<SEC-DOCUMENT>0000023217-25-000006.txt : 20250424
<SEC-HEADER>0000023217-25-000006.hdr.sgml : 20250424
<ACCEPTANCE-DATETIME>20250326153723
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000023217-25-000006
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONAGRA BRANDS INC.
		CENTRAL INDEX KEY:			0000023217
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOD & KINDRED PRODUCTS [2000]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				470248710
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0525

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		222 W. MERCHANDISE MART PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654
		BUSINESS PHONE:		312-549-5000

	MAIL ADDRESS:	
		STREET 1:		222 W. MERCHANDISE MART PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONAGRA FOODS INC /DE/
		DATE OF NAME CHANGE:	20001006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONAGRA INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEBRASKA CONSOLIDATED MILLS CO
		DATE OF NAME CHANGE:	19721201
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/26/2025 07:29:44 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.96;margin:5pt 0pt 5pt 0pt;"><img src="tmb-20250326xcorresp001.jpg" alt="Graphic" style="display:inline-block;height:50.5pt;left:0%;padding-bottom:0.5pt;position:relative;top:0pt;width:68.6pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Calibri Light';">222 W. Merchandise Mart Plaza, Suite 1300</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Calibri Light';">Chicago, Illinois 60654</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt 0pt 0pt 10.1pt;"><font style="color:#252525;font-family:'Calibri Light';font-size:10pt;line-height:1.28;margin-bottom:8pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.96;margin:5pt 0pt 5pt 0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">March 26, 2025</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">VIA EDGAR</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Ms. Eiko Yaoita Pyles</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Ms. Melissa Gilmore</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Division of Corporate Finance</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Office of Manufacturing</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">U.S. Securities and Exchange Commission</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Washington, D.C. 20549</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">RE:</font></font><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Conagra Brands, Inc.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;">Form 10-K for the fiscal year ended May 26, 2024</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;">Filed July 11, 2024</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;">Form 8-K furnished on December 19, 2024</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;">File No. 001-07275</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Dear Ms. Pyles and Ms. Gilmore:</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;">This letter sets forth the response of Conagra Brands, Inc. (&#8220;we&#8221; or &#8220;our&#8221;) to the Staff&#39;s comment letter dated March 17, 2025, on the above referenced Form 10-K and Form 8-K. We have also included the comment along with our response to aid in the review process.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><u style="color:#252525;text-decoration-color:#252525;text-decoration-line:underline;text-decoration-style:solid;">Form 10-K for the fiscal year ended May 26, 2024</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Consolidated Statements of Earnings, page 38</u></p><div style="margin-top:5pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.96;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:10pt;"></td><td style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><i style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;white-space:pre-wrap;">We note that you included the impairment charges in the Selling, General and Administrative expenses line item of the statement of earnings.  Please present the charges related to impairments in a separate line item with charges related to goodwill presented separately from other impairment charges in accordance with ASC 350-20-45-2.</i></td></tr></table><div style="margin-top:5pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="color:#252525;font-family:'Times New Roman','Times','serif';font-weight:bold;">Response:</b><font style="color:#252525;font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">  </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">In response to the Staff&#8217;s comment, in future filings, in the cost and expenses itemization in the statement of earnings, we will present charges related to impairments in a separate line item and we will separately present charges related to goodwill, if recognized. As disclosed in Note 8 &#8211; Goodwill and Other Identifiable Intangible Assets, we recognized goodwill and intangible impairment charges of $526.5 million and $430.2 million, respectively in fiscal year 2024. We respectfully submit that the requested change would not materially change a reader&#8217;s understanding of the Company&#8217;s results of operations, as the nature and amount of the impairment charges is reflected within Note 8 and in our Critical Accounting Estimates.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;padding-bottom:8pt;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;background:#ffffff;margin:0pt;"><b style="font-weight:bold;">* * *</b></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:14pt 0pt 0pt 0pt;"><u style="color:#252525;text-decoration-color:#252525;text-decoration-line:underline;text-decoration-style:solid;">Form 8-K furnished on December 19, 2024</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Exhibit 99.1</u></p><div style="margin-top:5pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.96;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:10pt;"></td><td style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">2.</td><td style="padding:0pt;"><i style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">We note in your earnings releases, you removed advertising and promotion expenses from adjusted selling, general and administrative expense, a non-GAAP measure, because this metric is used in reporting to management, and management believes this adjusted measure provides useful supplemental information to assess the company&#8217;s operating performance. Please tell us your consideration of the guidance in Questions 100.01 and 100.04 of the Compliance and Disclosure Interpretations on Non-GAAP Financial Measures.</i></td></tr></table><div style="margin-top:5pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="color:#252525;font-family:'Times New Roman','Times','serif';font-weight:bold;">Response:</b><font style="color:#252525;font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">  </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">In response to the Staff&#8217;s comment, we note that we believe that the presentation excluding advertising and promotion expenses from our adjusted selling, general and administrative expenses provides our investors with more transparency into our quarterly results and useful supplemental information by separating advertising and promotion expenses, including as a percent of net sales, from other selling, general and administrative expenses. As disclosed in Note 2 of Exhibit 99.1 to our Form 8-K furnished on December 19, 2024, advertising and promotion expenses are not removed from our presentation of adjusted operating profit nor from our presentation of adjusted diluted EPS. </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">However, in consideration of the Staff&#8217;s comments, in future filings, we will present adjusted selling, general and administrative expenses including advertising and promotion expenses and provide our investors with advertising and promotion expenses in both absolute dollars and as a percent of net sales as supplemental information in a footnote in our non-GAAP reconciliation table for adjusted selling, general and administrative expenses to continue to provide more transparency into our quarterly results.  Set forth below, for illustrative purposes only, is an example of the updated disclosure based on </font><font style="font-family:'Times New Roman','Times','serif';">Exhibit 99.1 to </font><font style="color:#252525;font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">the Form 8-K furnished on December 19, 2024.    </font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-top:0.75pt;width:99.03%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:61.16%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:3.88%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:3.88%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:31.06%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:30.75pt;"><td style="vertical-align:bottom;width:61.16%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Q2 FY25</b></p></td><td style="vertical-align:bottom;width:3.88%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.88%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:31.06%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Selling, general and administrative expenses </b><sup style="font-family:'Times New Roman','Times','serif';font-size:7.5pt;font-weight:bold;vertical-align:top;">1</sup></p></td></tr><tr style="height:14.5pt;"><td style="vertical-align:middle;width:61.16%;background:#cdebff;border-top:1px solid #000000;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Reported</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:3.88%;background:#cdebff;border-top:1px solid #000000;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">&#160;</b></p></td><td style="vertical-align:middle;width:3.88%;background:#cdebff;border-top:1px solid #000000;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">$</b></p></td><td style="vertical-align:middle;width:31.06%;background:#cdebff;border-top:1px solid #000000;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;white-space:pre-wrap;">                     425.2 </b></p></td></tr><tr style="height:14.5pt;"><td style="vertical-align:middle;width:61.16%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-style:italic;font-weight:bold;">% of Net Sales</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:3.88%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">&#160;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:3.88%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">&#160;</font></p></td><td style="vertical-align:middle;width:31.06%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-style:italic;font-weight:bold;">13.3%</font></p></td></tr><tr style="height:14.5pt;"><td style="vertical-align:middle;width:61.16%;background:#cdebff;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Restructuring plans</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:3.88%;background:#cdebff;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">&#160;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:3.88%;background:#cdebff;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">&#160;</font></p></td><td style="vertical-align:middle;width:31.06%;background:#cdebff;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">                        73.3 </font></p></td></tr><tr style="height:14.25pt;"><td style="vertical-align:middle;width:61.16%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Brand impairment charges</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.88%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.88%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:31.06%;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">                            &#8212; </font></p></td></tr><tr style="height:13.65pt;"><td style="vertical-align:middle;width:61.16%;background:#cdebff;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">Corporate hedging derivative losses (gains)</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:3.88%;background:#cdebff;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">&#160;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:3.88%;background:#cdebff;margin:0pt;padding:0.75pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';">&#160;</font></p></td><td 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Please revise your discussion in your Note on Non-GAAP Financial Measures to further describe the nature of each adjustment and the reasons why management believes the adjustment and information is useful to investors. Refer to the guidance in Item 10(e)(1)(i)(C) of Regulation S-K.</i></td></tr></table><div style="margin-top:5pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><b style="color:#252525;font-family:'Times New Roman','Times','serif';font-weight:bold;">Response:</b><font style="color:#252525;font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">  </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.28;padding-bottom:8pt;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">In response to the Staff&#8217;s comments, we will update our Note on Non-GAAP Financial Measures to further describe adjustments and the usefulness to investors in accordance with the guidance in future filings.  Set forth below, for illustrative purposes only, is an example of the updated disclosure based on </font><font style="font-family:'Times New Roman','Times','serif';">Exhibit 99.1 to </font><font style="color:#252525;font-family:'Times New Roman','Times','serif';">the Form 8-K furnished on December 19, 2024 (bold, underscored language indicates new disclosure).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-bottom:14pt;background:#ffffff;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Note&#160;on Non-GAAP Financial Measures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-bottom:14pt;background:#ffffff;margin:0pt;">This document includes certain non-GAAP financial measures, including adjusted EPS, organic net sales, adjusted gross profit, adjusted operating profit, adjusted SG&amp;A, adjusted corporate expenses, adjusted gross margin, adjusted operating margin, adjusted effective tax rate, adjusted net income attributable to Conagra Brands, free cash flow, net debt, net leverage ratio, and adjusted EBITDA. Management considers GAAP financial measures as well as such non-GAAP financial information in its evaluation of the company&#39;s financial statements<b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">. We believe</b> these non-GAAP financial measures provide useful supplemental information to <b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">investors to facilitate year-over-year comparisons by removing non-recurring items and other items impacting comparability such as the impacts of foreign exchange, divested businesses and acquisitions, as well as the impact of any 53</b><sup style="font-size:7.5pt;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;vertical-align:top;">rd</sup><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">&#160;week, as noted in more detail for each measure below</b>. <b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">We also believe the below financial measures are used by investors and analysts to </b>assess the company&#39;s operating performance and financial position. These measures should be viewed in addition to, and not in lieu of, the company&#39;s diluted earnings per share, operating performance and financial measures as calculated in accordance with GAAP.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-bottom:14pt;background:#ffffff;margin:0pt;">Organic net sales excludes, from reported net sales, the impacts of foreign exchange, divested businesses and acquisitions, as well as the impact of any 53<sup style="font-size:7.5pt;vertical-align:top;">rd</sup>&#160;week<b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> to provide a more transparent view of year-over-year comparability</b>. 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Free cash flow conversion is free cash flow divided by adjusted net income attributable to Conagra Brands, Inc. <b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">We use this non-GAAP financial measure to provide additional information about the amount of cash available for debt repayment, dividend distributions, acquisition opportunities, and share repurchases after all of the company&#8217;s business needs and obligations are met.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-bottom:14pt;background:#ffffff;margin:0pt;">References to adjusted items throughout this release refer to measures computed in accordance with GAAP less the impact of items impacting comparability. Items impacting comparability are income or expenses (and related tax impacts) that management believes have had, or are likely to have, a significant impact on the earnings of the applicable business segment or on the total corporation for the period in which the item is recognized, and are not indicative of the company&#39;s core operating results. <b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">We exclude these items that we believe affect comparability of underlying results from period to period and may obscure trends in our underlying profitability.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;background:#ffffff;margin:0pt;">References to earnings before interest, taxes, depreciation, and amortization (EBITDA) refer to net income attributable to Conagra Brands before the impacts of discontinued operations, income tax expense (benefit), interest expense, depreciation, and amortization. <b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">For adjusted EBITDA, we exclude items resulting from infrequently occurring events or items that we believe significantly affect the year-to-year assessment of the company&#8217;s operating results.</b></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:0pt;background:#ffffff;margin:14pt 0pt 0pt 0pt;"><font style="font-size:0pt;line-height:1.19;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-bottom:14pt;background:#ffffff;margin:0pt;"><font style="white-space:pre-wrap;">Hedge gains and losses are generally aggregated, and net amounts are reclassified from unallocated corporate expense to the operating segments when the underlying commodity or foreign currency being hedged is expensed in segment cost of goods sold. The net change in the derivative gains (losses) included in unallocated corporate expense during the period is reflected as a comparability item, Corporate hedging derivate gains (losses).  </font><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Since our hedging contracts are generally for future periods, this adjustment facilitates year-over-year comparisons of cost of goods sold, matching the derivative gains and losses with the underlying economic exposure being hedged for the period.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;background:#ffffff;margin:0pt;"><b style="font-weight:bold;">* * *</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:14pt 0pt 0pt 0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">We confirm that the company is responsible for the accuracy and adequacy of its disclosures, notwithstanding any review, comments, action or absence of action by the Staff.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Very truly yours,</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><u style="color:#252525;font-family:'Times New Roman','Times','serif';text-decoration-color:#252525;text-decoration-line:underline;text-decoration-style:solid;">/s/ David S. Marberger</u></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">David S. Marberger</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Executive Vice President and Chief Financial Officer</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Conagra Brands, Inc.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">cc:</font></font><font style="color:#252525;font-family:'Times New Roman','Times','serif';">Carey Bartell, Executive Vice President, General Counsel and Corporate Secretary</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;">Conagra Brands, Inc.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;">William Eric Johnson, Senior Vice President, Corporate Controller</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="color:#252525;font-family:'Times New Roman','Times','serif';font-size:10pt;">Conagra Brands, Inc. </font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
