Other cost of goods sold	7.8		—		—		7.8
Total cost of goods sold	90.0		1.2		—		91.2
Severance and related costs	35.4		99.7		8.1		143.2
Accelerated depreciation	0.1		1.5		—		1.6
Consulting/Professional fees	1.1		63.2		—		64.3
Fixed asset impairment /Net loss on disposal	10.8		0.8		—		11.6
Contract/Lease termination expenses	1.3		64.1		—		65.4
Other selling, general and administrative expenses	15.7		50.9		—		66.6
Total selling, general and administrative expenses	64.4		280.2		8.1		352.7
Consolidated total	$	154.4	$	281.4	$	8.1	$	443.9

During fiscal 2016, we recognized the following pre-tax expenses for the SCAE Plan related to our continuing operations:

	Consumer Foods			Corporate		Commercial Foods		Total
Multi-employer pension costs	$	29.8		$	—	$	—	$	29.8
Accelerated depreciation	17.3			0.2		—		17.5
Other cost of goods sold	1.7			—		—		1.7
Total cost of goods sold	48.8			0.2		—		49.0
Severance and related costs	11.8			88.6		0.1		100.5
Accelerated depreciation	—			0.5		—		0.5
Consulting/Professional fees	0.1			48.0		—		48.1
Fixed asset impairment /Net loss on disposal	9.7			0.8		—		10.5
Contract/Lease termination expenses (recoveries)	(0.1		)	61.4		—		61.3
Other selling, general and administrative expenses	3.8			8.1		—		11.9
Total selling, general and administrative expenses	25.3			207.4		0.1		232.8
Consolidated total	$	74.1		$	207.6	$	0.1	$	281.8

Included in the above results are $195.7 million of charges that have resulted or will result in cash outflows and $86.2 million in non-cash charges. Not included in the above amounts are $11.8 million of pre-tax expenses related to the Private Brands operations we sold in the third quarter of fiscal 2016.

During the second quarter of fiscal 2016, we entered into a series of related transactions in which we exchanged a warehouse we owned in Indiana for two buildings and parcels of land that we leased as part of our Omaha corporate offices. Concurrent with the asset exchange, leases on the two Omaha corporate buildings were canceled. We have recognized aggregate charges of $55.6 million for the early termination of these leases. We also entered into a lease for the warehouse in Indiana and we recorded a financing lease obligation of $74.2 million.

We recognized the following cumulative (plan inception to May 29, 2016) pre-tax expenses related to the SCAE Plan in our Consolidated Statement of Operations related to our continuing operations:

	Consumer Foods		Corporate		Commercial Foods		Total
Multi-employer pension costs	$	31.3	$	—	$	—	$	31.3
Accelerated depreciation	38.8		1.2		—		40.0
Other cost of goods sold	3.8		—		—		3.8
Total cost of goods sold	73.9		1.2		—		75.1
Severance and related costs	33.4		96.4		8.1		137.9
Accelerated depreciation	—		1.3		—		1.3
Consulting/Professional fees	1.1		50.8		—		51.9
Fixed asset impairment / Net loss on disposal	10.8		0.8		—		11.6
Contract/Lease termination expenses	1.3		61.7		—		63.0
Other selling, general and administrative expenses	7.0		13.0		—		20.0
Total selling, general and administrative expenses	53.6		224.0		8.1		285.7
Consolidated total	$	127.5	$	225.2	$	8.1	$	360.8

Included in the above results are $248.8 million of charges that have resulted or will result in cash outflows and $112.0 million in non-cash charges. Not included in the above table are $130.2 million of pre-tax expenses ($84.5 million of cash charges and $45.7 million of non-cash charges) related to the Private Brands operations which we sold in the third quarter of fiscal 2016.

Liabilities recorded for the SCAE Plan and changes therein for fiscal 2016 were as follows:

	Balance at May 31, 2015		Costs Incurred and Charged to Expense		Costs Paid or  Otherwise Settled			Changes  in Estimates			Balance at May 29, 2016
Multi-employer pension costs	$	11.4	$	30.0	$	(0.7	)	$	—		$	40.7
Severance and related costs	16.4		84.8		(46.5		)	(7.5		)	47.2
Consulting	0.2		48.2		(43.7		)	—			4.7
Contract termination	3.1		6.0		(2.5		)	(0.3		)	6.3
Other costs	1.2		10.5		(11.2		)	—			0.5
Total	$	32.3	$	179.5	$	(104.6	)	$	(7.8	)	$	99.4

Acquisition-related Restructuring Costs

During fiscal 2012, we started incurring costs in connection with actions taken to attain synergies when integrating businesses acquired prior to the third quarter of fiscal 2013. These costs, collectively referred to as "acquisition-related restructuring costs", include severance and other costs associated with consolidating facilities and administrative functions. In connection with the acquisition-related restructuring costs, we have incurred charges of $23.7 million, $15.8 million of which are charges that have resulted or will result in cash outflows and $7.9 million of which are non-cash charges. At the end of fiscal 2014, the acquisition-related restructuring costs were substantially complete.

During fiscal 2015 and 2014, we recognized $0.2 million and $9.4 million, respectively, of pre-tax expenses for acquisition-related restructuring costs, primarily representing impairment of equipment, all within our Consumer Foods segment.

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LONG-TERM DEBT

12 Months Ended

May 29, 2016

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

	May 29, 2016			May 31, 2015
4.65% senior debt due January 2043	$	176.7		$	737.0
6.625% senior debt due August 2039	91.4			450.0
8.25% senior debt due September 2030	300.0			300.0
7.0% senior debt due October 2028	382.2			382.2
6.7% senior debt due August 2027	9.2			9.2
7.125% senior debt due October 2026	262.5			372.4
3.2% senior debt due January 2023	837.0			1,000.0
3.25% senior debt due September 2022	250.0			250.0
9.75% subordinated debt due March 2021	195.9			195.9
4.95% senior debt due August 2020	197.7			300.0
7.0% senior debt due April 2019	335.0			475.0
2.1% senior debt due March 2018	225.0			225.0
1.9% senior debt due January 2018	1,000.0			1,000.0
5.819% senior debt due June 2017	475.0			475.0
LIBOR plus 0.37% senior notes due July 2016	550.0			550.0
1.3% senior debt due January 2016	—			750.0
1.35% senior debt due September 2015	—			250.0
2.00% to 9.59% lease financing obligations due on various dates through 2040	149.2			68.4
Other indebtedness	40.4			10.9
Total face value of debt	5,477.2			7,801.0
Unamortized fair value adjustment of senior debt in connection with Ralcorp	39.8			146.7
Unamortized discounts/premiums	(19.8		)	(32.8		)
Unamortized debt issuance costs	(14.6		)	(30.1		)
Adjustment due to hedging activity	6.6			11.8
Less current installments	(571.4		)	(1,007.8		)
Total long-term debt	$	4,917.8		$	6,888.8

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 29, 2016, are as follows:

2017	$	571.7
2018	1,714.0
2019	347.8
2020	31.6
2021	402.2

During the third quarter of fiscal 2016, we repurchased $560.3 million aggregate principal amount of senior notes due 2043, $341.8 million aggregate principal amount of senior notes due 2039, $139.9 million aggregate principal amount of senior notes due 2019, $110.0 million aggregate principal amount of senior notes due 2026, $85.0 million aggregate principal amount of senior notes due 2020, and $163.0 million of aggregate principal amount of senior notes due 2023, in each case prior to maturity in a tender offer including a $109.5 million tender premium, resulting in a net loss of $23.9 million as a cost of early retirement of debt.

During the third quarter of fiscal 2016, we repaid the entire principal balance of $750.0 million of our 1.30% senior notes on the maturity date of January 25, 2016. The repayment was primarily funded through the issuance of term loans totaling $600.0 million, which were repaid in the third quarter of fiscal 2016 with the proceeds from the divestiture of our Private Brands business.

See Note 6 for repayment of senior notes issued by Ralcorp in an aggregate principal amount of $33.9 million in the third quarter of fiscal 2016.

During the second quarter of fiscal 2016, we repaid the entire principal balance of $250.0 million of our 1.35% senior notes on the maturity date of September 10, 2015.

During fiscal 2015, we repurchased $225.0 million aggregate principal amount of senior notes due in 2023, $200.0 million aggregate principal amount of senior notes due 2043, $25.0 million aggregate principal amount of senior notes due 2019, $25.0 million aggregate principal amount of senior notes due 2018, and $25.0 million aggregate principal amount of senior notes due 2017, in each case prior to maturity in a tender offer, resulting in a net loss of $16.3 million as a cost of early retirement of debt, including a $9.5 million tender premium.

During the first quarter of fiscal 2015, we repaid the remaining borrowings of our unsecured term loan facility (the "Term Loan Facility") of $900.0 million (with interest rate at LIBOR plus 1.75% per annum), prior to maturity, resulting in a loss of $8.3 million as a cost of early retirement of debt. The Term Loan Facility was terminated after repayment.

During fiscal 2015, we issued $550.0 million aggregate principal amount of floating rate notes due July 21, 2016. The notes bear interest at a rate equal to three-month LIBOR plus 0.37% per annum.

During fiscal 2014, we repaid the entire principal balance of $500.0 million of our 5.875% senior notes, which were due April 15, 2014.

Net interest expense consists of:

	2016			2015			2014
Long-term debt	$	304.5		$	335.0		$	391.9
Short-term debt	2.4			2.8			1.5
Interest income	(1.3		)	(1.2		)	(2.3		)
Interest capitalized	(7.8		)	(6.6		)	(13.6		)
	$	297.8		$	330.0		$	377.5

Interest paid from continuing operations was $323.8 million, $335.4 million, and $393.7 million in fiscal 2016, 2015, and 2014, respectively.

Our net interest expense in fiscal 2015 and 2014 was reduced by $7.1 million and $4.1 million, respectively, due to the impact of the interest rate swap contracts designated as fair value hedges entered into in the third quarter of fiscal 2014. The interest rate swaps effectively converted the interest on our senior long-term debt instruments maturing in fiscal 2019 and 2020 from fixed rate to floating rate (see Note 18). These interest rate swap contracts were terminated during the third quarter of fiscal 2015. The cumulative adjustments to the fair value of the debt instruments that were hedged (the effective portion of the hedges), totaling $12.6 million, will be amortized as a reduction of interest expense over the remaining lives of the debt instruments (through fiscal 2020). Our net interest expense was reduced by $2.1 million and $0.8 million for fiscal 2016 and fiscal 2015, respectively, as a result of this amortization.

We entered into interest rate swaps during fiscal 2010 that effectively changed our interest rate on the senior long-term debt instrument that matured in fiscal 2014 from fixed to variable. During the second quarter of fiscal 2011, we terminated these interest rate swap contracts and received proceeds of $28.2 million. The cumulative adjustment to the fair value of the debt instrument that was hedged (the effective portion of the hedge) was amortized as a reduction of interest expense over the remaining life of the debt instrument (through fiscal 2014). Net interest expense for fiscal 2014 was reduced by $8.6 million due to the impact of the interest rate swap contracts.

As a result of our acquisition of Ralcorp, senior unsecured notes issued in exchange for senior notes issued by Ralcorp of $716.0 million were recorded at fair value. The fair value adjustment on these notes was $156.8 million and is being amortized within interest expense over the life of the respective notes. The portion written off related to the third quarter of fiscal 2016 tender offers totaled $94.2 million. Our net interest expense in fiscal 2016, 2015, and 2014 was reduced by $6.7 million, $7.4 million, and $6.7 million, respectively, as a result of this amortization.

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CREDIT FACILITIES AND BORROWINGS

12 Months Ended

May 29, 2016

Debt Disclosure [Abstract]

CREDIT FACILITIES AND BORROWINGS

CREDIT FACILITIES AND BORROWINGS

At May 29, 2016, we had a $1.50 billion multi-year revolving credit facility with a syndicate of financial institutions that matures in September 2018. The multi-year facility has historically been used principally as a back-up facility for our commercial paper program. As of May 29, 2016, there were no outstanding borrowings under the credit facility. Borrowings under the multi-year facility, based on our fiscal year-end credit rating, bear interest at 1.25% over LIBOR and may be prepaid without penalty. The multi-year revolving credit facility requires us to repay borrowings if our consolidated funded debt exceeds 65% of our consolidated capital base, or if our fixed charges coverage ratio is less than 1.75 to 1.0 on a four-quarter rolling basis. In the fourth quarter of fiscal 2015 and the second quarter of fiscal 2016, the Company entered into amendments to exclude certain non-cash impairments from the calculation of the fixed charge coverage ratio. As of May 29, 2016, we were in compliance with all financial covenants in the facility.

We finance our short-term liquidity needs with bank borrowings, commercial paper borrowings, and bankers’ acceptances. As of May 29, 2016 and May 31, 2015, there were no outstanding borrowings under our commercial paper program.

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DISCONTINUED OPERATIONS

12 Months Ended

May 29, 2016

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

Private Brands Operations

On February 1, 2016, pursuant to the Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. ("Treehouse") for $2.6 billion in cash on a debt-free basis, subject to working capital and other adjustments.

As a result of the disposition, we recognized a pre-tax charge of $1.92 billion ($1.44 billion after-tax) in fiscal 2016 to write-down the goodwill and long-lived assets to the final sales price, less costs to sell, and to recognize the final loss of the Private Brands business. We reflected the results of this business as discontinued operations for all periods presented. The assets and liabilities of the discontinued business have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheets for all periods presented prior to the divestiture.

In fiscal 2016, we repaid senior notes issued by Ralcorp in an aggregate principal amount of $33.9 million, consisting of 4.95% senior notes due August 15, 2020 in an aggregate principal amount of $17.2 million (with an effective interest rate of 2.83%) and 6.625% senior notes due August 15, 2039 in total an aggregate principal amount of $16.7 million (with an effective interest rate of 4.82%), in each case, prior to maturity, resulting in a loss $5.4 million as a cost of early retirement of debt, which is reflected in discontinued operations.

In connection with classifying the Private Brands operations as assets held for sale, we recognized, in fiscal 2016, a deferred tax asset of $1.54 billion on the capital loss of our investment in this business. A partial valuation allowance is recorded as we have not met the accounting requirements for recognition of a benefit at this time. In fiscal 2016, we recognized an income tax benefit of $20.7 million, resulting primarily from prior period capital gains. In addition, we released $147.3 million of the valuation allowance in the fourth quarter of fiscal 2016 due to the impending Spicetec and JM Swank dispositions.

In fiscal 2015, we recorded a $1.51 billion impairment of goodwill and $57.6 million of impairment charges to write-down various brands and fixed assets, which are reflected in discontinued operations. In fiscal 2014, we recorded a $593.2 million impairment of goodwill and $3.0 million of impairment charges to write-down a small brand, which are reflected in discontinued operations.

The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows:

	2016			2015			2014
Net sales	$	2,490.6		$	3,895.4		$	4,005.4
Long-lived asset impairment charges	$	(1,923.0	)	$	(1,564.6	)	$	(596.2	)
Income from operations of discontinued operations before income taxes	168.0			68.8			186.5
Loss before income taxes and equity method investment earnings	(1,755.0		)	(1,495.8		)	(409.7		)
Income tax expense (benefit)	(593.1		)	(128.1		)	41.8
Loss from discontinued operations, net of tax	$	(1,161.9	)	$	(1,367.7	)	$	(451.5	)

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Private Brands business were as follows:

	May 31, 2015
Cash and cash equivalents	$	18.4
Receivables, less allowance for doubtful accounts of $0.5	199.3
Inventories	489.3
Prepaids and other current assets	37.3
Current assets held for sale	$	744.3
Property, plant and equipment, net	$	920.4
Goodwill	1,600.8
Brands, trademarks and other intangibles, net	1,716.6
Other assets	9.1
Noncurrent assets held for sale	$	4,246.9
Accounts payable	$	219.5
Accrued payroll	7.0
Other accrued liabilities	67.5
Current liabilities held for sale	$	294.0
Other noncurrent liabilities	$	711.0
Noncurrent liabilities held for sale	$	711.0

ConAgra Mills Operations

On May 29, 2014, the Company, Cargill, Incorporated ("Cargill"), and CHS, Inc. ("CHS") completed the formation of Ardent Mills. In connection with the formation, we contributed all of the assets of ConAgra Mills, our milling operations. For further details about the joint venture, see Note 7. We reflected the results of the ConAgra Mills operations as discontinued operations for all periods presented. The assets and liabilities of the discontinued business have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheet for the period presented prior to divestiture. Our equity in the earnings of Ardent Mills is reflected in our continuing operations.

The summary comparative financial results of the ConAgra Mills operations, included within discontinued operations, were as follows:

	2015			2014
Net sales	$	16.2		$	1,859.0
Income (loss) from operations of discontinued operations before income taxes	(9.2		)	124.8
Net gain on sale of businesses	627.3			90.3
Income before income taxes and equity method investment earnings	618.1			215.1
Income tax expense	251.1			78.0
Equity method investment earnings	—			0.3
Income from discontinued operations, net of tax	$	367.0		$	137.4

Medallion Foods

In fiscal 2014, we completed the sale of a small snack business, Medallion Foods, for $32.0 million in cash. The business results were previously reflected in the Private Brands segment. We reflected the results of these operations as discontinued operations for all periods presented. We recognized a pre-tax loss of $5.8 million ($3.5 million after-tax) on the sale of this business in fiscal 2014. In fiscal 2014, we recognized an impairment charge related to allocated amounts of goodwill and intangible assets, totaling $25.4 million ($15.2 million after-tax), in anticipation of this divestiture. Net sales, income from operations of discontinued operations before income taxes, and income tax benefit for fiscal 2014 related to Medallion Foods were $59.1 million, $5.9 million, and $10.2 million, respectively.

Lightlife^® Operations

In fiscal 2014, we completed the sale of the assets of the Lightlife^® business for $54.7 million in cash. This business produced and sold vegetarian-based burgers, hot dogs, and other meatless frozen and refrigerated items. The results of this business were previously reflected in the Consumer Foods segment. We reflected the results of these operations as discontinued operations for all periods presented. We recognized a pre-tax gain of $32.1 million ($19.8 million after-tax) on the sale of this business in fiscal 2014. Loss from operations of discontinued operations before income taxes and income tax benefit for fiscal 2015 related to the Lightlife^® business were $0.7 million and $0.3 million, respectively. Net sales, income from operations of discontinued operations before income taxes, and income tax expense for fiscal 2014 related to the Lightlife^® business were $11.2 million, $1.9 million, and $14.9 million, respectively.

Other Assets Held for Sale

During late fiscal 2016 and early fiscal 2017, we announced the agreements to sell Spicetec and JM Swank, parts of our Commercial segment. We expect to realize net proceeds from the sales in early fiscal 2017 of $316.5 million and $162.4 million, respectively. The assets and liabilities of these businesses have been reclassified as assets and liabilities held for sale within our Consolidated Balance Sheets for all periods presented.

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Spicetec and JM Swank businesses were as follows:

	May 29, 2016		May 31, 2015
Spicetec:
Current assets	$	43.3	$	38.0
Noncurrent assets (including goodwill of $102.4 million)	145.9		148.2
Current liabilities	10.3		14.7
Noncurrent liabilities	1.2		1.6
Swank:
Current assets	$	73.7	$	66.6
Noncurrent assets (including goodwill of $52.5 million)	73.0		74.3
Current liabilities	44.3		48.0
Noncurrent liabilities	0.4		0.4

In addition, we are actively marketing certain other long-lived assets. These assets have been reclassified as assets held for sale within our Consolidated Balance Sheets for all periods presented. These assets were held within our Corporate and Consumer Foods segments, respectively. The balance of these noncurrent assets classified as held for sale was $6.9 million and $16.7 million at May 29, 2016 and May 31, 2015, respectively.

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INVESTMENTS IN JOINT VENTURES

12 Months Ended

May 29, 2016

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN JOINT VENTURES

INVESTMENTS IN JOINT VENTURES

In the first quarter of fiscal 2015, the Company, Cargill, and CHS, completed the formation of Ardent Mills. In connection with the formation, we contributed all of the assets of ConAgra Mills, our milling operations, including $49.0 million of cash, to Ardent Mills, we received a 44% ownership interest in Ardent Mills, and Ardent Mills distributed $391.4 million in cash to us as a return of capital. The contribution of the assets of ConAgra Mills in exchange for a non-controlling interest in the newly formed joint venture was required to be accounted for at fair value, and accordingly, we recognized a gain of $625.6 million ($379.6 million after-tax) in fiscal 2015 in income from discontinued operations, to reflect the excess of the fair value of our interest over its carrying value at the time of the transfer. As part of the formation of Ardent Mills, in the fourth quarter of fiscal 2014, pursuant to an agreement with the U.S. Department of Justice, we sold three flour milling facilities to Miller Milling Company LLC for $163.0 million. We received the cash proceeds from the sale of these flour milling facilities in the first quarter of fiscal 2015. In the first quarter of fiscal 2015, we used the net cash proceeds from the Ardent Mills transaction to repay debt. The business results were previously reflected in the Commercial Foods segment. The operating results of our legacy milling business, including the disposition of three mills aforementioned, are included as discontinued operations within our Consolidated Statement of Operations.

We recognized the 44% ownership interest in Ardent Mills at fair value, as of the date of the formation of the joint venture. We now recognize our proportionate share of the earnings of Ardent Mills under the equity method of accounting within results of continuing operations. Due to differences in fiscal reporting periods, we recognized the equity method earnings on a lag of approximately one month; and as a result, we recognized only 11 months of earnings from Ardent Mills in fiscal 2015. The carrying value of our Ardent Mills equity method investment at the end of fiscal 2016 and 2015 was $732.8 million and $708.4 million, respectively.

We also have potato joint ventures in our Commercial Foods segment and other equity method investments in our Consumer Foods segment. We recognized a gain of $17.7 million in fiscal 2016 related to the settlement of a pension plan of an international potato venture, classified within equity method investment earnings.

The total carrying value of our equity method investments at the end of fiscal 2016 and 2015 was $910.8 million and $853.0 million, respectively. These amounts are included in Other assets.

In fiscal 2016, we had sales to and purchases from our equity method investments of$16.6 millionand$90.8 million, respectively. Total dividends received from equity method investments in fiscal 2016 were $78.3 million.

In fiscal 2015, we had sales to and purchases from our equity method investments of $9.5 million and $98.0 million, respectively. Total dividends received from equity method investments in fiscal 2015 were $91.3 million.

We entered into transition services agreements in connection with the Ardent Mills formation and recognized $9.7 million and $14.1 million of income for the performance of transition services during fiscal 2016 and 2015, respectively, classified within Selling, general and administrative expenses.

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

	2016		2015
Net Sales:
Ardent Mills	$	3,395.3	$	3,299.2
Potato joint ventures	917.3		872.1
Others	167.2		167.3
Total net sales	$	4,479.8	$	4,338.6
Gross margin:
Ardent Mills	339.2		365.3
Potato joint ventures	167.0		171.7
Others	32.8		33.3
Total gross margin	539.0		570.3
Earnings after income taxes:
Ardent Mills	$	142.9	$	173.5
Potato joint ventures	101.3		99.8
Others	6.4		6.1
Total earnings after income taxes	$	250.6	$	279.4

	May 29, 2016		May 31, 2015
Ardent Mills:
Current assets	$	988.4	$	1,080.3
Noncurrent assets	1,695.3		1,692.5
Current liabilities	507.7		415.3
Noncurrent liabilities	545.0		649.5
Potato joint ventures:
Current assets	$	304.8	$	285.3
Noncurrent assets	294.8		193.0
Current liabilities	202.2		151.8
Noncurrent liabilities	81.7		47.1
Others:
Current assets	$	80.8	$	73.1
Noncurrent assets	10.5		10.8
Current liabilities	51.0		42.2
Noncurrent liabilities	—		—

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VARIABLE INTEREST ENTITIES

12 Months Ended

May 29, 2016

Variable Interest Entity, Measure of Activity [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

Variable Interest Entities Consolidated

We own a 49.99% interest in Lamb Weston BSW, LLC ("Lamb Weston BSW"), a potato processing venture with Ochoa Ag Unlimited Foods, Inc. ("Ochoa"). We provide all sales and marketing services to Lamb Weston BSW. Under certain circumstances, we could be required to compensate Ochoa for lost profits resulting from significant production shortfalls ("production shortfalls"). Commencing on June 1, 2018, or on an earlier date under certain circumstances, we have a contractual right to purchase the remaining equity interest in Lamb Weston BSW from Ochoa (the "call option"). We are currently subject to a contractual obligation to purchase all of Ochoa's equity investment in Lamb Weston BSW at the option of Ochoa (the "put option"). The purchase prices under the call option and the put option (the "options") are based on the book value of Ochoa's equity interest at the date of exercise, as modified by an agreed-upon rate of return for the holding period of the investment balance. The agreed-upon rate of return varies depending on the circumstances under which any of the options are exercised. As of May 29, 2016, the price at which Ochoa had the right to put its equity interest to us was $47.4 million. This amount is presented within other noncurrent liabilities in our Consolidated Balance Sheets. We have determined that Lamb Weston BSW is a variable interest entity and that we are the primary beneficiary of the entity. Accordingly, we consolidate the financial statements of Lamb Weston BSW.

At May 31, 2015, we held a promissory note from Lamb Weston BSW with a balance of $36.1 million. The promissory note and accrued interest was repaid in full during the third quarter of fiscal 2016. In addition, as of May 31, 2015, we provided lines of credit of up to $15.0 million to Lamb Weston BSW which were terminated in the third quarter of fiscal 2016. The amounts owed by Lamb Weston BSW to the Company as of May 31, 2015 were not reflected in our Consolidated Balance Sheet, as they were eliminated in consolidation.

During the third quarter of fiscal 2016, Lamb Weston BSW issued a $30.0 million promissory note with a financial institution. The note includes a $23.0 million fixed rate loan segment with interest at 4.34% and a $7.0 million variable rate loan segment with interest at LIBOR plus an applicable margin ranging from 1.90% to 2.30%, payable in semi-annual installments through fiscal 2032. Lamb Weston BSW also issued a $10.0 million revolving note with interest at LIBOR plus an applicable margin ranging from 1.75% to 2.00% that matures in June 2021. As of May 29, 2016, Lamb Weston BSW had $1.0 million outstanding against this revolving note.

Our variable interests in Lamb Weston BSW include an equity investment in the venture, the options, the promissory note, certain fees paid to us by Lamb Weston BSW for sales and marketing services, the contingent obligation related to production shortfalls, and the lines of credit advanced to Lamb Weston BSW. Our maximum exposure to loss as a result of our involvement with this venture is equal to our equity investment in the venture, the balance of the promissory note extended to the venture, the amount, if any, advanced under the lines of credit, and the amount, if any, by which the put option exercise price exceeds the fair value of the noncontrolling interest in Lamb Weston BSW upon its exercise. Also, in the event of a production shortfall, we could be required to compensate Ochoa for lost profits. It is not possible to determine the maximum exposure to losses from the potential exercise of the put option or from potential production shortfalls. However, we do not expect to incur material losses resulting from these potential exposures.

Due to the consolidation of these variable interest entities, we reflected the following in our Consolidated Balance Sheets:

	May 29, 2016		May 31, 2015
Cash and cash equivalents	$	4.3	$	13.7
Receivables, less allowance for doubtful accounts	0.1		0.2
Inventories	1.2		1.3
Prepaid expenses and other current assets	0.4		0.3
Property, plant and equipment, net	52.2		53.2
Goodwill	18.8		18.8
Brands, trademarks and other intangibles, net	5.2		6.0
Total assets	$	82.2	$	93.5
Notes payable	$	1.0	$	—
Current installments of long-term debt	0.5		—
Accounts payable	10.9		16.9
Accrued payroll	0.8		0.7
Other accrued liabilities	0.9		0.6
Senior long-term debt, excluding current installments	29.5		—
Other noncurrent liabilities (minority interest)	32.2		31.3
Total liabilities	$	75.8	$	49.5

The liabilities recognized as a result of consolidating the Lamb Weston BSW entity do not represent additional claims on our general assets. The creditors of Lamb Weston BSW have claims only on the assets of Lamb Weston BSW. The assets recognized as a result of consolidating Lamb Weston BSW are the property of the venture and are not available to us for any other purpose, other than as a secured lender under the promissory note and lines of credit.

Variable Interest Entities Not Consolidated

We also have variable interests in certain other entities that we have determined to be variable interest entities, but for which we are not the primary beneficiary. We do not consolidate the financial statements of these entities.

We hold a 50% interest in Lamb Weston RDO, a potato processing venture (see Note 7). We provide all sales and marketing services to Lamb Weston RDO. We receive a fee for these services based on a percentage of the net sales of the venture. We reflect the value of our ownership interest in this venture in other assets in our Consolidated Balance Sheets, based upon the equity method of accounting. The balance of our investment was $16.9 million and $14.6 million at May 29, 2016 and May 31, 2015, respectively, representing our maximum exposure to loss as a result of our involvement with this venture. The capital structure of Lamb Weston RDO includes owners' equity of $33.9 million and term borrowings from banks of $41.1 million as of May 29, 2016. We have determined that we do not have the power to direct the activities that most significantly impact the economic performance of this venture.

We lease certain office buildings from entities that we have determined to be variable interest entities. The lease agreements with these entities include fixed-price purchase options for the assets being leased. The lease agreements also contain contingent put options (the “lease put options”) that allow the lessors to require us to purchase the buildings at the greater of original construction cost, or fair market value, without a lease agreement in place (the “put price”) in certain limited circumstances. As a result of substantial impairment charges related to our Private Brands operations, these lease put options are exercisable now and remain exercisable until generally 30 days after the end of the respective lease agreements. We are amortizing the difference between the estimated put price and the estimated fair value (without a lease agreement in place) of each respective property over the remaining respective lease term within selling, general and administrative expenses. As of May 29, 2016, the estimated amount by which the put prices exceeded the fair values of the related properties was $58.5 million, of which we have accrued $9.3 million. As these buildings are worth considerably more when under lease agreements than when vacant, we may be able to mitigate some, or all of the financial exposure created by the put options by maintaining active lease agreements and/or by subleasing the buildings to credit worthy tenants. We do not expect to ultimately incur material financial losses as a result of the potential exercise of the lease put options by the lessors. These leases are accounted for as operating leases, and accordingly, there are no material assets or liabilities, other than the accrued portion of the put price, associated with these entities included in our Consolidated Balance Sheets. We have determined that we do not have the power to direct the activities that most significantly impact the economic performance of these entities. In making this determination, we have considered, among other items, the terms of the lease agreements, the expected remaining useful lives of the assets leased, and the capital structure of the lessor entities.

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

12 Months Ended

May 29, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The change in the carrying amount of goodwill for fiscal 2016 and 2015 was as follows:

	Consumer Foods			Commercial Foods			Total
Balance as of May 25, 2014	$	3,850.9		$	697.7		$	4,548.6
Impairment	(20.9		)	—			(20.9		)
Acquisitions	20.0			23.8			43.8
Currency translation and purchase accounting adjustments	(25.4		)	(1.5		)	(26.9		)
Balance as of May 31, 2015	$	3,824.6		$	720.0		$	4,544.6
Currency translation	(9.8		)	(1.0		)	(10.8		)
Balance as of May 29, 2016	$	3,814.8		$	719.0		$	4,533.8

Other identifiable intangible assets were as follows:

	2016				2015
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets	$	857.9	$	—	$	915.4	$	—
Amortizing intangible assets	584.0		165.1		489.6		132.5
	$	1,441.9	$	165.1	$	1,405.0	$	132.5

During fiscal 2015, we recorded charges totaling $20.9 million for the impairment of goodwill in the portion of the business we retained from the Private Brands segment that is now included in the Grocery reporting unit of the Consumer Foods segment.

During fiscal 2014, we recorded a $9.0 million charge for the impairment of goodwill in the portion of the business we retained from the Private Brands segment that is now included in our Grocery reporting unit of the Consumer Foods segment.

In fiscal 2016, we elected to perform a quantitative impairment test for indefinite lived intangibles.During fiscal 2016, we recognized impairment charges of $50.1 million in our Consumer Foods segment for our Chef Boyardee^® brand.

In fiscal 2015 and 2014, we also elected to perform a quantitative impairment test for indefinite lived intangibles. During fiscal 2015, we recognized impairment charges of $4.8 million in our Consumer Foods segment for our Poppycock^® brand.

During fiscal 2014, we recognized impairment charges of $72.7 million in our Consumer Foods segment, primarily for our Chef Boyardee^® brand. We also recognized a $3.2 million impairment charge for an amortizable technology license in Corporate expenses in fiscal 2014.

See Note 6 for a discussion of impairments related to discontinued operations.

Amortizing intangible assets, carrying a remaining weighted average life of approximately 16 years, are principally composed of customer relationships, licensing arrangements, and intellectual property. For fiscal 2016, 2015, and 2014, we recognized amortization expense of $36.7 million, $28.8 million, and $28.9 million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 29, 2016, amortization expense is estimated to average $35.6 million for each of the next five years, with a high expense of $36.8 million in fiscal year 2017 and decreasing to a low expense of $34.8 million in fiscal year 2021.

In the first quarter of fiscal 2016, we entered into an agreement for the use of certain intellectual property and recorded an amortizing intangible asset of $92.8 million, of which only $10.4 million was a cash payment made in the first quarter of fiscal 2016. Remaining payments will be made over a six-year period.

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EARNINGS PER SHARE

12 Months Ended

May 29, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities.

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

	2016			2015			2014
Net income (loss) available to ConAgra Foods, Inc. common stockholders:
Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders	$	484.9		$	748.5		$	613.2
Loss from discontinued operations, net of tax, attributable to ConAgra Foods, Inc. common stockholders	(1,161.9		)	(1,001.1		)	(310.1		)
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(677.0	)	$	(252.6	)	$	303.1
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated	4.8			1.7			1.7
Net income (loss) available to ConAgra Foods, Inc. common stockholders	$	(681.8	)	$	(254.3	)	$	301.4
Weighted average shares outstanding:
Basic weighted average shares outstanding	434.4			426.1			421.3
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities	4.1			5.2			6.2
Diluted weighted average shares outstanding	438.5			431.3			427.5

For fiscal 2016, 2015, and 2014, there were 0.4 million, 3.3 million, and 3.1 million stock options outstanding, respectively, that were excluded from the computation of shares contingently issuable upon exercise of the stock options because exercise prices exceeded the average market value of our common stock during the period.

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INVENTORIES

12 Months Ended

May 29, 2016

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

The major classes of inventories were as follows:

	May 29, 2016		May 31, 2015
Raw materials and packaging	$	300.5	$	364.0
Work in process	119.4		125.3
Finished goods	1,082.9		1,073.1
Supplies and other	79.3		80.2
Total	$	1,582.1	$	1,642.6

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OTHER NONCURRENT LIABILITIES

12 Months Ended

May 29, 2016

Other Liabilities Disclosure [Abstract]

OTHER NONCURRENT LIABILITIES

OTHER NONCURRENT LIABILITIES

Other noncurrent liabilities consisted of:

	May 29, 2016			May 31, 2015
Postretirement health care and pension obligations	$	1,147.8		$	769.9
Noncurrent income tax liabilities	491.7			850.0
Self-insurance liabilities	61.0			67.0
Environmental liabilities (see Note 17)	55.8			55.0
Accrued legal settlement costs (see Note 17)	108.9			—
Technology agreement liability (see Note 9)	84.5			—
Other	302.9			266.0
	2,252.6			2,007.9
Less current portion	(108.5		)	(92.0		)
	$	2,144.1		$	1,915.9

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CAPITAL STOCK

12 Months Ended

May 29, 2016

Equity [Abstract]

CAPITAL STOCK

CAPITAL STOCK

We have authorized shares of preferred stock as follows:

Class B—$50 par value; 150,000 shares

Class C—$100 par value; 250,000 shares

Class D—without par value; 1,100,000 shares

Class E—without par value; 16,550,000 shares

There were no preferred shares issued or outstanding as of May 29, 2016.

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 of Directors. In December 2011, our Board of Directors approved a $750.0 million increase to the share repurchase program. We repurchased 1.4 million shares of our common stock for approximately $50.0 million and 2.9 million shares of our common stock for approximately $100.0 million in fiscal 2015 and 2014, respectively, under this program.

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SHARE-BASED PAYMENTS

12 Months Ended

May 29, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS

In accordance with stockholder-approved plans, we issue share-based payments under various stock-based compensation arrangements, including stock options, restricted stock units, cash-settled restricted stock units, performance shares, and other share-based awards. The shares to be delivered under the plan may consist, in whole or part, of treasury stock or authorized but unissued stock, not reserved for any other purpose.

On September 19, 2014, the stockholders approved the ConAgra Foods 2014 Stock Plan, which authorized the issuance of up to 30.0 million shares of ConAgra Foods common stock as well as certain shares of stock subject to outstanding awards under predecessor stock plans that expire, lapse, are cancelled, terminated, forfeited or otherwise become unexercisable. At May 29, 2016, approximately 30.2 million shares were reserved for granting additional options, restricted stock units, cash-settled restricted stock units, performance shares, or other share-based awards.

All amounts below are of continuing and discontinued operations.

Stock Option Plan

We have stockholder-approved stock option plans that provide for granting of options to employees for the purchase of common stock at prices equal to the fair value at the date of grant. Options become exercisable under various vesting schedules (typically three years) and generally expire seven to ten years after the date of grant.

The fair value of each option is estimated on the date of grant using a Black-Scholes option-pricing model with the following weighted average assumptions for stock options granted:

	2016	2015	2014
Expected volatility (%)	17.88	17.45	21.13
Dividend yield (%)	2.74	3.10	3.24
Risk-free interest rates (%)	1.60	1.58	1.37
Expected life of stock option (years)	4.96	4.92	4.91

The expected volatility is based on the historical market volatility of our stock over the expected life of the stock options granted. The expected life represents the period of time that the awards are expected to be outstanding and is based on the contractual term of each instrument, taking into account employees’ historical exercise and termination behavior.

A summary of the option activity as of May 29, 2016 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, 2015	15.5		$	28.28
Granted	1.6		$	43.14
Exercised	(8.8	)	$	24.19		$	165.6
Forfeited	(1.2	)	$	35.63
Expired	—		$	—
Outstanding at May 29, 2016	7.1		$	33.11	6.73	$	234.1
Exercisable at May 29, 2016	4.0		$	30.21	5.47	$	119.9

We recognize compensation expense using the straight-line method over the requisite service period. During fiscal 2016, 2015, and 2014, the Company granted 1.6 million options, 4.4 million options, and 3.6 million options, respectively, with a weighted average grant date value of $5.08, $3.36, and $4.71, respectively. The total intrinsic value of options exercised was $165.6 million, $69.5 million, and $46.9 million for fiscal 2016, 2015, and 2014, respectively. The closing market price of our common stock on the last trading day of fiscal 2016 was $45.29 per share.

Compensation expense for stock option awards totaled $9.4 million, $12.4 million, and $15.3 million for fiscal 2016, 2015, and 2014, respectively. Included in the compensation expense for stock option awards for fiscal 2016, 2015, and 2014 was $1.0 million, $1.4 million, and $2.7 million, respectively, 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 2016, 2015, and 2014 was $3.6 million, $4.8 million, and $5.7 million, respectively.

At May 29, 2016, we had $6.6 million of total unrecognized compensation expense, net of estimated forfeitures, related to stock options that will be recognized over a weighted average period of 1.3 years.

Cash received from option exercises for the fiscal years ended May 29, 2016, May 31, 2015, and May 25, 2014 was $228.7 million, $150.2 million, and $104.6 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $57.3 million, $26.7 million, and $17.4 million for fiscal 2016, 2015, and 2014, respectively.

Share Unit Plans

In accordance with stockholder-approved plans, we issue stock under various stock-based compensation arrangements, including restricted stock units, cash-settled restricted stock units, and other share-based awards (“share units”). These awards generally have requisite service periods of three years. Under each arrangement, stock 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 (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. All cash-settled restricted stock units are marked-to-market and presented within other current and noncurrent liabilities in our Consolidated Balance Sheets. The compensation expense for our stock-settled share unit awards totaled $25.1 million, $21.0 million, and $26.1 million for fiscal 2016, 2015, and 2014, respectively. The tax benefit related to the stock-settled share unit award compensation expense for fiscal 2016, 2015, and 2014 was $9.6 million, $8.1 million, and $9.8 million, respectively.The compensation expense for our cash-settled share unit awards totaled $33.9 million, $29.2 million, and $12.4 million for fiscal 2016, 2015, and 2014, respectively. The tax benefit related to the cash-settled share unit award compensation expense for fiscal 2016, 2015, and 2014 was $13.0 million, $11.2 million, and $4.6 million, respectively.

The following table summarizes the nonvested share units as of May 29, 2016 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, 2015	2.16		$	31.20	2.17		$	30.74
Granted	1.04		$	43.64	0.79		$	44.48
Vested/Issued	(1.12	)	$	29.29	(1.02	)	$	28.25
Forfeited	(0.54	)	$	37.74	(0.48	)	$	37.98
Nonvested share units at May 29, 2016	1.54		$	38.67	1.46		$	37.53

During fiscal 2016, 2015, and 2014, we granted 1.0 million, 0.9 million, and 0.9 million stock-settled share units, respectively, with a weighted average grant date value of $43.64, $31.71, and $36.22, respectively. During fiscal 2016, 2015, and 2014, we granted 0.8 million, 0.9 million, and 0.8 million cash-settled share units, respectively, with a weighted average grant date value of $44.48, $30.89, and $36.89, respectively.

The total intrinsic value of stock-settled share units vested was $48.8 million, $46.6 million, and $46.4 million during fiscal 2016, 2015, and 2014, respectively. The total intrinsic value of cash-settled share units vested was $44.9 million and $1.6 million during fiscal 2016 and 2015, respectively.

At May 29, 2016, we had $22.5 million and $21.7 million of total unrecognized compensation expense, net of estimated forfeitures, that will be recognized over a weighted average period of 2.0 years and 1.7 years, related to stock-settled share unit awards and cash-settled share unit awards, respectively.

Performance-Based Share Plan

Performance shares are granted to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goals for the performance period ending in fiscal 2015 are based upon our operating cash flow return on operations, a measure of operating cash flow as a percentage of invested capital, and revenue growth, each measured over a defined performance period. The performance goals for the performance periods ending in fiscal 2016 and 2017 are based upon our earnings before interest, taxes, depreciation, and amortization ("EBITDA") return on capital, and revenue growth, each measured over the defined performance period. The awards actually earned will range from zero to two hundred twenty percent of the targeted number of performance shares for each of the performance periods. Subject to overarching minimum earnings per share performance requirements for executive officers, a payout equal to 25 percent of approved target incentive is required to be paid out for each performance period, as applicable, if we achieve a threshold level of cash flow return on operations for the performance period ending in fiscal 2015, and a threshold level of EBITDA return on capital for the performance periods ending in fiscal 2016 and 2017. Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in the performance share plan, any shares earned will be distributed at the end of the performance period. The value of the performance shares is adjusted based upon the market price of our common stock at the end of each reporting period and amortized as compensation expense over the vesting period.

A summary of the activity for performance share awards as of May 29, 2016 and changes during the fiscal year then ended is presented below:

Performance Shares	Shares (in  Millions)		Weighted Average Grant-Date Fair Value
Nonvested performance shares at May 31, 2015	1.06		$	29.74
Granted	0.27		$	41.70
Adjustments for performance results attained and dividend equivalents	(0.11	)	$	24.94
Vested/Issued	(0.29	)	$	24.92
Forfeited	(0.18	)	$	33.62
Nonvested performance shares at May 29, 2016	0.75		$	36.09

The compensation expense for our performance share awards totaled $14.2 million, $5.7 million, and $6.5 million for fiscal 2016, 2015, and 2014, respectively. The tax benefit related to the compensation expense for fiscal 2016, 2015, and 2014 was $5.4 million, $2.2 million, and $2.4 million, respectively.

The total intrinsic value of share units vested (including shares paid in lieu of dividends) during fiscal 2016, 2015, and 2014 was $12.7 million, $13.9 million, and $10.4 million, respectively.

Based on estimates at May 29, 2016, the Company had $9.7 million of total unrecognized compensation expense, net of estimated forfeitures, related to performance shares that will be recognized over a weighted average period of 1.6 years.

Accounting guidance requires the benefits of tax deductions in excess of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow in our Consolidated Statement of Cash Flows. As a result, in fiscal 2016, 2015, and 2014, our net operating cash flows decreased and our net financing cash flows increased by approximately $51.3 million, $24.0 million, and $18.9 million, respectively.

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PRE-TAX INCOME AND INCOME TAXES

12 Months Ended

May 29, 2016

Income Tax Disclosure [Abstract]

PRE-TAX INCOME AND INCOME TAXES

PRE-TAX INCOME AND INCOME TAXES

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

	2016		2015		2014
United States	$	629.1	$	1,015.7	$	704.4
Canada	20.3		36.6		42.9
Foreign - other	72.0		70.1		56.2
	$	721.4	$	1,122.4	$	803.5

The provision for income taxes included the following:

	2016			2015			2014
Current
Federal	$	338.2		$	284.6		$	280.0
State	39.4			26.4			26.0
Canada	5.3			5.7			10.2
Foreign - other	15.2			23.4			10.9
	398.1			340.1			327.1
Deferred
Federal	(139.7		)	22.7			(67.4		)
State	(38.1		)	6.1			(67.0		)
Canada	(0.8		)	1.1			1.0
Foreign - other	5.9			(7.9		)	(15.4		)
	(172.7		)	22.0			(148.8		)
	$	225.4		$	362.1		$	178.3

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 Operations as follows:

	2016			2015			2014
Computed U.S. Federal income taxes	$	252.5		$	392.8		$	281.2
State income taxes, net of U.S. Federal tax impact	1.2			22.1			10.9
Tax credits and domestic manufacturing deduction	(29.3		)	(31.4		)	(27.9		)
Audit adjustments and settlements	(2.3		)	—			(15.3		)
Effect of taxes booked on foreign operations	(6.4		)	(11.7		)	(19.7		)
Statute lapses on previously reserved items	(3.0		)	(5.2		)	(5.1		)
Goodwill and intangible impairments	—			6.6			4.1
Change in legal structure and other state elections	—			—			(23.5		)
Change in estimate related to tax methods used for certain international sales, federal credits, and state credits	6.0			(2.4		)	(20.9		)
Other	6.7			(8.7		)	(5.5		)
	$	225.4		$	362.1		$	178.3

Income taxes paid, net of refunds, were $442.6 million, $283.7 million, and $223.9 million in fiscal 2016, 2015, and 2014, 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 29, 2016					May 31, 2015
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	411.6	$	—		$	392.1
Goodwill, trademarks and other intangible assets	—			698.8		—			699.0
Accrued expenses	20.4			—		20.7			—
Compensation related liabilities	88.7			—		78.1			—
Pension and other postretirement benefits	437.6			—		290.9			—
Investment in unconsolidated subsidiaries	—			256.8		—			211.6
Other liabilities that will give rise to future tax deductions	147.5			—		109.0			—
Net capital and operating loss carryforwards	1,595.7			—		34.1			—
Other	78.3			10.0		71.0			63.1
	2,368.2			1,377.2		603.8			1,365.8
Less: Valuation allowance	(1,448.0		)	—		(38.0		)	—
Net deferred taxes	$	920.2		$	1,377.2	$	565.8		$	1,365.8

The liability for gross unrecognized tax benefits at May 29, 2016 was $38.4 million, excluding a related liability of $9.3 million for gross interest and penalties. Included in the balance at May 29, 2016 are $1.1 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, 2015, our gross liability for unrecognized tax benefits was $35.3 million, excluding a related liability of $9.5 million for gross interest and penalties. Included in the balance at May 31, 2015 are $1.7 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Interest and penalties recognized in the Consolidated Statement of Earnings was a benefit of $0.2 million in fiscal 2016, $0.4 million in fiscal 2015 and $1.3 million in fiscal 2014.

The net amount of unrecognized tax benefits at May 29, 2016 and May 31, 2015 that, if recognized, would favorably impact our effective tax rate was $21.3 million and $23.1 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 for tax years through fiscal 2015 and all resulting significant items for fiscal 2015 and prior years have been settled with the IRS. Other major jurisdictions where we conduct business generally have statutes of limitations ranging from 3 to 5 years.

We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $9.0 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 29, 2016 was:

Beginning balance on May 31, 2015	$	35.3
Increases from positions established during prior periods	1.9
Decreases from positions established during prior periods	(2.3		)
Increases from positions established during the current period	11.4
Decreases relating to settlements with taxing authorities	(4.0		)
Reductions resulting from lapse of applicable statute of limitation	(3.5		)
Other adjustments to liability	(0.4		)
Ending balance on May 29, 2016	$	38.4

We have approximately $87.0 million of foreign net operating loss carryforwards ($65.3 million will expire between fiscal 2017 and 2037 and $22.0 million have no expiration dates) and $13.3 million of Federal net operating loss carryforwards which expire between fiscal 2027 and 2031. Federal capital loss carryforwards related to the private brands divestiture of approximately $4.0 billion will expire in fiscal 2021. Included in net deferred tax liabilities are $43.9 million of tax effected state net operating loss carryforwards that expire in various years ranging from fiscal 2017 to 2036 and included in net deferred tax assets are $202.7 million of tax effected state capital loss carryforwards related to the divestiture of private brands, the vast majority of which expire in fiscal 2021. Substantially all of our foreign tax credits will expire in fiscal 2025. State tax credits of approximately $21.4 million will expire in various years ranging from fiscal 2017 to 2020. Preliminary estimates of the deferred tax asset associated with the capital loss carryforwards were reduced by $55.1 million for Federal and increased by $5.1 million for state as refinements were made to the detailed tax computations in the fourth quarter. Further adjustments may result from changes in tax attributes based upon contract terms of the private brands sale and review of this transaction by the tax authorities. Any such adjustments are expected to be immaterial.

We have recognized a valuation allowance for the portion of the net operating loss carryforwards, tax credit carryforwards, and other deferred tax assets we believe are not more likely than not to be realized. The net impact on income tax expense related to changes in the valuation allowance for fiscal 2016 was expense of $1.4 billion. For fiscal 2015 and 2014, changes in the valuation allowance were a benefit of $1.4 million and a benefit of $2.0 million, respectively. The fiscal 2016 change principally relates to a full valuation being set up on the capital gain generated from the private brands disposition, less $147.3 million that was released in the fourth quarter of fiscal 2016 due to the impending Spicetec and JM Swank dispositions.

As of May 29, 2016, undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $540 million. Those earnings are considered to be indefinitely reinvested and accordingly, no U.S. federal income taxes have been provided thereon. We have not provided U.S. deferred taxes on cumulative earnings of non-U.S. affiliates and associated companies that the Company considers to be reinvested indefinitely. It is not practicable to estimate the amount of U.S. income taxes that would be incurred in the event that we were to repatriate the cumulative earnings of non-U.S. affiliates and associated companies. Deferred taxes are provided for earnings of non-U.S. affiliates and associated companies when we determine that such earnings are no longer indefinitely reinvested.

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OPERATING LEASES

12 Months Ended

May 29, 2016

Leases [Abstract]

OPERATING LEASES

OPERATING LEASES

We lease certain facilities, land, and transportation equipment under agreements that expire at various dates. Rent expense under all operating leases from continuing operations was $153.7 million, $151.6 million, and $156.4 million in fiscal 2016, 2015, and 2014, respectively.

A summary of non-cancellable operating lease commitments for fiscal years following May 29, 2016, was as follows:

2017	$	64.8
2018	57.5
2019	44.5
2020	30.0
2021	21.1
Later years	119.9
	$	337.8

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CONTINGENCIES

12 Months Ended

May 29, 2016

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

CONTINGENCIES

In fiscal 1991, we acquired Beatrice Company ("Beatrice"). As a result of the acquisition of Beatrice and the significant pre-acquisition contingencies of the Beatrice businesses and its former subsidiaries, our condensed consolidated post-acquisition financial statements reflect liabilities associated with the estimated resolution of these contingencies. These include various litigation and environmental proceedings related to businesses divested by Beatrice prior to its acquisition by us. The litigation includes suits against a number of lead paint and pigment manufacturers, including ConAgra Grocery Products Company, a wholly owned subsidiary of the Company ("ConAgra Grocery Products"), and the Company as alleged successors to W. P. Fuller Co., a lead paint and pigment manufacturer owned and operated by Beatrice until 1967. Although decisions favorable to us have been rendered in Rhode Island, New Jersey, Wisconsin, and Ohio, we remain a defendant in active suits in Illinois and California. The Illinois suit seeks class-wide relief for reimbursement of costs associated with the testing of lead levels in blood. In California, a number of cities and counties joined in a consolidated action seeking abatement of the alleged public nuisance. 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 Judgment (the "Judgment") against ConAgra Grocery Products and two other defendants, which orders the creation of a California abatement fund in the amount of $1.15 billion. Liability is joint and several. The Company believes ConAgra Grocery Products did not inherit any liabilities of W. P. Fuller Co. The Company will continue to vigorously defend itself in this case and has appealed the Judgment to The Court of Appeal of the State of California Sixth Appellate District. The Company expects the appeal process will last several years. The absence of any linkage between ConAgra Grocery Products and W. P. Fuller Co. is a critical issue among others that the Company will continue to advance throughout the appeals process. It is not possible to estimate exposure in this case or the remaining case in Illinois (which is based on different legal theories). If ultimately necessary, the Company will look to its insurance policies for coverage; its carriers are on notice. However, the extent of insurance coverage is uncertain, and the Company cannot absolutely assure that the final resolution of these matters will not have a material adverse effect on its financial condition, results of operations, or liquidity.

The environmental proceedings associated with Beatrice include litigation and administrative proceedings involving Beatrice's status as a potentially responsible party at 37 Superfund, proposed Superfund, or state-equivalent sites. These sites involve locations previously owned or operated by predecessors of Beatrice that used or produced petroleum, pesticides, fertilizers, dyes, inks, solvents, PCBs, acids, lead, sulfur, tannery wastes, and/or other contaminants. Beatrice has paid or is in the process of paying its liability share at 33 of these sites. Reserves for these matters 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 $54.0 million as of May 29, 2016, a majority of which relates to the Superfund and state-equivalent sites referenced above. We expect expenditures for Beatrice-related environmental matters to continue for up to 18 years.

In certain limited situations, we will guarantee an obligation of an unconsolidated entity. At the time in which we initially provide such a guarantee, we assess the risk of financial exposure to us under these agreements. We consider the credit-worthiness of the guaranteed party, the value of any collateral pledged against the related obligation, and any other factors that may mitigate our risk. We actively monitor market and entity-specific conditions that may result in a change of our assessment of the risk of loss under these agreements.

We are a party to various potato supply agreements. Under the terms of certain such potato supply agreements, we have guaranteed repayment of short-term bank loans of the potato suppliers, under certain conditions. At May 29, 2016, the amount of supplier loans we have effectively guaranteed was $40.5 million. We have not established a liability for these guarantees, as we have determined that the likelihood of our required performance under the guarantees is remote.

Federal income tax credits were generated related to our sweet potato production facility in Delhi, Louisiana. Third parties invested in these income tax credits. We have guaranteed these third parties the face value of these income tax credits over their statutory lives, through fiscal 2017, in the event that the income tax credits are recaptured or reduced. The face value of the income tax credits was $26.7 million as of May 29, 2016. We believe the likelihood of recapture or reduction of the income tax credits is remote, and therefore we have not established a liability in connection with these guarantees.

We are a party to a number of lawsuits and claims arising out of our ongoing business operations. Among these, there are lawsuits, claims, and matters related to the February 2007 recall of our peanut butter products. Among the matters outstanding during fiscal 2016 related to the peanut butter recall was an investigation by the U.S. Attorney's office in Georgia and the Consumer Protection Branch of the Department of Justice into the 2007 recall. Just prior to the end of fiscal 2015, we negotiated a resolution of this matter, which resulted in an executed plea agreement pursuant to which ConAgra Grocery Products will plead guilty to a single misdemeanor violation of the Food, Drug & Cosmetics Act. If the plea is accepted by the U.S. District Court for the Middle District of Georgia, the government’s investigation into the 2007 recall will conclude and ConAgra Grocery Products will make payments totaling $11.2 million to the federal government. Expenses related to this payment were accrued in previous periods. During fiscal 2013 and 2012, we recognized charges of $7.5 million and $17.5 million, respectively, in connection with this matter. During the fourth quarter of fiscal 2014, we reduced our accrual by $6.7 million. During the first quarter of fiscal 2015, we further reduced our accrual by $5.8 million and further reduced it by $1.2 million in the second quarter of fiscal 2015, based on ongoing discussions with the U.S. Attorney's office and the Department of Justice. The plea agreement is subject to Court approval, which will be sought along with the formal sentencing process in the coming months.

In June 2009, an accidental explosion occurred at our manufacturing facility in Garner, North Carolina. This facility was the primary production facility for our Slim Jim^® branded meat snacks. In June 2009, the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives announced its determination that the explosion was the result of an accidental natural gas release, and not a deliberate act. During the fourth quarter of fiscal 2011, we settled our property and business interruption claims related to the Garner accident with our insurance providers. During the fourth quarter of fiscal 2011, Jacobs Engineering Group Inc. ("Jacobs"), our engineer and project manager at the site, filed a declaratory judgment action against us seeking indemnity for personal injury claims brought against it as a result of the accident. In the first quarter of fiscal 2012, our motion for summary judgment was granted and the suit was dismissed without prejudice on the basis that the suit was filed prematurely. In the third quarter of fiscal 2014, Jacobs refiled its action for indemnity. On March 25, 2016, a Douglas County jury in Nebraska rendered a verdict in favor of Jacobs and against us in the amount of $108.9 million. The case will be appealed. Although our insurance carriers have provided customary notices of reservation of their rights under the policies of insurance, we expect any ultimate exposure in this case to be limited to the applicable insurance deductible.

We hold a 50% ownership interest in Lamb-Weston/Meijer, V.O.F. (“Lamb Weston Meijer”), a Netherlands joint venture, headquartered in the Netherlands, that manufactures and sells frozen potato products principally in Europe. We and our partner are jointly and severally liable for all legal liabilities of Lamb Weston Meijer. As of May 29, 2016 and May 31, 2015, the total liabilities of Lamb Weston Meijer were $203.7 million and $129.1 million, respectively. Lamb Weston Meijer is well capitalized, with partners’ equity of $284.5 million and $255.9 million as of May 29, 2016 and May 31, 2015, respectively. We have not established a liability on our balance sheets for the obligations of Lamb Weston Meijer, as we have determined the likelihood of any required payment by us to settle such liabilities of Lamb Weston Meijer is remote.

We lease certain office buildings from entities that we have determined to be variable interest entities. The lease agreements contain put options exercisable now and remain exercisable until generally 30 days after the end of the respective lease agreements, that allow the lessors to require us to purchase the buildings at the greater of original construction cost, or fair market value, without a lease in place. We have financial exposure with respect to these entities in the event we are required to purchase the leased buildings for a price in excess of the then current fair value under the applicable lease purchase options. We are amortizing the difference between the estimated put price and the estimated fair value (without a lease agreement in place) of each respective property over the remaining respective lease term within selling, general, and administrative expenses. As of May 29, 2016, the estimated amount by which the put prices exceeded the fair values of the related properties was $58.5 million, of which we have accrued $9.3 million. As these buildings are worth considerably more when under lease agreements than when vacant, we may be able to mitigate some, or all, of the related financial exposure created by the put options by maintaining active lease agreements and/or by subleasing the buildings to credit worthy tenants. We do not expect to ultimately incur material financial losses as a result of the potential exercise of the lease put options by the lessors.

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. It is reasonably possible that a change in one of the estimates of the foregoing matters may occur in the future and, as noted, while unlikely, the lead paint matter could result in a material final judgment. 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 29, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

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 29, 2016, we had economically hedged certain portions of our anticipated consumption of commodity inputs using derivative instruments with expiration dates through January 2017.

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 29, 2016, we had economically hedged certain portions of our foreign currency risk in anticipated transactions using derivative instruments with expiration dates through May 2017.

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 2011, we entered into interest rate swap contracts to hedge the interest rate risk related to our forecasted issuance of long-term debt in April 2014 (based on the anticipated refinancing of the senior long-term debt maturing at that time). We designated these interest rate swaps as cash flow hedges of the forecasted interest payments related to this anticipated debt issuance and recorded the unrealized loss in accumulated other comprehensive loss. In the third quarter of fiscal 2014, we determined that we would not issue long-term debt to refinance the debt maturing in April 2014. Accordingly, we recognized a charge to earnings, within selling, general and administrative expenses, of $54.9 million in fiscal 2014.

Derivatives Designated as Fair Value Hedges

During fiscal 2014, we entered into interest rate swap contracts to hedge the fair value of certain of our senior long-term debt instruments maturing in fiscal 2019 and 2020. These contracts, with a total notional amount of $500 million, effectively converted interest on this debt from fixed rate to floating rate. We designated these interest rate swap contracts as fair value hedges of the debt instruments. During fiscal 2015, we terminated the interest rate swap contracts and received proceeds of $21.9 million. The proceeds include $3.9 million of accrued interest from the interest rate swap contract, gains of $5.4 million representing the change in fair value of the interest rate swap contracts (the ineffective portion of the hedge) recognized within selling, general and administrative expenses, and $12.6 million of cumulative adjustment to the fair value of the debt instruments that were hedged (the effective portion of the hedge), that will be amortized as a reduction to interest expense over the remaining life of the debt instruments through fiscal 2020. The unamortized amount of the deferred gain was $6.6 million at May 29, 2016. The portion written off related to the third quarter of fiscal 2016 tender offers totaled $3.0 million (see Note 4).

Changes in fair value of such derivative instruments were immediately recognized in earnings along with changes in the fair value of the items being hedged (based solely on the change in the benchmark interest rate). In fiscal 2015 and 2014, we recognized gains of $8.9 million and $9.1 million, respectively, representing the fair value of the interest rate swap contracts and losses of $5.8 million and $6.8 million, respectively, representing the change in fair value of the related senior long-term debt. The net gains of $3.1 million and $2.3 million for fiscal 2015 and 2014, respectively, are classified within selling, general and administrative expenses.

The entire change in fair value of the derivative instruments was included in our assessment of hedge effectiveness.

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 selling, general and administrative 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 20 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 generally accepted accounting principles, 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 29, 2016 and May 31, 2015 amounts representing a right to reclaim cash collateral of $0.3 million and $5.9 million, 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 29, 2016		May 31, 2015
Prepaid expenses and other current assets	$	26.1	$	32.2
Other accrued liabilities	0.7		14.2

The following table presents our derivative assets and liabilities, at May 29, 2016, on a gross basis, prior to the setoff of $1.8 million to total derivative assets and $2.1 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	$	6.5	Other accrued liabilities	$	2.3
Foreign exchange contracts	Prepaid expenses and other current assets	21.4		Other accrued liabilities	0.2
Other	Prepaid expenses and other current assets	—		Other accrued liabilities	0.3
Total derivatives not designated as hedging instruments		$	27.9		$	2.8
Total derivatives		$	27.9		$	2.8

The following table presents our derivative assets and liabilities, at May 31, 2015, on a gross basis, prior to the setoff of $7.3 million to total derivative assets and $13.2 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	$	20.8	Other accrued liabilities	$	26.9
Foreign exchange contracts	Prepaid expenses and other current assets	17.7		Other accrued liabilities	0.4
Other	Prepaid expenses and other current assets	1.0		Other accrued liabilities	0.1
Total derivatives not designated as hedging instruments		$	39.5		$	27.4
Total derivatives		$	39.5		$	27.4

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

	For the Fiscal Year Ended May 29, 2016
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Operations of Gain (Loss) Recognized  on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Consolidated Statement of Operations
Commodity contracts	Cost of goods sold	$	(13.4	)
Foreign exchange contracts	Cost of goods sold	1.5
Foreign exchange contracts	Selling, general and administrative expense	2.9
Total loss from derivative instruments not designated as hedging instruments		$	(9.0	)

	For the Fiscal Year Ended May 31, 2015
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Consolidated Statement of Operations
Commodity contracts	Cost of goods sold	$	(80.5	)
Foreign exchange contracts	Cost of goods sold	1.3
Foreign exchange contracts	Selling, general and administrative expense	10.3
Interest rate contracts	Selling, general and administrative expense	(1.4		)
Total loss from derivative instruments not designated as hedging instruments		$	(70.3	)

	For the Fiscal Year Ended May 25, 2014
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Consolidated Statement of Operations
Commodity contracts	Cost of goods sold	$	18.9
Foreign exchange contracts	Cost of goods sold	1.9
Commodity contracts	Selling, general and administrative expense	7.9
Foreign exchange contracts	Selling, general and administrative expense	(54.9		)
Total loss from derivative instruments not designated as hedging instruments		$	(26.2	)

As of May 29, 2016, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $107.5 million and $55.1 million for purchase and sales contracts, respectively. As of May 31, 2015, our open commodity contracts had a notional value of $554.9 million and $393.1 million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward and cross currency swap contracts as of May 29, 2016 and May 31, 2015 was $120.0 million and $108.6 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 29, 2016, 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 $21.4 million.

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PENSION AND POSTRETIREMENT BENEFITS

12 Months Ended

May 29, 2016

Compensation and Retirement Disclosure [Abstract]

PENSION AND POSTRETIREMENT BENEFITS

PENSION AND POSTRETIREMENT BENEFITS

We have defined benefit retirement plans ("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 ("other postretirement 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.

We recognize the funded status of our plans and other benefits in the Consolidated Balance Sheets. For our plans, we also recognize as a component of accumulated other comprehensive 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 other benefits, 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 benefit and other postretirement benefit costs, below, as recognized net actuarial loss.

The information below includes the activities of our continuing and discontinued operations.

The changes in benefit obligations and plan assets at May 29, 2016 and May 31, 2015 are presented in the following table.

	Pension Benefits						Other Benefits
	2016			2015			2016			2015
Change in Benefit Obligation
Benefit obligation at beginning of year	$	4,092.2		$	3,979.0		$	235.4		$	283.5
Service cost	93.8			88.5			0.4			0.6
Interest cost	159.8			161.3			7.5			9.9
Plan participants’ contributions	—			—			4.8			5.9
Amendments	2.0			0.7			—			(3.3		)
Actuarial loss (gain)	(18.5		)	35.7			0.6			(35.9		)
Special termination benefits	25.6			6.9			—			—
Curtailments	(18.8		)	—			—			—
Benefits paid	(168.2		)	(176.7		)	(21.9		)	(24.3		)
Currency	(1.0		)	(3.2		)	(0.2		)	(1.0		)
Business divestitures	(263.9		)				(24.9		)
Benefit obligation at end of year	$	3,903.0		$	4,092.2		$	201.7		$	235.4
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,539.0		$	3,546.0		$	0.1		$	0.3
Actual return on plan assets	(146.2		)	178.6			—			(0.3		)
Employer contributions	11.9			13.5			17.1			18.5
Plan participants’ contributions	—			—			4.8			5.9
Investment and administrative expenses	(22.0		)	(18.8		)	—			—
Benefits paid	(168.2		)	(176.7		)	(21.9		)	(24.3		)
Currency	(1.1		)	(3.6		)	—			—
Business divestitures	(254.0		)	—			—			—
Fair value of plan assets at end of year	$	2,959.4		$	3,539.0		$	0.1		$	0.1

The funded status and amounts recognized in our Consolidated Balance Sheets at May 29, 2016 and May 31, 2015 were:

	Pension Benefits						Other Benefits
	2016			2015			2016			2015
Funded Status	$	(943.6	)	$	(553.2	)	$	(201.6	)	$	(235.3	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	3.0		$	20.5		$	—		$	—
Other accrued liabilities	(10.6		)	(10.7		)	(21.8		)	(23.3		)
Other noncurrent liabilities	(936.0		)	(563.0		)	(179.8		)	(212.0		)
Net Amount Recognized	$	(943.6	)	$	(553.2	)	$	(201.6	)	$	(235.3	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss	$	373.0		$	339.6		$	23.9		$	16.1
Net prior service cost (benefit)	13.4			14.2			(11.6		)	(25.0		)
Total	$	386.4		$	353.8		$	12.3		$	(8.9	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2016 and May 31, 2015
Discount rate	3.83		%	4.10		%	3.18		%	3.50		%
Long-term rate of compensation increase	3.66		%	3.70		%	N/A			N/A

The accumulated benefit obligation for all defined benefit pension plans was $3.8 billion and $3.9 billion at May 29, 2016 and May 31, 2015, 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 29, 2016 and May 31, 2015 were:

	2016		2015
Projected benefit obligation	$	3,809.5	$	3,805.8
Accumulated benefit obligation	3,734.6		3,658.3
Fair value of plan assets	2,862.9		3,232.1

Components of pension benefit and other postretirement benefit costs included:

	Pension Benefits									Other Benefits
	2016			2015			2014			2016			2015			2014
Service cost	$	93.8		$	88.5		$	89.0		$	0.4		$	0.6		$	0.7
Interest cost	159.8			161.3			151.1			7.5			9.9			9.7
Expected return on plan assets	(259.9		)	(267.9		)	(252.9		)	—			—			—
Amortization of prior service cost (benefit)	2.7			3.7			3.8			(7.8		)	(7.9		)	(7.2		)
Special termination benefits	25.6			6.9			0.4			—			—			—
Recognized net actuarial loss	348.5			6.9			2.7			0.1			3.5			6.7
Curtailment loss	0.3			1.5			—			—			—			—
Benefit cost — Company plans	370.8			0.9			(5.9		)	0.2			6.1			9.9
Pension benefit cost — multi-employer plans	42.9			12.4			12.6			—			—			—
Total benefit cost	$	413.7		$	13.3		$	6.7		$	0.2		$	6.1		$	9.9

Special termination benefits granted in connection with the voluntary retirement program resulted in the recognition of $25.6 million of expense during fiscal 2016. This expense was included in restructuring activities. Special termination benefits granted in connection with the formation of Ardent Mills resulted in the recognition of $6.9 million of expense during fiscal 2015. This expense was included in results of discontinued operations.

In fiscal 2016, the Company recorded a charge of $348.5 million reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability.

The Company recorded an expense of $29.8 million during fiscal 2016 related to our expected incurrence of certain multi-employer plan withdrawal costs. This expense was included in restructuring activities.

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

	Pension Benefits						Other Benefits
	2016			2015			2016			2015
Net actuarial gain (loss)	$	(390.5	)	$	(143.8	)	$	(8.0	)	$	35.8
Amendments	(2.0		)	(0.6		)	(5.6		)	3.3
Amortization of prior service cost (benefit)	2.7			5.2			(7.8		)	(7.9		)
Recognized net actuarial loss	348.5			6.9			0.1			3.5
Net amount recognized	$	(41.3	)	$	(132.3	)	$	(21.3	)	$	34.7

Weighted-Average Actuarial Assumptions Used to Determine Net Expense

	Pension Benefits						Other Benefits
	2016		2015		2014		2016		2015		2014
Discount rate	4.10	%	4.15	%	4.05	%	3.50	%	3.65	%	3.35	%
Long-term rate of return on plan assets	7.75	%	7.75	%	7.75	%	N/A		N/A		N/A
Long-term rate of compensation increase	3.70	%	4.25	%	4.25	%	N/A		N/A		N/A

At May 29, 2016, the Company elected to further refine its approach for calculating its service and interest costs beginning in fiscal 2017 by applying a split discount rate (spot rate approach) under which specific spot rates along the selected yield curve are applied to the relevant projected cash flows as the Company believes this method more precisely measures its obligations.

We amortize prior service cost for our pension plans 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.

The amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net expense during the next year are as follows:

	Pension Benefits		Other Benefits
Prior service cost (benefit)	$	2.6	$	(6.8	)
Net actuarial loss	NA		0.4

Plan Assets

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 29, 2016, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.9	$	73.4	$	—	$	74.3
Equity securities:
U.S. equity securities	453.5		13.2		—		466.7
International equity securities	267.5		318.1		—		585.6
Fixed income securities:
Government bonds	43.3		232.8		—		276.1
Corporate bonds	23.6		242.6		—		266.2
Mortgage-backed bonds	58.1		64.4		—		122.5
Real estate funds	—		—		425.0		425.0
Multi-strategy hedge funds	—		—		466.4		466.4
Private equity funds	—		—		89.7		89.7
Master limited partnerships	155.8		—		—		155.8
Private natural resources funds	—		—		27.9		27.9
Net receivables for unsettled transactions	3.2		—		—		3.2
Total assets	$	1,005.9	$	944.5	$	1,009.0	$	2,959.4

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 31, 2015, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	2.4	$	80.3	$	—	$	82.7
Equity securities:
U.S. equity securities	542.2		90.9		—		633.1
International equity securities	362.9		448.8		—		811.7
Fixed income securities:
Government bonds	43.9		290.5		—		334.4
Corporate bonds	49.6		394.9		—		444.5
Mortgage-backed bonds	49.5		24.0		—		73.5
Real estate funds	—		6.6		344.9		351.5
Multi-strategy hedge funds	—		—		484.5		484.5
Private equity funds	—		—		93.0		93.0
Master limited partnerships	191.4		—		—		191.4
Private natural resources funds	—		11.9		19.9		31.8
Net receivables for unsettled transactions	6.9		—		—		6.9
Total assets	$	1,248.8	$	1,347.9	$	942.3	$	3,539.0

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. The Level 2 assets listed above consist primarily of commingled equity investments where values are based on the net asset value of the underlying investments held, individual fixed income securities where values are based on quoted prices of similar securities and observable market data, and commingled fixed income investments where values are based on the net asset value of the underlying investments held. Level 3 assets are those where the fair value is determined based on unobservable inputs. The Level 3 assets listed above consist of alternative investments where active market pricing is not readily available and, as such, we use net asset values as an estimate of fair value as a practical expedient. For real estate funds, the value is based on the net asset value provided by the investment manager who uses market data and independent third party appraisals to determine fair market value. For the multi-strategy hedge funds, the value is based on the net asset values provided by a third party administrator. For private equity and private energy funds, the investment manager provides the valuation using, among other things, comparable transactions, comparable public company data, discounted cash flow analysis, and market conditions.

Level 3 investments are generally considered long-term in nature with varying redemption availability. Certain of our Level 3 investments, with a fair value of approximately $896.1 million as of May 29, 2016, have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 29, 2016, Level 3 investments with a fair value of $0.3 million have imposed such gates.

As of May 29, 2016, we have unfunded commitments for additional investments of $94.3 million in private equity funds, $41.6 million in natural resources funds, and $15.5 million in real estate 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 and our target asset allocations, by asset category were as follows:

	May 29, 2016		May 31, 2015		Target Allocation
Equity securities	36	%	41	%	25% - 45%
Debt securities	22	%	24	%	14% - 24%
Real estate funds	14	%	10	%	1% - 19%
Multi-strategy hedge funds	16	%	14	%	5% - 25%
Private equity	3	%	2	%	3% - 13%
Other	9	%	9	%	3% - 30%
Total	100	%	100	%

The Company’s investment strategy reflects the expectation that equity securities and multi-strategy hedge funds will outperform debt securities over the long term. Assets are invested in a prudent manner to maintain the security of funds while maximizing returns within the Company’s Investment Policy guidelines. The strategy is implemented utilizing indexed and actively managed assets from the categories listed.

The investment goals are to provide a total return that, over the long term, increases the ratio of plan assets to liabilities subject to an acceptable level of risk. This is accomplished through diversification of assets in accordance with the Investment Policy guidelines. Investment risk is mitigated by periodic rebalancing between asset classes as necessitated by changes in market conditions within the Investment Policy guidelines.

Other investments are primarily made up of cash and master limited partnerships.

Level 3 Gains and Losses

The change in the fair value of the plan’s Level 3 assets is summarized as follows:

	Fair Value May 31, 2015		Realized Gains (Losses)		Unrealized Gains (Losses)			Net Purchases and Sales			Fair Value May 29, 2016
Real estate funds	$	344.9	$	0.4	$	46.1		$	33.6		$	425.0
Multi-strategy hedge funds	484.5		0.2		(17.2		)	(1.1		)	466.4
Private equity	93.0		2.2		(0.5		)	(5.0		)	89.7
Private natural resources	19.9		—		(6.1		)	14.1			27.9
Total	$	942.3	$	2.8	$	22.3		$	41.6		$	1,009.0

	Fair Value May 25, 2014		Realized Gains (Losses)		Unrealized Gains (Losses)			Net Purchases and Sales			Fair Value May 31, 2015
Real estate funds	$	170.6	$	0.5	$	21.0		$	152.8		$	344.9
Multi-strategy hedge funds	462.3		0.3		22.8			(0.9		)	484.5
Private equity	81.3		2.7		(3.3		)	12.3			93.0
Private natural resources	16.6		—		0.5			2.8			19.9
Total	$	730.8	$	3.5	$	41.0		$	167.0		$	942.3

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 29, 2016		May 31, 2015
Initial health care cost trend rate	9.0	%	9.0	%
Ultimate health care cost trend rate	4.5	%	4.5	%
Year that the rate reaches the ultimate trend rate	2024		2023

A one percentage point change in assumed health care cost rates would have the following effect:

	One  Percent Increase		One  Percent Decrease
Effect on total service and interest cost	$	0.4	$	(0.4	)
Effect on postretirement benefit obligation	11.3		(10.1		)

We currently anticipate making contributions of approximately $12.5 million to our pension plans in fiscal 2017. We anticipate making contributions of $22.1 million to our other postretirement plans in fiscal 2017. These estimates are based on 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 Benefits		Health Care and Life Insurance Benefits
2017	$	183.8	$	22.1
2018	190.4		21.0
2019	194.7		19.8
2020	199.6		18.6
2021	204.2		17.5
Succeeding 5 years	1,080.3		69.0

Multiemployer Pension Plans

The Company contributes to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain 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 29, 2016 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 2015 and 2014 is for plan years that ended in calendar years 2015 and 2014, 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 2015.

• 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 29, 2016 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 Foods the total amount of contributions is presented in the aggregate.

		Pension Protection Act Zone Status		FIP / RP Status Pending / Implemented	Contributions by the Company (millions)					Expiration Dates of Collective Bargaining Agreements
Pension Fund	EIN / PN	2015	2014		FY16		FY15	FY14	Surcharge Imposed
Bakery and Confectionary Union and Industry International Pension Plan	52-6118572 / 001	Red	Red	RP Implemented	$	3.1	$3.7	$3.5	No	2/28/2020
Central States, Southeast and Southwest Areas Pension Fund	36-6044243 / 001	Red	Red	RP Implemented	1.9		2.0	2.1	No	6/04/2017
National Conference of Fireman & Oilers National Pension Fund	52-6085445 / 003	Yellow	Yellow	FIP Implemented	—		0.6	0.7	No	11/19/2015
Western Conference of Teamsters Pension Plan	91-6145047 / 001	Green	Green	N/A	5.4		4.9	4.9	No	05/31/2016 to 06/30/2018
Other Plans					0.7		0.8	1.2
Total Contributions					$	11.1	$12.0	$12.4

The Company was listed in its plans' Forms 5500 as providing more than 5% of the plan's total contributions for the National Conference of Firemen & Oilers National Pension Fund for the plan year ending in calendar year 2014. The Company withdrew from participation in that plan on or about June 1, 2015.

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 2015.

In addition to the contributions listed in the table above, we recorded an additional expense of $31.8 million, $0.4 million, and $0.2 million in fiscal 2016, 2015, and 2014, respectively, 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 $35.4 million, $40.6 million, and $40.2 million in fiscal 2016, 2015, and 2014, respectively.

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FAIR VALUE MEASUREMENTS

12 Months Ended

May 29, 2016

Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]

FAIR VALUE MEASUREMENTS

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 interest rate curves and 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, interest rate swaps, 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 29, 2016:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	4.7	$	21.4	$	—	$	26.1
Available-for-sale securities	3.0		—		—		3.0
Deferred compensation assets	0.7		—		—		0.7
Total assets	$	8.4	$	21.4	$	—	$	29.8
Liabilities:
Derivative liabilities	$	—	$	0.7	$	—	$	0.7
Deferred compensation liabilities	46.5		—		—		46.5
Total liabilities	$	46.5	$	0.7	$	—	$	47.2

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, 2015:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	13.6	$	18.6	$	—	$	32.2
Available-for-sale securities	2.8		—		—		2.8
Deferred compensation assets	0.9		—		—		0.9
Total assets	$	17.3	$	18.6	$	—	$	35.9
Liabilities:
Derivative liabilities	$	—	$	14.2	$	—	$	14.2
Deferred compensation liabilities	43.7		—		—		43.7
Total liabilities	$	43.7	$	14.2	$	—	$	57.9

Certain assets and liabilities, including long-lived assets, goodwill, asset retirement obligations, and cost and equity investments are measured at fair value on a nonrecurring basis. There were no significant fair value measurement losses recognized for such assets and liabilities in the periods reported.

During fiscal 2015, goodwill impairment charges of $20.9 million were recognized within the Consumer Foods segment. See Note 9 for a discussion of the methodology employed to measure these impairments.

During fiscal 2016, we recognized impairment charges of $50.1 million in our Consumer Foods segment for our Chef Boyardee^® brand. During fiscal 2015, an impairment of an indefinite-lived brand was recognized for $4.8 million in the Consumer Foods segment. The fair values of these brands were estimated using the “relief from royalty” method (see Note 9).

During fiscal 2015, we recognized impairment charges of $1.51 billion and $43.9 million for goodwill and indefinite-lived intangibles, respectively, in our Private Brands business. During fiscal 2015, we also recognized a charge of $13.7 million in our Private Brands business for the impairment of certain long-lived assets. The impairment was measured based upon an estimated disposal value for the related production facility. These impairment charges are included in discontinued operations. (see Note 6).

The carrying amount of long-term debt (including current installments) was $5.5 billion as of May 29, 2016 and $7.9 billion as of May 31, 2015. Based on current market rates, the fair value of this debt (level 2 liabilities) at May 29, 2016 and May 31, 2015 was estimated at $5.9 billion and $8.2 billion, respectively.

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BUSINESS SEGMENTS AND RELATED INFORMATION

12 Months Ended

May 29, 2016

Segment Reporting [Abstract]

BUSINESS SEGMENTS AND RELATED INFORMATION

BUSINESS SEGMENTS AND RELATED INFORMATION

We report our operations in two reporting segments: Consumer Foods and Commercial Foods. In the third quarter of fiscal 2016, we completed the sale of substantially all of the operations that were previously reported within the Private Brands segment. The Private Brands operations we sold are classified as held for sale for periods prior to the sale and the results of operations have been classified as discontinued operations for all periods presented. Minor portions of the former Private Brands segment were retained and have been included in the Consumer Foods and Commercial Foods segments for all periods presented. Minor portions of the Consumer Foods and Commercial Foods segments have been classified as discontinued operations as they were included with the sale of the Private Brands operations.

The Consumer Foods reporting segment principally includes branded food sold in various retail channels primarily in North America. Our food products are sold in a variety of categories (meals, entrees, condiments, pasta, sides, snacks, and desserts) in various retail channels across frozen, refrigerated, and shelf-stable temperature classes.

The Commercial Foods reporting segment includes commercially branded and private label food and ingredients, which are sold primarily to commercial, foodservice, restaurant, food manufacturing, and industrial customers. The segment's primary food items include: frozen potato and sweet potato items and a variety of vegetable, spice, and frozen bakery goods, which are sold under brands such as Lamb Weston^® and Spicetec Flavors & Seasonings^®.

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

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

	2016		2015		2014
Net sales
Consumer Foods	$	7,225.1	$	7,565.3	$	7,596.3
Commercial Foods	4,417.8		4,371.7		4,241.9
Total net sales	$	11,642.9	$	11,937.0	$	11,838.2
Operating profit
Consumer Foods	$	1,087.6	$	1,068.0	$	900.5
Commercial Foods	633.2		566.2		533.5
Total operating profit	$	1,720.8	$	1,634.2	$	1,434.0
Equity method investment earnings
Consumer Foods	$	3.2	$	3.0	$	2.8
Commercial Foods	134.6		119.1		29.7
Total equity method investment earnings	$	137.8	$	122.1	$	32.5
Operating profit plus equity method investment earnings
Consumer Foods	$	1,090.8	$	1,071.0	$	903.3
Commercial Foods	767.8		685.3		563.2
Total operating profit plus equity method investment earnings	$	1,858.6	$	1,756.3	$	1,466.5
General corporate expenses	$	839.4	$	303.9	$	285.5
Interest expense, net	297.8		330.0		377.5
Income tax expense	225.4		362.1		178.3
Income from continuing operations	$	496.0	$	760.3	$	625.2
Less: Net income attributable to noncontrolling interests	11.1		11.8		12.0
Income from continuing operations attributable to ConAgra Foods, Inc.	$	484.9	$	748.5	$	613.2
Identifiable assets
Consumer Foods	$	7,811.3	$	7,792.7	$	7,917.4
Commercial Foods	3,770.9		3,678.1		2,954.3
Corporate	1,465.6		632.2		591.2
Held for Sale	342.8		5,334.8		7,778.6
Total identifiable assets	$	13,390.6	$	17,437.8	$	19,241.5
Additions to property, plant and equipment
Consumer Foods	$	198.8	$	133.7	$	183.5
Commercial Foods	151.1		117.4		205.6
Corporate	79.9		100.1		72.0
Total additions to property, plant and equipment	$	429.8	$	351.2	$	461.1
Depreciation and amortization
Consumer Foods	$	210.4	$	209.0	$	191.4
Commercial Foods	102.5		105.3		98.8
Corporate	61.0		66.1		64.4
Total depreciation and amortization	$	373.9	$	380.4	$	354.6

Net sales by product type within each segment were:

	2016		2015		2014
Net sales
Consumer Foods:
Grocery	$	3,382.0	$	3,503.7	$	4,182.1
Frozen	2,867.4		2,985.5		2,288.1
International	874.8		970.8		1,010.7
Other Brands	100.9		105.3		115.4
Total Consumer Foods	$	7,225.1	$	7,565.3	$	7,596.3
Commercial Foods:
Specialty Potatoes	$	2,968.1	$	2,892.4	$	2,792.7
Foodservice	1,449.7		1,479.3		1,449.2
Total Commercial Foods	$	4,417.8	$	4,371.7	$	4,241.9
Total net sales	$	11,642.9	$	11,937.0	$	11,838.2

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

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

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

	2016			2015			2014
Net derivative gains (losses) incurred	$	(12.1	)	$	(79.3	)	$	21.2
Less: Net derivative losses allocated to reporting segments	(30.2		)	(46.6		)	(1.6		)
Net derivative gains (losses) recognized in general corporate expenses	$	18.1		$	(32.7	)	$	22.8
Net derivative losses allocated to Consumer Foods	$	(21.1	)	$	(41.9	)	$	(5.9	)
Net derivative gains (losses) allocated to Commercial Foods	(9.1		)	(4.7		)	4.3
Net derivative losses included in segment operating profit	$	(30.2	)	$	(46.6	)	$	(1.6	)

As of May 29, 2016, 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 $3.2 million. This amount reflected net gains of $3.6 million incurred during the fiscal year ended May 29, 2016, as well as net losses of $0.4 million incurred prior to fiscal 2016. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $2.4 million in fiscal 2017 and gains of $0.8 million in fiscal 2018 and thereafter.

In the second quarter of fiscal 2015, management determined that certain derivatives that had been previously entered into as an economic hedge of forecasted commodity purchases had ceased to function as economic hedges. We recognized $18.9 million and $1.4 million of net derivative losses during fiscal 2015 within the operating results of the Consumer Foods and Commercial Foods segments, respectively, in connection with these derivatives. Management effectively exited these derivative positions in the third quarter of fiscal 2015.

Other Information

At May 29, 2016, ConAgra Foods and its subsidiaries had approximately 20,900 employees, primarily in the United States. Approximately 36% of our employees are parties to collective bargaining agreements. Of the employees subject to collective bargaining agreements, approximately 31% are parties to collective bargaining agreements scheduled to expire during fiscal 2017.

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 2016, 2015, and 2014. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $1.5 billion, $1.6 billion, and $1.7 billion in fiscal 2016, 2015, and 2014, respectively. Our long-lived assets located outside of the United States are not significant.

Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 16%, 16%, and 17% of consolidated net sales for fiscal 2016, 2015, and 2014, respectively, significantly impacting the Consumer Foods segment.

Wal-Mart Stores, Inc. and its affiliates accounted for approximately 20% and 16% of consolidated net receivables as of May 29, 2016 and May 31, 2015, respectively, significantly impacting the Consumer Foods segment.

We were a party to a supply agreement with an onion processing company where we had guaranteed, under certain conditions, repayment of up to$25.0 million payable under a secured loan (the "Secured Loan") of this onion products supplier to the supplier's lender. During the fourth quarter of fiscal 2012, we received notice from the lender that the supplier had defaulted on the Secured Loan and we exercised our option to purchase the Secured Loan from the lender for $40.8 million, thereby assuming first-priority secured rights to the underlying collateral for the amount of the Secured Loan, and cancelling our guarantee. The supplier filed for bankruptcy during the fourth quarter of fiscal 2012 and during the second quarter of fiscal 2013, we acquired ownership and all rights to the underlying collateral, consisting of agricultural land and an onion processing facility. During the third quarter of fiscal 2013, we recognized an impairment charge of $10.2 million in our Commercial Foods segment to reduce the carrying amount of these assets to their estimated fair value based upon updated appraisals. During the second quarter of fiscal 2014, we recognized an additional impairment charge of $8.9 million in our Commercial Foods segment to reduce the carrying amount of the processing facility to its estimated fair value based upon expected sales proceeds. In the fourth quarter of fiscal 2014, we sold the land and recognized a gain of $5.1 million in our Commercial Foods segment. In the third quarter of fiscal 2015, we sold the processing facility and recognized an immaterial gain in our Commercial Foods segment.

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QUARTERLY FINANCIAL DATA (Unaudited)

12 Months Ended

May 29, 2016

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL DATA (Unaudited)

QUARTERLY FINANCIAL DATA (Unaudited)

	2016											2015
	First Quarter			Second Quarter			Third Quarter		Fourth Quarter			First Quarter		Second Quarter			Third Quarter			Fourth Quarter
Net sales	$	2,796.2		$	3,095.1		$	2,924.1	$	2,827.5		$	2,765.5	$	3,138.7		$	2,907.3		$	3,125.5
Gross profit	701.0			828.5			800.4		760.9			591.3		757.7			720.0			806.6
Income (loss) from continuing operations, net of tax	167.4			166.1			187.6		(25.1		)	95.4		218.1			212.3			234.5
Income (loss) from discontinued operations, net of tax	(1,319.8		)	(6.8		)	18.7		146.0			389.1		(202.2		)	(1,165.0		)	(23.0		)
Net income (loss) attributable to ConAgra Foods, Inc.	(1,154.1		)	154.9			204.6		117.6			482.3		10.0			(954.1		)	209.2
Earnings per share (1):
Basic earnings per share:
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(2.68	)	$	0.36		$	0.46	$	0.27		$	1.14	$	0.02		$	(2.23	)	$	0.49
Diluted earnings per share:
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(2.65	)	$	0.35		$	0.46	$	0.27		$	1.12	$	0.02		$	(2.21	)	$	0.48
Dividends declared per common share	$	0.25		$	0.25		$	0.25	$	0.25		$	0.25	$	0.25		$	0.25		$	0.25
Share price:
High	$	45.49		$	42.75		$	42.70	$	46.43		$	32.85	$	35.65		$	37.29		$	38.90
Low	37.42			38.84			38.70		42.06			28.73		31.87			33.57			33.58

⁽¹⁾  Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year.

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

May 29, 2016

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II

CONAGRA FOODS, INC. AND SUBSIDIARIES

Valuation and Qualifying Accounts

For the Fiscal Years ended May 29, 2016, May 31, 2015, and May 25, 2014

(Dollars in millions)

Description	Balance at Beginning of Period		Additions Charged to Costs  and Expenses	Other			Deductions from Reserves		Balance at Close of Period
Year ended May 29,2016
Allowance for doubtful receivables	$	3.8	1.1	(0.1	)	(1)	1.1	(2)	$	3.7
Year ended May 31, 2015
Allowance for doubtful receivables	$	2.7	2.3	(0.1	)	(1)	1.1	(2)	$	3.8
Year ended May 25, 2014
Allowance for doubtful receivables	$	4.2	1.2	—			2.7	(2)	$	2.7

⁽¹⁾  Primarily translation incurred during fiscal 2016 and 2015.

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

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

May 29, 2016

Accounting Policies [Abstract]

Fiscal Year

Fiscal Year — The fiscal year of ConAgra Foods, Inc. (“ConAgra Foods”, “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 year 2016, a 53-week period for fiscal 2015, and a 52-week period for fiscal year 2014.

Basis of Consolidation

Basis of Consolidation — The consolidated financial statements include the accounts of ConAgra Foods, Inc. and all majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we have been determined to be the primary beneficiary are included in our consolidated financial statements from the date such determination is made. 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 or the cost method of accounting, depending on specific facts and circumstances.

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.

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.

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 two-step 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 two-step quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. The first step of the test compares the carrying value of a reporting unit, including goodwill, with its fair value. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. Refer to Note 20 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. If the carrying value of a reporting unit exceeds its fair value, we complete the second step of the test to determine the amount of goodwill impairment loss, if any, to be recognized. In the second step, we estimate an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill (including any unrecognized intangible assets). The impairment loss is equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill.

In the fourth quarter of fiscal 2016, in conjunction with our annual review for impairment, we performed a qualitative analysis of goodwill for the reporting units in our Consumer Foods and Commercial Foods segments. Because sales and profits for our International reporting unit were below our expectations throughout fiscal 2016, largely as a result of foreign exchange rates, we performed a quantitative analysis of goodwill on the International reporting unit in the fourth quarter of fiscal 2016. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans, industry and economic conditions. No impairment charges were recorded in fiscal 2016.

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 2016, 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. Refer to Note 9 for the details of the impairment charge in fiscal 2016.

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.

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 generally accepted accounting principles.

Revenue Recognition

Revenue Recognition — Revenue is recognized when title and risk of loss are transferred to customers upon delivery based on terms of sale and collectability is reasonably assured. Revenue is recognized as the net amount to be received after deducting estimated amounts for discounts, trade allowances, and returns of damaged and out-of-date products.

Shipping and Handling

Shipping and Handling — Amounts billed to customers related to shipping and handling are included in net sales. Shipping and handling costs are included in cost of goods sold.

Marketing Costs

Marketing Costs — We promote our products with advertising, consumer incentives, and trade promotions. Such programs include, but are not limited to, discounts, coupons, rebates, and volume-based incentives. Advertising costs are expensed as incurred. Consumer incentives and trade promotion activities are recorded as a reduction of revenue or as a component of cost of goods sold based on amounts estimated as being due to customers and consumers at the end of the period, based principally on historical utilization and redemption rates.

Research and Development

Research and Development — We incurred expenses of $66.7 million, $70.4 million, and $86.0 million for research and development activities in fiscal 2016, 2015, and 2014, 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, 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. We generally deem our foreign investments to be essentially permanent in nature and we do not provide for taxes on currency translation adjustments arising from converting the 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 are provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.

Foreign Currency Transaction Gains and Losses

Foreign Currency Transaction Gains and Losses — We recognized net foreign currency transaction losses from continuing operations of $7.7 million, $2.9 million, and $5.4 million in fiscal 2016, 2015, and 2014, respectively, in selling, general and administrative 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 generally accepted accounting principles 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 and Recently Issued Accounting Standards

Accounting Changes — In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which will require entities to present deferred tax assets ("DTAs") and deferred tax liabilities ("DTLs") as noncurrent in a classified balance sheet. The ASU simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current and noncurrent in a classified balance sheet. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption was permitted. We adopted this standard for the fiscal year ended May 29, 2016. As a result, we have retrospectively adjusted Other current assets and Non-current liabilities by $104.3 million for the year ended May 30, 2015.

Recently Issued Accounting Standards — In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP. On July 9, 2015, the FASB deferred the effective date of the new revenue recognition standard by one year. Based on the FASB’s ASU, we will apply the new revenue standard in our fiscal year 2019. Early adoption in our fiscal year 2018 is permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The standard permits the use of either the retrospective or cumulative effect transition method.

In July 2015, the FASB issued ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. We do not expect ASU 2015-11 to have a material impact to our financial statements. The standard is to be applied prospectively.

In February 2016, the FASB issued its final lease accounting standard, FASB Accounting Standard Codification ("ASC") Topic 842, Leases, which requires lessees to reflect most leases on their balance sheet as assets and obligations. The effective date for the standard is for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are evaluating the effect that ASC 842 will have on our consolidated financial statements and related disclosures. The standard is to be applied under the modified retrospective method, with elective reliefs, which requires application of the new guidance for all periods presented.

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. We plan to early adopt ASU 2016-09 in the first quarter of 2017 with an effective date of May 30, 2016. We are evaluating the effect that ASU 2016-09 will have on our consolidated financial statements.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

May 29, 2016

Accounting Policies [Abstract]

Property plant and equipment estimated useful lives of respective classes of assets

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

Balances in accumulated 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 (except for currency translation adjustments):

	2016			2015			2014
Currency translation gains (losses), net of reclassification adjustments	$	(95.2	)	$	(113.9	)	$	23.7
Derivative adjustments, net of reclassification adjustments	(0.4		)	0.9			1.2
Unrealized losses on available-for-sale securities	(0.6		)	(0.7		)	(1.1		)
Pension and post-employment benefit obligations, net of reclassification adjustments	(248.3		)	(215.8		)	(158.1		)
Accumulated other comprehensive loss	$	(344.5	)	$	(329.5	)	$	(134.3	)

Reclassification out of Accumulated Other Comprehensive Income

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

							Affected Line Item in the Consolidated Statement of Operations1
	2016			2015
Net derivative adjustment, net of tax:
Cash flow hedges	$	(2.1	)	$	(0.5	)	Interest expense, net
	(2.1		)	(0.5		)	Total before tax
	0.8			0.2			Income tax expense (benefit)
	$	(1.3	)	$	(0.3	)	Net of tax
Amortization of pension and postretirement healthcare liabilities:
Net prior service benefit	$	(5.1	)	$	(4.2	)	Selling, general and administrative expenses
Divestiture of Private Brands	(4.3		)	—			Income (loss) from discontinued operations, net of tax
Pension settlement of equity method investment	(5.2		)	—			Equity method investment earnings
Net actuarial loss	0.1			3.5			Selling, general and administrative expenses
Curtailment	—			1.5			Cost of goods sold
	(14.5		)	0.8			Total before tax
	4.9			(0.3		)	Income tax expense (benefit)
	$	(9.6	)	$	0.5		Net of tax
Currency translation losses	$	73.4		$	—		Income (loss) from discontinued operations, net of tax
	$	73.4		$	—		Total before tax
	$	—		$	—		Income tax expense
	$	73.4		$	—		Net of tax

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

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RESTRUCTURING ACTIVITIES (Tables)

12 Months Ended

May 29, 2016

Restructuring and Related Activities [Abstract]

Summary of expected realization and incurred restructuring pre-tax expenses

We recognized the following cumulative (plan inception to May 29, 2016) pre-tax expenses related to the SCAE Plan in our Consolidated Statement of Operations related to our continuing operations:

	Consumer Foods		Corporate		Commercial Foods		Total
Multi-employer pension costs	$	31.3	$	—	$	—	$	31.3
Accelerated depreciation	38.8		1.2		—		40.0
Other cost of goods sold	3.8		—		—		3.8
Total cost of goods sold	73.9		1.2		—		75.1
Severance and related costs	33.4		96.4		8.1		137.9
Accelerated depreciation	—		1.3		—		1.3
Consulting/Professional fees	1.1		50.8		—		51.9
Fixed asset impairment / Net loss on disposal	10.8		0.8		—		11.6
Contract/Lease termination expenses	1.3		61.7		—		63.0
Other selling, general and administrative expenses	7.0		13.0		—		20.0
Total selling, general and administrative expenses	53.6		224.0		8.1		285.7
Consolidated total	$	127.5	$	225.2	$	8.1	$	360.8

We anticipate that we will recognize the following pre-tax expenses associated with the SCAE Plan related to our continuing operations (amounts include charges recognized from plan inception to May 29, 2016):

	Consumer Foods		Corporate		Commercial Foods		Total
Multi-employer pension costs	$	31.3	$	—	$	—	$	31.3
Accelerated depreciation	50.9		1.2		—		52.1
Other cost of goods sold	7.8		—		—		7.8
Total cost of goods sold	90.0		1.2		—		91.2
Severance and related costs	35.4		99.7		8.1		143.2
Accelerated depreciation	0.1		1.5		—		1.6
Consulting/Professional fees	1.1		63.2		—		64.3
Fixed asset impairment /Net loss on disposal	10.8		0.8		—		11.6
Contract/Lease termination expenses	1.3		64.1		—		65.4
Other selling, general and administrative expenses	15.7		50.9		—		66.6
Total selling, general and administrative expenses	64.4		280.2		8.1		352.7
Consolidated total	$	154.4	$	281.4	$	8.1	$	443.9

During fiscal 2016, we recognized the following pre-tax expenses for the SCAE Plan related to our continuing operations:

	Consumer Foods			Corporate		Commercial Foods		Total
Multi-employer pension costs	$	29.8		$	—	$	—	$	29.8
Accelerated depreciation	17.3			0.2		—		17.5
Other cost of goods sold	1.7			—		—		1.7
Total cost of goods sold	48.8			0.2		—		49.0
Severance and related costs	11.8			88.6		0.1		100.5
Accelerated depreciation	—			0.5		—		0.5
Consulting/Professional fees	0.1			48.0		—		48.1
Fixed asset impairment /Net loss on disposal	9.7			0.8		—		10.5
Contract/Lease termination expenses (recoveries)	(0.1		)	61.4		—		61.3
Other selling, general and administrative expenses	3.8			8.1		—		11.9
Total selling, general and administrative expenses	25.3			207.4		0.1		232.8
Consolidated total	$	74.1		$	207.6	$	0.1	$	281.8

Liabilities for initiatives and changes

Liabilities recorded for the SCAE Plan and changes therein for fiscal 2016 were as follows:

	Balance at May 31, 2015		Costs Incurred and Charged to Expense		Costs Paid or  Otherwise Settled			Changes  in Estimates			Balance at May 29, 2016
Multi-employer pension costs	$	11.4	$	30.0	$	(0.7	)	$	—		$	40.7
Severance and related costs	16.4		84.8		(46.5		)	(7.5		)	47.2
Consulting	0.2		48.2		(43.7		)	—			4.7
Contract termination	3.1		6.0		(2.5		)	(0.3		)	6.3
Other costs	1.2		10.5		(11.2		)	—			0.5
Total	$	32.3	$	179.5	$	(104.6	)	$	(7.8	)	$	99.4

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LONG-TERM DEBT (Tables)

12 Months Ended

May 29, 2016

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

	May 29, 2016			May 31, 2015
4.65% senior debt due January 2043	$	176.7		$	737.0
6.625% senior debt due August 2039	91.4			450.0
8.25% senior debt due September 2030	300.0			300.0
7.0% senior debt due October 2028	382.2			382.2
6.7% senior debt due August 2027	9.2			9.2
7.125% senior debt due October 2026	262.5			372.4
3.2% senior debt due January 2023	837.0			1,000.0
3.25% senior debt due September 2022	250.0			250.0
9.75% subordinated debt due March 2021	195.9			195.9
4.95% senior debt due August 2020	197.7			300.0
7.0% senior debt due April 2019	335.0			475.0
2.1% senior debt due March 2018	225.0			225.0
1.9% senior debt due January 2018	1,000.0			1,000.0
5.819% senior debt due June 2017	475.0			475.0
LIBOR plus 0.37% senior notes due July 2016	550.0			550.0
1.3% senior debt due January 2016	—			750.0
1.35% senior debt due September 2015	—			250.0
2.00% to 9.59% lease financing obligations due on various dates through 2040	149.2			68.4
Other indebtedness	40.4			10.9
Total face value of debt	5,477.2			7,801.0
Unamortized fair value adjustment of senior debt in connection with Ralcorp	39.8			146.7
Unamortized discounts/premiums	(19.8		)	(32.8		)
Unamortized debt issuance costs	(14.6		)	(30.1		)
Adjustment due to hedging activity	6.6			11.8
Less current installments	(571.4		)	(1,007.8		)
Total long-term debt	$	4,917.8		$	6,888.8

Schedule of aggregate minimum principal maturities of the long-term debt for each of the five fiscal year

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 29, 2016, are as follows:

2017	$	571.7
2018	1,714.0
2019	347.8
2020	31.6
2021	402.2

Net interest expense

Net interest expense consists of:

	2016			2015			2014
Long-term debt	$	304.5		$	335.0		$	391.9
Short-term debt	2.4			2.8			1.5
Interest income	(1.3		)	(1.2		)	(2.3		)
Interest capitalized	(7.8		)	(6.6		)	(13.6		)
	$	297.8		$	330.0		$	377.5

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DISCONTINUED OPERATIONS (Tables)

12 Months Ended

May 29, 2016

Discontinued Operations and Disposal Groups [Abstract]

Comparative financial results of the discontinued operations

The summary comparative financial results of the ConAgra Mills operations, included within discontinued operations, were as follows:

	2015			2014
Net sales	$	16.2		$	1,859.0
Income (loss) from operations of discontinued operations before income taxes	(9.2		)	124.8
Net gain on sale of businesses	627.3			90.3
Income before income taxes and equity method investment earnings	618.1			215.1
Income tax expense	251.1			78.0
Equity method investment earnings	—			0.3
Income from discontinued operations, net of tax	$	367.0		$	137.4

The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows:

	2016			2015			2014
Net sales	$	2,490.6		$	3,895.4		$	4,005.4
Long-lived asset impairment charges	$	(1,923.0	)	$	(1,564.6	)	$	(596.2	)
Income from operations of discontinued operations before income taxes	168.0			68.8			186.5
Loss before income taxes and equity method investment earnings	(1,755.0		)	(1,495.8		)	(409.7		)
Income tax expense (benefit)	(593.1		)	(128.1		)	41.8
Loss from discontinued operations, net of tax	$	(1,161.9	)	$	(1,367.7	)	$	(451.5	)

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 Private Brands business were as follows:

	May 31, 2015
Cash and cash equivalents	$	18.4
Receivables, less allowance for doubtful accounts of $0.5	199.3
Inventories	489.3
Prepaids and other current assets	37.3
Current assets held for sale	$	744.3
Property, plant and equipment, net	$	920.4
Goodwill	1,600.8
Brands, trademarks and other intangibles, net	1,716.6
Other assets	9.1
Noncurrent assets held for sale	$	4,246.9
Accounts payable	$	219.5
Accrued payroll	7.0
Other accrued liabilities	67.5
Current liabilities held for sale	$	294.0
Other noncurrent liabilities	$	711.0
Noncurrent liabilities held for sale	$	711.0

The assets and liabilities classified as held for sale reflected in our Consolidated Balance Sheets related to the Spicetec and JM Swank businesses were as follows:

	May 29, 2016		May 31, 2015
Spicetec:
Current assets	$	43.3	$	38.0
Noncurrent assets (including goodwill of $102.4 million)	145.9		148.2
Current liabilities	10.3		14.7
Noncurrent liabilities	1.2		1.6
Swank:
Current assets	$	73.7	$	66.6
Noncurrent assets (including goodwill of $52.5 million)	73.0		74.3
Current liabilities	44.3		48.0
Noncurrent liabilities	0.4		0.4

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INVESTMENTS IN JOINT VENTURES (Tables)

12 Months Ended

May 29, 2016

Equity Method Investments and Joint Ventures [Abstract]

Financial information for joint ventures

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

	2016		2015
Net Sales:
Ardent Mills	$	3,395.3	$	3,299.2
Potato joint ventures	917.3		872.1
Others	167.2		167.3
Total net sales	$	4,479.8	$	4,338.6
Gross margin:
Ardent Mills	339.2		365.3
Potato joint ventures	167.0		171.7
Others	32.8		33.3
Total gross margin	539.0		570.3
Earnings after income taxes:
Ardent Mills	$	142.9	$	173.5
Potato joint ventures	101.3		99.8
Others	6.4		6.1
Total earnings after income taxes	$	250.6	$	279.4

	May 29, 2016		May 31, 2015
Ardent Mills:
Current assets	$	988.4	$	1,080.3
Noncurrent assets	1,695.3		1,692.5
Current liabilities	507.7		415.3
Noncurrent liabilities	545.0		649.5
Potato joint ventures:
Current assets	$	304.8	$	285.3
Noncurrent assets	294.8		193.0
Current liabilities	202.2		151.8
Noncurrent liabilities	81.7		47.1
Others:
Current assets	$	80.8	$	73.1
Noncurrent assets	10.5		10.8
Current liabilities	51.0		42.2
Noncurrent liabilities	—		—

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VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

May 29, 2016

Variable Interest Entity, Measure of Activity [Abstract]

Variable interest entities reflected on condensed consolidated balance sheets

Due to the consolidation of these variable interest entities, we reflected the following in our Consolidated Balance Sheets:

	May 29, 2016		May 31, 2015
Cash and cash equivalents	$	4.3	$	13.7
Receivables, less allowance for doubtful accounts	0.1		0.2
Inventories	1.2		1.3
Prepaid expenses and other current assets	0.4		0.3
Property, plant and equipment, net	52.2		53.2
Goodwill	18.8		18.8
Brands, trademarks and other intangibles, net	5.2		6.0
Total assets	$	82.2	$	93.5
Notes payable	$	1.0	$	—
Current installments of long-term debt	0.5		—
Accounts payable	10.9		16.9
Accrued payroll	0.8		0.7
Other accrued liabilities	0.9		0.6
Senior long-term debt, excluding current installments	29.5		—
Other noncurrent liabilities (minority interest)	32.2		31.3
Total liabilities	$	75.8	$	49.5

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)

12 Months Ended

May 29, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Change in carrying amount of goodwill

The change in the carrying amount of goodwill for fiscal 2016 and 2015 was as follows:

	Consumer Foods			Commercial Foods			Total
Balance as of May 25, 2014	$	3,850.9		$	697.7		$	4,548.6
Impairment	(20.9		)	—			(20.9		)
Acquisitions	20.0			23.8			43.8
Currency translation and purchase accounting adjustments	(25.4		)	(1.5		)	(26.9		)
Balance as of May 31, 2015	$	3,824.6		$	720.0		$	4,544.6
Currency translation	(9.8		)	(1.0		)	(10.8		)
Balance as of May 29, 2016	$	3,814.8		$	719.0		$	4,533.8

Other identifiable intangible assets

Other identifiable intangible assets were as follows:

	2016				2015
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Non-amortizing intangible assets	$	857.9	$	—	$	915.4	$	—
Amortizing intangible assets	584.0		165.1		489.6		132.5
	$	1,441.9	$	165.1	$	1,405.0	$	132.5

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EARNINGS PER SHARE (Tables)

12 Months Ended

May 29, 2016

Earnings Per Share [Abstract]

Schedule of reconciliation of income and average share amounts 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:

	2016			2015			2014
Net income (loss) available to ConAgra Foods, Inc. common stockholders:
Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders	$	484.9		$	748.5		$	613.2
Loss from discontinued operations, net of tax, attributable to ConAgra Foods, Inc. common stockholders	(1,161.9		)	(1,001.1		)	(310.1		)
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(677.0	)	$	(252.6	)	$	303.1
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated	4.8			1.7			1.7
Net income (loss) available to ConAgra Foods, Inc. common stockholders	$	(681.8	)	$	(254.3	)	$	301.4
Weighted average shares outstanding:
Basic weighted average shares outstanding	434.4			426.1			421.3
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities	4.1			5.2			6.2
Diluted weighted average shares outstanding	438.5			431.3			427.5

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INVENTORIES (Tables)

12 Months Ended

May 29, 2016

Inventory Disclosure [Abstract]

Major classes of inventories

The major classes of inventories were as follows:

	May 29, 2016		May 31, 2015
Raw materials and packaging	$	300.5	$	364.0
Work in process	119.4		125.3
Finished goods	1,082.9		1,073.1
Supplies and other	79.3		80.2
Total	$	1,582.1	$	1,642.6

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OTHER NONCURRENT LIABILITIES (Tables)

12 Months Ended

May 29, 2016

Other Liabilities Disclosure [Abstract]

Other noncurrent liabilities

Other noncurrent liabilities consisted of:

	May 29, 2016			May 31, 2015
Postretirement health care and pension obligations	$	1,147.8		$	769.9
Noncurrent income tax liabilities	491.7			850.0
Self-insurance liabilities	61.0			67.0
Environmental liabilities (see Note 17)	55.8			55.0
Accrued legal settlement costs (see Note 17)	108.9			—
Technology agreement liability (see Note 9)	84.5			—
Other	302.9			266.0
	2,252.6			2,007.9
Less current portion	(108.5		)	(92.0		)
	$	2,144.1		$	1,915.9

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SHARE-BASED PAYMENTS (Tables)

12 Months Ended

May 29, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Weighted average Black-Scholes assumptions for stock options granted

The fair value of each option is estimated on the date of grant using a Black-Scholes option-pricing model with the following weighted average assumptions for stock options granted:

	2016	2015	2014
Expected volatility (%)	17.88	17.45	21.13
Dividend yield (%)	2.74	3.10	3.24
Risk-free interest rates (%)	1.60	1.58	1.37
Expected life of stock option (years)	4.96	4.92	4.91

Summary of the option activity

A summary of the option activity as of May 29, 2016 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, 2015	15.5		$	28.28
Granted	1.6		$	43.14
Exercised	(8.8	)	$	24.19		$	165.6
Forfeited	(1.2	)	$	35.63
Expired	—		$	—
Outstanding at May 29, 2016	7.1		$	33.11	6.73	$	234.1
Exercisable at May 29, 2016	4.0		$	30.21	5.47	$	119.9

Changes in nonvested share units

The following table summarizes the nonvested share units as of May 29, 2016 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, 2015	2.16		$	31.20	2.17		$	30.74
Granted	1.04		$	43.64	0.79		$	44.48
Vested/Issued	(1.12	)	$	29.29	(1.02	)	$	28.25
Forfeited	(0.54	)	$	37.74	(0.48	)	$	37.98
Nonvested share units at May 29, 2016	1.54		$	38.67	1.46		$	37.53

Summary of the activity for performance share awards

A summary of the activity for performance share awards as of May 29, 2016 and changes during the fiscal year then ended is presented below:

Performance Shares	Shares (in  Millions)		Weighted Average Grant-Date Fair Value
Nonvested performance shares at May 31, 2015	1.06		$	29.74
Granted	0.27		$	41.70
Adjustments for performance results attained and dividend equivalents	(0.11	)	$	24.94
Vested/Issued	(0.29	)	$	24.92
Forfeited	(0.18	)	$	33.62
Nonvested performance shares at May 29, 2016	0.75		$	36.09

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PRE-TAX INCOME AND INCOME TAXES (Tables)

12 Months Ended

May 29, 2016

Income Tax Disclosure [Abstract]

Pre-tax income from continuing operations (including equity method investment earnings)

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

	2016		2015		2014
United States	$	629.1	$	1,015.7	$	704.4
Canada	20.3		36.6		42.9
Foreign - other	72.0		70.1		56.2
	$	721.4	$	1,122.4	$	803.5

Provision for income taxes from continuing operations

The provision for income taxes included the following:

	2016			2015			2014
Current
Federal	$	338.2		$	284.6		$	280.0
State	39.4			26.4			26.0
Canada	5.3			5.7			10.2
Foreign - other	15.2			23.4			10.9
	398.1			340.1			327.1
Deferred
Federal	(139.7		)	22.7			(67.4		)
State	(38.1		)	6.1			(67.0		)
Canada	(0.8		)	1.1			1.0
Foreign - other	5.9			(7.9		)	(15.4		)
	(172.7		)	22.0			(148.8		)
	$	225.4		$	362.1		$	178.3

Income tax reconciliation

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 Operations as follows:

	2016			2015			2014
Computed U.S. Federal income taxes	$	252.5		$	392.8		$	281.2
State income taxes, net of U.S. Federal tax impact	1.2			22.1			10.9
Tax credits and domestic manufacturing deduction	(29.3		)	(31.4		)	(27.9		)
Audit adjustments and settlements	(2.3		)	—			(15.3		)
Effect of taxes booked on foreign operations	(6.4		)	(11.7		)	(19.7		)
Statute lapses on previously reserved items	(3.0		)	(5.2		)	(5.1		)
Goodwill and intangible impairments	—			6.6			4.1
Change in legal structure and other state elections	—			—			(23.5		)
Change in estimate related to tax methods used for certain international sales, federal credits, and state credits	6.0			(2.4		)	(20.9		)
Other	6.7			(8.7		)	(5.5		)
	$	225.4		$	362.1		$	178.3

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 29, 2016					May 31, 2015
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	411.6	$	—		$	392.1
Goodwill, trademarks and other intangible assets	—			698.8		—			699.0
Accrued expenses	20.4			—		20.7			—
Compensation related liabilities	88.7			—		78.1			—
Pension and other postretirement benefits	437.6			—		290.9			—
Investment in unconsolidated subsidiaries	—			256.8		—			211.6
Other liabilities that will give rise to future tax deductions	147.5			—		109.0			—
Net capital and operating loss carryforwards	1,595.7			—		34.1			—
Other	78.3			10.0		71.0			63.1
	2,368.2			1,377.2		603.8			1,365.8
Less: Valuation allowance	(1,448.0		)	—		(38.0		)	—
Net deferred taxes	$	920.2		$	1,377.2	$	565.8		$	1,365.8

Change in the unrecognized tax benefits

The change in the unrecognized tax benefits for the year ended May 29, 2016 was:

Beginning balance on May 31, 2015	$	35.3
Increases from positions established during prior periods	1.9
Decreases from positions established during prior periods	(2.3		)
Increases from positions established during the current period	11.4
Decreases relating to settlements with taxing authorities	(4.0		)
Reductions resulting from lapse of applicable statute of limitation	(3.5		)
Other adjustments to liability	(0.4		)
Ending balance on May 29, 2016	$	38.4

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OPERATING LEASES (Tables)

12 Months Ended

May 29, 2016

Leases [Abstract]

Summary of non-cancellable operating lease

A summary of non-cancellable operating lease commitments for fiscal years following May 29, 2016, was as follows:

2017	$	64.8
2018	57.5
2019	44.5
2020	30.0
2021	21.1
Later years	119.9
	$	337.8

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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

May 29, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative assets and liabilities and amounts representing right to reclaim cash collateral were reflected in 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 29, 2016		May 31, 2015
Prepaid expenses and other current assets	$	26.1	$	32.2
Other accrued liabilities	0.7		14.2

Schedule of derivative instruments in statement of financial position, gross, fair value

The following table presents our derivative assets and liabilities, at May 29, 2016, on a gross basis, prior to the setoff of $1.8 million to total derivative assets and $2.1 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	$	6.5	Other accrued liabilities	$	2.3
Foreign exchange contracts	Prepaid expenses and other current assets	21.4		Other accrued liabilities	0.2
Other	Prepaid expenses and other current assets	—		Other accrued liabilities	0.3
Total derivatives not designated as hedging instruments		$	27.9		$	2.8
Total derivatives		$	27.9		$	2.8

The following table presents our derivative assets and liabilities, at May 31, 2015, on a gross basis, prior to the setoff of $7.3 million to total derivative assets and $13.2 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	$	20.8	Other accrued liabilities	$	26.9
Foreign exchange contracts	Prepaid expenses and other current assets	17.7		Other accrued liabilities	0.4
Other	Prepaid expenses and other current assets	1.0		Other accrued liabilities	0.1
Total derivatives not designated as hedging instruments		$	39.5		$	27.4
Total derivatives		$	39.5		$	27.4

Location and amount of gains (losses) from derivatives not designated as hedging instruments in condensed consolidated statements of earnings

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

	For the Fiscal Year Ended May 29, 2016
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Operations of Gain (Loss) Recognized  on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Consolidated Statement of Operations
Commodity contracts	Cost of goods sold	$	(13.4	)
Foreign exchange contracts	Cost of goods sold	1.5
Foreign exchange contracts	Selling, general and administrative expense	2.9
Total loss from derivative instruments not designated as hedging instruments		$	(9.0	)

	For the Fiscal Year Ended May 31, 2015
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Consolidated Statement of Operations
Commodity contracts	Cost of goods sold	$	(80.5	)
Foreign exchange contracts	Cost of goods sold	1.3
Foreign exchange contracts	Selling, general and administrative expense	10.3
Interest rate contracts	Selling, general and administrative expense	(1.4		)
Total loss from derivative instruments not designated as hedging instruments		$	(70.3	)

	For the Fiscal Year Ended May 25, 2014
Derivatives Not Designated as Hedging Instruments	Location in Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives	Amount of Gain (Loss) Recognized on Derivatives in Consolidated Statement of Operations
Commodity contracts	Cost of goods sold	$	18.9
Foreign exchange contracts	Cost of goods sold	1.9
Commodity contracts	Selling, general and administrative expense	7.9
Foreign exchange contracts	Selling, general and administrative expense	(54.9		)
Total loss from derivative instruments not designated as hedging instruments		$	(26.2	)

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PENSION AND POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

May 29, 2016

Compensation and Retirement Disclosure [Abstract]

Change in benefit obligations and plan assets

The changes in benefit obligations and plan assets at May 29, 2016 and May 31, 2015 are presented in the following table.

	Pension Benefits						Other Benefits
	2016			2015			2016			2015
Change in Benefit Obligation
Benefit obligation at beginning of year	$	4,092.2		$	3,979.0		$	235.4		$	283.5
Service cost	93.8			88.5			0.4			0.6
Interest cost	159.8			161.3			7.5			9.9
Plan participants’ contributions	—			—			4.8			5.9
Amendments	2.0			0.7			—			(3.3		)
Actuarial loss (gain)	(18.5		)	35.7			0.6			(35.9		)
Special termination benefits	25.6			6.9			—			—
Curtailments	(18.8		)	—			—			—
Benefits paid	(168.2		)	(176.7		)	(21.9		)	(24.3		)
Currency	(1.0		)	(3.2		)	(0.2		)	(1.0		)
Business divestitures	(263.9		)				(24.9		)
Benefit obligation at end of year	$	3,903.0		$	4,092.2		$	201.7		$	235.4
Change in Plan Assets
Fair value of plan assets at beginning of year	$	3,539.0		$	3,546.0		$	0.1		$	0.3
Actual return on plan assets	(146.2		)	178.6			—			(0.3		)
Employer contributions	11.9			13.5			17.1			18.5
Plan participants’ contributions	—			—			4.8			5.9
Investment and administrative expenses	(22.0		)	(18.8		)	—			—
Benefits paid	(168.2		)	(176.7		)	(21.9		)	(24.3		)
Currency	(1.1		)	(3.6		)	—			—
Business divestitures	(254.0		)	—			—			—
Fair value of plan assets at end of year	$	2,959.4		$	3,539.0		$	0.1		$	0.1

Funded status and Amounts recognized in Balance Sheets

The funded status and amounts recognized in our Consolidated Balance Sheets at May 29, 2016 and May 31, 2015 were:

	Pension Benefits						Other Benefits
	2016			2015			2016			2015
Funded Status	$	(943.6	)	$	(553.2	)	$	(201.6	)	$	(235.3	)
Amounts Recognized in Consolidated Balance Sheets
Other assets	$	3.0		$	20.5		$	—		$	—
Other accrued liabilities	(10.6		)	(10.7		)	(21.8		)	(23.3		)
Other noncurrent liabilities	(936.0		)	(563.0		)	(179.8		)	(212.0		)
Net Amount Recognized	$	(943.6	)	$	(553.2	)	$	(201.6	)	$	(235.3	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss	$	373.0		$	339.6		$	23.9		$	16.1
Net prior service cost (benefit)	13.4			14.2			(11.6		)	(25.0		)
Total	$	386.4		$	353.8		$	12.3		$	(8.9	)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2016 and May 31, 2015
Discount rate	3.83		%	4.10		%	3.18		%	3.50		%
Long-term rate of compensation increase	3.66		%	3.70		%	N/A			N/A

Projected benefit obligation, Accumulated benefit obligation, and fair value of plan assets for pension plans with accumulated benefit obligations in excess 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 29, 2016 and May 31, 2015 were:

	2016		2015
Projected benefit obligation	$	3,809.5	$	3,805.8
Accumulated benefit obligation	3,734.6		3,658.3
Fair value of plan assets	2,862.9		3,232.1

Components of pension benefit and other postretirement benefit costs

Components of pension benefit and other postretirement benefit costs included:

	Pension Benefits									Other Benefits
	2016			2015			2014			2016			2015			2014
Service cost	$	93.8		$	88.5		$	89.0		$	0.4		$	0.6		$	0.7
Interest cost	159.8			161.3			151.1			7.5			9.9			9.7
Expected return on plan assets	(259.9		)	(267.9		)	(252.9		)	—			—			—
Amortization of prior service cost (benefit)	2.7			3.7			3.8			(7.8		)	(7.9		)	(7.2		)
Special termination benefits	25.6			6.9			0.4			—			—			—
Recognized net actuarial loss	348.5			6.9			2.7			0.1			3.5			6.7
Curtailment loss	0.3			1.5			—			—			—			—
Benefit cost — Company plans	370.8			0.9			(5.9		)	0.2			6.1			9.9
Pension benefit cost — multi-employer plans	42.9			12.4			12.6			—			—			—
Total benefit cost	$	413.7		$	13.3		$	6.7		$	0.2		$	6.1		$	9.9

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

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

	Pension Benefits						Other Benefits
	2016			2015			2016			2015
Net actuarial gain (loss)	$	(390.5	)	$	(143.8	)	$	(8.0	)	$	35.8
Amendments	(2.0		)	(0.6		)	(5.6		)	3.3
Amortization of prior service cost (benefit)	2.7			5.2			(7.8		)	(7.9		)
Recognized net actuarial loss	348.5			6.9			0.1			3.5
Net amount recognized	$	(41.3	)	$	(132.3	)	$	(21.3	)	$	34.7

Weighted Average Actuarial Assumption Used to Determine Net Expense

Weighted-Average Actuarial Assumptions Used to Determine Net Expense

	Pension Benefits						Other Benefits
	2016		2015		2014		2016		2015		2014
Discount rate	4.10	%	4.15	%	4.05	%	3.50	%	3.65	%	3.35	%
Long-term rate of return on plan assets	7.75	%	7.75	%	7.75	%	N/A		N/A		N/A
Long-term rate of compensation increase	3.70	%	4.25	%	4.25	%	N/A		N/A		N/A

Accumulated other comprehensive income (loss)

The amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net expense during the next year are as follows:

	Pension Benefits		Other Benefits
Prior service cost (benefit)	$	2.6	$	(6.8	)
Net actuarial loss	NA		0.4

Fair value of plan assets

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 29, 2016, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.9	$	73.4	$	—	$	74.3
Equity securities:
U.S. equity securities	453.5		13.2		—		466.7
International equity securities	267.5		318.1		—		585.6
Fixed income securities:
Government bonds	43.3		232.8		—		276.1
Corporate bonds	23.6		242.6		—		266.2
Mortgage-backed bonds	58.1		64.4		—		122.5
Real estate funds	—		—		425.0		425.0
Multi-strategy hedge funds	—		—		466.4		466.4
Private equity funds	—		—		89.7		89.7
Master limited partnerships	155.8		—		—		155.8
Private natural resources funds	—		—		27.9		27.9
Net receivables for unsettled transactions	3.2		—		—		3.2
Total assets	$	1,005.9	$	944.5	$	1,009.0	$	2,959.4

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 31, 2015, was as follows:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	2.4	$	80.3	$	—	$	82.7
Equity securities:
U.S. equity securities	542.2		90.9		—		633.1
International equity securities	362.9		448.8		—		811.7
Fixed income securities:
Government bonds	43.9		290.5		—		334.4
Corporate bonds	49.6		394.9		—		444.5
Mortgage-backed bonds	49.5		24.0		—		73.5
Real estate funds	—		6.6		344.9		351.5
Multi-strategy hedge funds	—		—		484.5		484.5
Private equity funds	—		—		93.0		93.0
Master limited partnerships	191.4		—		—		191.4
Private natural resources funds	—		11.9		19.9		31.8
Net receivables for unsettled transactions	6.9		—		—		6.9
Total assets	$	1,248.8	$	1,347.9	$	942.3	$	3,539.0

Weighted average asset allocation and target asset allocation

Our pension plan weighted-average asset allocations and our target asset allocations, by asset category were as follows:

	May 29, 2016		May 31, 2015		Target Allocation
Equity securities	36	%	41	%	25% - 45%
Debt securities	22	%	24	%	14% - 24%
Real estate funds	14	%	10	%	1% - 19%
Multi-strategy hedge funds	16	%	14	%	5% - 25%
Private equity	3	%	2	%	3% - 13%
Other	9	%	9	%	3% - 30%
Total	100	%	100	%

Change in the fair value of the Plan Assets

The change in the fair value of the plan’s Level 3 assets is summarized as follows:

	Fair Value May 31, 2015		Realized Gains (Losses)		Unrealized Gains (Losses)			Net Purchases and Sales			Fair Value May 29, 2016
Real estate funds	$	344.9	$	0.4	$	46.1		$	33.6		$	425.0
Multi-strategy hedge funds	484.5		0.2		(17.2		)	(1.1		)	466.4
Private equity	93.0		2.2		(0.5		)	(5.0		)	89.7
Private natural resources	19.9		—		(6.1		)	14.1			27.9
Total	$	942.3	$	2.8	$	22.3		$	41.6		$	1,009.0

	Fair Value May 25, 2014		Realized Gains (Losses)		Unrealized Gains (Losses)			Net Purchases and Sales			Fair Value May 31, 2015
Real estate funds	$	170.6	$	0.5	$	21.0		$	152.8		$	344.9
Multi-strategy hedge funds	462.3		0.3		22.8			(0.9		)	484.5
Private equity	81.3		2.7		(3.3		)	12.3			93.0
Private natural resources	16.6		—		0.5			2.8			19.9
Total	$	730.8	$	3.5	$	41.0		$	167.0		$	942.3

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 29, 2016		May 31, 2015
Initial health care cost trend rate	9.0	%	9.0	%
Ultimate health care cost trend rate	4.5	%	4.5	%
Year that the rate reaches the ultimate trend rate	2024		2023

Percentage point change in assumed health care cost trend rates

A one percentage point change in assumed health care cost rates would have the following effect:

	One  Percent Increase		One  Percent Decrease
Effect on total service and interest cost	$	0.4	$	(0.4	)
Effect on postretirement benefit obligation	11.3		(10.1		)

Estimated future gross benefit payments and Medicare Part D subsidy receipts

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

	Pension Benefits		Health Care and Life Insurance Benefits
2017	$	183.8	$	22.1
2018	190.4		21.0
2019	194.7		19.8
2020	199.6		18.6
2021	204.2		17.5
Succeeding 5 years	1,080.3		69.0

Plans not individually significant

For plans that are not individually significant to ConAgra Foods the total amount of contributions is presented in the aggregate.

		Pension Protection Act Zone Status		FIP / RP Status Pending / Implemented	Contributions by the Company (millions)					Expiration Dates of Collective Bargaining Agreements
Pension Fund	EIN / PN	2015	2014		FY16		FY15	FY14	Surcharge Imposed
Bakery and Confectionary Union and Industry International Pension Plan	52-6118572 / 001	Red	Red	RP Implemented	$	3.1	$3.7	$3.5	No	2/28/2020
Central States, Southeast and Southwest Areas Pension Fund	36-6044243 / 001	Red	Red	RP Implemented	1.9		2.0	2.1	No	6/04/2017
National Conference of Fireman & Oilers National Pension Fund	52-6085445 / 003	Yellow	Yellow	FIP Implemented	—		0.6	0.7	No	11/19/2015
Western Conference of Teamsters Pension Plan	91-6145047 / 001	Green	Green	N/A	5.4		4.9	4.9	No	05/31/2016 to 06/30/2018
Other Plans					0.7		0.8	1.2
Total Contributions					$	11.1	$12.0	$12.4

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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

May 29, 2016

Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]

Fair value of assets and liabilities measured on 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 29, 2016:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	4.7	$	21.4	$	—	$	26.1
Available-for-sale securities	3.0		—		—		3.0
Deferred compensation assets	0.7		—		—		0.7
Total assets	$	8.4	$	21.4	$	—	$	29.8
Liabilities:
Derivative liabilities	$	—	$	0.7	$	—	$	0.7
Deferred compensation liabilities	46.5		—		—		46.5
Total liabilities	$	46.5	$	0.7	$	—	$	47.2

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, 2015:

	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets	$	13.6	$	18.6	$	—	$	32.2
Available-for-sale securities	2.8		—		—		2.8
Deferred compensation assets	0.9		—		—		0.9
Total assets	$	17.3	$	18.6	$	—	$	35.9
Liabilities:
Derivative liabilities	$	—	$	14.2	$	—	$	14.2
Deferred compensation liabilities	43.7		—		—		43.7
Total liabilities	$	43.7	$	14.2	$	—	$	57.9

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BUSINESS SEGMENTS AND RELATED INFORMATION (Tables)

12 Months Ended

May 29, 2016

Segment Reporting [Abstract]

Segment operations

	2016		2015		2014
Net sales
Consumer Foods	$	7,225.1	$	7,565.3	$	7,596.3
Commercial Foods	4,417.8		4,371.7		4,241.9
Total net sales	$	11,642.9	$	11,937.0	$	11,838.2
Operating profit
Consumer Foods	$	1,087.6	$	1,068.0	$	900.5
Commercial Foods	633.2		566.2		533.5
Total operating profit	$	1,720.8	$	1,634.2	$	1,434.0
Equity method investment earnings
Consumer Foods	$	3.2	$	3.0	$	2.8
Commercial Foods	134.6		119.1		29.7
Total equity method investment earnings	$	137.8	$	122.1	$	32.5
Operating profit plus equity method investment earnings
Consumer Foods	$	1,090.8	$	1,071.0	$	903.3
Commercial Foods	767.8		685.3		563.2
Total operating profit plus equity method investment earnings	$	1,858.6	$	1,756.3	$	1,466.5
General corporate expenses	$	839.4	$	303.9	$	285.5
Interest expense, net	297.8		330.0		377.5
Income tax expense	225.4		362.1		178.3
Income from continuing operations	$	496.0	$	760.3	$	625.2
Less: Net income attributable to noncontrolling interests	11.1		11.8		12.0
Income from continuing operations attributable to ConAgra Foods, Inc.	$	484.9	$	748.5	$	613.2
Identifiable assets
Consumer Foods	$	7,811.3	$	7,792.7	$	7,917.4
Commercial Foods	3,770.9		3,678.1		2,954.3
Corporate	1,465.6		632.2		591.2
Held for Sale	342.8		5,334.8		7,778.6
Total identifiable assets	$	13,390.6	$	17,437.8	$	19,241.5
Additions to property, plant and equipment
Consumer Foods	$	198.8	$	133.7	$	183.5
Commercial Foods	151.1		117.4		205.6
Corporate	79.9		100.1		72.0
Total additions to property, plant and equipment	$	429.8	$	351.2	$	461.1
Depreciation and amortization
Consumer Foods	$	210.4	$	209.0	$	191.4
Commercial Foods	102.5		105.3		98.8
Corporate	61.0		66.1		64.4
Total depreciation and amortization	$	373.9	$	380.4	$	354.6

Net sales by product type segment

Net sales by product type within each segment were:

	2016		2015		2014
Net sales
Consumer Foods:
Grocery	$	3,382.0	$	3,503.7	$	4,182.1
Frozen	2,867.4		2,985.5		2,288.1
International	874.8		970.8		1,010.7
Other Brands	100.9		105.3		115.4
Total Consumer Foods	$	7,225.1	$	7,565.3	$	7,596.3
Commercial Foods:
Specialty Potatoes	$	2,968.1	$	2,892.4	$	2,792.7
Foodservice	1,449.7		1,479.3		1,449.2
Total Commercial Foods	$	4,417.8	$	4,371.7	$	4,241.9
Total net sales	$	11,642.9	$	11,937.0	$	11,838.2

Allocation 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:

	2016			2015			2014
Net derivative gains (losses) incurred	$	(12.1	)	$	(79.3	)	$	21.2
Less: Net derivative losses allocated to reporting segments	(30.2		)	(46.6		)	(1.6		)
Net derivative gains (losses) recognized in general corporate expenses	$	18.1		$	(32.7	)	$	22.8
Net derivative losses allocated to Consumer Foods	$	(21.1	)	$	(41.9	)	$	(5.9	)
Net derivative gains (losses) allocated to Commercial Foods	(9.1		)	(4.7		)	4.3
Net derivative losses included in segment operating profit	$	(30.2	)	$	(46.6	)	$	(1.6	)

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QUARTERLY FINANCIAL DATA (Unaudited) (Tables)

12 Months Ended

May 29, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

	2016											2015
	First Quarter			Second Quarter			Third Quarter		Fourth Quarter			First Quarter		Second Quarter			Third Quarter			Fourth Quarter
Net sales	$	2,796.2		$	3,095.1		$	2,924.1	$	2,827.5		$	2,765.5	$	3,138.7		$	2,907.3		$	3,125.5
Gross profit	701.0			828.5			800.4		760.9			591.3		757.7			720.0			806.6
Income (loss) from continuing operations, net of tax	167.4			166.1			187.6		(25.1		)	95.4		218.1			212.3			234.5
Income (loss) from discontinued operations, net of tax	(1,319.8		)	(6.8		)	18.7		146.0			389.1		(202.2		)	(1,165.0		)	(23.0		)
Net income (loss) attributable to ConAgra Foods, Inc.	(1,154.1		)	154.9			204.6		117.6			482.3		10.0			(954.1		)	209.2
Earnings per share (1):
Basic earnings per share:
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(2.68	)	$	0.36		$	0.46	$	0.27		$	1.14	$	0.02		$	(2.23	)	$	0.49
Diluted earnings per share:
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(2.65	)	$	0.35		$	0.46	$	0.27		$	1.12	$	0.02		$	(2.21	)	$	0.48
Dividends declared per common share	$	0.25		$	0.25		$	0.25	$	0.25		$	0.25	$	0.25		$	0.25		$	0.25
Share price:
High	$	45.49		$	42.75		$	42.70	$	46.43		$	32.85	$	35.65		$	37.29		$	38.90
Low	37.42			38.84			38.70		42.06			28.73		31.87			33.57			33.58

⁽¹⁾  Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Property, Plant and Equipment [Line Items]
Fiscal Period Duration	364 days	371 days	364 days
Advertising and promotion expenses	$ 371.4	$ 330.0	$ 395.7
Research and Development expenses	66.7	70.4	86.0
Net foreign currency transaction losses from continuing operations	7.7	2.9	$ 5.4
Other assets	1,067.2	926.8
Other noncurrent liabilities	$ 2,144.1	1,915.9
Adjustments for New Accounting Principle, Early Adoption
Property, Plant and Equipment [Line Items]
Other assets		(104.3)
Other noncurrent liabilities		$ 104.3

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment) (Details)	12 Months Ended
	May 29, 2016
Land improvements | Minimum
Property plant and equipment estimated useful lives of respective classes of assets
Property, plant and equipment, useful life	1 year
Land improvements | Maximum
Property plant and equipment estimated useful lives of respective classes of assets
Property, plant and equipment, useful life	40 years
Buildings | Minimum
Property plant and equipment estimated useful lives of respective classes of assets
Property, plant and equipment, useful life	15 years
Buildings | Maximum
Property plant and equipment estimated useful lives of respective classes of assets
Property, plant and equipment, useful life	40 years
Machinery and equipment | Minimum
Property plant and equipment estimated useful lives of respective classes of assets
Property, plant and equipment, useful life	3 years
Machinery and equipment | Maximum
Property plant and equipment estimated useful lives of respective classes of assets
Property, plant and equipment, useful life	20 years
Furniture, fixtures, office equipment and other | Minimum
Property plant and equipment estimated useful lives of respective classes of assets
Property, plant and equipment, useful life	5 years
Furniture, fixtures, office equipment and other | Maximum
Property plant and equipment estimated useful lives of respective classes of assets
Property, plant and equipment, useful life	15 years

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Balances in Accumulated Other Comprehensive Income, Net of Tax) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015	May 25, 2014
Accounting Policies [Abstract]
Currency translation gains (losses), net of reclassification adjustments	$ (95.2)	$ (113.9)	$ 23.7
Derivative adjustments, net of reclassification adjustments	(0.4)	0.9	1.2
Unrealized losses on available-for-sale securities	(0.6)	(0.7)	(1.1)
Pension and post-employment benefit obligations, net of reclassification adjustments	(248.3)	(215.8)	(158.1)
Accumulated other comprehensive loss	$ (344.5)	$ (329.5)	$ (134.3)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reclassifications from AOCI) (Details) - USD ($) $ in Millions	3 Months Ended							6 Months Ended	12 Months Ended
	May 29, 2016	Feb. 28, 2016	Nov. 29, 2015	Aug. 30, 2015	May 31, 2015	Feb. 22, 2015	Aug. 24, 2014	Nov. 23, 2014	May 29, 2016	May 31, 2015	May 25, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense, net									$ (297.8)	$ (330.0)	$ (377.5)
Selling, general and administrative expenses									(2,209.4)	(1,545.3)	(1,778.9)
Income (loss) from discontinued operations, net of tax	$ (146.0)	$ (18.7)	$ 6.8	$ 1,319.8	$ 23.0	$ 1,165.0	$ (389.1)	$ 202.2	1,161.9	1,001.1	310.1
Equity method investment earnings									(137.8)	(122.1)	(32.5)
Cost of goods sold									8,552.1	9,061.4	8,910.8
Total before tax	$ 25.1	$ (187.6)	$ (166.1)	$ (167.4)	$ (234.5)	$ (212.3)	$ (95.4)	$ (218.1)	(496.0)	(760.3)	(625.2)
Income tax expense (benefit)									(225.4)	(362.1)	$ (178.3)
Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense, net									(2.1)	(0.5)
Selling, general and administrative expenses										(54.9)
Total before tax									2.1	0.5
Income tax expense (benefit)									0.8	0.2
Net of tax									1.3	0.3
Reclassification out of Accumulated Other Comprehensive Income | Amortization of pension and postretirement healthcare liabilities:
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Total before tax									14.5	(0.8)
Income tax expense (benefit)									4.9	(0.3)
Net of tax									9.6	(0.5)
Reclassification out of Accumulated Other Comprehensive Income | Net prior service benefit
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative expenses									(5.1)	(4.2)
Reclassification out of Accumulated Other Comprehensive Income | Divestiture of Private Brands
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income (loss) from discontinued operations, net of tax									(4.3)	0.0
Reclassification out of Accumulated Other Comprehensive Income | Pension settlement of equity method investment
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Equity method investment earnings									(5.2)	0.0
Reclassification out of Accumulated Other Comprehensive Income | Net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative expenses									0.1	3.5
Reclassification out of Accumulated Other Comprehensive Income | Curtailment
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of goods sold									0.0	1.5
Reclassification out of Accumulated Other Comprehensive Income | Currency translation losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income (loss) from discontinued operations, net of tax									(73.4)	0.0
Total before tax									(73.4)	0.0
Income tax expense (benefit)									0.0	0.0
Net of tax									$ (73.4)	$ 0.0

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ACQUISITIONS (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	May 31, 2015	Jul. 31, 2014	Sep. 30, 2013	May 29, 2016	May 31, 2015	May 25, 2014
Business Acquisitions [Line Items]
Purchase price allocated to goodwill	$ 4,544.6			$ 4,533.8	$ 4,544.6	$ 4,548.6
Consideration paid for the merger				0.0	$ 95.7	$ 39.9
Blake's All Natural Foods
Business Acquisitions [Line Items]
Payments to acquire a business	$ 20.7
Purchase price allocated to goodwill				$ 20.0
TaiMei Potato Industry Limited
Business Acquisitions [Line Items]
Payments to acquire a business		$ 92.2
Purchase price allocated to goodwill		23.8
Consideration paid for the merger		74.9
Brands, trademarks and other intangibles		$ 3.5
Harlan Bakeries
Business Acquisitions [Line Items]
Payments to acquire a business			$ 39.9

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RESTRUCTURING ACTIVITIES (Narrative) (Details) $ in Millions	3 Months Ended		12 Months Ended
	Feb. 28, 2016 USD ($)	Nov. 29, 2015 USD ($) building	May 29, 2016 USD ($)	May 31, 2015 USD ($)	May 25, 2014 USD ($)
SCAE Plan
Restructuring Cost and Reserve [Line Items]
Approved expenses (up to)			$ 739.0
Restructuring and related cost, expected cost			443.9
Restructuring And Related Cost Expected Cash Outflows From Inception			315.5
Restructuring And Related Cost Expected Noncash Charges From Inception			128.4
Expenses that have resulted or will result in cash outflows			195.7
Non-cash expenses			86.2
Restructuring and related cost, incurred cost			281.8	$ 47.7	$ 31.3
Property Subject to or Available for Operating Lease, Number of Units | building		2
Loss on Contract Termination		$ 55.6
Financial Lease Obligations		$ 74.2
Restructuring And Related Cost Incurred Cash Outflows			248.8
Restructuring And Related Cost Incurred Noncash Charges			112.0
Acquisition-Related Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost			23.7
Expenses that have resulted or will result in cash outflows			15.8
Non-cash expenses			7.9
Acquisition-Related Restructuring | Consumer Foods
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost			$ 0.2	$ 9.4
Private Brands
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 11.8
Restructuring And Related Cost Incurred Cash Outflows	84.5
Restructuring And Related Cost Incurred Noncash Charges	45.7
Restructuring and Related Cost, Incurred Cost From Inception	$ 130.2

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RESTRUCTURING ACTIVITIES (Consolidated Amounts) (Details) - SCAE Plan - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	$ 443.9
Restructuring and related cost, incurred cost	281.8	$ 47.7	$ 31.3
Restructured and related cost incurred to date	360.8
Total cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	91.2
Restructuring and related cost, incurred cost	49.0
Restructured and related cost incurred to date	75.1
Multi-employer pension costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	31.3
Restructuring and related cost, incurred cost	29.8
Restructured and related cost incurred to date	31.3
Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	52.1
Restructuring and related cost, incurred cost	17.5
Restructured and related cost incurred to date	40.0
Other cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	7.8
Restructuring and related cost, incurred cost	1.7
Restructured and related cost incurred to date	3.8
Total selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	352.7
Restructuring and related cost, incurred cost	232.8
Restructured and related cost incurred to date	285.7
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	143.2
Restructuring and related cost, incurred cost	100.5
Restructured and related cost incurred to date	137.9
Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1.6
Restructuring and related cost, incurred cost	0.5
Restructured and related cost incurred to date	1.3
Consulting/Professional fees
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	64.3
Restructuring and related cost, incurred cost	48.1
Restructured and related cost incurred to date	51.9
Fixed asset impairment /Net loss on disposal
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	11.6
Restructuring and related cost, incurred cost	10.5
Restructured and related cost incurred to date	11.6
Contract/Lease termination expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	65.4
Restructuring and related cost, incurred cost	61.3
Restructured and related cost incurred to date	63.0
Other selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	66.6
Restructuring and related cost, incurred cost	11.9
Restructured and related cost incurred to date	20.0
Reporting segments | Consumer Foods
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	154.4
Restructuring and related cost, incurred cost	74.1
Restructured and related cost incurred to date	127.5
Reporting segments | Consumer Foods | Total cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	90.0
Restructuring and related cost, incurred cost	48.8
Restructured and related cost incurred to date	73.9
Reporting segments | Consumer Foods | Multi-employer pension costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	31.3
Restructuring and related cost, incurred cost	29.8
Restructured and related cost incurred to date	31.3
Reporting segments | Consumer Foods | Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	50.9
Restructuring and related cost, incurred cost	17.3
Restructured and related cost incurred to date	38.8
Reporting segments | Consumer Foods | Other cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	7.8
Restructuring and related cost, incurred cost	1.7
Restructured and related cost incurred to date	3.8
Reporting segments | Consumer Foods | Total selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	64.4
Restructuring and related cost, incurred cost	25.3
Restructured and related cost incurred to date	53.6
Reporting segments | Consumer Foods | Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	35.4
Restructuring and related cost, incurred cost	11.8
Restructured and related cost incurred to date	33.4
Reporting segments | Consumer Foods | Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.1
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Reporting segments | Consumer Foods | Consulting/Professional fees
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1.1
Restructuring and related cost, incurred cost	0.1
Restructured and related cost incurred to date	1.1
Reporting segments | Consumer Foods | Fixed asset impairment /Net loss on disposal
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	10.8
Restructuring and related cost, incurred cost	9.7
Restructured and related cost incurred to date	10.8
Reporting segments | Consumer Foods | Contract/Lease termination expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1.3
Restructuring and related cost, incurred cost	(0.1)
Restructured and related cost incurred to date	1.3
Reporting segments | Consumer Foods | Other selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	15.7
Restructuring and related cost, incurred cost	3.8
Restructured and related cost incurred to date	7.0
Reporting segments | Commercial Foods
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	8.1
Restructuring and related cost, incurred cost	0.1
Restructured and related cost incurred to date	8.1
Reporting segments | Commercial Foods | Total cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Reporting segments | Commercial Foods | Multi-employer pension costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Reporting segments | Commercial Foods | Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Reporting segments | Commercial Foods | Other cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Reporting segments | Commercial Foods | Total selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	8.1
Restructuring and related cost, incurred cost	0.1
Restructured and related cost incurred to date	8.1
Reporting segments | Commercial Foods | Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	8.1
Restructuring and related cost, incurred cost	0.1
Restructured and related cost incurred to date	8.1
Reporting segments | Commercial Foods | Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Reporting segments | Commercial Foods | Consulting/Professional fees
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Reporting segments | Commercial Foods | Fixed asset impairment /Net loss on disposal
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Reporting segments | Commercial Foods | Contract/Lease termination expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Reporting segments | Commercial Foods | Other selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	281.4
Restructuring and related cost, incurred cost	207.6
Restructured and related cost incurred to date	225.2
Corporate | Total cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1.2
Restructuring and related cost, incurred cost	0.2
Restructured and related cost incurred to date	1.2
Corporate | Multi-employer pension costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Corporate | Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1.2
Restructuring and related cost, incurred cost	0.2
Restructured and related cost incurred to date	1.2
Corporate | Other cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.0
Restructuring and related cost, incurred cost	0.0
Restructured and related cost incurred to date	0.0
Corporate | Total selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	280.2
Restructuring and related cost, incurred cost	207.4
Restructured and related cost incurred to date	224.0
Corporate | Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	99.7
Restructuring and related cost, incurred cost	88.6
Restructured and related cost incurred to date	96.4
Corporate | Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1.5
Restructuring and related cost, incurred cost	0.5
Restructured and related cost incurred to date	1.3
Corporate | Consulting/Professional fees
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	63.2
Restructuring and related cost, incurred cost	48.0
Restructured and related cost incurred to date	50.8
Corporate | Fixed asset impairment /Net loss on disposal
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	0.8
Restructuring and related cost, incurred cost	0.8
Restructured and related cost incurred to date	0.8
Corporate | Contract/Lease termination expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	64.1
Restructuring and related cost, incurred cost	61.4
Restructured and related cost incurred to date	61.7
Corporate | Other selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	50.9
Restructuring and related cost, incurred cost	8.1
Restructured and related cost incurred to date	$ 13.0

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RESTRUCTURING ACTIVITIES (Liabilities for Initiatives and Changes) (Details) - SCAE Plan $ in Millions	12 Months Ended
	May 29, 2016 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 32.3
Costs Incurred and Charged to Expense	179.5
Costs Paid or Otherwise Settled	(104.6)
Changes in Estimates	(7.8)
Ending balance	99.4
Multi-employer pension costs
Restructuring Reserve [Roll Forward]
Beginning balance	11.4
Costs Incurred and Charged to Expense	30.0
Costs Paid or Otherwise Settled	(0.7)
Changes in Estimates	0.0
Ending balance	40.7
Severance and related costs
Restructuring Reserve [Roll Forward]
Beginning balance	16.4
Costs Incurred and Charged to Expense	84.8
Costs Paid or Otherwise Settled	(46.5)
Changes in Estimates	(7.5)
Ending balance	47.2
Consulting/Professional fees
Restructuring Reserve [Roll Forward]
Beginning balance	0.2
Costs Incurred and Charged to Expense	48.2
Costs Paid or Otherwise Settled	(43.7)
Changes in Estimates	0.0
Ending balance	4.7
Contract/Lease termination expenses
Restructuring Reserve [Roll Forward]
Beginning balance	3.1
Costs Incurred and Charged to Expense	6.0
Costs Paid or Otherwise Settled	(2.5)
Changes in Estimates	(0.3)
Ending balance	6.3
Other costs
Restructuring Reserve [Roll Forward]
Beginning balance	1.2
Costs Incurred and Charged to Expense	10.5
Costs Paid or Otherwise Settled	(11.2)
Changes in Estimates	0.0
Ending balance	$ 0.5

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LONG-TERM DEBT (Schedule of Debt) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Debt Instrument [Line Items]
Total face value of debt	$ 5,477.2	$ 7,801.0
Unamortized fair value adjustment of senior debt in connection with Ralcorp	39.8	146.7
Unamortized discounts/premiums	(19.8)	(32.8)
Unamortized debt issuance costs	(14.6)	(30.1)
Adjustment due to hedging activity	6.6	11.8
Less current installments	(571.4)	(1,007.8)
Total long-term debt	4,917.8	6,888.8
4.65% senior debt due January 2043
Debt Instrument [Line Items]
Total face value of debt	$ 176.7	$ 737.0
Interest rate	4.65%	4.65%
6.625% senior debt due August 2039
Debt Instrument [Line Items]
Total face value of debt	$ 91.4	$ 450.0
Interest rate	6.625%	6.625%
8.25% senior debt due September 2030
Debt Instrument [Line Items]
Total face value of debt	$ 300.0	$ 300.0
Interest rate	8.25%	8.25%
7.0% senior debt due October 2028
Debt Instrument [Line Items]
Total face value of debt	$ 382.2	$ 382.2
Interest rate	7.00%	7.00%
6.7% senior debt due August 2027
Debt Instrument [Line Items]
Total face value of debt	$ 9.2	$ 9.2
Interest rate	6.70%	6.70%
7.125% senior debt due October 2026
Debt Instrument [Line Items]
Total face value of debt	$ 262.5	$ 372.4
Interest rate	7.125%	7.125%
3.2% senior debt due January 2023
Debt Instrument [Line Items]
Total face value of debt	$ 837.0	$ 1,000.0
Interest rate	3.20%	3.20%
3.25% senior debt due September 2022
Debt Instrument [Line Items]
Total face value of debt	$ 250.0	$ 250.0
Interest rate	3.25%	3.25%
9.75% subordinated debt due March 2021
Debt Instrument [Line Items]
Total face value of debt	$ 195.9	$ 195.9
Interest rate	9.75%	9.75%
4.95% senior debt due August 2020
Debt Instrument [Line Items]
Total face value of debt	$ 197.7	$ 300.0
Interest rate	4.95%	4.95%
7.0% senior debt due April 2019
Debt Instrument [Line Items]
Total face value of debt	$ 335.0	$ 475.0
Interest rate	7.00%	7.00%
2.1% senior debt due March 2018
Debt Instrument [Line Items]
Total face value of debt	$ 225.0	$ 225.0
Interest rate	2.10%	2.10%
1.9% senior debt due January 2018
Debt Instrument [Line Items]
Total face value of debt	$ 1,000.0	$ 1,000.0
Interest rate	1.90%	1.90%
5.819% senior debt due June 2017
Debt Instrument [Line Items]
Total face value of debt	$ 475.0	$ 475.0
Interest rate	5.819%	5.819%
LIBOR plus 0.37% senior notes due July 2016
Debt Instrument [Line Items]
Total face value of debt	$ 550.0	$ 550.0
Interest rate	0.37%	0.37%
1.3% senior debt due January 2016
Debt Instrument [Line Items]
Total face value of debt	$ 0.0	$ 750.0
Interest rate	1.30%	1.30%
1.35% senior debt due September 2015
Debt Instrument [Line Items]
Total face value of debt	$ 0.0	$ 250.0
Interest rate	1.35%	1.35%
2.00% to 9.59% lease financing obligations due on various dates through 2040
Debt Instrument [Line Items]
Total face value of debt	$ 149.2	$ 68.4
2.00% to 9.59% lease financing obligations due on various dates through 2040 | Minimum
Debt Instrument [Line Items]
Interest rate	2.00%	2.00%
2.00% to 9.59% lease financing obligations due on various dates through 2040 | Maximum
Debt Instrument [Line Items]
Interest rate	9.59%	9.59%
Other indebtedness
Debt Instrument [Line Items]
Total face value of debt	$ 40.4	$ 10.9

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LONG-TERM DEBT (Aggregate Minimum Principal Maturities) (Details) $ in Millions	May 29, 2016 USD ($)
Debt Disclosure [Abstract]
2017	$ 571.7
2018	1,714.0
2019	347.8
2020	31.6
2021	$ 402.2

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LONG-TERM DEBT (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Feb. 28, 2016	Nov. 29, 2015	Aug. 24, 2014	Nov. 28, 2010	May 29, 2016	May 31, 2015	May 25, 2014
Debt Instrument [Line Items]
Repayments of long-term debt					$ 2,525.0	$ 1,493.5	$ 569.1
(Gain) loss on extinguishment of debt	$ 23.9				23.9	24.6	(4.0)
Proceeds from Issuance of Debt	600.0
Interest paid					323.8	335.4	393.7
Senior notes					5,477.2	7,801.0
Fair value adjustment					156.8
Debt Instrument, Written Off Due to Tender Offer	94.2
2014 Interest Rate Swap
Debt Instrument [Line Items]
Reduction of net interest expense due to impact of interest rate swap contracts					7.1	4.1
Interest Rate Swap
Debt Instrument [Line Items]
Reduction of net interest expense due to impact of interest rate swap contracts					2.1	0.8
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion					$ 12.6
2010 Interest Rate Swap
Debt Instrument [Line Items]
Reduction of net interest expense due to impact of interest rate swap contracts						$ 8.6
Proceeds from termination of interest rate swap contract				$ 28.2
Tender Premium
Debt Instrument [Line Items]
(Gain) loss on extinguishment of debt	109.5
4.95% Percent Senior Debt Due August 2020
Debt Instrument [Line Items]
Effective interest rate					2.92%
4.95% senior debt due August 2020
Debt Instrument [Line Items]
Interest rate					4.95%	4.95%
Senior notes					$ 197.7	$ 300.0
2023 Maturity
Debt Instrument [Line Items]
Repayments of long-term debt						225.0
2043 Maturity
Debt Instrument [Line Items]
Repayments of long-term debt						200.0
2019 Maturity
Debt Instrument [Line Items]
Repayments of long-term debt						25.0
2018 Maturity
Debt Instrument [Line Items]
Repayments of long-term debt						25.0
2017 Maturity
Debt Instrument [Line Items]
Repayments of long-term debt						25.0
Senior Notes Due 2023, 2043, 2019, 2018, and 2017
Debt Instrument [Line Items]
(Gain) loss on extinguishment of debt						16.3
Senior Notes Due 2023, 2043, 2019, 2018, and 2017 | Tender Premium
Debt Instrument [Line Items]
(Gain) loss on extinguishment of debt						$ 9.5
LIBOR plus 1.75% term loans due January 2018
Debt Instrument [Line Items]
Interest rate					1.75%	1.75%
LIBOR plus 0.37% senior notes due July 2016
Debt Instrument [Line Items]
Notes Payable					$ 550.0
Interest rate					0.37%	0.37%
Senior notes					$ 550.0	$ 550.0
5.875% Senior Debt Due April 2014
Debt Instrument [Line Items]
Repayments of long-term debt							$ 500.0
Interest rate							5.875%
4.65% senior debt due January 2043
Debt Instrument [Line Items]
Interest rate					4.65%	4.65%
Senior notes					$ 176.7	$ 737.0
Ralcorp Notes
Debt Instrument [Line Items]
Long-term Debt, Gross					716.0
Reduction in net interest expenses					$ 6.7	$ 7.4	$ 6.7
1.3% senior debt due January 2016
Debt Instrument [Line Items]
Interest rate					1.30%	1.30%
Senior notes					$ 0.0	$ 750.0
1.9% senior debt due January 2018
Debt Instrument [Line Items]
Interest rate					1.90%	1.90%
Senior notes					$ 1,000.0	$ 1,000.0
3.2% senior debt due January 2023
Debt Instrument [Line Items]
Interest rate					3.20%	3.20%
Senior notes					$ 837.0	$ 1,000.0
6.625% senior debt due August 2039
Debt Instrument [Line Items]
Interest rate					6.625%	6.625%
Senior notes					$ 91.4	$ 450.0
6.25% Senior Debt Due August 2039
Debt Instrument [Line Items]
Effective interest rate					4.86%
Senior Notes | 2023 Maturity
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	163.0
Senior Notes | 2043 Maturity
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	560.3
Senior Notes | 2039 Maturity
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	341.8
Senior Notes | 2019 Maturity
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	139.9
Senior Notes | 2026 Maturity
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	110.0
Senior Notes | 2020 Maturity
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	85.0
Senior Notes | 2016 Maturity
Debt Instrument [Line Items]
Repayments of Senior Debt	$ 750.0
Interest rate	1.30%
Senior Notes | 2015 Maturity
Debt Instrument [Line Items]
Repayments of long-term debt		$ 250.0
Interest rate		1.35%
Unsecured Debt | LIBOR plus 1.75% term loans due January 2018
Debt Instrument [Line Items]
(Gain) loss on extinguishment of debt			$ 8.3
Debt Instrument, Face Amount			$ 900.0
Unsecured Debt | LIBOR plus 1.75% term loans due January 2018 | LIBOR
Debt Instrument [Line Items]
Interest rate on borrowings			1.75%
Ralcorp
Debt Instrument [Line Items]
(Gain) loss on extinguishment of debt	$ 5.4
Early repayment of senior debt	$ 33.9
Ralcorp | Senior Notes | 2039 Maturity
Debt Instrument [Line Items]
Interest rate	6.625%
Early repayment of senior debt	$ 16.7
Effective interest rate	4.82%
Ralcorp | Senior Notes | 2020 Maturity
Debt Instrument [Line Items]
Interest rate	4.95%
Early repayment of senior debt	$ 17.2
Effective interest rate	2.83%

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LONG-TERM DEBT (Net Interest Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Debt Disclosure [Abstract]
Long-term debt	$ 304.5	$ 335.0	$ 391.9
Short-term debt	2.4	2.8	1.5
Interest income	(1.3)	(1.2)	(2.3)
Interest capitalized	(7.8)	(6.6)	(13.6)
Net interest expense	$ 297.8	$ 330.0	$ 377.5

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CREDIT FACILITIES AND BORROWINGS (Details) - USD ($)	12 Months Ended
	May 29, 2016	May 31, 2015
Line of Credit Facility [Line Items]
Amount outstanding under commercial paper program	$ 0	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Multi-year revolving credit facility	1,500,000,000
Line of credit facility, amount outstanding	$ 0
Percentage of consolidated capital base if exceeded by funded debt than repay borrowings as per multi-year revolving credit facility	65.00%
Fixed charges coverage if range in than repay Borrowings as per multi year revolving credit facility	1.75
Revolving Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Interest rate on borrowings	1.25%

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DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended											6 Months Ended	12 Months Ended
	Aug. 28, 2016	May 29, 2016	Feb. 28, 2016	Nov. 29, 2015	Aug. 30, 2015	May 31, 2015	Feb. 22, 2015	Aug. 24, 2014	May 25, 2014	Nov. 24, 2013	Feb. 24, 2013	Nov. 23, 2014	May 29, 2016	May 31, 2015	May 25, 2014	Nov. 01, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges													$ 62.6	$ 36.0	$ 118.9
Gain (loss) on extinguishment of debt			$ (23.9)										(23.9)	(24.6)	4.0
Deferred tax assets, net		$ 2,368.2				$ 603.8							2,368.2	603.8
Impairment, goodwill														20.9
Net sales		2,827.5	2,924.1	$ 3,095.1	$ 2,796.2	3,125.5	$ 2,907.3	$ 2,765.5				$ 3,138.7	11,642.9	11,937.0	11,838.2
Income tax expense (benefit)													225.4	362.1	178.3
Noncurrent assets held for sale		225.8				4,486.0							225.8	4,486.0
Private Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration																$ 2,600.0
Asset impairment charges													1,920.0
Asset impairment charges, after tax													1,440.0
Deferred tax assets, net			1,540.0
Increase (decrease) in valuation allowance		(20.7)
Impairment, goodwill														1,510.0	593.2
Impairment of long-lived assets to be disposed of														57.6	3.0
Income (loss) from operation of discontinued operations before income taxes													(1,755.0)	(1,495.8)	(409.7)
Noncurrent assets held for sale						4,246.9								4,246.9
Spicetec and JM Swank
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase (decrease) in valuation allowance		(147.3)
Spicetec
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets held for sale		145.9				148.2							145.9	148.2
JM Swank
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets held for sale		73.0				74.3							73.0	74.3
Medallion
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business															32.0
Pretax gain (loss) on sale															5.8
After-tax gain (loss) on sale															3.5
Goodwill and intangible asset impairment, before tax															25.4
Goodwill and intangible asset impairment, after tax															15.2
Net sales															59.1
Income (loss) from operation of discontinued operations before income taxes															5.9
Income tax expense (benefit)															(10.2)
Lightlife
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business														54.7
Pretax gain (loss) on sale														(32.1)
After-tax gain (loss) on sale														(19.8)
Net sales															11.2
Income (loss) from operation of discontinued operations before income taxes														(0.7)	1.9
Income tax expense (benefit)														(0.3)	14.9
Ralcorp
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Early repayment of senior debt			33.9
Gain (loss) on extinguishment of debt			(5.4)
2020 Maturity | Senior Notes | Ralcorp
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Early repayment of senior debt			$ 17.2
Interest rate			4.95%
Effective interest rate			2.83%
2039 Maturity | Senior Notes | Ralcorp
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Early repayment of senior debt			$ 16.7
Interest rate			6.625%
Effective interest rate			4.82%
Commercial Foods
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges									$ 5.1	$ 8.9	$ 10.2
Impairment, goodwill														0.0
Net sales													4,417.8	4,371.7	4,241.9
Commercial Foods | Scenario, Forecast | Spicetec
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business, net	$ 316.5
Commercial Foods | Scenario, Forecast | JM Swank
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business, net	$ 162.4
Corporate Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets held for sale		$ 6.9											6.9
Consumer Foods
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment, goodwill														20.9
Net sales													$ 7,225.1	7,565.3	$ 7,596.3
Noncurrent assets held for sale						$ 16.7								$ 16.7

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DISCONTINUED OPERATIONS (Details) - USD ($) $ in Millions	3 Months Ended							6 Months Ended	12 Months Ended
	May 29, 2016	Feb. 28, 2016	Nov. 29, 2015	Aug. 30, 2015	May 31, 2015	Feb. 22, 2015	Aug. 24, 2014	Nov. 23, 2014	May 29, 2016	May 31, 2015	May 25, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax	$ 146.0	$ 18.7	$ (6.8)	$ (1,319.8)	$ (23.0)	$ (1,165.0)	$ 389.1	$ (202.2)	$ (1,161.9)	$ (1,001.1)	$ (310.1)
Private Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales									2,490.6	3,895.4	4,005.4
Long-lived asset impairment charge									(1,923.0)	(1,564.6)	(596.2)
Income (loss) from operations of discontinued operations before income taxes									168.0	68.8	186.5
Income (loss) before income taxes and equity method investment earnings									(1,755.0)	(1,495.8)	(409.7)
Income tax expense (benefit)									(593.1)	(128.1)	41.8
Income (loss) from discontinued operations, net of tax									$ (1,161.9)	(1,367.7)	(451.5)
ConAgra Mills
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales										16.2	1,859.0
Income (loss) from operations of discontinued operations before income taxes										(9.2)	124.8
Net gain on sale of businesses										627.3	90.3
Income (loss) before income taxes and equity method investment earnings										618.1	215.1
Income tax expense (benefit)										251.1	78.0
Equity method investment earnings										0.0	0.3
Income (loss) from discontinued operations, net of tax										$ 367.0	$ 137.4

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DISCONTINUED OPERATIONS (Assets and Liabilities Classified as Held for Sale) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015	May 25, 2014	May 26, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 0.0	$ 18.4	$ 64.9	$ 58.4
Current assets held for sale	117.0	848.8
Noncurrent assets held for sale	225.8	4,486.0
Current liabilities held for sale	54.7	361.0
Noncurrent liabilities held for sale	1.5	713.0
Private Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		18.4
Receivables, less allowance for doubtful accounts of $0.5		199.3
Inventories		489.3
Prepaids and other current assets		37.3
Current assets held for sale		744.3
Property, plant and equipment, net		920.4
Goodwill		1,600.8
Brands, trademarks and other intangibles, net		1,716.6
Other assets		9.1
Noncurrent assets held for sale		4,246.9
Accounts payable		219.5
Accrued payroll		7.0
Other accrued liabilities		67.5
Current liabilities held for sale		294.0
Other noncurrent liabilities		711.0
Noncurrent liabilities held for sale		711.0
Spicetec
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	43.3	38.0
Goodwill	102.4	102.4
Noncurrent assets held for sale	145.9	148.2
Current liabilities held for sale	10.3	14.7
Noncurrent liabilities held for sale	1.2	1.6
JM Swank
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	73.7	66.6
Goodwill	52.5	52.5
Noncurrent assets held for sale	73.0	74.3
Current liabilities held for sale	44.3	48.0
Noncurrent liabilities held for sale	$ 0.4	$ 0.4

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DISCONTINUED OPERATIONS (Assets and Liabilities Classified as Held for Sale) (Additional Information) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Private Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Allowance for doubtful accounts		$ 0.5
Goodwill		1,600.8
Spicetec
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 102.4	102.4
JM Swank
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 52.5	$ 52.5

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INVESTMENTS IN JOINT VENTURES (Narrative) (Details) $ in Millions		3 Months Ended								6 Months Ended	12 Months Ended
	May 29, 2014 USD ($)	May 29, 2016 USD ($)	Feb. 28, 2016 USD ($)	Nov. 29, 2015 USD ($)	Aug. 30, 2015 USD ($)	May 31, 2015 USD ($)	Feb. 22, 2015 USD ($)	Aug. 24, 2014 USD ($)	May 25, 2014 USD ($) facility	Nov. 23, 2014 USD ($)	May 29, 2016 USD ($)	May 31, 2015 USD ($)	May 25, 2014 USD ($)
Schedule of Equity Method Investments [Line Items]
Income (loss) from discontinued operations, net of tax		$ 146.0	$ 18.7	$ (6.8)	$ (1,319.8)	$ (23.0)	$ (1,165.0)	$ 389.1		$ (202.2)	$ (1,161.9)	$ (1,001.1)	$ (310.1)
Gain on the settlement of a pension plan of an international potato venture											17.7
Sales to equity method investments											16.6	9.5
Purchases from equity method investments											90.8	98.0
Dividends received from equity method investments											78.3	91.3
Selling, general and administrative expenses											2,209.4	1,545.3	$ 1,778.9
Other Assets
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investments		910.8				853.0					910.8	853.0
Ardent Mills
Schedule of Equity Method Investments [Line Items]
Cash payment	$ 49.0
Ownership percentage	44.00%
Proceeds from divestiture of business	$ 391.4
Gain in income from discontinued operations											625.6
Income (loss) from discontinued operations, net of tax											379.6
Ardent Mills | Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Selling, general and administrative expenses											9.7	14.1
Three flour milling facilities
Schedule of Equity Method Investments [Line Items]
Proceeds from divestiture of business									$ 163.0
Number of flour mining facilities sold | facility									3
Ardent Mills | Other Assets
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investments		$ 732.8				$ 708.4					$ 732.8	$ 708.4

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INVESTMENTS IN JOINT VENTURES (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015
Equity Method Investment, Summarized Financial Information, Statement of Earnings [Abstract]
Total net sales	$ 4,479.8	$ 4,338.6
Total gross margin	539.0	570.3
Total earnings after income taxes	250.6	279.4
Ardent Mills
Equity Method Investment, Summarized Financial Information, Statement of Earnings [Abstract]
Total net sales	3,395.3	3,299.2
Total gross margin	339.2	365.3
Total earnings after income taxes	142.9	173.5
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]
Current assets	988.4	1,080.3
Noncurrent assets	1,695.3	1,692.5
Current liabilities	507.7	415.3
Noncurrent liabilities	545.0	649.5
Potato joint ventures
Equity Method Investment, Summarized Financial Information, Statement of Earnings [Abstract]
Total net sales	917.3	872.1
Total gross margin	167.0	171.7
Total earnings after income taxes	101.3	99.8
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]
Current assets	304.8	285.3
Noncurrent assets	294.8	193.0
Current liabilities	202.2	151.8
Noncurrent liabilities	81.7	47.1
Others
Equity Method Investment, Summarized Financial Information, Statement of Earnings [Abstract]
Total net sales	167.2	167.3
Total gross margin	32.8	33.3
Total earnings after income taxes	6.4	6.1
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]
Current assets	80.8	73.1
Noncurrent assets	10.5	10.8
Current liabilities	51.0	42.2
Noncurrent liabilities	$ 0.0	$ 0.0

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VARIABLE INTEREST ENTITIES (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Feb. 28, 2016	May 29, 2016	May 31, 2015
Variable Interest Entity [Line Items]
Contingent put options general exercise period		30 days
Accrued put cost		$ 108,900,000	$ 0
Lamb Weston BSW
Variable Interest Entity [Line Items]
Basis points borrowing under the lines of credit		2.00%
Acquisition of equity interest in Lamb Weston		49.99%
Price at which Ochoa has the right to put its equity interest		$ 47,400,000
Balance of promissory note due from joint venture		36,100,000
Line of credit with Lamb Weston BSW, maximum borrowing capacity		$ 15,000,000
Lamb Weston RDO
Variable Interest Entity [Line Items]
Acquisition of equity interest in Lamb Weston		50.00%
Investment in Lamb Weston, maximum exposure		$ 16,900,000	$ 14,600,000
Owners' equity in capital structure of variable interest entity		33,900,000
Term borrowings from banks in capital structure of Lamb Weston, RDO		41,100,000
2032 Maturity | Lamb Weston BSW | Promissory Note
Variable Interest Entity [Line Items]
Debt Instrument, Face Amount	$ 30,000,000
2032 Maturity | Lamb Weston BSW | Fixed Rate Promissory Note
Variable Interest Entity [Line Items]
Interest rate	4.34%
Debt Instrument, Face Amount	$ 23,000,000
2032 Maturity | Lamb Weston BSW | Variable Rate Promissory Note
Variable Interest Entity [Line Items]
Debt Instrument, Face Amount	$ 7,000,000
LIBOR | Minimum | 2032 Maturity | Lamb Weston BSW | Variable Rate Promissory Note
Variable Interest Entity [Line Items]
Basis points borrowing under the lines of credit	1.90%
LIBOR | Maximum | 2032 Maturity | Lamb Weston BSW | Variable Rate Promissory Note
Variable Interest Entity [Line Items]
Basis points borrowing under the lines of credit	2.30%
Revolving Credit Facility
Variable Interest Entity [Line Items]
Line of credit facility, amount outstanding		0
Revolving Credit Facility | Lamb Weston BSW
Variable Interest Entity [Line Items]
Debt Instrument, Face Amount	$ 10,000,000
Line of credit facility, amount outstanding		$ 1,000,000
Revolving Credit Facility | LIBOR
Variable Interest Entity [Line Items]
Basis points borrowing under the lines of credit		1.25%
Revolving Credit Facility | LIBOR | Minimum | Lamb Weston BSW
Variable Interest Entity [Line Items]
Basis points borrowing under the lines of credit	1.75%
Revolving Credit Facility | LIBOR | Maximum | Lamb Weston BSW
Variable Interest Entity [Line Items]
Basis points borrowing under the lines of credit	2.00%
Loss on Lease Put Option
Variable Interest Entity [Line Items]
Estimate of possible loss		$ 58,500,000
Accrued put cost		$ 9,300,000

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VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015	May 25, 2014
Variable Interest Entity [Line Items]
Receivables, less allowance for doubtful accounts	$ 836.6	$ 739.0
Inventories	1,582.1	1,642.6
Prepaid expenses and other current assets	206.5	168.2
Property, plant and equipment, net	2,710.3	2,644.6
Goodwill	4,533.8	4,544.6	$ 4,548.6
Brands, trademarks and other intangibles, net	1,276.8	1,272.5
Total assets	13,390.6	17,437.8	$ 19,241.5
Notes payable	38.8	7.9
Current installments of long-term debt	571.4	1,007.8
Accounts payable	945.4	1,080.0
Accrued payroll	271.1	206.3
Other accrued liabilities	651.0	647.1
Senior long-term debt, excluding current installments	4,721.9	6,692.9
Other noncurrent liabilities (minority interest)	2,144.1	1,915.9
Total liabilities	9,595.8	12,827.8
Variable Interest Entities
Variable Interest Entity [Line Items]
Cash and cash equivalents	4.3	13.7
Receivables, less allowance for doubtful accounts	0.1	0.2
Inventories	1.2	1.3
Prepaid expenses and other current assets	0.4	0.3
Property, plant and equipment, net	52.2	53.2
Goodwill	18.8	18.8
Brands, trademarks and other intangibles, net	5.2	6.0
Total assets	82.2	93.5
Notes payable	1.0	0.0
Current installments of long-term debt	0.5	0.0
Accounts payable	10.9	16.9
Accrued payroll	0.8	0.7
Other accrued liabilities	0.9	0.6
Senior long-term debt, excluding current installments	29.5	0.0
Other noncurrent liabilities (minority interest)	32.2	31.3
Total liabilities	$ 75.8	$ 49.5

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Change in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 4,544.6	$ 4,548.6
Impairment		(20.9)
Acquisitions		43.8
Currency translation and purchase accounting adjustments	(10.8)	(26.9)
Goodwill, Ending Balance	4,533.8	4,544.6
Consumer Foods
Goodwill [Roll Forward]
Goodwill, Beginning Balance	3,824.6	3,850.9
Impairment		(20.9)
Acquisitions		20.0
Currency translation and purchase accounting adjustments	(9.8)	(25.4)
Goodwill, Ending Balance	3,814.8	3,824.6
Commercial Foods
Goodwill [Roll Forward]
Goodwill, Beginning Balance	720.0	697.7
Impairment		0.0
Acquisitions		23.8
Currency translation and purchase accounting adjustments	(1.0)	(1.5)
Goodwill, Ending Balance	$ 719.0	$ 720.0

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Other Identifiable Intangible Assets) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Gross Carrying Amount
Non-amortizing intangible assets	$ 857.9	$ 915.4
Amortizing intangible assets	584.0	489.6
Intangible assets, gross carrying amount	1,441.9	1,405.0
Accumulated Amortization
Amortizing intangible assets	$ 165.1	$ 132.5

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GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Aug. 30, 2015	May 29, 2016	May 31, 2015	May 25, 2014
Indefinite-lived Intangible Assets [Line Items]
Impairment, goodwill			$ 20.9
Goodwill		$ 4,533.8	4,544.6	$ 4,548.6
Weighted average life in years of amortizing intangible assets		16 years
Recognized amortization expense		$ 36.7	28.8	28.9
Average amortization expense		35.6
Amortization expense year one		36.8
Amortization expense year five		34.8
Finite-lived Intangible Assets Acquired	$ 92.8
Payments to Acquire Intangible Assets	$ 10.4	$ 10.4	0.0	0.0
Acquired Finite-lived Intangible Asset, Remaining Cash Payment Period		6 years
Private Brands
Indefinite-lived Intangible Assets [Line Items]
Impairment, goodwill			1,510.0	9.0
Impairment, intangible assets			43.9
Consumer Foods
Indefinite-lived Intangible Assets [Line Items]
Impairment, goodwill			20.9
Impairment, intangible assets			4.8
Goodwill		$ 3,814.8	3,824.6	3,850.9
Commercial Foods
Indefinite-lived Intangible Assets [Line Items]
Impairment, goodwill			0.0
Goodwill		719.0	720.0	697.7
Corporate
Indefinite-lived Intangible Assets [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)				3.2
Trademarks | Consumer Foods
Indefinite-lived Intangible Assets [Line Items]
Impairment, intangible assets		$ 50.1	$ 4.8	$ 72.7

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EARNINGS PER SHARE (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended							6 Months Ended	12 Months Ended
	May 29, 2016	Feb. 28, 2016	Nov. 29, 2015	Aug. 30, 2015	May 31, 2015	Feb. 22, 2015	Aug. 24, 2014	Nov. 23, 2014	May 29, 2016	May 31, 2015	May 25, 2014
Net income available to ConAgra Foods, Inc. common stockholders:
Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders									$ 484.9	$ 748.5	$ 613.2
Loss from discontinued operations, net of tax, attributable to ConAgra Foods, Inc. common stockholders	$ 146.0	$ 18.7	$ (6.8)	$ (1,319.8)	$ (23.0)	$ (1,165.0)	$ 389.1	$ (202.2)	(1,161.9)	(1,001.1)	(310.1)
Net income (loss) attributable to ConAgra Foods, Inc.	$ 117.6	$ 204.6	$ 154.9	$ (1,154.1)	$ 209.2	$ (954.1)	$ 482.3	$ 10.0	(677.0)	(252.6)	303.1
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated									4.8	1.7	1.7
Net income (loss) available to ConAgra Foods, Inc. common stockholders									$ (681.8)	$ (254.3)	$ 301.4
Weighted average shares outstanding: (in shares)
Basic weighted average shares outstanding (in shares)									434.4	426.1	421.3
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities (in shares)									4.1	5.2	6.2
Diluted weighted average shares outstanding (in shares)									438.5	431.3	427.5

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EARNINGS PER SHARE (Narrative) (Details) - shares shares in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Stock Options
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Stock options outstanding	0.4	3.3	3.1

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INVENTORIES (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 300.5	$ 364.0
Work in process	119.4	125.3
Finished goods	1,082.9	1,073.1
Supplies and other	79.3	80.2
Total	$ 1,582.1	$ 1,642.6

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OTHER NONCURRENT LIABILITIES (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Other Liabilities Disclosure [Abstract]
Postretirement health care and pension obligations	$ 1,147.8	$ 769.9
Noncurrent income tax liabilities	491.7	850.0
Self-insurance liabilities	61.0	67.0
Environmental liabilities (see Note 17)	55.8	55.0
Accrued legal settlement costs (see Note 17)	108.9	0.0
Technology agreement liability (see Note 9)	84.5	0.0
Other	302.9	266.0
Other noncurrent and current liabilities	2,252.6	2,007.9
Less current portion	(108.5)	(92.0)
Other noncurrent liabilities	$ 2,144.1	$ 1,915.9

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CAPITAL STOCK (Details) - USD ($)	12 Months Ended
	May 31, 2015	May 25, 2014	May 29, 2016	Dec. 31, 2011
Class of Stock [Line Items]
Shares issued			0
Shares outstanding			0
Repurchase of common shares	$ 50,000,000	$ 100,000,000
Preferred Class B
Class of Stock [Line Items]
Par value			$ 50
Shares authorized			150,000
Preferred Class C
Class of Stock [Line Items]
Par value			$ 100
Shares authorized			250,000
Preferred Class D
Class of Stock [Line Items]
Shares authorized			1,100,000
No par value			$ 0
Preferred Class E
Class of Stock [Line Items]
Shares authorized			16,550,000
No par value			$ 0
Common Stock
Class of Stock [Line Items]
Stock repurchase, authorized amount				$ 750,000,000.0
Stock repurchased during the period, shares	1,400,000	2,900,000
Repurchase of common shares	$ 50,000,000	$ 100,000,000

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SHARE-BASED PAYMENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014	Sep. 19, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the plan	30,200,000
Stock option granted	1,600,000	4,400,000	3,600,000
Closing market price of our common stock	$ 45.29
Cash received from option exercises	$ 228.7	$ 150.2	$ 104.6
Actual tax benefit realized for the tax deductions from option exercises	57.3	26.7	17.4
Subsidiaries
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1.0	1.4	2.7
ConAgra Foods Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the plan				30,000,000.0
Stock-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	25.1	21.0	26.1
Tax benefit related to Compensation expense	$ 9.6	$ 8.1	$ 9.8
Shares units granted	1,040,000	900,000	900,000
Weighted average grant date fair value	$ 43.64	$ 31.71	$ 36.22
Total intrinsic value of share units vested, other than options	$ 48.8	$ 46.6	$ 46.4
Cash-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	33.9	29.2	12.4
Tax benefit related to Compensation expense	$ 13.0	$ 11.2	$ 4.6
Shares units granted	790,000	900,000	800,000
Weighted average grant date fair value	$ 44.48	$ 30.89	$ 36.89
Total intrinsic value of share units vested, other than options	$ 44.9	$ 1.6
Share Unit Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period	3 years
Unrecognized compensation expense	$ 22.5	$ 21.7
Weighted average period	2 years	1 year 8 months 12 days
Performance period ending 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of the targeted number of performance shares, minimum range and will be paid in shares of common stock	0.00%
Percentage of the targeted number of performance shares, maximum range and will be paid in shares of common stock	220.00%
Percentage of target incentive required payout	25.00%
Performance based share plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 14.2	$ 5.7	$ 6.5
Tax benefit related to Compensation expense	5.4	2.2	2.4
Unrecognized compensation expense	$ 9.7
Weighted average period	1 year 7 months 6 days
Total intrinsic value of share units vested, other than options	$ 12.7	13.9	10.4
Restricted cash plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash flows decrease and net financing cash flow increase	$ 51.3	$ 24.0	$ 18.9
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period	3 years
Weighted average grant date fair value, options	$ 5.08	$ 3.36	$ 4.71
Total intrinsic value of share units vested	$ 165.6	$ 69.5	$ 46.9
Compensation expense	9.4	12.4	15.3
Tax benefit related to Compensation expense	3.6	$ 4.8	$ 5.7
Unrecognized compensation expense	$ 6.6
Weighted average period	1 year 3 months 12 days
Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period	7 years
Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period	10 years

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SHARE-BASED PAYMENTS (Black-Scholes Option Pricing for Stock Options) (Details)	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Weighted average Black-Scholes assumptions for stock options granted
Expected volatility (%)	17.88%	17.45%	21.13%
Dividend yield (%)	2.74%	3.10%	3.24%
Risk-free interest rates (%)	1.60%	1.58%	1.37%
Expected life of stock option (years)	4 years 11 months 16 days	4 years 11 months 1 day	4 years 10 months 29 days

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SHARE-BASED PAYMENTS (Option Activity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Number of Options
Outstanding at	15.5
Granted	1.6	4.4	3.6
Exercised	(8.8)
Forfeited	(1.2)
Expired	0.0
Outstanding at	7.1	15.5
Exercisable at	4.0
Weighted Average Exercise Price
Outstanding at	$ 28.28
Granted	43.14
Exercised	24.19
Forfeited	35.63
Expired	0.00
Outstanding at	33.11	$ 28.28
Exercisable at	$ 30.21
Average Remaining Contractual Term (Years)
Outstanding at	6 years 8 months 23 days
Exercisable at	5 years 5 months 19 days
Aggregate Intrinsic Value
Outstanding at	$ 234.1
Exercisable at	$ 119.9

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SHARE-BASED PAYMENTS (Nonvested Share Units) (Details) - $ / shares shares in Thousands	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Stock-settled
Share Units
Nonvested share units at	2,160
Granted	1,040	900	900
Vested/Issued	(1,120)
Forfeited	(540)
Nonvested share units at	1,540	2,160
Weighted Average Grant-Date Fair Value
Nonvested share units at	$ 31.20
Granted	43.64	$ 31.71	$ 36.22
Vested/Issued	29.29
Forfeited	37.74
Nonvested share units at	$ 38.67	$ 31.20
Cash-settled
Share Units
Nonvested share units at	2,170
Granted	790	900	800
Vested/Issued	(1,020)
Forfeited	(480)
Nonvested share units at	1,460	2,170
Weighted Average Grant-Date Fair Value
Nonvested share units at	$ 30.74
Granted	44.48	$ 30.89	$ 36.89
Vested/Issued	28.25
Forfeited	37.98
Nonvested share units at	$ 37.53	$ 30.74

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SHARE-BASED PAYMENTS (Activity of Performance Shares) (Details) - Performance Shares shares in Thousands	12 Months Ended
	May 29, 2016 $ / shares shares
Shares
Nonvested share units at | shares	1,060
Granted | shares	270
Adjustments for performance results attained and dividend equivalents | shares	(110)
Vested/Issued | shares	(290)
Forfeited | shares	(180)
Nonvested share units at | shares	750
Weighted Average Grant-Date Fair Value
Nonvested share units at | $ / shares	$ 29.74
Granted | $ / shares	41.70
Adjustments for performance results attained and dividend equivalents | $ / shares	24.94
Vested/Issued | $ / shares	24.92
Forfeited | $ / shares	33.62
Nonvested share units at | $ / shares	$ 36.09

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PRE-TAX INCOME AND INCOME TAXES (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Income Tax Disclosure [Abstract]
United States	$ 629.1	$ 1,015.7	$ 704.4
Canada	20.3	36.6	42.9
Foreign - other	72.0	70.1	56.2
Total	$ 721.4	$ 1,122.4	$ 803.5

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PRE-TAX INCOME AND INCOME TAXES (Provision for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Current
Federal	$ 338.2	$ 284.6	$ 280.0
State	39.4	26.4	26.0
Canada	5.3	5.7	10.2
Foreign - other	15.2	23.4	10.9
Current income tax expense (benefit), total	398.1	340.1	327.1
Deferred
Federal	(139.7)	22.7	(67.4)
State	(38.1)	6.1	(67.0)
Canada	(0.8)	1.1	1.0
Foreign - other	5.9	(7.9)	(15.4)
Deferred income tax expense (benefit), total	(172.7)	22.0	(148.8)
Income tax expense (benefit) continuing operations, total	$ 225.4	$ 362.1	$ 178.3

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PRE-TAX INCOME AND INCOME TAXES (Income Taxes Computed using U.S. Federal Statutory Rates) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Income Tax Disclosure [Abstract]
Computed U.S. Federal income taxes	$ 252.5	$ 392.8	$ 281.2
State income taxes, net of U.S. Federal tax impact	1.2	22.1	10.9
Tax credits and domestic manufacturing deduction	(29.3)	(31.4)	(27.9)
Audit adjustments and settlements	(2.3)	0.0	(15.3)
Effect of taxes booked on foreign operations	(6.4)	(11.7)	(19.7)
Statute lapses on previously reserved items	(3.0)	(5.2)	(5.1)
Goodwill and intangible impairments	0.0	6.6	4.1
Change in legal structure and other state elections	0.0	0.0	(23.5)
Change in estimate related to tax methods used for certain international sales, federal credits, and state credits	6.0	(2.4)	(20.9)
Other	6.7	(8.7)	(5.5)
Income tax expense (benefit) continuing operations, total	$ 225.4	$ 362.1	$ 178.3

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PRE-TAX INCOME AND INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	May 29, 2016	May 29, 2016	May 31, 2015	May 25, 2014
Tax Credit Carryforward [Line Items]
Income taxes paid, net of refunds		$ 442.6	$ 283.7	$ 223.9
Gross unrecognized tax benefits	$ 38.4	38.4	35.3
Unrecognized liabilities for gross interest and penalties	9.3	9.3	9.5
Tax positions for uncertainty about timing of deductibility	1.1	1.1	1.7
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense		0.2	0.4	1.3
Unrecognized tax benefits that would favorably impact effective tax rate	21.3	21.3	23.1
Estimated decrease in gross unrecognized tax benefits, maximum	9.0	9.0
Foreign net operating loss carryforwards	87.0	87.0
Foreign net operating loss carryforwards (expiring between 2015 to 2035)	65.3	65.3
Foreign net operating loss carryforwards with no expiration dates		22.0
Operating Loss Carryforwards Federal (expiring between 2015 and 2024)	13.3	13.3
Tax credit carryforwards	26.7	26.7
Tax effected state net operating loss carryforwards included in net deferred tax liabilities	43.9	43.9
State tax credits		21.4
Change in valuation allowance		1,400.0	$ (1.4)	$ (2.0)
Undistributed earnings of foreign subsidiaries	540.0	540.0
Minimum
Tax Credit Carryforward [Line Items]
Statutes of limitations in other major jurisdictions			3 years
Maximum
Tax Credit Carryforward [Line Items]
Statutes of limitations in other major jurisdictions			5 years
Federal | Capital Loss Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	4,000.0	4,000.0
Increase (decrease) in deferred income taxes	(55.1)
State | Capital Loss Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	202.7	$ 202.7
Increase (decrease) in deferred income taxes	$ 5.1

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PRE-TAX INCOME AND INCOME TAXES (Tax Effect of Temporary Differences) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Assets
Accrued expenses	$ 20.4	$ 20.7
Compensation related liabilities	88.7	78.1
Pension and other postretirement benefits	437.6	290.9
Other liabilities that will give rise to future tax deductions	147.5	109.0
Net capital and operating loss carryforwards	1,595.7	34.1
Other	78.3	71.0
Deferred Tax Assets, Gross, Total	2,368.2	603.8
Less: Valuation allowance	(1,448.0)	(38.0)
Net deferred taxes	920.2	565.8
Liabilities
Property, plant and equipment	411.6	392.1
Goodwill, trademarks and other intangible assets	698.8	699.0
Investment in unconsolidated subsidiaries	256.8	211.6
Other	10.0	63.1
Deferred Tax Liabilities, Gross, Total	1,377.2	1,365.8
Net deferred taxes	$ 1,377.2	$ 1,365.8

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PRE-TAX INCOME AND INCOME TAXES (Change in the Unrecognized Tax Benefits) (Details) $ in Millions	12 Months Ended
	May 29, 2016 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance on	$ 35.3
Increases from positions established during prior periods	1.9
Decreases from positions established during prior periods	(2.3)
Increases from positions established during the current period	11.4
Decreases relating to settlements with taxing authorities	(4.0)
Reductions resulting from lapse of applicable statute of limitation	(3.5)
Other adjustments to liability	(0.4)
Ending balance on	$ 38.4

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OPERATING LEASES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Continuing Operations
Operating Leased Assets [Line Items]
Rent expense from operations	$ 153.7	$ 151.6	$ 156.4

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OPERATING LEASES (Details) $ in Millions	May 29, 2016 USD ($)
Summary of non-cancellable operating lease
2017	$ 64.8
2018	57.5
2019	44.5
2020	30.0
2021	21.1
Later years	119.9
Operating leases, total	$ 337.8

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CONTINGENCIES (Details) $ in Millions			3 Months Ended			12 Months Ended
	Mar. 25, 2016 USD ($)	Jan. 27, 2014 USD ($) defendant	Nov. 23, 2014 USD ($)	Aug. 24, 2014 USD ($)	May 25, 2014 USD ($)	May 29, 2016 USD ($) site	May 26, 2013 USD ($)	May 27, 2012 USD ($)	May 31, 2015 USD ($)
Guarantor Obligations [Line Items]
Possible loss contingency amount						$ 11.2
Reserves for Beatrice environmental matters						55.8			$ 55.0
Face value of federal income tax credits						$ 26.7
Dispute coverage charge with insurance carrier							$ 7.5	$ 17.5
Reduction to accrual			$ 1.2	$ 5.8	$ 6.7
Contingent put options general exercise period						30 days
Accrued put cost						$ 108.9			0.0
Lamb Weston Meijer
Guarantor Obligations [Line Items]
Ownership percentage						50.00%
Total liabilities						$ 203.7			129.1
Partners' equity						$ 284.5			$ 255.9
Beatrice
Guarantor Obligations [Line Items]
Number of sites under environmental matters for which acquired company has a liability | site						37
Number of sites under environmental matters for which acquired company is making payments | site						33
Reserves for Beatrice environmental matters						$ 54.0
Maximum period expected for disbursements on environmental matters						18 years
Beatrice | CALIFORNIA
Guarantor Obligations [Line Items]
Other defendants | defendant		2
Possible loss contingency amount		$ 1,150.0
Potato Supply Agreement Guarantee
Guarantor Obligations [Line Items]
Amount of supplier loans effectively guaranteed						$ 40.5
Judicial Ruling
Guarantor Obligations [Line Items]
Damages awarded	$ 108.9
Loss on Lease Put Option
Guarantor Obligations [Line Items]
Estimate of possible loss						58.5
Accrued put cost						$ 9.3

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DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Feb. 28, 2016	Feb. 22, 2015	May 29, 2016	May 31, 2015	May 25, 2014
Derivative Financial Instruments [Line Items]
Hedge for anticipated consumption of commodity inputs, period			36 months
Selling, general and administrative expenses			$ 2,209.4	$ 1,545.3	$ 1,778.9
Unamortized amount of deferred gain			6.6
Unrealized loss on fair value hedge			5.8	6.8
Derivative Asset, Collateral, Obligation to Return Cash, Offset			0.3
Amounts representing a right to reclaim cash collateral included in prepaid expenses and other current assets				5.9
Derivative Asset, Fair Value, Gross Liability			1.8	7.3
Derivative Liability, Fair Value, Gross Asset			2.1	13.2
Maximum amount of loss due to the credit risk of the counterparties			21.4
Open commodity purchase contracts
Derivative Financial Instruments [Line Items]
Notional value of open commodity contracts			107.5	600.0
Open commodity sales contracts
Derivative Financial Instruments [Line Items]
Notional value of open commodity contracts			55.1	393.1
Interest rate contracts
Derivative Financial Instruments [Line Items]
Selling, general and administrative expenses			3.1	2.3
Notional value of open commodity contracts				500.0
Derivative, Cash Received on Hedge		$ 21.9
Derivative Instrument, Accrued Interest Proceeds from Discontinuation		3.9
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion		12.6
Gain on derivative portion written off related to tender offers	$ 3.0
Foreign exchange contracts
Derivative Financial Instruments [Line Items]
Notional value of open commodity contracts			120.0	108.6
Selling, general and administrative expense | Interest rate contracts
Derivative Financial Instruments [Line Items]
Unrealized gain on fair value of interest rate swap contracts		$ 5.4	$ 8.9	9.1
Cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Derivative Financial Instruments [Line Items]
Selling, general and administrative expenses				$ 54.9

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DERIVATIVE FINANCIAL INSTRUMENTS (Right to Reclaim Cash Collateral) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Prepaid expenses and other current assets	$ 26.1	$ 32.2
Other accrued liabilities	$ 0.7	$ 14.2

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DERIVATIVE FINANCIAL INSTRUMENTS (Assets and Liabilities on A Gross Basis) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 27.9	$ 39.5
Derivative Liabilities	2.8	27.4
Total derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	27.9	39.5
Derivative Liabilities	2.8	27.4
Commodity contracts | Other accrued liabilities | Total derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Liabilities	2.3	26.9
Commodity contracts | Prepaid expenses and other current assets | Total derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	6.5	20.8
Foreign exchange contracts | Other accrued liabilities | Total derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0.2	0.4
Foreign exchange contracts | Prepaid expenses and other current assets | Total derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	21.4	17.7
Other | Other accrued liabilities | Total derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0.3	0.1
Other | Prepaid expenses and other current assets | Total derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 0.0	$ 1.0

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DERIVATIVE FINANCIAL INSTRUMENTS (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Derivatives, Fair Value [Line Items]
Total loss from derivative instruments not designated as hedging instruments	$ (9.0)	$ (70.3)	$ (26.2)
Commodity contracts | Cost of goods sold
Derivatives, Fair Value [Line Items]
Total loss from derivative instruments not designated as hedging instruments	(13.4)	(80.5)	18.9
Commodity contracts | Selling, general and administrative expense
Derivatives, Fair Value [Line Items]
Total loss from derivative instruments not designated as hedging instruments			7.9
Foreign exchange contracts | Cost of goods sold
Derivatives, Fair Value [Line Items]
Total loss from derivative instruments not designated as hedging instruments	1.5	1.3	1.9
Foreign exchange contracts | Selling, general and administrative expense
Derivatives, Fair Value [Line Items]
Total loss from derivative instruments not designated as hedging instruments	$ 2.9	10.3	$ (54.9)
Interest rate contracts | Selling, general and administrative expense
Derivatives, Fair Value [Line Items]
Total loss from derivative instruments not designated as hedging instruments		$ (1.4)

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PENSION AND POSTRETIREMENT BENEFITS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Defined Benefit Plan Disclosure [Line Items]
Special termination benefits	$ 25.6
Defined contribution plan, expected withdrawal costs	31.8	$ 0.4	$ 0.2
Expenses related to the defined contribution plans	35.4	$ 40.6	40.2
Multiemployer plan withdrawal costs	$ 29.8
Maximum
Defined Benefit Plan Disclosure [Line Items]
Red zone multiemployer plans funded percentage	65.00%
Yellow zone multiemployer plans funded percentage	80.00%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Green zone multiemployer plan funded percentage	80.00%
Percentage of plan's total contribution under Forms 5500		5.00%
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value investments ability to impose customary redemption gates	$ 896.1
Fair value investments impose customary redemption gates	0.3
Private equity
Defined Benefit Plan Disclosure [Line Items]
Unfunded commitment for additional investment	94.3
Private energy funds
Defined Benefit Plan Disclosure [Line Items]
Unfunded commitment for additional investment	41.6
Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Unfunded commitment for additional investment	15.5
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	3,800.0	$ 3,900.0
Special termination benefits	25.6	6.9	0.4
Anticipated contributions	12.5
Recognized net actuarial gain (loss)	(348.5)	(6.9)	(2.7)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Special termination benefits	0.0	0.0	0.0
Anticipated contributions	22.1
Recognized net actuarial gain (loss)	$ (0.1)	(3.5)	$ (6.7)
Ardent Mills
Defined Benefit Plan Disclosure [Line Items]
Special termination benefits		$ 6.9

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PENSION AND POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Change in Plan Assets
Fair value of plan assets at beginning of year	$ 3,539.0
Investment and administrative expenses	(2,209.4)	$ (1,545.3)	$ (1,778.9)
Fair value of plan assets at end of year	2,959.4	3,539.0
Pension Benefits
Change in Benefit Obligation
Benefit obligation at beginning of year	4,092.2	3,979.0
Service cost	93.8	88.5	89.0
Interest cost	159.8	161.3	151.1
Plan participants’ contributions	0.0	0.0
Amendments	2.0	0.7
Actuarial loss (gain)	(18.5)	35.7
Special termination benefits	25.6	6.9
Curtailments	(18.8)	0.0
Benefits paid	(168.2)	(176.7)
Currency	(1.0)	(3.2)
Business divestitures	(263.9)
Benefit obligation at end of year	3,903.0	4,092.2	3,979.0
Change in Plan Assets
Fair value of plan assets at beginning of year	3,539.0	3,546.0
Actual return on plan assets	(146.2)	178.6
Employer contributions	11.9	13.5
Plan participants’ contributions	0.0	0.0
Investment and administrative expenses	(22.0)	(18.8)
Benefits paid	(168.2)	(176.7)
Currency	(1.1)	(3.6)
Business divestitures	(254.0)	0.0
Fair value of plan assets at end of year	2,959.4	3,539.0	3,546.0
Other Benefits
Change in Benefit Obligation
Benefit obligation at beginning of year	235.4	283.5
Service cost	0.4	0.6	0.7
Interest cost	7.5	9.9	9.7
Plan participants’ contributions	4.8	5.9
Amendments	0.0	(3.3)
Actuarial loss (gain)	0.6	(35.9)
Special termination benefits	0.0	0.0
Curtailments	0.0	0.0
Benefits paid	(21.9)	(24.3)
Currency	(0.2)	(1.0)
Business divestitures	(24.9)
Benefit obligation at end of year	201.7	235.4	283.5
Change in Plan Assets
Fair value of plan assets at beginning of year	0.1	0.3
Actual return on plan assets	0.0	(0.3)
Employer contributions	17.1	18.5
Plan participants’ contributions	4.8	5.9
Investment and administrative expenses	0.0	0.0
Benefits paid	(21.9)	(24.3)
Currency	0.0	0.0
Business divestitures	0.0	0.0
Fair value of plan assets at end of year	$ 0.1	$ 0.1	$ 0.3

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PENSION AND POSTRETIREMENT BENEFITS (Funded Status and Amounts Recognized in the Balance Sheet) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Projected benefit obligation, accumulated benefit obligation, and fair value of plan in excess of plan assets
Projected benefit obligation	$ 3,809.5	$ 3,805.8
Accumulated benefit obligation	3,734.6	3,658.3
Fair value of plan assets	2,862.9	3,232.1
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Funded Status	(943.6)	(553.2)
Amounts Recognized in Consolidated Balance Sheets
Other assets	3.0	20.5
Other accrued liabilities	(10.6)	(10.7)
Other noncurrent liabilities	(936.0)	(563.0)
Net Amount Recognized	(943.6)	(553.2)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss	373.0	339.6
Net prior service cost (benefit)	13.4	14.2
Total	$ 386.4	$ 353.8
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2016 and May 31, 2015
Discount rate	3.83%	4.10%
Long-term rate of compensation increase	3.66%	3.70%
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Funded Status	$ (201.6)	$ (235.3)
Amounts Recognized in Consolidated Balance Sheets
Other assets	0.0	0.0
Other accrued liabilities	(21.8)	(23.3)
Other noncurrent liabilities	(179.8)	(212.0)
Net Amount Recognized	(201.6)	(235.3)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
Actuarial net loss	23.9	16.1
Net prior service cost (benefit)	(11.6)	(25.0)
Total	$ 12.3	$ (8.9)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2016 and May 31, 2015
Discount rate	3.18%	3.50%

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PENSION AND POSTRETIREMENT BENEFITS (Components) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Changes in benefit obligations and plan assets
Special termination benefits	$ 25.6
Pension Benefits
Changes in benefit obligations and plan assets
Service cost	93.8	$ 88.5	$ 89.0
Interest cost	159.8	161.3	151.1
Expected return on plan assets	(259.9)	(267.9)	(252.9)
Amortization of prior service cost (benefit)	2.7	3.7	3.8
Special termination benefits	25.6	6.9	0.4
Recognized net actuarial loss	348.5	6.9	2.7
Curtailment loss	0.3	1.5	0.0
Benefit cost — Company plans	370.8	0.9	(5.9)
Pension benefit cost — multi-employer plans	42.9	12.4	12.6
Total benefit cost	413.7	13.3	6.7
Other Benefits
Changes in benefit obligations and plan assets
Service cost	0.4	0.6	0.7
Interest cost	7.5	9.9	9.7
Expected return on plan assets	0.0	0.0	0.0
Amortization of prior service cost (benefit)	(7.8)	(7.9)	(7.2)
Special termination benefits	0.0	0.0	0.0
Recognized net actuarial loss	0.1	3.5	6.7
Curtailment loss	0.0	0.0	0.0
Benefit cost — Company plans	0.2	6.1	9.9
Pension benefit cost — multi-employer plans	0.0	0.0	0.0
Total benefit cost	$ 0.2	$ 6.1	$ 9.9

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PENSION AND POSTRETIREMENT BENEFITS (Benefit Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial gain (loss)	$ (390.5)	$ (143.8)
Amendments	(2.0)	(0.6)
Amortization of prior service cost (benefit)	2.7	5.2
Recognized net actuarial loss	348.5	6.9	$ 2.7
Net amount recognized	(41.3)	(132.3)
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial gain (loss)	(8.0)	35.8
Amendments	(5.6)	3.3
Amortization of prior service cost (benefit)	(7.8)	(7.9)
Recognized net actuarial loss	0.1	3.5	$ 6.7
Net amount recognized	$ (21.3)	$ 34.7

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PENSION AND POSTRETIREMENT BENEFITS (Weighted-Average Actuarial Assumptions) (Details)	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Pension Benefits
Weighted Average Actuarial Assumption Used to Determine Net Expense
Discount rate	4.10%	4.20%	4.10%
Long-term rate of return on plan assets	7.80%	7.80%	7.80%
Long-term rate of compensation increase	3.70%	4.30%	4.30%
Other Benefits
Weighted Average Actuarial Assumption Used to Determine Net Expense
Discount rate	3.50%	3.70%	3.40%

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PENSION AND POSTRETIREMENT BENEFITS (Expected to be Recognized as Components) (Details) $ in Millions	12 Months Ended
	May 29, 2016 USD ($)
Pension Benefits
Accumulated other comprehensive income (loss)
Prior service cost (benefit)	$ 2.6
Other Benefits
Accumulated other comprehensive income (loss)
Prior service cost (benefit)	$ (6.8)

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PENSION AND POSTRETIREMENT BENEFITS (Fair Value Hierarchy) (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	$ 2,959.4	$ 3,539.0
Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	74.3	82.7
U.S. equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	466.7	633.1
International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	585.6	811.7
Government bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	276.1	334.4
Corporate bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	266.2	444.5
Mortgage-backed bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	122.5	73.5
Real estate funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	425.0	351.5
Multi-strategy hedge funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	466.4	484.5
Private equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	89.7	93.0
Master limited partnerships
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	155.8	191.4
Private natural resources funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	27.9	31.8
Net receivables for unsettled transactions
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	3.2	6.9
Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	1,005.9	1,248.8
Level 1 | Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.9	2.4
Level 1 | U.S. equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	453.5	542.2
Level 1 | International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	267.5	362.9
Level 1 | Government bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	43.3	43.9
Level 1 | Corporate bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	23.6	49.6
Level 1 | Mortgage-backed bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	58.1	49.5
Level 1 | Real estate funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 1 | Multi-strategy hedge funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 1 | Private equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 1 | Master limited partnerships
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	155.8	191.4
Level 1 | Private natural resources funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 1 | Net receivables for unsettled transactions
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	3.2	6.9
Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	944.5	1,347.9
Level 2 | Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	73.4	80.3
Level 2 | U.S. equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	13.2	90.9
Level 2 | International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	318.1	448.8
Level 2 | Government bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	232.8	290.5
Level 2 | Corporate bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	242.6	394.9
Level 2 | Mortgage-backed bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	64.4	24.0
Level 2 | Real estate funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	6.6
Level 2 | Multi-strategy hedge funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 2 | Private equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 2 | Master limited partnerships
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 2 | Private natural resources funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	11.9
Level 2 | Net receivables for unsettled transactions
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	1,009.0	942.3
Level 3 | Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 3 | U.S. equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 3 | International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 3 | Government bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 3 | Corporate bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 3 | Mortgage-backed bonds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 3 | Real estate funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	425.0	344.9
Level 3 | Multi-strategy hedge funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	466.4	484.5
Level 3 | Private equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	89.7	93.0
Level 3 | Master limited partnerships
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	0.0	0.0
Level 3 | Private natural resources funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	27.9	19.9
Level 3 | Net receivables for unsettled transactions
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total assets	$ 0.0	$ 0.0

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PENSION AND POSTRETIREMENT BENEFITS (Weighted-average Asset Allocations) (Details)	12 Months Ended
	May 29, 2016	May 31, 2015
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	36.00%	41.00%
Equity securities | Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	25.00%	25.00%
Equity securities | Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	45.00%	45.00%
Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	22.00%	24.00%
Debt securities | Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	14.00%	14.00%
Debt securities | Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	24.00%	24.00%
Real estate funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	14.00%	10.00%
Real estate funds | Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	1.00%	1.00%
Real estate funds | Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	19.00%	19.00%
Multi-strategy hedge funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	16.00%	14.00%
Multi-strategy hedge funds | Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	5.00%	5.00%
Multi-strategy hedge funds | Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	25.00%	25.00%
Private equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	3.00%	2.00%
Private equity funds | Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	3.00%	3.00%
Private equity funds | Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	13.00%	13.00%
Other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted-average Asset Allocations	9.00%	9.00%
Other | Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	3.00%	3.00%
Other | Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target Allocation	30.00%	30.00%

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PENSION AND POSTRETIREMENT BENEFITS (Level 3) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value,	$ 942.3	$ 730.8
Realized Gains (Losses)	2.8	3.5
Unrealized Gains (Losses)	22.3	41.0
Net Purchases and Sales	41.6	167.0
Fair Value,	1,009.0	942.3
Real estate funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value,	344.9	170.6
Realized Gains (Losses)	0.4	0.5
Unrealized Gains (Losses)	46.1	21.0
Net Purchases and Sales	33.6	152.8
Fair Value,	425.0	344.9
Multi-strategy hedge funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value,	484.5	462.3
Realized Gains (Losses)	0.2	0.3
Unrealized Gains (Losses)	(17.2)	22.8
Net Purchases and Sales	(1.1)	(0.9)
Fair Value,	466.4	484.5
Private equity funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value,	93.0	81.3
Realized Gains (Losses)	2.2	2.7
Unrealized Gains (Losses)	(0.5)	(3.3)
Net Purchases and Sales	(5.0)	12.3
Fair Value,	89.7	93.0
Private natural resources funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value,	19.9	16.6
Realized Gains (Losses)	0.0	0.0
Unrealized Gains (Losses)	(6.1)	0.5
Net Purchases and Sales	14.1	2.8
Fair Value,	$ 27.9	$ 19.9

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PENSION AND POSTRETIREMENT BENEFITS (Assumed Health Care Cost Trend Rates) (Details)	12 Months Ended
	May 29, 2016	May 31, 2015
Assumed Health Care Cost Trend Rates at:
Initial health care cost trend rate	9.00%	9.00%
Ultimate health care cost trend rate	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2024	2023

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PENSION AND POSTRETIREMENT BENEFITS (Health Care Cost Rates) (Details) $ in Millions	12 Months Ended
	May 29, 2016 USD ($)
Compensation and Retirement Disclosure [Abstract]
Effect on total service and interest cost One Percent Increase	$ 0.4
Effect on total service and interest cost One Percent Decrease	(0.4)
Effect on postretirement benefit obligation One Percent Increase	11.3
Effect on postretirement benefit obligation One Percent Decrease	$ (10.1)

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PENSION AND POSTRETIREMENT BENEFITS (Estimated Future Gross Benefit Payments) (Details) $ in Millions	May 29, 2016 USD ($)
Pension Benefits
Estimated future gross benefit payments and Medicare Part D subsidy receipts
2017	$ 183.8
2018	190.4
2019	194.7
2020	199.6
2021	204.2
Succeeding 5 years	1,080.3
Health Care and Life Insurance Benefits
Estimated future gross benefit payments and Medicare Part D subsidy receipts
2017	22.1
2018	21.0
2019	19.8
2020	18.6
2021	17.5
Succeeding 5 years	$ 69.0

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PENSION AND POSTRETIREMENT BENEFITS (Contributions in the Aggregate) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Multiemployer Plans [Line Items]
Contributions by the Company	$ 11.1	$ 12.0	$ 12.4
Bakery and Confectionary Union and Industry International Pension Plan
Multiemployer Plans [Line Items]
EIN	526118572
PN	001
Pension Protection Act Zone Status		Red	Red
FIP / RP Status Pending / Implemented	Implemented
Contributions by the Company	$ 3.1	$ 3.7	$ 3.5
Surcharge Imposed	No
Expiration Dates of Collective Bargaining Agreements	2/28/2020
Central States, Southeast and Southwest Areas Pension Fund
Multiemployer Plans [Line Items]
EIN	366044243
PN	001
Pension Protection Act Zone Status		Red	Red
FIP / RP Status Pending / Implemented	Implemented
Contributions by the Company	$ 1.9	$ 2.0	$ 2.1
Surcharge Imposed	No
Expiration Dates of Collective Bargaining Agreements	6/04/2017
National Conference of Fireman & Oilers National Pension Fund
Multiemployer Plans [Line Items]
EIN	526085445
PN	003
Pension Protection Act Zone Status		Yellow	Yellow
FIP / RP Status Pending / Implemented	Implemented
Contributions by the Company	$ 0.0	$ 0.6	$ 0.7
Surcharge Imposed	No
Expiration Dates of Collective Bargaining Agreements	11/19/2015
Western Conference of Teamsters Pension Plan
Multiemployer Plans [Line Items]
EIN	916145047
PN	001
Pension Protection Act Zone Status		Green	Green
FIP / RP Status Pending / Implemented	NA
Contributions by the Company	$ 5.4	$ 4.9	$ 4.9
Surcharge Imposed	No
Expiration Dates of Collective Bargaining Agreements	05/31/2016 to 06/30/2018
Other Plans
Multiemployer Plans [Line Items]
Contributions by the Company	$ 0.7	$ 0.8	$ 1.2

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FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	May 29, 2016	May 31, 2015
Assets:
Derivative assets	$ 26.1	$ 32.2
Available-for-sale securities	3.0	2.8
Deferred compensation assets	0.7	0.9
Total assets	29.8	35.9
Liabilities:
Derivative liabilities	0.7	14.2
Deferred compensation liabilities	46.5	43.7
Total liabilities	47.2	57.9
Level 1
Assets:
Derivative assets	4.7	13.6
Available-for-sale securities	3.0	2.8
Deferred compensation assets	0.7	0.9
Total assets	8.4	17.3
Liabilities:
Derivative liabilities	0.0	0.0
Deferred compensation liabilities	46.5	43.7
Total liabilities	46.5	43.7
Level 2
Assets:
Derivative assets	21.4	18.6
Available-for-sale securities	0.0	0.0
Deferred compensation assets	0.0	0.0
Total assets	21.4	18.6
Liabilities:
Derivative liabilities	0.7	14.2
Deferred compensation liabilities	0.0	0.0
Total liabilities	0.7	14.2
Level 3
Assets:
Derivative assets	0.0	0.0
Available-for-sale securities	0.0	0.0
Deferred compensation assets	0.0	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	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment, goodwill		$ 20.9
Carrying amount of long-term debt	$ 5,500.0	7,900.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt at fair value	5,900.0	8,200.0
Private Brands
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment, goodwill		1,510.0	$ 9.0
Impairment, intangible assets		43.9
Impairment, long-lived assets		13.7
Consumer Foods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment, goodwill		20.9
Impairment, intangible assets		4.8
Trademarks | Consumer Foods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment, intangible assets	$ 50.1	$ 4.8	$ 72.7

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BUSINESS SEGMENTS AND RELATED INFORMATION (Narrative) (Details) $ in Millions	3 Months Ended			12 Months Ended
	May 25, 2014 USD ($)	Nov. 24, 2013 USD ($)	Feb. 24, 2013 USD ($)	May 29, 2016 USD ($) employee segment	May 31, 2015 USD ($)	May 25, 2014 USD ($)	May 27, 2012 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment				2
Cumulative net derivative gains (losses) from economic hedges recognized in corporate				$ 3.2
Net derivative gains (losses) recognized in general corporate expenses				3.6
Derivative gains (losses) to be reclassified to segment operating results thereafter				(0.4)
Expect to reclassify losses in next year				2.4
Expect to reclassify gains				$ 0.8
Number of employees | employee				20,900
Percentage of employees in party to collective bargaining agreements				36.00%
Percentage of employees in party to collective bargaining agreements schedule to expire in next year				31.00%
Foreign net sales, including sales by domestic segments to customers				$ 1,500.0	$ 1,600.0	$ 1,700.0
Percentage of consolidated net sales in consumer food segment accounted by Wal-Mart Stores, Inc. and its affiliates				16.00%	16.00%	17.00%
Percentage of consolidated net receivables in commercial foods accounted by Wal-Mart Stores, Inc. and its affiliates				20.00%	16.00%
Loan purchase under agreement							$ 40.8
Asset impairment charges				$ 62.6	$ 36.0	$ 118.9
Consumer Foods
Segment Reporting Information [Line Items]
Net derivative gains (losses) recognized in general corporate expenses				(18.9)
Commercial Foods
Segment Reporting Information [Line Items]
Net derivative gains (losses) recognized in general corporate expenses				$ (1.4)
Asset impairment charges	$ 5.1	$ 8.9	$ 10.2
Onion Supply Agreement Guarantee
Segment Reporting Information [Line Items]
Guarantee obligation under purchase agreement							$ 25.0

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BUSINESS SEGMENTS AND RELATED INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended							6 Months Ended	12 Months Ended
	May 29, 2016	Feb. 28, 2016	Nov. 29, 2015	Aug. 30, 2015	May 31, 2015	Feb. 22, 2015	Aug. 24, 2014	Nov. 23, 2014	May 29, 2016	May 31, 2015	May 25, 2014
Segment Reporting Information [Line Items]
Net sales	$ 2,827.5	$ 2,924.1	$ 3,095.1	$ 2,796.2	$ 3,125.5	$ 2,907.3	$ 2,765.5	$ 3,138.7	$ 11,642.9	$ 11,937.0	$ 11,838.2
Operating profit									1,720.8	1,634.2	1,434.0
Equity method investment earnings									137.8	122.1	32.5
Operating profit plus equity method investment earnings									1,858.6	1,756.3	1,466.5
General corporate expenses									839.4	303.9	285.5
Interest expense, net									297.8	330.0	377.5
Income tax expense									225.4	362.1	178.3
Income from continuing operations	(25.1)	$ 187.6	$ 166.1	$ 167.4	234.5	$ 212.3	$ 95.4	$ 218.1	496.0	760.3	625.2
Less: Net income attributable to noncontrolling interests									11.1	11.8	12.0
Income from continuing operations attributable to ConAgra Foods, Inc.									484.9	748.5	613.2
Identifiable assets	13,390.6				17,437.8				13,390.6	17,437.8	19,241.5
Held for Sale	342.8				5,334.8				342.8	5,334.8	7,778.6
Additions to property, plant and equipment									429.8	351.2	461.1
Depreciation and amortization									373.9	380.4	354.6
Consumer Foods
Segment Reporting Information [Line Items]
Net sales									7,225.1	7,565.3	7,596.3
Operating profit									1,087.6	1,068.0	900.5
Equity method investment earnings									3.2	3.0	2.8
Operating profit plus equity method investment earnings									1,090.8	1,071.0	903.3
Identifiable assets	7,811.3				7,792.7				7,811.3	7,792.7	7,917.4
Additions to property, plant and equipment									198.8	133.7	183.5
Depreciation and amortization									210.4	209.0	191.4
Commercial Foods
Segment Reporting Information [Line Items]
Net sales									4,417.8	4,371.7	4,241.9
Operating profit									633.2	566.2	533.5
Equity method investment earnings									134.6	119.1	29.7
Operating profit plus equity method investment earnings									767.8	685.3	563.2
Identifiable assets	3,770.9				3,678.1				3,770.9	3,678.1	2,954.3
Additions to property, plant and equipment									151.1	117.4	205.6
Depreciation and amortization									102.5	105.3	98.8
Corporate
Segment Reporting Information [Line Items]
Identifiable assets	$ 1,465.6				$ 632.2				1,465.6	632.2	591.2
Additions to property, plant and equipment									79.9	100.1	72.0
Depreciation and amortization									$ 61.0	$ 66.1	$ 64.4

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BUSINESS SEGMENTS AND RELATED INFORMATION (Net Sales by Product) (Details) - USD ($) $ in Millions	3 Months Ended							6 Months Ended	12 Months Ended
	May 29, 2016	Feb. 28, 2016	Nov. 29, 2015	Aug. 30, 2015	May 31, 2015	Feb. 22, 2015	Aug. 24, 2014	Nov. 23, 2014	May 29, 2016	May 31, 2015	May 25, 2014
Segment Reporting Information [Line Items]
Net sales	$ 2,827.5	$ 2,924.1	$ 3,095.1	$ 2,796.2	$ 3,125.5	$ 2,907.3	$ 2,765.5	$ 3,138.7	$ 11,642.9	$ 11,937.0	$ 11,838.2
Consumer Foods
Segment Reporting Information [Line Items]
Net sales									7,225.1	7,565.3	7,596.3
Consumer Foods | Grocery
Segment Reporting Information [Line Items]
Net sales									3,382.0	3,503.7	4,182.1
Consumer Foods | Frozen
Segment Reporting Information [Line Items]
Net sales									2,867.4	2,985.5	2,288.1
Consumer Foods | International
Segment Reporting Information [Line Items]
Net sales									874.8	970.8	1,010.7
Consumer Foods | Other Brands
Segment Reporting Information [Line Items]
Net sales									100.9	105.3	115.4
Commercial Foods
Segment Reporting Information [Line Items]
Net sales									4,417.8	4,371.7	4,241.9
Commercial Foods | Specialty Potatoes
Segment Reporting Information [Line Items]
Net sales									2,968.1	2,892.4	2,792.7
Commercial Foods | Foodservice
Segment Reporting Information [Line Items]
Net sales									$ 1,449.7	$ 1,479.3	$ 1,449.2

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BUSINESS SEGMENTS AND RELATED INFORMATION (Net Derivative Gains (Losses)) (Details) - USD ($) $ in Millions	12 Months Ended
	May 29, 2016	May 31, 2015	May 25, 2014
Segment Reporting Information [Line Items]
Net derivative gains (losses) incurred	$ 3.6
Consumer Foods
Segment Reporting Information [Line Items]
Net derivative gains (losses) incurred	(18.9)
Commercial Foods
Segment Reporting Information [Line Items]
Net derivative gains (losses) incurred	(1.4)
Commodity contracts
Segment Reporting Information [Line Items]
Net derivative gains (losses) incurred	(12.1)	$ (79.3)	$ 21.2
Commodity contracts | General corporate expenses
Segment Reporting Information [Line Items]
Net derivative gains (losses) incurred	18.1	(32.7)	22.8
Commodity contracts | Reporting segments
Segment Reporting Information [Line Items]
Net derivative gains (losses) incurred	(30.2)	(46.6)	(1.6)
Commodity contracts | Consumer Foods
Segment Reporting Information [Line Items]
Net derivative gains (losses) incurred	(21.1)	(41.9)	(5.9)
Commodity contracts | Commercial Foods
Segment Reporting Information [Line Items]
Net derivative gains (losses) incurred	$ (9.1)	$ (4.7)	$ 4.3

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QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended														6 Months Ended		12 Months Ended
	May 29, 2016		Feb. 28, 2016		Nov. 29, 2015		Aug. 30, 2015		May 31, 2015		Feb. 22, 2015		Aug. 24, 2014		Nov. 23, 2014		May 29, 2016	May 31, 2015	May 25, 2014
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 2,827.5		$ 2,924.1		$ 3,095.1		$ 2,796.2		$ 3,125.5		$ 2,907.3		$ 2,765.5		$ 3,138.7		$ 11,642.9	$ 11,937.0	$ 11,838.2
Gross profit	760.9		800.4		828.5		701.0		806.6		720.0		591.3		757.7
Income (loss) from continuing operations, net of tax	(25.1)		187.6		166.1		167.4		234.5		212.3		95.4		218.1		496.0	760.3	625.2
Income (loss) from discontinued operations, net of tax	146.0		18.7		(6.8)		(1,319.8)		(23.0)		(1,165.0)		389.1		(202.2)		(1,161.9)	(1,001.1)	(310.1)
Net income (loss) attributable to ConAgra Foods, Inc.	$ 117.6		$ 204.6		$ 154.9		$ (1,154.1)		$ 209.2		$ (954.1)		$ 482.3		$ 10.0		$ (677.0)	$ (252.6)	$ 303.1
Basic earnings per share:
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders (in dollars per share)	$ 0.27	[1]	$ 0.46	[1]	$ 0.36	[1]	$ (2.68)	[1]	$ 0.49	[1]	$ (2.23)	[1]	$ 1.14	[1]	$ 0.02	[1]	$ (1.57)	$ (0.60)	$ 0.72
Diluted earnings per share:
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders (in dollars per share)	0.27	[1]	0.46	[1]	0.35	[1]	(2.65)	[1]	0.48	[1]	(2.21)	[1]	1.12	[1]	0.02	[1]	(1.56)	(0.59)	0.70
Dividends declared per common share (in dollars per share)	0.25	[1]	0.25	[1]	0.25	[1]	0.25	[1]	0.25	[1]	0.25	[1]	0.25	[1]	0.25	[1]	$ 1.00	$ 1.00	$ 1.00
Share price:
High (in dollars per share)	46.43		42.70		42.75		45.49		38.90		37.29		32.85		35.65
Low (in dollars per share)	$ 42.06		$ 38.70		$ 38.84		$ 37.42		$ 33.58		$ 33.57		$ 28.73		$ 31.87

[1] Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year.

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Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for doubtful receivables - USD ($) $ in Millions		12 Months Ended
		May 29, 2016		May 31, 2015		May 25, 2014
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		$ 3.8		$ 2.7		$ 4.2
Additions Charged to Costs and Expenses		1.1		2.3		1.2
Other		(0.1)	[1]	(0.1)	[1]	0.0	[2]
Deductions from Reserves	[2]	1.1		1.1		2.7
Balance at Close of Period		$ 3.7		$ 3.8		$ 2.7

[1] Primarily translation incurred during fiscal 2016 and 2015.

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