Conagra Brands (CAG) 10-Q2 Oct 242025 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information	3 Months Ended
Document And Entity Information	Aug. 25, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 25, 2024
Document Transition Report	false
Entity File Number	1-7275
Entity Registrant Name	CONAGRA BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0248710
Entity Address, Address Line One	222 W. Merchandise Mart Plaza, Suite 1300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60654
City Area Code	312
Local Phone Number	549-5000
Title of 12(b) Security	Common Stock, $5.00 par value
Trading Symbol	CAG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	477,273,006
Entity Central Index Key	0000023217
Current Fiscal Year End Date	--05-25
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Income Statement [Abstract]
Net sales	$ 2,794.9	$ 2,904
Costs and expenses:
Cost of goods sold	2,055.6	2,080.9
Selling, general and administrative expenses	337.7	334.1
Pension and postretirement non-service income (expense)	(3.1)	0.3
Interest expense, net	105.8	106
Equity method investment earnings	29.1	35.5
Income before income taxes	328	418.2
Income tax expense (benefit)	(138.9)	98.3
Net income	466.9	319.9
Less: Net income attributable to noncontrolling interests	0.1	0.2
Net income attributable to Conagra Brands, Inc.	$ 466.8	$ 319.7
Earnings per share - basic
Net income attributable to Conagra Brands, Inc. common stockholders, basic (in dollars per share)	$ 0.97	$ 0.67
Earnings per share - diluted
Net income attributable to Conagra Brands, Inc. common stockholders, diluted (in dollars per share)	$ 0.97	$ 0.67

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 328	$ 418.2
Net income, tax (expense) benefit	138.9	(98.3)
Net income	466.9	319.9
Unrealized derivative adjustments	(2.5)	4.1
Unrealized derivative adjustments, tax expense (benefit)	0.6	(1)
Unrealized derivative adjustments, after-tax amount	(1.9)	3.1
Reclassification for derivative adjustments included in net income, pre-tax amount	(1.9)	(2)
Reclassification for derivative adjustments included in net income, tax expense (benefit)	(0.5)	(0.5)
Reclassification for derivative adjustments included in net income, after-tax amount	(1.4)	(1.5)
Unrealized currency translation gains (losses)	(19.3)	10.6
Unrealized currency translation gains (losses), after-tax amount	(19.3)	10.6
Reclassification for currency translation losses in connection with the sale of Agro Tech Foods Limited	79.8
Reclassification for currency translation losses in connection with the sale of Agro Tech Foods Limited, after-tax amount	79.8
Reclassification for pension and postretirement benefit obligations included in net income	(1.1)	(1.2)
Reclassification for pension and postretirement benefit obligations included in net income, tax (expense) benefit	0.2	0.3
Reclassification for pension and postretirement benefit obligations included in net income, after-tax amount	(0.9)	(0.9)
Unrealized pension and postretirement benefit obligations	1.3	0.2
Unrealized pension and postretirement benefit obligations, tax (expense) benefit	(0.2)	(0.1)
Unrealized pension and postretirement benefit obligations, after-tax amount	1.1	0.1
Comprehensive income	384.3	429.9
Comprehensive income, tax (expense) benefit	140	(98.6)
Comprehensive income, after-tax amount	524.3	331.3
Comprehensive income (loss) attributable to noncontrolling interests	38.1	0.1
Comprehensive income (loss) attributable to noncontrolling interests, after-tax amount	38.1	0.1
Comprehensive income attributable to Conagra Brands, Inc.	346.2	429.8
Comprehensive income attributable to Conagra Brands, Inc., tax (expense) benefit	140	(98.6)
Comprehensive income attributable to Conagra Brands, Inc., after-tax amount	$ 486.2	$ 331.2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
ASSETS
Cash and cash equivalents	$ 128.7	$ 77.7
Receivables, less allowance for doubtful accounts of $2.2 and $3.0	933.4	871.8
Inventories	2,220.6	2,083
Prepaid expenses and other current assets	133.5	85
Current assets held for sale		32
Total current assets	3,416.2	3,149.5
Property, plant and equipment	6,568.9	6,527.5
Less accumulated depreciation	(3,691.9)	(3,652)
Property, plant and equipment, net	2,877	2,875.5
Goodwill	10,758	10,582.7
Brands, trademarks and other intangibles, net	2,756.4	2,708.4
Other assets	1,419	1,435.6
Noncurrent assets held for sale	21.2	110.6
Assets	21,247.8	20,862.3
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable	1,266.4	928.4
Current installments of long-term debt	20.2	20.3
Accounts and other payables	1,537.7	1,493.7
Accrued payroll	108.2	193.3
Other accrued liabilities	714.3	591.3
Current liabilities held for sale		14.8
Total current liabilities	3,646.8	3,241.8
Senior long-term debt, excluding current installments	7,485.6	7,492.6
Other noncurrent liabilities	1,419.8	1,614.7
Noncurrent liabilities held for sale		1.9
Total liabilities	12,552.2	12,351
Common stockholders' equity
Common stock of $5 par value, authorized 1,200,000,000 shares; issued 584,219,229	2,921.2	2,921.2
Additional paid-in capital	2,329.7	2,363.2
Retained earnings	6,574.8	6,276.3
Accumulated other comprehensive loss	(16.1)	(35.5)
Less treasury stock, at cost, 106,946,223 and 106,050,133 common shares	(3,114)	(3,084.8)
Total Conagra Brands, Inc. common stockholders' equity	8,695.6	8,440.4
Noncontrolling interests		70.9
Total stockholders' equity	8,695.6	8,511.3
Liabilities and Equity	$ 21,247.8	$ 20,862.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2.2	$ 3
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 5	$ 5
Common Stock, Shares Authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	584,219,229	584,219,229
Treasury stock, shares (in shares)	106,946,223	106,050,133

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Cash flows from operating activities:
Net income	$ 466.9	$ 319.9
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	99.1	96.6
Asset impairment charges	0.1	15.2
Equity method investment earnings in excess of distributions	(5.2)	(6.7)
Stock-settled share-based payments expense (benefit)	20.6	(2.7)
Contributions to pension plans	(2.9)	(3.1)
Pension expense (benefit)	(0.8)	2.8
Other items	11.6	10.5
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
Receivables	(60.1)	(11.1)
Inventories	(112.5)	(161.8)
Deferred income taxes and income taxes payable, net	(165.9)	90.6
Prepaid expenses and other current assets	(43)	(35.6)
Accounts and other payables	67.7	81.4
Accrued payroll	(83.7)	(49)
Other accrued liabilities	84.4	95.4
Litigation accruals	(7.7)	1.1
Net cash flows from operating activities	268.6	443.5
Cash flows from investing activities:
Additions to property, plant and equipment	(133)	(143.6)
Sale of property, plant and equipment	0.3	0.2
Purchase of marketable securities		(0.7)
Sale of marketable securities		0.7
Purchase of business, net of cash acquired	(230.4)
Proceeds from divestitures, net of cash divested	76.8
Other items		5
Net cash flows from investing activities	(286.3)	(138.4)
Cash flows from financing activities:
Issuance of short-term borrowings, maturities greater than 90 days	35.1	43.5
Repayment of short-term borrowings, maturities greater than 90 days	(35.3)	(54.8)
Net issuance (repayment) of other short-term borrowings, maturities less than or equal to 90 days	336.4	(117)
Issuance of long-term debt		500
Repayment of long-term debt	(14.9)	(504.3)
Debt issuance costs		(2.8)
Repurchase of Conagra Brands, Inc. common shares	(64)
Cash dividends paid	(167.3)	(157.4)
Exercise of stock options and issuance of other stock awards, including tax withholdings	(19.8)	(13.7)
Other items	(0.1)	(0.6)
Net cash flows from financing activities	70.1	(307.1)
Effect of exchange rate changes on cash and cash equivalents	(2.7)	1.4
Net change in cash and cash equivalents, including cash balances classified as assets held for sale	49.7	(0.6)
Less: Net change in cash balances classified as assets held for sale	(1.3)	1
Net change in cash and cash equivalents	51	(1.6)
Cash and cash equivalents at beginning of period	77.7	93.3
Cash and cash equivalents at end of period	$ 128.7	$ 91.7

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Aug. 25, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Condensed Consolidated Financial Statements of Conagra Brands, Inc. (the “Company”, “Conagra Brands”, “we”, “us”, or “our”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. The unaudited financial information reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position, and cash flows for the periods presented. During the first quarter of fiscal 2025, we determined that certain assets were held for sale. We have reclassified these assets within our Condensed Consolidated Balance Sheets for all periods presented (see Note 3). All other adjustments are of a normal recurring nature. The results of operations for any quarter or a partial fiscal year period are not necessarily indicative of the results to be expected for other periods or the full fiscal year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024. There were no significant changes to our accounting policies from those disclosed in Note 1, “Summary of Significant Accounting Policies” Recently Issued Accounting Pronouncements and Disclosure Rules In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures In March 2024, the Securities and Exchange Commission (“SEC”) issued final climate-related disclosure rules that will require disclosure of material climate-related risks and material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and/or material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. In April 2024, the SEC stayed its implementation of this rule pending the outcome of legal challenges. However, we continue to monitor developments and analyze the potential impact of the new rules on our related disclosures.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
ACQUISITIONS	Aug. 25, 2024
ACQUISITIONS
ACQUISITIONS	2. ACQUISITIONS In July 2024, we acquired the manufacturing operations of an existing co-manufacturer of our cooking spray products, for a cash purchase price of $50.2 million, subject to certain working capital adjustments. Approximately $44.7 million of the purchase price has been classified as goodwill, which is deductible for income tax purposes. The settlement of certain pre-existing contractual agreements between Conagra and the co-manufacturer as part of the transaction resulted in a net gain of $2.9 million within selling, general and administrative (“SG&A”) expenses in the first quarter of fiscal 2025. In August 2024, we acquired the outstanding equity of Sweetwood Smoke & Co., maker of FATTY ® For each of these acquisitions, the amounts allocated to goodwill were primarily attributable to anticipated synergies, future growth opportunities, and other intangibles that do not qualify for separate recognition such as an assembled workforce. The results of each of these acquisitions, subsequent to the acquisitions closings, are primarily included in the Grocery & Snacks segment and through August 25, 2024, were not material to our Condensed Consolidated Statements of Earnings. Under the acquisition method of accounting, the assets acquired and liabilities assumed in these acquisitions were recorded at their respective estimated fair values at the date of acquisition.

DIVESTITURES AND ASSETS HELD FO

DIVESTITURES AND ASSETS HELD FOR SALE	3 Months Ended
DIVESTITURES AND ASSETS HELD FOR SALE	Aug. 25, 2024
DIVESTITURES AND ASSETS HELD FOR SALE
DIVESTITURES AND ASSETS HELD FOR SALE	3. DIVESTITURES AND ASSETS HELD FOR SALE Divestitures During the first quarter of fiscal 2025, we completed the sale of our 51.8% ownership stake in Agro Tech Foods Limited (“ATFL”) for net proceeds of $76.8 million. Prior to the transaction, our majority ownership of ATFL was consolidated within our International segment. We recognized a loss of $2.3 million on the sale within SG&A expenses in the first quarter of fiscal 2025. In connection with this divestiture, we also released $41.8 million and $38.0 million of currency translation losses from accumulated other comprehensive loss and noncontrolling interests, respectively. The assets and liabilities related to ATFL have been reclassified as assets and liabilities held for sale within our Condensed Consolidated Balance Sheet for the period presented prior to the divestiture. The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheet were as follows: May 26, 2024 Current assets $ 32.0 Noncurrent assets (including goodwill of $46.4 million) 89.2 Current liabilities 14.8 Noncurrent liabilities 1.9 Other Assets Held for Sale As a result of management’s decision to exit a certain manufacturing facility and related warehouse in our Refrigerated & Frozen segment in fiscal 2024, we began to actively market these assets during the first quarter of fiscal 2025. We anticipate entering into a definitive agreement to sell these assets in the next twelve months. Accordingly, these assets have been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for all periods presented. In addition, we actively market certain other assets from time to time. These assets have also been reclassified as assets held for sale within our Condensed Consolidated Balance Sheets for periods prior to the disposal of the individual asset groups. The related assets classified as held for sale reflected in our Condensed Consolidated Balance Sheets were $21.2 million and $21.4 million as of August 25, 2024 and May 26, 2024, respectively.

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES	3 Months Ended
RESTRUCTURING ACTIVITIES	Aug. 25, 2024
RESTRUCTURING ACTIVITIES
RESTRUCTURING ACTIVITIES	4. RESTRUCTURING ACTIVITIES See our Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024 for additional information on our restructuring activities. Conagra Restructuring Plan From fiscal 2019 through August 25, 2024, we have approved $256.2 million ($81.7 million of cash charges and $174.5 million of non-cash charges) and recognized cumulative charges of $223.8 million as part of a restructuring plan to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network (the “Conagra Restructuring Plan”). In the first quarter of fiscal 2025 and 2024, we recognized charges of $4.3 million and $23.8 million, respectively, in connection with the Conagra Restructuring Plan. We incur costs related to the Conagra Restructuring Plan over a multi-year period. During the first quarter of fiscal 2025, we recognized the following pre-tax expenses for the Conagra Restructuring Plan: Grocery & Refrigerated Snacks & Frozen International Corporate Total Accelerated depreciation $ 1.4 $ — $ — $ — $ 1.4 Other cost of goods sold 1.1 (0.2) (0.2) — 0.7 Total cost of goods sold 2.5 (0.2) (0.2) — 2.1 Severance and related costs — (0.2) (0.3) — (0.5) Contract/lease termination 0.7 — 0.1 — 0.8 Other SG&A 1.0 0.5 0.3 0.1 1.9 Total SG&A 1.7 0.3 0.1 0.1 2.2 Total $ 4.2 $ 0.1 $ (0.1) $ 0.1 $ 4.3 Included in the above results are $2.6 million of charges that have resulted or will result in cash outflows and $1.7 million in non-cash charges. Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first quarter of fiscal 2025 were as follows: Costs Incurred and Balance at Charged to Costs Paid or Changes in Balance at May 26, 2024 Expense Otherwise Settled Estimates August 25, 2024 Severance and related costs $ 9.8 $ 0.2 $ (5.7) $ (0.7) $ 3.6 Contract/lease termination — 0.8 (0.8) — — Other costs 0.6 2.3 (1.8) — 1.1 Total $ 10.4 $ 3.3 $ (8.3) $ (0.7) $ 4.7

DEBT AND REVOLVING CREDIT FACIL

DEBT AND REVOLVING CREDIT FACILITY	3 Months Ended
DEBT AND REVOLVING CREDIT FACILITY	Aug. 25, 2024
DEBT AND REVOLVING CREDIT FACILITY
DEBT AND REVOLVING CREDIT FACILITY	5. DEBT AND REVOLVING CREDIT FACILITY Senior Notes During the fourth quarter of fiscal 2024, we repaid the entire outstanding $1.0 billion aggregate principal amount of our 4.30% senior notes on their maturity date of May 1, 2024. The repayment was funded by an unsecured term loan described below, along with the issuance of commercial paper and operating cash flows. During the first quarter of fiscal 2024, we repaid the entire outstanding $500.0 million aggregate principal amount of our 0.50% senior notes on their maturity date of August 11, 2023. The repayment was primarily funded using the net proceeds from the issuance of $500.0 million aggregate principal amount of 5.30% senior notes due October 1, 2026. Term Loans During the second quarter of fiscal 2023, we borrowed the full $500.0 million aggregate principal amount available under our unsecured term loan (the “Term Loan”) from a syndicate of financial institutions. During the second quarter of fiscal 2024, we prepaid $250.0 million of the aggregate principal amount outstanding under the Term Loan. The remaining balance matures on August 26, 2025. Revolving Credit Facility At August 25, 2024, we had a revolving credit facility (the “Revolving Credit Facility”) with a syndicate of financial institutions providing for a maximum aggregate principal amount outstanding at any one time of $2.0 billion (subject to increase to a maximum aggregate principal amount of $2.5 billion with consent of the lenders). The Revolving Credit Facility matures on August 26, 2027 and is unsecured. The Company may request the term of the Revolving Credit Facility be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. As of August 25, 2024, there were no outstanding borrowings under the Revolving Credit Facility. Debt Covenants The Revolving Credit Facility generally requires our ratio of earnings before interest, taxes, depreciation and amortization (“EBITDA”) to interest expense to be not less than 3.0 to 1.0 and our ratio of funded net debt to EBITDA not to exceed 4.5 to 1.0, with each ratio to be calculated on a rolling four-quarter basis. As of August 25, 2024, we were in compliance with all financial covenants under the Revolving Credit Facility. Commercial Paper As of August 25, 2024 and May 26, 2024, we had $926.0 million and $586.0 million, respectively, outstanding under our commercial paper program. Interest Expense Net interest expense consisted of: Thirteen Weeks Ended August 25, 2024 August 27, 2023 Long-term debt $ 93.1 $ 102.5 Short-term debt 15.8 7.4 Interest income (0.9) (1.1) Interest capitalized (2.2) (2.8) $ 105.8 $ 106.0

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	3 Months Ended
FINANCING ARRANGEMENTS	Aug. 25, 2024
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS	6. FINANCING ARRANGEMENTS Supplier Financing Arrangements In order to manage our cash flow and related liquidity, we work with our suppliers to optimize our terms and conditions, which include the extension of payment terms. A number of factors may impact our future payment terms, including our relative creditworthiness, overall market liquidity, and changes in interest rates and other general economic conditions. Certain suppliers have access to third-party services that allow them to view our scheduled payments online and finance advances on our scheduled payments at the sole discretion of the supplier and the third-party. Our current payment terms with these suppliers, which we deem to be commercially reasonable, range up to 120 days. We have no direct financial relationship with the financial institutions utilized by the third parties, and we have pledged no assets in connection with our accounts payable programs. All amounts due to participating suppliers are paid to the third party on the original invoice due dates, regardless of whether a particular invoice was sold. Supplier participation in these agreements is voluntary. As of August 25, 2024 and May 26, 2024, $308.9 million and $334.1 million, respectively, of our total accounts and other payables were payable to suppliers who utilized these third-party services. The associated payments are included in net cash flows from operating activities within our Condensed Consolidated Statements of Cash Flows. We have also concluded that certain obligations to our suppliers, including amounts due and scheduled payment terms, are impacted by these third-party service programs and these arrangements are classified as notes payable within our Condensed Consolidated Balance Sheets. The proceeds and payments associated with short-term borrowings are reflected as financing activities within our Condensed Consolidated Statements of Cash Flows. As of August 25, 2024 and May 26, 2024, we had approximately $42.9 million and $43.2 million, respectively, of short-term borrowings related to these arrangements.

GOODWILL AND OTHER IDENTIFIABLE

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	3 Months Ended
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	Aug. 25, 2024
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	7. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The change in the carrying amount of goodwill for the first quarter of fiscal 2025 was as follows: Grocery & Refrigerated Snacks & Frozen International Foodservice Total Balance as of May 26, 2024 $ 4,692.4 $ 4,943.0 $ 214.5 $ 732.8 $ 10,582.7 Acquisitions 174.6 — — — 174.6 Currency translation — — 0.7 — 0.7 Balance as of August 25, 2024 $ 4,867.0 $ 4,943.0 $ 215.2 $ 732.8 $ 10,758.0 Other identifiable intangible assets were as follows: August 25, 2024 May 26, 2024 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Non-amortizing intangible assets Brands and trademarks $ 2,082.6 $ — $ 2,026.8 $ — Amortizing intangible assets Customer relationships and intellectual property 1,237.7 563.9 1,232.1 550.5 $ 3,320.3 $ 563.9 $ 3,258.9 $ 550.5 Amortizing intangible assets carry a remaining weighted average life of approximately 17 years. Amortization expense was $13.4 million and $13.5 million for the first quarter of fiscal 2025 and 2024, respectively. Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of August 25, 2024, amortization expense is estimated to average $44.0 million for each of the next five years.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Aug. 25, 2024
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	8. DERIVATIVE FINANCIAL INSTRUMENTS See our Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024, for additional information on our derivative activities. Derivatives Designated as Cash Flow Hedges During the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our issuance of long-term debt to help finance the acquisition of Pinnacle Foods, Inc. We settled these contracts during the second quarter of fiscal 2019 and deferred a $47.5 million gain in accumulated other comprehensive income that is being amortized as a reduction of interest expense over the lives of the related debt instruments. The unamortized amount at August 25, 2024 was $27.4 million. Economic Hedges of Forecasted Cash Flows Many of our derivatives do not qualify for, and we do not currently designate certain commodity or foreign currency derivatives to achieve, hedge accounting treatment. We reflect realized and unrealized gains and losses from derivatives used to economically hedge anticipated commodity consumption and to mitigate foreign currency cash flow risk in earnings immediately within general corporate expense (within cost of goods sold). The gains and losses are reclassified to segment operating results in the period in which the underlying item being economically hedged is recognized in cost of goods sold. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results immediately. 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 August 25, 2024 August 27, 2023 Gross derivative gains (losses) incurred $ (3.7) $ 19.5 Less: Net derivative losses allocated to reporting segments (2.4) (8.1) Net derivative gains (losses) recognized in general corporate expenses $ (1.3) $ 27.6 Net derivative losses allocated to Grocery & Snacks $ (1.5) $ (3.9) Net derivative losses allocated to Refrigerated & Frozen (0.8) (2.3) Net derivative losses allocated to International — (1.6) Net derivative losses allocated to Foodservice (0.1) (0.3) Net derivative losses included in segment operating profit $ (2.4) $ (8.1) The fair values of our derivative positions were not material as of August 25, 2024 and were Level 1 or Level 2 assets or liabilities in the fair value hierarchy (see Note 16 for further information). We have not significantly changed our valuation techniques from prior periods. The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Condensed Consolidated Statements of Earnings were as follows: Gains (Losses) Recognized on Derivatives in Condensed Consolidated Location in Condensed Consolidated Statements of Earnings for the Statements of Earnings of Gains (Losses) Thirteen Weeks Ended Derivatives Not Designated as Hedging Instruments Recognized on Derivatives August 25, 2024 August 27, 2023 Commodity contracts Cost of goods sold $ (6.9) $ 22.5 Foreign exchange contracts Cost of goods sold 3.2 (3.0) Total gains (losses) from derivative instruments not designated as hedging instruments $ (3.7) $ 19.5 As of August 25, 2024, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $106.7 million for purchase contracts and $1.4 million for sales contracts. As of May 26, 2024, our open commodity contracts had a notional value of $88.2 million for purchase contracts and $11.0 million for sales contracts. The notional amount of our foreign currency forward contracts as of August 25, 2024 and May 26, 2024 was $104.6 million and $101.5 million, respectively.

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	3 Months Ended
SHARE-BASED PAYMENTS	Aug. 25, 2024
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	9. SHARE-BASED PAYMENTS For the first quarter of fiscal 2025 and 2024, we recognized total stock-based compensation expense (including restricted stock units and performance shares) of $20.6 million and income of $2.7 million, respectively. In the first quarter of fiscal 2025, we granted 2.2 million restricted stock units at a weighted average grant date price of $29.85 per share unit and 0.7 million performance shares at a weighted average grant date price of $29.86 per share. Performance shares are granted to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goals for the three 2026 three two hundred Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in our performance share plan, any shares earned will be distributed after the end of the performance period, and generally only if the participant continues to be employed with the Company through the date of distribution. For awards where performance against the performance target has not been certified, the value of the performance shares is adjusted based upon the market price of our common stock and current forecasted performance against the performance targets at the end of each reporting period and amortized as compensation expense over the vesting period. Forfeitures are accounted for as they occur.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Aug. 25, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	10. EARNINGS PER SHARE Basic earnings per share is calculated on the basis of weighted average outstanding shares of common stock. Diluted earnings per share is computed on the basis of basic weighted average outstanding shares of common stock adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities. The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share: Thirteen Weeks Ended August 25, 2024 August 27, 2023 Net income attributable to Conagra Brands, Inc. common stockholders: $ 466.8 $ 319.7 Weighted average shares outstanding: Basic weighted average shares outstanding 478.8 478.2 Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities 1.5 1.6 Diluted weighted average shares outstanding 480.3 479.8 For the first quarter of fiscal 2025 and 2024, there were 1.3 million and 0.6 million stock options outstanding, respectively, that were excluded from the computation of diluted weighted average shares because the effect was antidilutive.

INVENTORIES

INVENTORIES	3 Months Ended
INVENTORIES	Aug. 25, 2024
INVENTORIES
INVENTORIES	11. INVENTORIES The major classes of inventories were as follows: August 25, 2024 May 26, 2024 Raw materials and packaging $ 336.8 $ 323.1 Work in process 287.5 277.1 Finished goods 1,485.3 1,377.2 Supplies and other 111.0 105.6 Total $ 2,220.6 $ 2,083.0

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Aug. 25, 2024
INCOME TAXES
INCOME TAXES	12. INCOME TAXES In the first quarter of fiscal 2025 and 2024, we recognized an income tax benefit of $138.9 million and income tax expense of $98.3 million, respectively. The effective tax rate (calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings) was (42.4)% and 23.5% for the first quarter of fiscal 2025 and 2024, respectively. The effective tax rate in the first quarter of fiscal 2025 reflected a $210.4 million deferred tax benefit related to the release of valuation allowances booked against certain deferred tax assets. Recent interactions with the U.S. Internal Revenue Service (IRS) regarding certain elections that had previously been under IRS review make the realization of certain deferred tax assets likely. The realization of these deferred tax assets allows for both current and future tax deductions through 2036. The effective tax rate in the first quarter of fiscal 2024 was in line with our expected effective tax rate of approximately 24%. We have previously made the assessment that the current earnings of certain foreign subsidiaries were not indefinitely reinvested or that we could not remit to the U.S. parent in a tax-neutral transaction. Accordingly, we have recorded a deferred tax liability of $1.6 million on approximately $33.7 million of cumulative earnings as of August 25, 2024. The deferred tax liability relates to local withholding taxes that will be owed when this cash is distributed. In the first quarter of fiscal 2025, we paid $16.9 million of withholding taxes previously accrued in connection with the restructuring of our ownership interest in Ardent Mills.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Aug. 25, 2024
CONTINGENCIES
CONTINGENCIES	13. CONTINGENCIES Litigation Matters We are a party to certain litigation matters as a result of our acquisition of Beatrice Company (“Beatrice”) in fiscal 1991, including litigation proceedings related to lead-based pigment businesses divested by Beatrice prior to our acquisition. These lawsuits have generally sought damages for personal injury, property damage, economic loss, and governmental expenditures allegedly caused by the use of lead-based paint. We have denied liability, both on the merits of the claims and on the basis that we do not believe we are the successor to any such liability. In one such action, we agreed to pay $101.7 million, in seven annual installments from fiscal 2020 through fiscal 2026 (of which $73.0 million had been paid as of August 25, 2024), as part of a 2019 settlement, which also included a guarantee of up to $15.0 million in payments to be made in the event of default by a co-defendant, NL Industries, Inc. We had accrued $28.7 million ($12.0 million within other accrued liabilities and $16.7 million within other noncurrent liabilities) as of August 25, 2024 and $28.9 million ($11.8 million within other accrued liabilities and $17.1 million within other noncurrent liabilities) as of May 26, 2024. We are party to a number of matters asserting product liability claims against the Company related to certain Pam ® Reese v. Conagra Brands, Inc., et al. (“Reese”) Reese We are party to various other lawsuits such as putative class action lawsuits challenging various product claims made in the Company’s product labeling and matters challenging the Company’s wage and hour practices. While we cannot predict with certainty the results of these or any other legal proceedings, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business. Our accrual for all litigation matters, including those matters described above that are probable and estimable, was $68.6 million ($32.5 million within other accrued liabilities and $36.1 million within other noncurrent liabilities) as of August 25, 2024 and $76.3 million ($30.4 million within other accrued liabilities and $45.9 million within other noncurrent liabilities) as of May 26, 2024. Environmental Matters Securities and Exchange Commission (the “SEC”) regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, the Company uses a threshold of $1.0 million for purposes of determining whether disclosure of any such proceedings is required. We are a party to certain environmental proceedings relating to businesses divested by Beatrice prior to our acquisition in fiscal 1991, including litigation and administrative proceedings involving Beatrice’s possible status as a potentially responsible party at approximately 35 Superfund, proposed Superfund, or state-equivalent sites (the “Beatrice sites”). The Beatrice sites consist of locations previously owned or operated by predecessors of Beatrice that used or produced petroleum, pesticides, fertilizers, dyes, inks, solvents, polychlorinated biphenyls, acids, lead, sulfur, tannery wastes, and/or other contaminants. Reserves for these Beatrice environmental proceedings have been established based on our best estimate of the undiscounted remediation liabilities, which estimates include evaluation of investigatory studies, extent of required clean-up, the known volumetric contribution of Beatrice and other potentially responsible parties, and its experience in remediating sites. The accrual for Beatrice-related environmental matters totaled $39.0 million ($3.2 million within other accrued liabilities other noncurrent liabilities other accrued liabilities other noncurrent liabilities General After taking into account liabilities recognized for all of the foregoing matters, management believes the ultimate resolution of such matters should not have a material adverse effect on our financial condition, results of operations, or liquidity; however, it is reasonably possible that a change of the estimates of any of the foregoing matters may occur in the future that could have a material adverse effect on our financial condition, results of operations, or liquidity. Costs of legal services associated with the foregoing matters are recognized within SG&A expenses as services are provided.

PENSION AND POSTRETIREMENT BENE

PENSION AND POSTRETIREMENT BENEFITS	3 Months Ended
PENSION AND POSTRETIREMENT BENEFITS	Aug. 25, 2024
PENSION AND POSTRETIREMENT BENEFITS
PENSION AND POSTRETIREMENT BENEFITS	14. PENSION AND POSTRETIREMENT BENEFITS We have defined benefit retirement plans (“pension plans”) for eligible salaried and hourly employees. Benefits are based on years of credited service and average compensation or stated amounts for each year of service. We also sponsor postretirement plans which provide certain medical and dental benefits to qualifying U.S. employees. Components of pension and postretirement plan costs (benefits) are: Pension Plans Thirteen Weeks Ended August 25, 2024 August 27, 2023 Service cost $ 1.4 $ 1.5 Interest cost 34.0 36.7 Expected return on plan assets (36.6) (35.8) Amortization of prior service cost 0.4 0.4 Pension cost (benefit) — Company plans (0.8) 2.8 Pension cost (benefit) — multi-employer plans 2.2 2.1 Total pension cost (benefit) $ 1.4 $ 4.9 Postretirement Plans Thirteen Weeks Ended August 25, 2024 August 27, 2023 Interest cost $ 0.6 $ 0.6 Amortization of prior service cost (benefit) (0.4) (0.4) Recognized net actuarial gain (1.1) (1.2) Total postretirement cost (benefit) $ (0.9) $ (1.0) The Company uses a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation of pension service and interest cost. The weighted-average discount rates for service and interest costs under the spot-rate approach used for pension cost in fiscal 2025 were 5.72% and 5.51%, respectively. During the first quarter of fiscal 2025, we contributed $2.9 million to our pension plans and contributed $1.9 million to our postretirement plans. Based upon the current funded status of the plans and the current interest rate environment, we anticipate making further contributions of approximately $8.8 million to our pension plans during the remainder of fiscal 2025. We anticipate making further contributions of approximately $4.7 million to our postretirement plans during the remainder of fiscal 2025. These estimates are based on ERISA guidelines, current tax laws, plan asset performance, and liability assumptions, which are subject to change.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Aug. 25, 2024
Notes to Financial Statements
STOCKHOLDERS' EQUITY	15. STOCKHOLDERS’ EQUITY The following table presents a reconciliation of our stockholders’ equity accounts for the thirteen weeks ended August 25, 2024: Conagra Brands, Inc. Stockholders' Equity Accumulated Additional Other Common Common Paid-in Retained Comprehensive Treasury Noncontrolling Total Shares Stock Capital Earnings Loss Stock Interests Equity Balance at May 26, 2024 584.2 $ 2,921.2 $ 2,363.2 $ 6,276.3 $ (35.5) $ (3,084.8) $ 70.9 $ 8,511.3 Stock option and incentive plans (33.5) (0.5) 34.8 0.8 Currency translation adjustments 22.5 38.0 60.5 Repurchase of common shares (64.0) (64.0) Derivative adjustments (3.3) (3.3) Activities of noncontrolling interests (108.9) (108.9) Pension and postretirement healthcare benefits 0.2 0.2 Dividends declared on common stock; $0.35 per share (167.8) (167.8) Net income attributable to Conagra Brands, Inc. 466.8 466.8 Balance at August 25, 2024 584.2 $ 2,921.2 $ 2,329.7 $ 6,574.8 $ (16.1) $ (3,114.0) $ — $ 8,695.6 The following table presents a reconciliation of our stockholders’ equity accounts for the thirteen weeks ended August 27, 2023: Conagra Brands, Inc. Stockholders' Equity Accumulated Additional Other Common Common Paid-in Retained Comprehensive Treasury Noncontrolling Total Shares Stock Capital Earnings Loss Stock Interests 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 The following table details the accumulated balances for each component of other comprehensive loss, net of tax: August 25, 2024 May 26, 2024 Currency translation losses, net of reclassification adjustments $ (66.7) $ (89.2) Derivative adjustments, net of reclassification adjustments 25.9 29.2 Pension and postretirement benefit obligations, net of reclassification adjustments 24.7 24.5 Accumulated other comprehensive loss $ (16.1) $ (35.5) The following tables summarize the reclassifications from accumulated other comprehensive income (loss) into income: Affected Line Item in the Condensed Consolidated Statement of Thirteen Weeks Ended Earnings 1 August 25, 2024 August 27, 2023 Net derivative adjustments: Cash flow hedges $ (0.7) $ (0.9) Interest expense, net Cash flow hedges (1.2) (1.1) Equity method investment earnings (1.9) (2.0) Total before tax 0.5 0.5 Income tax expense $ (1.4) $ (1.5) Net of tax Pension and postretirement liabilities: Net actuarial gain $ (1.1) $ (1.2) Pension and postretirement non-service income (1.1) (1.2) Total before tax 0.2 0.3 Income tax expense $ (0.9) $ (0.9) Net of tax Currency translation losses $ 41.8 $ — Selling, general and administrative expenses 2 41.8 — Total before tax — — Income tax expense $ 41.8 $ — Net of tax 1 2

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Aug. 25, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	16. FAIR VALUE MEASUREMENTS Financial Accounting Standards Board guidance establishes a three-level fair value hierarchy based upon the assumptions (inputs) used to price assets or liabilities. The three levels of inputs used to measure fair value are as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities, Level 2 — Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets, and Level 3 — Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability. The fair values of our Level 2 derivative instruments were determined using valuation models that use market observable inputs including both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity and foreign currency option and forward contracts. The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of August 25, 2024: Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 5.3 $ 2.6 $ — $ 7.9 Deferred compensation assets 6.4 — — 6.4 Available-for-sale debt securities — — 2.9 2.9 Total assets $ 11.7 $ 2.6 $ 2.9 $ 17.2 Liabilities: Derivative liabilities $ — $ 3.0 $ — $ 3.0 Deferred compensation liabilities 75.1 — — 75.1 Total liabilities $ 75.1 $ 3.0 $ — $ 78.1 The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 26, 2024: Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 2.3 $ 0.7 $ — $ 3.0 Deferred compensation assets 6.3 — — 6.3 Available-for-sale debt securities — — 2.9 2.9 Total assets $ 8.6 $ 0.7 $ 2.9 $ 12.2 Liabilities: Derivative liabilities $ — $ 3.6 $ — $ 3.6 Deferred compensation liabilities 70.4 — — 70.4 Total liabilities $ 70.4 $ 3.6 $ — $ 74.0 Nonrecurring Fair Value Measurements Certain assets and liabilities, including long-lived assets, goodwill, asset retirement obligations, and equity investments are measured at fair value on a nonrecurring basis using Level 3 inputs. Other Asset Impairments In the first quarter of fiscal 2024, we recognized charges for the impairment of certain long-lived assets based upon a discounted cash flow valuation model and included in restructuring activities. Impairments totaled $0.6 million in our Grocery & Snacks segment and $14.1 million in our International segment. The majority of these impairment charges were based upon management’s decision to exit certain manufacturing facilities in fiscal 2024, which reduced the future expected cash flows to be generated at these facilities. Long-Term Debt Fair Value The carrying amount of long-term debt (including current installments) was $7.51 billion and $7.51 billion as of August 25, 2024 and May 26, 2024, respectively. Based on current market rates, the fair value of this debt (level 2 liabilities) at August 25, 2024 and May 26, 2024 was estimated at $7.52 billion and $7.26 billion, respectively.

BUSINESS SEGMENTS AND RELATED I

BUSINESS SEGMENTS AND RELATED INFORMATION	3 Months Ended
BUSINESS SEGMENTS AND RELATED INFORMATION	Aug. 25, 2024
BUSINESS SEGMENTS AND RELATED INFORMATION
BUSINESS SEGMENTS AND RELATED INFORMATION	17. BUSINESS SEGMENTS AND RELATED INFORMATION We reflect our results of operations in four reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States. The Refrigerated & Frozen reporting segment principally includes branded, temperature-controlled food products sold in various retail channels in the United States. The International reporting segment principally includes branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States. The Foodservice reporting segment includes branded and customized food products, including meals, entrees, sauces and a variety of custom-manufactured culinary products packaged for sale to restaurants and other foodservice establishments primarily in the United States. We do not aggregate operating segments when determining our reporting segments. Operating profit for each of the segments is based on net sales less all identifiable operating expenses. General corporate expense; pension and postretirement non-service income (expense); interest expense, net; income taxes; and equity method investment earnings have been excluded from segment operations. Thirteen Weeks Ended August 25, 2024 August 27, 2023 Net sales Grocery & Snacks $ 1,182.7 $ 1,202.9 Refrigerated & Frozen 1,086.4 1,151.6 International 259.1 260.2 Foodservice 266.7 289.3 Total net sales $ 2,794.9 $ 2,904.0 Operating profit Grocery & Snacks $ 249.1 $ 258.7 Refrigerated & Frozen 176.0 199.2 International 33.6 23.7 Foodservice 35.1 44.1 Total operating profit $ 493.8 $ 525.7 Equity method investment earnings 29.1 35.5 General corporate expense 92.2 36.7 Pension and postretirement non-service income (expense) 3.1 (0.3) Interest expense, net 105.8 106.0 Income tax expense (benefit) (138.9) 98.3 Net income $ 466.9 $ 319.9 Less: Net income attributable to noncontrolling interests 0.1 0.2 Net income attributable to Conagra Brands, Inc. $ 466.8 $ 319.7 The following table presents further disaggregation of our net sales: Thirteen Weeks Ended August 25, 2024 August 27, 2023 Frozen $ 913.4 $ 948.4 Staples Other shelf-stable 690.3 696.8 Refrigerated 173.0 203.2 Snacks 492.4 506.1 Foodservice 266.7 289.3 International 259.1 260.2 Total net sales $ 2,794.9 $ 2,904.0 To be consistent with the manner in which we present certain disaggregated net sales information to investors, we have categorized certain net sales of our segments as “Staples”, which includes all of our U.S. domestic retail refrigerated products and other shelf-stable grocery products. Management continues to regularly review financial results and make decisions about allocating resources based upon the four reporting segments outlined above. Assets by Segment The majority of our manufacturing assets are shared across multiple reporting segments. Output from these facilities used by each reporting segment can change over time. Also, working capital balances are not tracked by reporting segment. Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets by segment. Total depreciation expense was $85.7 million and $83.1 million for the first quarter of fiscal 2025 and 2024, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Aug. 25, 2024	Aug. 27, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 466.8	$ 319.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 25, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Name/Title Type of Plan Adoption Date End Date Aggregate Number of Securities to be Sold Description Sean Connolly Rule 10b5-1 trading plan 1 8/12/2024 8/27/2025 1,089,261 Exercise and sale of stock options granted on 4/1/2015 and expiring on 3/31/2025 and stock options granted on 8/28/2015 and expiring on 8/27/2025. Thomas M. McGough Rule 10b5-1 trading plan 1 8/22/2024 8/27/2025 72,480 Exercise and sale of stock options granted on 8/28/2015 and expiring on 8/27/2025. 1
Sean Connolly
Trading Arrangements, by Individual
Name	Sean Connolly
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/12/2024
Aggregate Available	1,089,261
Trading Arrangement Expiration Date	8/27/2025
Thomas M. McGough
Trading Arrangements, by Individual
Name	Thomas M. McGough
Title	Executive Vice President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/22/2024
Aggregate Available	72,480
Trading Arrangement Expiration Date	8/27/2025

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Aug. 25, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting	The accompanying Condensed Consolidated Financial Statements of Conagra Brands, Inc. (the “Company”, “Conagra Brands”, “we”, “us”, or “our”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. The unaudited financial information reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position, and cash flows for the periods presented. During the first quarter of fiscal 2025, we determined that certain assets were held for sale. We have reclassified these assets within our Condensed Consolidated Balance Sheets for all periods presented (see Note 3). All other adjustments are of a normal recurring nature. The results of operations for any quarter or a partial fiscal year period are not necessarily indicative of the results to be expected for other periods or the full fiscal year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024. There were no significant changes to our accounting policies from those disclosed in Note 1, “Summary of Significant Accounting Policies”
Recently Issued Accounting Pronouncements and Disclosure Rules	Recently Issued Accounting Pronouncements and Disclosure Rules In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures In March 2024, the Securities and Exchange Commission (“SEC”) issued final climate-related disclosure rules that will require disclosure of material climate-related risks and material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and/or material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. In April 2024, the SEC stayed its implementation of this rule pending the outcome of legal challenges. However, we continue to monitor developments and analyze the potential impact of the new rules on our related disclosures.

DIVESTITURES AND ASSETS HELD _2

DIVESTITURES AND ASSETS HELD FOR SALE (Tables)	3 Months Ended
DIVESTITURES AND ASSETS HELD FOR SALE (Tables)	Aug. 25, 2024
DIVESTITURES AND ASSETS HELD FOR SALE
Schedule of assets and liabilities classified as held for sale reflected in Condensed Consolidated Balance Sheets	May 26, 2024 Current assets $ 32.0 Noncurrent assets (including goodwill of $46.4 million) 89.2 Current liabilities 14.8 Noncurrent liabilities 1.9

RESTRUCTURING ACTIVITIES (Table

RESTRUCTURING ACTIVITIES (Tables)	3 Months Ended
RESTRUCTURING ACTIVITIES (Tables)	Aug. 25, 2024
RESTRUCTURING ACTIVITIES
Schedule of restructuring plan expenses	Grocery & Refrigerated Snacks & Frozen International Corporate Total Accelerated depreciation $ 1.4 $ — $ — $ — $ 1.4 Other cost of goods sold 1.1 (0.2) (0.2) — 0.7 Total cost of goods sold 2.5 (0.2) (0.2) — 2.1 Severance and related costs — (0.2) (0.3) — (0.5) Contract/lease termination 0.7 — 0.1 — 0.8 Other SG&A 1.0 0.5 0.3 0.1 1.9 Total SG&A 1.7 0.3 0.1 0.1 2.2 Total $ 4.2 $ 0.1 $ (0.1) $ 0.1 $ 4.3
Schedule of liabilities recorded for the conagra restructuring plan and changes	Costs Incurred and Balance at Charged to Costs Paid or Changes in Balance at May 26, 2024 Expense Otherwise Settled Estimates August 25, 2024 Severance and related costs $ 9.8 $ 0.2 $ (5.7) $ (0.7) $ 3.6 Contract/lease termination — 0.8 (0.8) — — Other costs 0.6 2.3 (1.8) — 1.1 Total $ 10.4 $ 3.3 $ (8.3) $ (0.7) $ 4.7

DEBT AND REVOLVING CREDIT FAC_2

DEBT AND REVOLVING CREDIT FACILITY (Tables)	3 Months Ended
DEBT AND REVOLVING CREDIT FACILITY (Tables)	Aug. 25, 2024
DEBT AND REVOLVING CREDIT FACILITY
Schedule of net interest expense	Thirteen Weeks Ended August 25, 2024 August 27, 2023 Long-term debt $ 93.1 $ 102.5 Short-term debt 15.8 7.4 Interest income (0.9) (1.1) Interest capitalized (2.2) (2.8) $ 105.8 $ 106.0

GOODWILL AND OTHER IDENTIFIAB_2

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	3 Months Ended
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	Aug. 25, 2024
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Schedule of change in carrying amount of goodwill	Grocery & Refrigerated Snacks & Frozen International Foodservice Total Balance as of May 26, 2024 $ 4,692.4 $ 4,943.0 $ 214.5 $ 732.8 $ 10,582.7 Acquisitions 174.6 — — — 174.6 Currency translation — — 0.7 — 0.7 Balance as of August 25, 2024 $ 4,867.0 $ 4,943.0 $ 215.2 $ 732.8 $ 10,758.0
Schedule of other identifiable intangible assets	August 25, 2024 May 26, 2024 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Non-amortizing intangible assets Brands and trademarks $ 2,082.6 $ — $ 2,026.8 $ — Amortizing intangible assets Customer relationships and intellectual property 1,237.7 563.9 1,232.1 550.5 $ 3,320.3 $ 563.9 $ 3,258.9 $ 550.5

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Aug. 25, 2024
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of net derivative gains (losses) from economic hedges	Thirteen Weeks Ended August 25, 2024 August 27, 2023 Gross derivative gains (losses) incurred $ (3.7) $ 19.5 Less: Net derivative losses allocated to reporting segments (2.4) (8.1) Net derivative gains (losses) recognized in general corporate expenses $ (1.3) $ 27.6 Net derivative losses allocated to Grocery & Snacks $ (1.5) $ (3.9) Net derivative losses allocated to Refrigerated & Frozen (0.8) (2.3) Net derivative losses allocated to International — (1.6) Net derivative losses allocated to Foodservice (0.1) (0.3) Net derivative losses included in segment operating profit $ (2.4) $ (8.1)
Schedule of Derivative Instruments In Statement of Financial Position Gross Fair Value	Gains (Losses) Recognized on Derivatives in Condensed Consolidated Location in Condensed Consolidated Statements of Earnings for the Statements of Earnings of Gains (Losses) Thirteen Weeks Ended Derivatives Not Designated as Hedging Instruments Recognized on Derivatives August 25, 2024 August 27, 2023 Commodity contracts Cost of goods sold $ (6.9) $ 22.5 Foreign exchange contracts Cost of goods sold 3.2 (3.0) Total gains (losses) from derivative instruments not designated as hedging instruments $ (3.7) $ 19.5

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Aug. 25, 2024
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	Thirteen Weeks Ended August 25, 2024 August 27, 2023 Net income attributable to Conagra Brands, Inc. common stockholders: $ 466.8 $ 319.7 Weighted average shares outstanding: Basic weighted average shares outstanding 478.8 478.2 Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities 1.5 1.6 Diluted weighted average shares outstanding 480.3 479.8

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
INVENTORIES (Tables)	Aug. 25, 2024
INVENTORIES
Schedule of inventory	August 25, 2024 May 26, 2024 Raw materials and packaging $ 336.8 $ 323.1 Work in process 287.5 277.1 Finished goods 1,485.3 1,377.2 Supplies and other 111.0 105.6 Total $ 2,220.6 $ 2,083.0

PENSION AND POSTRETIREMENT BE_2

PENSION AND POSTRETIREMENT BENEFITS (Tables)	3 Months Ended
PENSION AND POSTRETIREMENT BENEFITS (Tables)	Aug. 25, 2024
PENSION AND POSTRETIREMENT BENEFITS
Schedule of Defined Benefit Plans Disclosures	Pension Plans Thirteen Weeks Ended August 25, 2024 August 27, 2023 Service cost $ 1.4 $ 1.5 Interest cost 34.0 36.7 Expected return on plan assets (36.6) (35.8) Amortization of prior service cost 0.4 0.4 Pension cost (benefit) — Company plans (0.8) 2.8 Pension cost (benefit) — multi-employer plans 2.2 2.1 Total pension cost (benefit) $ 1.4 $ 4.9 Postretirement Plans Thirteen Weeks Ended August 25, 2024 August 27, 2023 Interest cost $ 0.6 $ 0.6 Amortization of prior service cost (benefit) (0.4) (0.4) Recognized net actuarial gain (1.1) (1.2) Total postretirement cost (benefit) $ (0.9) $ (1.0)

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Aug. 25, 2024
Notes Tables
Schedule of reconciliation of our stockholders' equity accounts	Conagra Brands, Inc. Stockholders' Equity Accumulated Additional Other Common Common Paid-in Retained Comprehensive Treasury Noncontrolling Total Shares Stock Capital Earnings Loss Stock Interests Equity Balance at May 26, 2024 584.2 $ 2,921.2 $ 2,363.2 $ 6,276.3 $ (35.5) $ (3,084.8) $ 70.9 $ 8,511.3 Stock option and incentive plans (33.5) (0.5) 34.8 0.8 Currency translation adjustments 22.5 38.0 60.5 Repurchase of common shares (64.0) (64.0) Derivative adjustments (3.3) (3.3) Activities of noncontrolling interests (108.9) (108.9) Pension and postretirement healthcare benefits 0.2 0.2 Dividends declared on common stock; $0.35 per share (167.8) (167.8) Net income attributable to Conagra Brands, Inc. 466.8 466.8 Balance at August 25, 2024 584.2 $ 2,921.2 $ 2,329.7 $ 6,574.8 $ (16.1) $ (3,114.0) $ — $ 8,695.6 Conagra Brands, Inc. Stockholders' Equity Accumulated Additional Other Common Common Paid-in Retained Comprehensive Treasury Noncontrolling Total Shares Stock Capital Earnings Loss Stock Interests 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
Schedule of accumulated balances for each component of other comprehensive loss, net of tax	August 25, 2024 May 26, 2024 Currency translation losses, net of reclassification adjustments $ (66.7) $ (89.2) Derivative adjustments, net of reclassification adjustments 25.9 29.2 Pension and postretirement benefit obligations, net of reclassification adjustments 24.7 24.5 Accumulated other comprehensive loss $ (16.1) $ (35.5)
Schedule of reclassifications from accumulated other comprehensive income (loss) into income	Affected Line Item in the Condensed Consolidated Statement of Thirteen Weeks Ended Earnings 1 August 25, 2024 August 27, 2023 Net derivative adjustments: Cash flow hedges $ (0.7) $ (0.9) Interest expense, net Cash flow hedges (1.2) (1.1) Equity method investment earnings (1.9) (2.0) Total before tax 0.5 0.5 Income tax expense $ (1.4) $ (1.5) Net of tax Pension and postretirement liabilities: Net actuarial gain $ (1.1) $ (1.2) Pension and postretirement non-service income (1.1) (1.2) Total before tax 0.2 0.3 Income tax expense $ (0.9) $ (0.9) Net of tax Currency translation losses $ 41.8 $ — Selling, general and administrative expenses 2 41.8 — Total before tax — — Income tax expense $ 41.8 $ — Net of tax 1 2

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Aug. 25, 2024
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of August 25, 2024: Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 5.3 $ 2.6 $ — $ 7.9 Deferred compensation assets 6.4 — — 6.4 Available-for-sale debt securities — — 2.9 2.9 Total assets $ 11.7 $ 2.6 $ 2.9 $ 17.2 Liabilities: Derivative liabilities $ — $ 3.0 $ — $ 3.0 Deferred compensation liabilities 75.1 — — 75.1 Total liabilities $ 75.1 $ 3.0 $ — $ 78.1 The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 26, 2024: Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 2.3 $ 0.7 $ — $ 3.0 Deferred compensation assets 6.3 — — 6.3 Available-for-sale debt securities — — 2.9 2.9 Total assets $ 8.6 $ 0.7 $ 2.9 $ 12.2 Liabilities: Derivative liabilities $ — $ 3.6 $ — $ 3.6 Deferred compensation liabilities 70.4 — — 70.4 Total liabilities $ 70.4 $ 3.6 $ — $ 74.0

BUSINESS SEGMENTS AND RELATED_2

BUSINESS SEGMENTS AND RELATED INFORMATION (Tables)	3 Months Ended
BUSINESS SEGMENTS AND RELATED INFORMATION (Tables)	Aug. 25, 2024
BUSINESS SEGMENTS AND RELATED INFORMATION
Schedule of segment reporting information	Thirteen Weeks Ended August 25, 2024 August 27, 2023 Net sales Grocery & Snacks $ 1,182.7 $ 1,202.9 Refrigerated & Frozen 1,086.4 1,151.6 International 259.1 260.2 Foodservice 266.7 289.3 Total net sales $ 2,794.9 $ 2,904.0 Operating profit Grocery & Snacks $ 249.1 $ 258.7 Refrigerated & Frozen 176.0 199.2 International 33.6 23.7 Foodservice 35.1 44.1 Total operating profit $ 493.8 $ 525.7 Equity method investment earnings 29.1 35.5 General corporate expense 92.2 36.7 Pension and postretirement non-service income (expense) 3.1 (0.3) Interest expense, net 105.8 106.0 Income tax expense (benefit) (138.9) 98.3 Net income $ 466.9 $ 319.9 Less: Net income attributable to noncontrolling interests 0.1 0.2 Net income attributable to Conagra Brands, Inc. $ 466.8 $ 319.7 Thirteen Weeks Ended August 25, 2024 August 27, 2023 Frozen $ 913.4 $ 948.4 Staples Other shelf-stable 690.3 696.8 Refrigerated 173.0 203.2 Snacks 492.4 506.1 Foodservice 266.7 289.3 International 259.1 260.2 Total net sales $ 2,794.9 $ 2,904.0

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
ACQUISITIONS (Details) - USD ($) $ in Millions	Aug. 25, 2024	Aug. 31, 2024	Aug. 25, 2024	May 26, 2024
ACQUISITIONS
Goodwill	$ 10,758		$ 10,758	$ 10,582.7
Purchase price of business			230.4
Business that Co-manufactures Cooking Spray Products
ACQUISITIONS
Goodwill	44.7		44.7
Purchase price of business	50.2
Business that Co-manufactures Cooking Spray Products \| Selling, general and administrative ("SG&A") \| Pre-existing Contractual Agreement
ACQUISITIONS
Net gain recognized in connection with settling pre-existing agreements			2.9
Sweetwood Smoke & Co
ACQUISITIONS
Goodwill	129.9		129.9
Purchase price allocated to non-amortizing intangible assets	55.8		55.8
Purchase price allocated to amortizing intangible assets	$ 5.5		$ 5.5
Purchase price of business		$ 180.2

DIVESTITURES AND ASSETS HELD _3

DIVESTITURES AND ASSETS HELD FOR SALE (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023	May 26, 2024
ASSETS HELD FOR SALE
Proceeds from divestitures, net of cash divested	$ 76.8
Asset held-for-sale, not part of disposal group	21.2		$ 21.4
Reclassification for currency translation losses in connection with the sale of Agro Tech Foods Limited, after-tax amount	79.8
Asset impairment charges	$ 0.1	$ 15.2
Agro Tech Foods Limited
ASSETS HELD FOR SALE
Percentage of ownership interest	51.80%
Agro Tech Foods Limited \| Accumulated Other Comprehensive Loss
ASSETS HELD FOR SALE
Reclassification for currency translation losses in connection with the sale of Agro Tech Foods Limited, after-tax amount	$ 41.8
Agro Tech Foods Limited \| Noncontrolling Interests
ASSETS HELD FOR SALE
Reclassification for currency translation losses in connection with the sale of Agro Tech Foods Limited, after-tax amount	38
Agro Tech Foods Limited \| Selling, general and administrative ("SG&A")
ASSETS HELD FOR SALE
Loss on divestitures	2.3
Agro Tech Foods Limited \| Disposal group, disposed of by sale, not discontinued operations
ASSETS HELD FOR SALE
Proceeds from divestitures, net of cash divested	$ 76.8

DIVESTITURES AND ASSETS HELD _4

DIVESTITURES AND ASSETS HELD FOR SALE - Schedule of assets and liabilities classified as held for sale (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
ASSETS HELD FOR SALE
Current assets		$ 32
Noncurrent assets (including goodwill of $46.4 million)	$ 21.2	110.6
Current liabilities		14.8
Noncurrent liabilities		1.9
Agro Tech Foods Limited \| Disposal Group, Held-for-Sale, Not Discontinued Operations
ASSETS HELD FOR SALE
Current assets		32
Noncurrent assets (including goodwill of $46.4 million)		89.2
Current liabilities		14.8
Noncurrent liabilities		1.9
Goodwill		$ 46.4

RESTRUCTURING ACTIVITIES (Detai

RESTRUCTURING ACTIVITIES (Details) - USD ($) $ in Millions	3 Months Ended		79 Months Ended
RESTRUCTURING ACTIVITIES (Details) - USD ($) $ in Millions	Aug. 25, 2024	Aug. 27, 2023	Dec. 31, 2024
RESTRUCTURING ACTIVITIES
Restructuring plan charges	$ 4.3
Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Restructuring plan expected cost	256.2
Restructuring plan charges	4.3	$ 23.8	$ 223.8
Restructuring plan expected cash outflow	2.6
Restructuring plan expected non-cash charges	1.7
Conagra Restructuring Plan \| Cash charges
RESTRUCTURING ACTIVITIES
Restructuring plan expected cost	81.7
Conagra Restructuring Plan \| Non-cash charges
RESTRUCTURING ACTIVITIES
Restructuring plan expected cost	$ 174.5

RESTRUCTURING ACTIVITIES - Sche

RESTRUCTURING ACTIVITIES - Schedule of restructuring plan expenses (Details) - USD ($) $ in Millions	3 Months Ended		79 Months Ended
	Aug. 25, 2024	Aug. 27, 2023	Dec. 31, 2024
RESTRUCTURING ACTIVITIES
Restructuring plan charges	$ 4.3
Corporate, Non-Segment
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.1
Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Restructuring plan charges	4.3	$ 23.8	$ 223.8
Balance	10.4
Costs Incurred and Charged to Expense	3.3
Costs Paid or Otherwise Settled	(8.3)
Changes in Estimates	(0.7)
Balance	4.7
Accelerated depreciation \| Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Restructuring plan charges	1.4
Other cost of goods sold \| Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.7
Total cost of goods sold \| Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Restructuring plan charges	2.1
Severance and related costs \| Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Restructuring plan charges	(0.5)
Balance	9.8
Costs Incurred and Charged to Expense	0.2
Costs Paid or Otherwise Settled	(5.7)
Changes in Estimates	(0.7)
Balance	3.6
Contract/lease termination \| Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.8
Costs Incurred and Charged to Expense	0.8
Costs Paid or Otherwise Settled	(0.8)
Other costs \| Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Balance	0.6
Costs Incurred and Charged to Expense	2.3
Costs Paid or Otherwise Settled	(1.8)
Balance	1.1
Other SG&A \| Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Restructuring plan charges	1.9
Other SG&A \| Conagra Restructuring Plan \| Corporate, Non-Segment
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.1
Total SG&A \| Conagra Restructuring Plan
RESTRUCTURING ACTIVITIES
Restructuring plan charges	2.2
Total SG&A \| Conagra Restructuring Plan \| Corporate, Non-Segment
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.1
Grocery & Snacks \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	4.2
Grocery & Snacks \| Accelerated depreciation \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	1.4
Grocery & Snacks \| Other cost of goods sold \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	1.1
Grocery & Snacks \| Total cost of goods sold \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	2.5
Grocery & Snacks \| Contract/lease termination \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.7
Grocery & Snacks \| Other SG&A \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	1
Grocery & Snacks \| Total SG&A \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	1.7
Refrigerated & Frozen \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.1
Refrigerated & Frozen \| Other cost of goods sold \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	(0.2)
Refrigerated & Frozen \| Total cost of goods sold \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	(0.2)
Refrigerated & Frozen \| Severance and related costs \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	(0.2)
Refrigerated & Frozen \| Other SG&A \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.5
Refrigerated & Frozen \| Total SG&A \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.3
International \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	(0.1)
International \| Other cost of goods sold \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	(0.2)
International \| Total cost of goods sold \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	(0.2)
International \| Severance and related costs \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	(0.3)
International \| Contract/lease termination \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.1
International \| Other SG&A \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	0.3
International \| Total SG&A \| Conagra Restructuring Plan \| Operating Segments
RESTRUCTURING ACTIVITIES
Restructuring plan charges	$ 0.1

DEBT AND REVOLVING CREDIT FAC_3

DEBT AND REVOLVING CREDIT FACILITY (Details) $ in Millions	3 Months Ended
DEBT AND REVOLVING CREDIT FACILITY (Details) $ in Millions	Aug. 25, 2024 USD ($)	May 26, 2024 USD ($)	Nov. 26, 2023 USD ($)	Aug. 27, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of Long-Term Debt	$ 14.9			$ 504.3
EBITDA to interest expense	3
Funded debt to EBITDA	4.5
Notes payable	$ 1,266.4	$ 928.4
Commercial Paper
Debt Instrument [Line Items]
Notes payable	926	586
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	2,000
Increase with consent of lenders	2,500
Line of credit	0
May 1, 2024 \| Subordinated debt
Debt Instrument [Line Items]
Repayments of Long-Term Debt		$ 1,000
Debt instrument interest rate		4.30%
August 11, 2023 \| Subordinated debt
Debt Instrument [Line Items]
Repayments of Long-Term Debt				$ 500
Debt instrument interest rate				0.50%
October 1, 2026 \| Subordinated debt
Debt Instrument [Line Items]
Debt instrument interest rate				5.30%
Proceeds from Issuance of Debt				$ 500
August 26, 2025 \| Senior notes
Debt Instrument [Line Items]
Repayments of Long-Term Debt			$ 250
Proceeds from Issuance of Debt	$ 500
April 29 2025
Debt Instrument [Line Items]
Proceeds from Issuance of Debt		$ 300

DEBT AND REVOLVING CREDIT FAC_4

DEBT AND REVOLVING CREDIT FACILITY - Schedule of Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
DEBT AND REVOLVING CREDIT FACILITY
Interest expense long term	$ 93.1	$ 102.5
Interest expense short term	15.8	7.4
Interest income	(0.9)	(1.1)
Interest capitalized	(2.2)	(2.8)
Interest Income (Expense), Net	$ 105.8	$ 106

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - USD ($) $ in Millions	3 Months Ended
FINANCING ARRANGEMENTS (Details) - USD ($) $ in Millions	Aug. 25, 2024	Aug. 27, 2023	May 26, 2024
FINANCING ARRANGEMENTS
Notes payable	$ 1,266.4		$ 928.4
Activities of noncontrolling interests	$ (108.9)	$ 0.2
Supplier Financing Arrangements
FINANCING ARRANGEMENTS
Supplier payment term	120 days
Payable to suppliers	$ 308.9		334.1
Notes payable	$ 42.9		$ 43.2

GOODWILL AND OTHER IDENTIFIAB_3

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of change in carrying amount of goodwill (Details) $ in Millions	3 Months Ended
	Aug. 25, 2024 USD ($)
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Balance	$ 10,582.7
Acquisitions	174.6
Currency translation	0.7
Balance	10,758
Grocery & Snacks
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Balance	4,692.4
Acquisitions	174.6
Balance	4,867
Refrigerated & Frozen
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Balance	4,943
Balance	4,943
International
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Balance	214.5
Currency translation	0.7
Balance	215.2
Food service
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Balance	732.8
Balance	$ 732.8

GOODWILL AND OTHER IDENTIFIAB_4

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of other identifiable intangible assets (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Gross Carrying Amount, Brands and trademarks	$ 2,082.6	$ 2,026.8
Gross Carrying Amount, Customer relationships and intellectual property	1,237.7	1,232.1
Accumulated Amortization, Customer relationships and intellectual property	563.9	550.5
Intangible assets, excluding amounts classified as held for sale	$ 3,320.3	$ 3,258.9

GOODWILL AND OTHER IDENTIFIAB_5

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Amortization of Intangible Assets	$ 13.4	$ 13.5
Amortization period for intangible assets	17 years
Amortization expense, average for the next five years.	$ 44

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Net derivative gains (losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
DERIVATIVE FINANCIAL INSTRUMENTS
Gross derivative gains (losses) incurred	$ (3.7)	$ 19.5
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Grocery & Snacks
DERIVATIVE FINANCIAL INSTRUMENTS
Gross derivative gains (losses) incurred	$ (1.5)	$ (3.9)
Refrigerated & Frozen
DERIVATIVE FINANCIAL INSTRUMENTS
Gross derivative gains (losses) incurred	(0.8)	(2.3)
International
DERIVATIVE FINANCIAL INSTRUMENTS
Gross derivative gains (losses) incurred		(1.6)
Food service
DERIVATIVE FINANCIAL INSTRUMENTS
Gross derivative gains (losses) incurred	(0.1)	(0.3)
Operating Segments
DERIVATIVE FINANCIAL INSTRUMENTS
Gross derivative gains (losses) incurred	(2.4)	(8.1)
Corporate, Non-Segment
DERIVATIVE FINANCIAL INSTRUMENTS
Gross derivative gains (losses) incurred	$ (1.3)	$ 27.6

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Amount of Gain (Loss) from Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
DERIVATIVE FINANCIAL INSTRUMENTS
Total gains (losses) from derivative instruments not designated as hedging instruments	$ (3.7)	$ 19.5
Commodity contracts \| Cost of goods sold
DERIVATIVE FINANCIAL INSTRUMENTS
Total gains (losses) from derivative instruments not designated as hedging instruments	(6.9)	22.5
Foreign exchange contracts \| Cost of goods sold
DERIVATIVE FINANCIAL INSTRUMENTS
Total gains (losses) from derivative instruments not designated as hedging instruments	$ 3.2	$ (3)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023	Dec. 01, 2019	May 26, 2024	May 28, 2023
DERIVATIVE FINANCIAL INSTRUMENTS
Derivatives designated as cash flow hedges, deferred gain	$ (2.5)	$ 4.1
Unamortized amount	8,695.6	$ 8,955.1		$ 8,511.3	$ 8,807.3
Cash Flow Hedge Pinnacle
DERIVATIVE FINANCIAL INSTRUMENTS
Derivatives designated as cash flow hedges, deferred gain			$ 47.5
Cash Flow Hedge Pinnacle \| Gain in accumulated other comprehensive income
DERIVATIVE FINANCIAL INSTRUMENTS
Unamortized amount	27.4
Commodity contracts \| Short
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative notional value	1.4			11
Commodity contracts \| Long
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative notional value	106.7			88.2
Foreign exchange contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative notional value	$ 104.6			$ 101.5

SHARE-BASED PAYMENTS (Details)

SHARE-BASED PAYMENTS (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2024 USD ($) $ / shares shares	Aug. 27, 2023 USD ($)
SHARE-BASED PAYMENTS
Stock-based compensation expense \| $	$ 20.6
Stock-based compensation income \| $		$ 2.7
Restricted stock units (RSUs)
SHARE-BASED PAYMENTS
Granted, share units (in shares) \| shares	2.2
Granted, weighted average grant-date fair value (in dollars per share) \| $ / shares	$ 29.85
Performance shares
SHARE-BASED PAYMENTS
Granted, share units (in shares) \| shares	0.7
Granted, weighted average grant-date fair value (in dollars per share) \| $ / shares	$ 29.86
Performance shares \| Fiscal 2025
SHARE-BASED PAYMENTS
Share based award, vesting period	3 years
Performance shares \| Fiscal 2026
SHARE-BASED PAYMENTS
Share based award, vesting period	3 years
Performance shares \| Fiscal 2027
SHARE-BASED PAYMENTS
Share based award, vesting period	3 years
Performance shares \| Fiscal 2025, 2026 and 2027 \| Minimum
SHARE-BASED PAYMENTS
Share based payment award, vesting rights payout, percentage	0
Performance shares \| Fiscal 2025, 2026 and 2027 \| Maximum
SHARE-BASED PAYMENTS
Share based payment award, vesting rights payout, percentage	200

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares shares in Millions	3 Months Ended
EARNINGS PER SHARE (Details) - shares shares in Millions	Aug. 25, 2024	Aug. 27, 2023
Employee Stock Option
EARNINGS PER SHARE
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1.3	0.6

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of basic and diluted earnings per share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
EARNINGS PER SHARE
Net income attributable to Conagra Brands, Inc. common stockholders:	$ 466.8	$ 319.7
Basic weighted average shares outstanding (in shares)	478.8	478.2
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities	1.5	1.6
Diluted weighted average shares outstanding (in shares)	480.3	479.8

INVENTORIES - Inventory by Majo

INVENTORIES - Inventory by Major Class (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
INVENTORIES
Raw materials and packaging	$ 336.8	$ 323.1
Work in process	287.5	277.1
Finished goods	1,485.3	1,377.2
Supplies and other	111	105.6
Total	$ 2,220.6	$ 2,083

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Aug. 25, 2024	Aug. 27, 2023
INCOME TAXES
Income tax expense (benefit)	$ (138.9)	$ 98.3
Effective income tax rate	(0.424%)	23.50%
Deferred Income Tax Expense (Benefit)	$ (210.4)
Withholding taxes	16.9
Deferred tax liability foreign subsidiaries earnings	1.6
Deferred tax liability foreign subsidiaries	$ 33.7

CONTINGENCIES (Details)

CONTINGENCIES (Details) $ in Millions	3 Months Ended	12 Months Ended
CONTINGENCIES (Details) $ in Millions	Aug. 25, 2024 USD ($) installment	May 26, 2024 USD ($)
CONTINGENCIES
Threshold amount for Environmental Matters	$ 1
Insurance Settlements Receivable	9.7	$ 14.7
Loss contingency		3.1
Punitive damages		4
Threatened Litigation
CONTINGENCIES
Loss contingency accrual	68.6	76.3
Other accrued liabilities \| Threatened Litigation
CONTINGENCIES
Loss contingency accrual	32.5	30.4
Other noncurrent liabilities \| Threatened Litigation
CONTINGENCIES
Loss contingency accrual	36.1	45.9
Accounts Receivable
CONTINGENCIES
Insurance Settlements Receivable	4.7	7.1
Noncurrent Assets
CONTINGENCIES
Insurance Settlements Receivable	5	7.6
Beatrice
CONTINGENCIES
Accrual for environmental loss contingencies	39	39.3
Beatrice \| Other accrued liabilities
CONTINGENCIES
Accrual for environmental loss contingencies	$ 3.2	$ 3.3
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Beatrice \| Other noncurrent liabilities
CONTINGENCIES
Accrual for environmental loss contingencies	$ 35.8	$ 36
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
CALIFORNIA \| Beatrice
CONTINGENCIES
Litigation settlement amount	$ 101.7
Loss contingency settlement agreement terms number of installments \| installment	7
Loss contingency accrual payments	$ 73
Loss contingency accrual	28.7	$ 28.9
CALIFORNIA \| Beatrice \| Other accrued liabilities
CONTINGENCIES
Loss contingency accrual	12	11.8
CALIFORNIA \| Beatrice \| Other noncurrent liabilities
CONTINGENCIES
Loss contingency accrual	16.7	$ 17.1
CALIFORNIA \| Beatrice \| Maximum
CONTINGENCIES
Litigation settlement amount of guarantee	$ 15

PENSION AND POSTRETIREMENT BE_3

PENSION AND POSTRETIREMENT BENEFITS (Details) $ in Millions	3 Months Ended
PENSION AND POSTRETIREMENT BENEFITS (Details) $ in Millions	Aug. 25, 2024 USD ($)
Pension plan
PENSION AND POSTRETIREMENT BENEFITS
Defined Benefit Plan, Service Cost Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate	5.72%
Defined Benefit Plan, Interest Cost Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate	5.51%
Employer contributions	$ 2.9
Contributions, remainder fiscal year	8.8
Other postretirement benefits plan
PENSION AND POSTRETIREMENT BENEFITS
Employer contributions	1.9
Contributions, next fiscal year	$ 4.7

PENSION AND POSTRETIREMENT BE_4

PENSION AND POSTRETIREMENT BENEFITS - Components of pension and postretirement plan costs (benefits) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Pension plan
PENSION AND POSTRETIREMENT BENEFITS
Service cost	$ 1.4	$ 1.5
Interest cost	34	36.7
Expected return on plan assets	(36.6)	(35.8)
Amortization of prior service cost (benefit)	(0.4)	(0.4)
Total pension and postretirement cost (benefit)	1.4	4.9
Total pension and postretirement cost (benefit)	1.4	4.9
Pension plan \| Company plans
PENSION AND POSTRETIREMENT BENEFITS
Total pension and postretirement cost (benefit)	0.8	(2.8)
Total pension and postretirement cost (benefit)	0.8	(2.8)
Pension plan \| Multi employer plan
PENSION AND POSTRETIREMENT BENEFITS
Total pension and postretirement cost (benefit)	2.2	2.1
Total pension and postretirement cost (benefit)	2.2	2.1
Other postretirement benefits plan
PENSION AND POSTRETIREMENT BENEFITS
Interest cost	0.6	0.6
Amortization of prior service cost (benefit)	(0.4)	(0.4)
Recognized net actuarial gain	(1.1)	(1.2)
Total pension and postretirement cost (benefit)	(0.9)	(1)
Total pension and postretirement cost (benefit)	$ (0.9)	$ (1)

STOCKHOLDERS' EQUITY - Reconcil

STOCKHOLDERS' EQUITY - Reconciliation of Stockholders' Equity Accounts (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Balance	$ 8,511.3	$ 8,807.3
Stock option and incentive plans	0.8	(16.2)
Currency translation adjustments	60.5	10.6
Derivative adjustments	(3.3)	1.6
Activities of noncontrolling interests	(108.9)	0.2
Pension and postretirement healthcare benefits	0.2	(0.8)
Dividends declared on common stock	(167.8)	(167.3)
Net income attributable to Conagra Brands, Inc. common stockholders:	466.8	319.7
Repurchase of common shares	(64)
Balance	$ 8,695.6	$ 8,955.1
Common Stock
Balance (in shares)	584.2	584.2
Balance	$ 2,921.2	$ 2,921.2
Balance (in shares)	584.2	584.2
Balance	$ 2,921.2	$ 2,921.2
Additional Paid-in Capital
Balance	2,363.2	2,376.9
Stock option and incentive plans	(33.5)	(42.9)
Balance	2,329.7	2,334
Retained Earnings
Balance	6,276.3	6,599.4
Stock option and incentive plans	(0.5)	1.1
Dividends declared on common stock	(167.8)	(167.3)
Net income attributable to Conagra Brands, Inc. common stockholders:	466.8	319.7
Balance	6,574.8	6,752.9
Accumulated Other Comprehensive Loss
Balance	(35.5)	(44.4)
Currency translation adjustments	22.5	10.7
Derivative adjustments	(3.3)	1.6
Pension and postretirement healthcare benefits	0.2	(0.8)
Balance	(16.1)	(32.9)
Treasury Stock
Balance	(3,084.8)	(3,116.3)
Stock option and incentive plans	34.8	25.6
Repurchase of common shares	(64)
Balance	(3,114)	(3,090.7)
Noncontrolling Interests
Balance	70.9	70.5
Currency translation adjustments	38	(0.1)
Activities of noncontrolling interests	$ (108.9)	0.2
Balance		$ 70.6

STOCKHOLDERS' EQUITY - Reconc_2

STOCKHOLDERS' EQUITY - Reconciliation of Stockholders' Equity Accounts (Details) (Parentheticals) - $ / shares	3 Months Ended
	Aug. 25, 2024	Aug. 28, 2022
STOCKHOLDERS' EQUITY
Common stock, dividends per share (in dollars per share)	$ 0.35	$ 0.35

STOCKHOLDERS' EQUITY - Other Co

STOCKHOLDERS' EQUITY - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Accumulated other comprehensive loss	$ (16.1)	$ (35.5)
Currency translation losses, net of reclassification adjustments
Accumulated other comprehensive loss	(66.7)	(89.2)
Derivative adjustments, net of reclassification adjustments
Accumulated other comprehensive loss	25.9	29.2
Pension and postretirement benefit obligations, net of reclassification adjustments
Accumulated other comprehensive loss	$ 24.7	$ 24.5

STOCKHOLDERS' EQUITY - Reclassi

STOCKHOLDERS' EQUITY - Reclassification from Other Comprehensive Income (Loss) to Income (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Interest expense, net	$ (105.8)	$ (106)
Equity method investment earnings	29.1	35.5
Income tax expense	(138.9)	98.3
Net Income (Loss)	466.8	319.7
Pension and postretirement non-service income (expense)	(3.1)	0.3
Selling, general and administrative expenses	337.7	334.1
Income tax expense (benefit)	(138.9)	98.3
Net income attributable to Conagra Brands, Inc. common stockholders:	466.8	319.7
Reclassification out of Accumulated Other Comprehensive Income \| Gain in accumulated other comprehensive income
Interest expense, net	(0.7)	(0.9)
Equity method investment earnings	(1.2)	(1.1)
Total before tax	(1.9)	(2)
Income tax expense	0.5	0.5
Net Income (Loss)	(1.4)	(1.5)
Total before tax	(1.9)	(2)
Income tax expense (benefit)	0.5	0.5
Net income attributable to Conagra Brands, Inc. common stockholders:	(1.4)	(1.5)
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Pension and postretirement non-service income (expense)	(1.1)	(1.2)
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Total before tax	(1.1)	(1.2)
Income tax expense	0.2	0.3
Net Income (Loss)	(0.9)	(0.9)
Total before tax	(1.1)	(1.2)
Income tax expense (benefit)	0.2	0.3
Net income attributable to Conagra Brands, Inc. common stockholders:	(0.9)	$ (0.9)
Reclassification out of Accumulated Other Comprehensive Income \| Currency translation losses, net of reclassification adjustments
Total before tax	41.8
Net Income (Loss)	41.8
Selling, general and administrative expenses	41.8
Total before tax	41.8
Net income attributable to Conagra Brands, Inc. common stockholders:	$ 41.8

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	3 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Aug. 25, 2024	Aug. 27, 2023	May 26, 2024
FAIR VALUE MEASUREMENTS
Asset impairment charges	$ 0.1	$ 15.2
Long-Term Debt, Total	7,510		$ 7,510
Long-Term Debt, Fair Value	$ 7,520		$ 7,260
Grocery & Snacks
FAIR VALUE MEASUREMENTS
Asset impairment charges		0.6
International
FAIR VALUE MEASUREMENTS
Asset impairment charges		$ 14.1

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
FAIR VALUE MEASUREMENTS
Derivative assets	$ 7.9	$ 3
Deferred compensation assets	6.4	6.3
Available-for-sale debt securities	2.9	2.9
Total assets	17.2	12.2
Derivative liabilities	3	3.6
Deferred compensation liabilities	75.1	70.4
Total liabilities	78.1	74
Level 1
FAIR VALUE MEASUREMENTS
Derivative assets	5.3	2.3
Deferred compensation assets	6.4	6.3
Total assets	11.7	8.6
Deferred compensation liabilities	75.1	70.4
Total liabilities	75.1	70.4
Level 2
FAIR VALUE MEASUREMENTS
Derivative assets	2.6	0.7
Total assets	2.6	0.7
Derivative liabilities	3	3.6
Total liabilities	3	3.6
Level 3
FAIR VALUE MEASUREMENTS
Available-for-sale debt securities	2.9	2.9
Total assets	$ 2.9	$ 2.9

BUSINESS SEGMENTS AND RELATED_3

BUSINESS SEGMENTS AND RELATED INFORMATION (Details) $ in Millions	3 Months Ended
	Aug. 25, 2024 USD ($) segment	Aug. 27, 2023 USD ($)
BUSINESS SEGMENTS AND RELATED INFORMATION
Number of reportable segments \| segment	4
Depreciation \| $	$ 85.7	$ 83.1

BUSINESS SEGMENTS AND RELATED_4

BUSINESS SEGMENTS AND RELATED INFORMATION - Segment Reporting Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	$ 2,794.9	$ 2,904
Operating profit	493.8	525.7
Equity method investment earnings	29.1	35.5
General corporate expenses	92.2	36.7
Pension and postretirement non-service expense (income)	3.1	(0.3)
Interest expense, net	105.8	106
Income tax expense (benefit)	(138.9)	98.3
Net income	466.9	319.9
Less: Net income attributable to noncontrolling interests	0.1	0.2
Net income attributable to Conagra Brands, Inc. common stockholders:	466.8	319.7
Grocery & Snacks
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	1,182.7	1,202.9
Operating profit	249.1	258.7
Refrigerated & Frozen
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	1,086.4	1,151.6
Operating profit	176	199.2
International
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	259.1	260.2
Operating profit	33.6	23.7
Food service
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	266.7	289.3
Operating profit	35.1	44.1
Frozen
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	913.4	948.4
Other Shelf-stable
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	690.3	696.8
Refrigerated
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	173	203.2
Snacks
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	492.4	506.1
International
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	259.1	260.2
Food service
BUSINESS SEGMENTS AND RELATED INFORMATION
Net sales	$ 266.7	$ 289.3