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BUSINESS SEGMENTS AND RELATED INFORMATION (Tables) | 9 Months Ended
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Feb. 27, 2022
Segment Reporting [Abstract] |
Schedule of Segment Operations | General corporate expense, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings have been excluded from segment operations.
|  | Thirteen Weeks Ended |  |  | Thirty-Nine Weeks Ended |
|  | February 27, 2022 |  |  | February 28, 2021 |  |  | February 27, 2022 |  |  | February 28, 2021 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grocery & Snacks |  | $ | 1,199.0 |  |  | $ | 1,129.5 |  |  | $ | 3,538.6 |  |  | $ | 3,543.6 |
Refrigerated & Frozen |  |  | 1,238.6 |  |  |  | 1,203.1 |  |  |  | 3,626.3 |  |  |  | 3,581.7 |
International |  |  | 241.2 |  |  |  | 240.9 |  |  |  | 740.0 |  |  |  | 709.7 |
Foodservice |  |  | 234.9 |  |  |  | 197.6 |  |  |  | 721.0 |  |  |  | 610.2 |
Total net sales |  | $ | 2,913.7 |  |  | $ | 2,771.1 |  |  | $ | 8,625.9 |  |  | $ | 8,445.2 |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grocery & Snacks |  | $ | 231.5 |  |  | $ | 290.0 |  |  | $ | 696.6 |  |  | $ | 889.2 |
Refrigerated & Frozen |  |  | 158.0 |  |  |  | 214.6 |  |  |  | 483.9 |  |  |  | 719.0 |
International |  |  | 29.9 |  |  |  | 27.8 |  |  |  | 101.1 |  |  |  | 105.8 |
Foodservice |  |  | 4.7 |  |  |  | 13.0 |  |  |  | 38.8 |  |  |  | 61.0 |
Total operating profit |  | $ | 424.1 |  |  | $ | 545.4 |  |  | $ | 1,320.4 |  |  | $ | 1,775.0 |
Equity method investment earnings |  |  | 48.1 |  |  |  | 21.5 |  |  |  | 97.8 |  |  |  | 51.0 |
General corporate expense |  |  | 64.9 |  |  |  | 96.7 |  |  |  | 188.5 |  |  |  | 285.2 |
Pension and postretirement non-service income |  |  | (16.1 | ) |  |  | (13.7 | ) |  |  | (48.3 | ) |  |  | (41.2 | )
Interest expense, net |  |  | 94.6 |  |  |  | 100.6 |  |  |  | 283.7 |  |  |  | 322.0 |
Income tax expense |  |  | 109.9 |  |  |  | 101.6 |  |  |  | 263.8 |  |  |  | 269.0 |
Net income |  | $ | 218.9 |  |  | $ | 281.7 |  |  | $ | 730.5 |  |  | $ | 991.0 |
Less: Net income attributable to noncontrolling interests |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 1.2 |  |  |  | 1.7 |
Net income attributable to Conagra Brands, Inc. |  | $ | 218.4 |  |  | $ | 281.4 |  |  | $ | 729.3 |  |  | $ | 989.3 |
The following table presents further disaggregation of our net sales:
|  | Thirteen Weeks Ended |  |  | Thirty-Nine Weeks Ended |
|  | February 27, 2022 |  |  | February 28, 2021 |  |  | February 27, 2022 |  |  | February 28, 2021 |
Frozen |  | $ | 1,061.8 |  |  | $ | 1,013.2 |  |  | $ | 3,055.3 |  |  | $ | 2,951.9 |
Staples |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other shelf-stable |  |  | 698.5 |  |  |  | 696.5 |  |  |  | 2,064.7 |  |  |  | 2,202.3 |
Refrigerated |  |  | 176.8 |  |  |  | 189.9 |  |  |  | 571.0 |  |  |  | 629.8 |
Snacks |  |  | 500.5 |  |  |  | 433.0 |  |  |  | 1,473.9 |  |  |  | 1,341.3 |
Foodservice |  |  | 234.9 |  |  |  | 197.6 |  |  |  | 721.0 |  |  |  | 610.2 |
International |  |  | 241.2 |  |  |  | 240.9 |  |  |  | 740.0 |  |  |  | 709.7 |
Total net sales |  | $ | 2,913.7 |  |  | $ | 2,771.1 |  |  | $ | 8,625.9 |  |  | $ | 8,445.2 |
Schedule of Net Derivative Gains (Losses) from Economic Hedges of Forecasted Commodity Consumption and Foreign Currency Risk | The following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology:
|  | Thirteen Weeks Ended |  |  | Thirty-Nine Weeks Ended |
|  | February 27, 2022 |  |  | February 28, 2021 |  |  | February 27, 2022 |  |  | February 28, 2021 |
Gross derivative gains incurred |  | $ | 10.0 |  |  | $ | 5.3 |  |  | $ | 27.2 |  |  | $ | 1.4 |
Less: Net derivative gains (losses) allocated to reporting segments |  |  | 8.1 |  |  |  | (1.1 | ) |  |  | 21.9 |  |  |  | (5.8 | )
Net derivative gains recognized in general corporate expenses |  | $ | 1.9 |  |  | $ | 6.4 |  |  | $ | 5.3 |  |  | $ | 7.2 |
Net derivative gains (losses) allocated to Grocery & Snacks |  | $ | 3.9 |  |  | $ | 0.3 |  |  | $ | 11.8 |  |  | $ | (4.1 | )
Net derivative gains (losses) allocated to Refrigerated & Frozen |  |  | 3.6 |  |  |  | (0.1 | ) |  |  | 12.9 |  |  |  | (2.1 | )
Net derivative gains (losses) allocated to International |  |  | 0.3 |  |  |  | (1.3 | ) |  |  | (3.6 | ) |  |  | 1.1 |
Net derivative gains (losses) allocated to Foodservice |  |  | 0.3 |  |  |  | — |  |  |  | 0.8 |  |  |  | (0.7 | )
Net derivative gains (losses) included in segment operating profit |  | $ | 8.1 |  |  | $ | (1.1 | ) |  | $ | 21.9 |  |  | $ | (5.8 | )

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