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PENSION AND POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended
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May 26, 2019
Retirement Benefits [Abstract] |
Schedule of Changes in Benefit Obligations and Plan Assets | The changes in benefit obligations and plan assets at May 26, 2019 and May 27, 2018 are presented in the following table.
| Pension Benefits |  | Other Benefits
| 2019 |  | 2018 |  | 2019 |  | 2018
Change in Benefit Obligation |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 3,423.6 |  |  | $ | 3,548.7 |  |  | $ | 119.3 |  |  | $ | 156.9 |
Service cost | 10.9 |  |  | 42.8 |  |  | 0.1 |  |  | 0.2 |
Interest cost | 132.6 |  |  | 111.1 |  |  | 3.8 |  |  | 3.9 |
Plan participants' contributions | — |  |  | — |  |  | 2.5 |  |  | 4.7 |
Amendments | 1.4 |  |  | 0.6 |  |  | (0.8 | ) |  | (17.2 | )
Actuarial loss (gain) | 150.1 |  |  | (9.4 | ) |  | (24.3 | ) |  | (13.2 | )
Plan settlements | — |  |  | (10.2 | ) |  | (0.5 | ) |  | — |
Curtailments | — |  |  | (79.5 | ) |  | (0.6 | ) |  | — |
Benefits paid | (191.2 | ) |  | (181.3 | ) |  | (9.8 | ) |  | (16.2 | )
Currency | (0.6 | ) |  | 0.8 |  |  | (0.2 | ) |  | 0.2 |
Business acquisitions and divestitures | 206.4 |  |  | — |  |  | 1.7 |  |  | — |
Benefit obligation at end of year | $ | 3,733.2 |  |  | $ | 3,423.6 |  |  | $ | 91.2 |  |  | $ | 119.3 |
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 3,355.1 |  |  | $ | 2,983.6 |  |  | $ | 3.7 |  |  | $ | — |
Actual return on plan assets | 252.2 |  |  | 249.6 |  |  | 0.2 |  |  | 3.7 |
Employer contributions | 14.7 |  |  | 312.6 |  |  | 7.3 |  |  | 11.5 |
Plan participants' contributions | — |  |  | — |  |  | 2.5 |  |  | 4.7 |
Plan settlements | — |  |  | (10.2 | ) |  | (0.5 | ) |  | — |
Benefits paid | (191.2 | ) |  | (181.3 | ) |  | (9.8 | ) |  | (16.2 | )
Currency | (0.6 | ) |  | 0.8 |  |  | — |  |  | — |
Business acquisitions and divestitures | 171.3 |  |  | — |  |  |  |  | — |
Fair value of plan assets at end of year | $ | 3,601.5 |  |  | $ | 3,355.1 |  |  | $ | 3.4 |  |  | $ | 3.7 |
Schedule of Funded Status and Amounts Recognized | The funded status and amounts recognized in our Consolidated Balance Sheets at May 26, 2019 and May 27, 2018 were:
|  | Pension Benefits |  | Other Benefits
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Funded Status |  | $ | (131.7 | ) |  | $ | (68.5 | ) |  | $ | (87.8 | ) |  | $ | (115.6 | )
Amounts Recognized in Consolidated Balance Sheets |  |  |  |  |  |  |  |
Other assets |  | $ | 61.2 |  |  | $ | 103.0 |  |  | $ | 2.8 |  |  | $ | 2.6 |
Other accrued liabilities |  | (10.2 | ) |  | (11.8 | ) |  | (10.8 | ) |  | (16.2 | )
Other noncurrent liabilities |  | (182.7 | ) |  | (159.7 | ) |  | (79.8 | ) |  | (102.0 | )
Net Amount Recognized |  | $ | (131.7 | ) |  | $ | (68.5 | ) |  | $ | (87.8 | ) |  | $ | (115.6 | )
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) |  |  |  |  |  |  |  |
Actuarial net loss (gain) |  | $ | 115.8 |  |  | $ | 48.8 |  |  | $ | (47.8 | ) |  | $ | (25.8 | )
Net prior service cost (benefit) |  | 12.1 |  |  | 13.8 |  |  | (17.1 | ) |  | (18.4 | )
Total |  | $ | 127.9 |  |  | $ | 62.6 |  |  | $ | (64.9 | ) |  | $ | (44.2 | )
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 26, 2019 and May 27, 2018 |  |  |  |  |  |  |  |
Discount rate |  | 3.88 | % |  | 4.14 | % |  | 3.48 | % |  | 3.81 | %
Long-term rate of compensation increase |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |
Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets | The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets at May 26, 2019 and May 27, 2018 were:
|  | 2019 |  | 2018
Projected benefit obligation |  | $ | 964.3 |  |  | $ | 951.1 |
Accumulated benefit obligation |  | 963.7 |  |  | 950.1 |
Fair value of plan assets |  | 771.4 |  |  | 779.5 |
Components of Pension Benefit and Other Postretirement Benefit Costs | Components of pension benefit and other postretirement benefit costs included:
| Pension Benefits |  | Other Benefits
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Service cost | $ | 10.9 |  |  | $ | 42.8 |  |  | $ | 56.9 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.3 |
Interest cost | 132.6 |  |  | 111.1 |  |  | 116.8 |  |  | 3.8 |  |  | 3.9 |  |  | 4.6 |
Expected return on plan assets | (174.4 | ) |  | (218.3 | ) |  | (207.4 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service cost (benefit) | 3.1 |  |  | 2.9 |  |  | 2.6 |  |  | (2.2 | ) |  | (3.4 | ) |  | (6.6 | )
Special termination benefits | — |  |  | — |  |  | 1.5 |  |  | — |  |  | — |  |  | — |
Recognized net actuarial loss (gain) | 5.1 |  |  | 3.4 |  |  | 1.2 |  |  | (1.4 | ) |  | — |  |  | 0.5 |
Settlement loss (gain) | — |  |  | 1.3 |  |  | 13.8 |  |  | (1.0 | ) |  | — |  |  | — |
Curtailment loss (gain) | — |  |  | 0.7 |  |  | 1.7 |  |  | (0.6 | ) |  | — |  |  | — |
Benefit cost — Company plans | (22.7 | ) |  | (56.1 | ) |  | (12.9 | ) |  | (1.3 | ) |  | 0.7 |  |  | (1.2 | )
Pension benefit cost — multi-employer plans | 6.3 |  |  | 7.1 |  |  | 12.0 |  |  | — |  |  | — |  |  | — |
Total benefit (income) cost | $ | (16.4 | ) |  | $ | (49.0 | ) |  | $ | (0.9 | ) |  | $ | (1.3 | ) |  | $ | 0.7 |  |  | $ | (1.2 | )
Schedule of Other Changes in Plan Assets and Benefit Obligations | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were:
|  | Pension Benefits |  | Other Benefits
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Net actuarial gain (loss) |  | $ | (72.1 | ) |  | $ | 120.0 |  |  | $ | 25.1 |  |  | $ | 16.8 |
Amendments |  | (1.4 | ) |  | (0.6 | ) |  | 0.8 |  |  | 17.2 |
Amortization of prior service cost (benefit) |  | 3.1 |  |  | 2.9 |  |  | (2.2 | ) |  | (3.4 | )
Settlement and curtailment loss (gain) |  | — |  |  | 2.0 |  |  | (1.6 | ) |  | — |
Recognized net actuarial loss (gain) |  | 5.1 |  |  | 3.4 |  |  | (1.4 | ) |  | — |
Net amount recognized |  | $ | (65.3 | ) |  | $ | 127.7 |  |  | $ | 20.7 |  |  | $ | 30.6 |
Weighted Average Actuarial Assumption Used to Determine Net Expense | Weighted-Average Actuarial Assumptions Used to Determine Net Expense
|  | Pension Benefits |  | Other Benefits
|  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Discount rate |  | 4.15 | % |  | 3.90 | % |  | 3.83 | % |  | 3.81 | % |  | 3.33 | % |  | 3.18 | %
Long-term rate of return on plan assets |  | 5.17 | % |  | 7.50 | % |  | 7.50 | % |  | N/A |  |  | N/A |  |  | N/A |
Long-term rate of compensation increase |  | 3.63 | % |  | 3.63 | % |  | 3.66 | % |  | N/A |  |  | N/A |  |  | N/A |
Schedule of Pension Plan Weighted-Average Asset Allocations and Target Asset Allocations | Our pension plan weighted-average asset allocations by asset category were as follows:
|  | May 26, 2019 |  | May 27, 2018
Equity securities |  | 7 | % |  | 21 | %
Debt securities |  | 85 | % |  | 58 | %
Real estate funds |  | 1 | % |  | 10 | %
Multi-strategy hedge funds |  | — | % |  | 4 | %
Private equity |  | 3 | % |  | 4 | %
Other |  | 4 | % |  | 3 | %
Total |  | 100 | % |  | 100 | %
The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 26, 2019, was as follows:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | $ | 0.7 |  |  | $ | 77.7 |  |  | $ | — |  |  | $ | 78.4 |
Equity securities: |  |  |  |  |  |  |  |
U.S. equity securities |  | 56.3 |  |  | 91.8 |  |  | — |  |  | 148.1 |
International equity securities |  | 87.8 |  |  | 0.4 |  |  | — |  |  | 88.2 |
Fixed income securities: |  |  |  |  |  |  |  |
Government bonds |  | — |  |  | 748.3 |  |  | — |  |  | 748.3 |
Corporate bonds |  | — |  |  | 2,255.5 |  |  | — |  |  | 2,255.5 |
Mortgage-backed bonds |  | — |  |  | 31.1 |  |  | — |  |  | 31.1 |
Real estate funds |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Net receivables for unsettled transactions |  | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Fair value measurement of pension plan assets in the fair value hierarchy |  | $ | 150.8 |  |  | $ | 3,204.8 |  |  | $ | — |  |  | $ | 3,355.6 |
Investments measured at net asset value |  |  |  |  |  |  |  | 245.9 |
Total pension plan assets |  |  |  |  |  |  |  |  |  |  | $ | 3,601.5 |
The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 27, 2018, was as follows:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | $ | 1.0 |  |  | $ | 65.0 |  |  | $ | — |  |  | $ | 66.0 |
Equity securities: |  |  |  |  |  |  |  |
U.S. equity securities |  | 319.8 |  |  | 124.0 |  |  | — |  |  | 443.8 |
International equity securities |  | 256.5 |  |  | 1.0 |  |  | — |  |  | 257.5 |
Fixed income securities: |  |  |  |  |  |  |  |
Government bonds |  | — |  |  | 1,854.8 |  |  | — |  |  | 1,854.8 |
Corporate bonds |  | — |  |  | 4.7 |  |  | — |  |  | 4.7 |
Mortgage-backed bonds |  | — |  |  | 9.3 |  |  | — |  |  | 9.3 |
Real estate funds |  | 7.7 |  |  | — |  |  | — |  |  | 7.7 |
Master limited partnerships |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Net receivables for unsettled transactions |  | 10.9 |  |  | — |  |  | — |  |  | 10.9 |
Fair value measurement of pension plan assets in the fair value hierarchy |  | $ | 596.3 |  |  | $ | 2,058.8 |  |  | $ | — |  |  | $ | 2,655.1 |
Investments measured at net asset value |  |  |  |  |  |  |  | 700.0 |
Total pension plan assets |  |  |  |  |  |  |  | $ | 3,355.1 |
Schedule of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the benefit obligation of the postretirement plans.
Assumed Health Care Cost Trend Rates at: |  | May 26, 2019 |  | May 27, 2018
Initial health care cost trend rate |  | 7.20 | % |  | 7.87 | %
Ultimate health care cost trend rate |  | 4.5 | % |  | 4.5 | %
Year that the rate reaches the ultimate trend rate |  | 2024 |  |  | 2024 |
Schedule of Estimated Future Gross Benefit Payments | The following table presents estimated future gross benefit payments for our plans:
|  | Pension Benefits |  | Health Care and Life Insurance Benefits
2020 |  | $ | 200.7 |  |  | $ | 10.9 |
2021 |  | 201.3 |  |  | 10.1 |
2022 |  | 203.9 |  |  | 9.3 |
2023 |  | 207.1 |  |  | 8.5 |
2024 |  | 210.0 |  |  | 7.8 |
Succeeding 5 years |  | 1,074.8 |  |  | 30.2 |
Schedule of Contributions for Plans That Are Not Individually Significant | For plans that are not individually significant to Conagra Brands the total amount of contributions is presented in the aggregate.
|  | Pension Protection Act Zone Status | FIP / RP Status Pending / Implemented | Contributions by the Company (millions) |  | Expiration Dates of Collective Bargaining Agreements
Pension Fund | EIN / PN | 2018 | 2017 | FY19 | FY18 | FY17 | Surcharge Imposed
Bakery and Confectionary Union and Industry International Pension Plan | 52-6118572 / 001 | Red, Critical and Declining | Red, Critical and Declining | RP Implemented | $ | 0.1 |  | $ | 1.5 |  | $1.8 | No | 2/29/2020
Central States, Southeast and Southwest Areas Pension Fund | 36-6044243 / 001 | Red, Critical and Declining | Red | RP Implemented | 1.8 |  | 1.8 |  | 1.8 | No | 5/31/2020
Western Conference of Teamsters Pension Plan | 91-6145047 / 001 | Green | Green | N/A | 3.2 |  | 2.8 |  | 4.0 | No | 06/30/2021
Other Plans | 0.9 |  | 0.4 |  | 0.4 |  |
Total Contributions | $ | 6.0 |  | $6.5 | $8.0 |  |

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