XML 32 R46.htm IDEA: XBRL DOCUMENT
v3.2.0.727

PRE-TAX INCOME AND INCOME TAXES (Tables) | 12 Months Ended
--- | ---
May. 31, 2015
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:
| 2015 |  | 2014 |  | 2013
United States | $ | (444.5 | ) |  | $ | 276.9 |  |  | $ | 962.6 |
Canada | 9.1 |  |  | 57.2 |  |  | 49.2 |
Foreign - other | 62.0 |  |  | 59.7 |  |  | 48.5 |
| $ | (373.4 | ) |  | $ | 393.8 |  |  | $ | 1,060.3 |
Provision for income taxes from continuing operations | The provision for income taxes included the following:
| 2015 |  | 2014 |  | 2013
Current |  |  |  |  |
Federal | $ | 301.4 |  |  | $ | 312.1 |  |  | $ | 149.0 |
State | 28.3 |  |  | 29.2 |  |  | 23.5 |
Canada | 8.1 |  |  | 11.4 |  |  | 11.4 |
Foreign - other | 21.2 |  |  | 10.9 |  |  | 12.4 |
| 359.0 |  |  | 363.6 |  |  | 196.3 |
Deferred |  |  |  |  |
Federal | (88.6 | ) |  | (76.1 | ) |  | 160.9 |
State | (31.2 | ) |  | (56.7 | ) |  | 4.5 |
Canada | 2.8 |  |  | 3.3 |  |  | 1.6 |
Foreign - other | (8.0 | ) |  | (14.0 | ) |  | (1.4 | )
| (125.0 | ) |  | (143.5 | ) |  | 165.6 |
| $ | 234.0 |  |  | $ | 220.1 |  |  | $ | 361.9 |
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:
| 2015 |  | 2014 |  | 2013
Computed U.S. Federal income taxes | $ | (130.7 | ) |  | $ | 137.8 |  |  | $ | 371.1 |
State income taxes, net of U.S. Federal tax impact | 23.2 |  |  | 19.3 |  |  | 17.1 |
Tax credits and domestic manufacturing deduction | (35.6 | ) |  | (27.5 | ) |  | (20.4 | )
Audit adjustments and settlements | (5.2 | ) |  | (19.1 | ) |  | 0.5 |
Effect of taxes booked on foreign operations | (13.7 | ) |  | (20.6 | ) |  | (11.5 | )
Statute lapses on previously reserved items | (9.4 | ) |  | (7.4 | ) |  | (4.8 | )
Goodwill and intangible impairments | 429.1 |  |  | 185.2 |  |  | — |
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. | (11.1 | ) |  | (20.9 | ) |  | — |
Other | (12.6 | ) |  | (3.2 | ) |  | 9.9 |
| $ | 234.0 |  |  | $ | 220.1 |  |  | $ | 361.9 |
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 31, 2015 |  | May 25, 2014
| Assets |  | Liabilities |  | Assets |  | Liabilities
Property, plant and equipment | $ | — |  |  | $ | 546.9 |  |  | $ | — |  |  | $ | 553.6 |
Goodwill, trademarks and other intangible assets | — |  |  | 1,218.5 |  |  | — |  |  | 1,345.4 |
Accrued expenses | 27.8 |  |  | — |  |  | 34.8 |  |  | — |
Compensation related liabilities | 81.7 |  |  | — |  |  | 69.2 |  |  | — |
Pension and other postretirement benefits | 306.2 |  |  | — |  |  | 279.2 |  |  | — |
Investment in unconsolidated subsidiaries | — |  |  | 211.6 |  |  | — |  |  | 7.7 |
Derivative cash flow hedge | — |  |  | 0.6 |  |  | — |  |  | 0.8 |
Other liabilities that will give rise to future tax deductions | 135.5 |  |  | — |  |  | 150.7 |  |  | — |
Net operating loss carryforwards | 43.0 |  |  | — |  |  | 56.0 |  |  | — |
Other | 117.2 |  |  | 60.2 |  |  | 124.7 |  |  | 25.7 |
| 711.4 |  |  | 2,037.8 |  |  | 714.6 |  |  | 1,933.2 |
Less: Valuation allowance | (41.5 | ) |  | — |  |  | (43.3 | ) |  | — |
Net deferred taxes | $ | 669.9 |  |  | $ | 2,037.8 |  |  | $ | 671.3 |  |  | $ | 1,933.2 |
Change in the unrecognized tax benefits | The change in the unrecognized tax benefits for the year ended May 31, 2015 was:
Beginning balance on May 25, 2014 | $ | 84.9 |
Increases from positions established during prior periods | 4.1 |
Decreases from positions established during prior periods | (1.7 | )
Increases from positions established during the current period | 4.4 |
Decreases relating to settlements with taxing authorities | (6.3 | )
Reductions resulting from lapse of applicable statute of limitation | (10.0 | )
Other adjustments to liability | (1.7 | )
Ending balance on May 31, 2015 | $ | 73.7 |

X
- Definition Income tax reconciliation. + References No definition available. + Details
Name: | cag_IncomeTaxReconciliationTableTextBlock
Namespace Prefix: | cag_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Pre tax income from continuing operations including equity method investment earnings. + References No definition available. + Details
Name: | cag_PreTaxIncomeFromContinuingOperationsIncludingEquityMethodInvestmentEarningsTableTextBlock
Namespace Prefix: | cag_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration