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Note 14 - Stockholders' Equity | 6 Months Ended
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Nov. 26, 2023
Notes to Financial Statements |
Equity [Text Block] | 14. STOCKHOLDERS' EQUITY The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 26, 2023:
|  | Conagra Brands, Inc. Stockholders' Equity |  |  |  |  |  |  |  |  |
|  | Common Shares |  |  | Common Stock |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Accumulated Other Comprehensive Loss |  |  | Treasury Stock |  |  | Noncontrolling Interests |  |  | Total Equity |
Balance at May 28, 2023 |  |  | 584.2 |  |  | $ | 2,921.2 |  |  | $ | 2,376.9 |  |  | $ | 6,599.4 |  |  | $ | (44.4 | ) |  | $ | (3,116.3 | ) |  | $ | 70.5 |  |  | $ | 8,807.3 |
Stock option and incentive plans |  |  |  |  |  |  |  |  |  |  | (42.9 | ) |  |  | 1.1 |  |  |  |  |  |  |  | 25.6 |  |  |  |  |  |  |  | (16.2 | )
Currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10.7 |  |  |  |  |  |  |  | (0.1 | ) |  |  | 10.6 |
Derivative adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.6 |  |  |  |  |  |  |  |  |  |  |  | 1.6 |
Activities of noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.2 |  |  |  | 0.2 |
Pension and postretirement healthcare benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (0.8 | ) |  |  |  |  |  |  |  |  |  |  | (0.8 | )
Dividends declared on common stock; $0.35 per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (167.3 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (167.3 | )
Net income attributable to Conagra Brands, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 319.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 319.7 |
Balance at August 27, 2023 |  |  | 584.2 |  |  | $ | 2,921.2 |  |  | $ | 2,334.0 |  |  | $ | 6,752.9 |  |  | $ | (32.9 | ) |  | $ | (3,090.7 | ) |  | $ | 70.6 |  |  | $ | 8,955.1 |
Stock option and incentive plans |  |  |  |  |  |  |  |  |  |  | 5.6 |  |  |  | (0.4 | ) |  |  |  |  |  |  | 1.1 |  |  |  | 0.3 |  |  |  | 6.6 |
Currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5.6 | ) |  |  |  |  |  |  | (0.7 | ) |  |  | (6.3 | )
Derivative adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8 |  |  |  |  |  |  |  |  |  |  |  | 0.8 |
Pension and postretirement healthcare benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1.0 | ) |  |  |  |  |  |  |  |  |  |  | (1.0 | )
Dividends declared on common stock; $0.35 per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (167.2 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (167.2 | )
Net income attributable to Conagra Brands, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 286.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 286.2 |
Balance at November 26, 2023 |  |  | 584.2 |  |  | $ | 2,921.2 |  |  | $ | 2,339.6 |  |  | $ | 6,871.5 |  |  | $ | (38.7 | ) |  | $ | (3,089.6 | ) |  | $ | 70.2 |  |  | $ | 9,074.2 |
The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 27, 2022:
|  | Conagra Brands, Inc. Stockholders' Equity |  |  |  |  |  |  |  |  |
|  | Common Shares |  |  | Common Stock |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Accumulated Other Comprehensive Loss |  |  | Treasury Stock |  |  | Noncontrolling Interests |  |  | Total Equity |
Balance at May 29, 2022 |  |  | 584.2 |  |  | $ | 2,921.2 |  |  | $ | 2,324.6 |  |  | $ | 6,550.7 |  |  | $ | (11.2 | ) |  | $ | (2,997.6 | ) |  | $ | 74.5 |  |  | $ | 8,862.2 |
Stock option and incentive plans |  |  |  |  |  |  |  |  |  |  | (1.6 | ) |  |  | 0.2 |  |  |  |  |  |  |  | 16.3 |  |  |  |  |  |  |  | 14.9 |
Currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11.5 | ) |  |  |  |  |  |  | (2.1 | ) |  |  | (13.6 | )
Repurchase of common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (50.0 | ) |  |  |  |  |  |  | (50.0 | )
Derivative adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2.1 | ) |  |  |  |  |  |  |  |  |  |  | (2.1 | )
Pension and postretirement healthcare benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.4 |  |  |  |  |  |  |  |  |  |  |  | 1.4 |
Dividends declared on common stock; $0.33 per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (158.6 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (158.6 | )
Net loss attributable to Conagra Brands, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (77.5 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (77.5 | )
Balance at August 28, 2022 |  |  | 584.2 |  |  | $ | 2,921.2 |  |  | $ | 2,323.0 |  |  | $ | 6,314.8 |  |  | $ | (23.4 | ) |  | $ | (3,031.3 | ) |  | $ | 72.4 |  |  | $ | 8,576.7 |
Stock option and incentive plans |  |  |  |  |  |  |  |  |  |  | 37.9 |  |  |  | (2.4 | ) |  |  |  |  |  |  | 3.6 |  |  |  | 0.5 |  |  |  | 39.6 |
Currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6.5 | ) |  |  |  |  |  |  | (1.7 | ) |  |  | (8.2 | )
Repurchase of common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (100.0 | ) |  |  |  |  |  |  | (100.0 | )
Derivative adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.6 |  |  |  |  |  |  |  |  |  |  |  | 6.6 |
Activities of noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.3 |  |  |  | 0.3 |
Pension and postretirement healthcare benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1.3 | ) |  |  |  |  |  |  | (0.1 | ) |  |  | (1.4 | )
Dividends declared on common stock; $0.33 per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (157.8 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (157.8 | )
Net income attributable to Conagra Brands, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 381.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 381.9 |
Balance at November 27, 2022 |  |  | 584.2 |  |  | $ | 2,921.2 |  |  | $ | 2,360.9 |  |  | $ | 6,536.5 |  |  | $ | (24.6 | ) |  | $ | (3,127.7 | ) |  | $ | 71.4 |  |  | $ | 8,737.7 |
The following table details the accumulated balances for each component of other comprehensive loss, net of tax:
|  | November 26, 2023 |  |  | May 28, 2023 |
Currency translation losses, net of reclassification adjustments |  | $ | (94.6 | ) |  | $ | (99.7 | )
Derivative adjustments, net of reclassification adjustments |  |  | 31.6 |  |  |  | 29.2 |
Pension and postretirement benefit obligations, net of reclassification adjustments |  |  | 24.3 |  |  |  | 26.1 |
Accumulated other comprehensive loss |  | $ | (38.7 | ) |  | $ | (44.4 | )
The following tables summarize the reclassifications from accumulated other comprehensive income (loss) into income:
|  | Thirteen Weeks Ended |  | Affected Line Item in the Condensed Consolidated Statement of Earnings1
|  | November 26, 2023 |  |  | November 27, 2022 |  |
Net derivative adjustments: |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | (0.9 | ) |  | $ | (0.8 | ) | Interest expense, net
Cash flow hedges |  |  | (1.2 | ) |  |  | (0.2 | ) | Equity method investment earnings
|  |  | (2.1 | ) |  |  | (1.0 | ) | Total before tax
|  |  | 0.5 |  |  |  | 0.3 |  | Income tax expense
|  | $ | (1.6 | ) |  | $ | (0.7 | ) | Net of tax
Pension and postretirement liabilities: |  |  |  |  |  |  |  |  |
Net prior service cost |  | $ | — |  |  | $ | (0.1 | ) | Pension and postretirement non-service income
Net actuarial gain |  |  | (1.2 | ) |  |  | (1.1 | ) | Pension and postretirement non-service income
|  |  | (1.2 | ) |  |  | (1.2 | ) | Total before tax
|  |  | 0.3 |  |  |  | 0.3 |  | Income tax expense
|  | $ | (0.9 | ) |  | $ | (0.9 | ) | Net of tax
|  | Twenty-Six Weeks Ended |  | Affected Line Item in the Condensed Consolidated Statement of Earnings1
|  | November 26, 2023 |  |  | November 27, 2022 |  |
Net derivative adjustments: |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | (1.8 | ) |  | $ | (1.6 | ) | Interest expense, net
Cash flow hedges |  |  | (2.3 | ) |  |  | — |  | Equity method investment earnings
|  |  | (4.1 | ) |  |  | (1.6 | ) | Total before tax
|  |  | 1.0 |  |  |  | 0.5 |  | Income tax expense
|  | $ | (3.1 | ) |  | $ | (1.1 | ) | Net of tax
Pension and postretirement liabilities: |  |  |  |  |  |  |  |  |
Net prior service cost |  | $ | — |  |  | $ | (0.1 | ) | Pension and postretirement non-service income
Net actuarial gain |  |  | (2.4 | ) |  |  | (2.2 | ) | Pension and postretirement non-service income
|  |  | (2.4 | ) |  |  | (2.3 | ) | Total before tax
|  |  | 0.6 |  |  |  | 0.7 |  | Income tax expense
|  | $ | (1.8 | ) |  | $ | (1.6 | ) | Net of tax
1Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Earnings.

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