Conagra Brands (CAG) 10-Q 7 Jan 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Nov. 29, 2020shares
Cover [Abstract]
Entity Registrant Name	CONAGRA BRANDS, INC.
Entity Central Index Key	0000023217
Current Fiscal Year End Date	--05-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Nov. 29, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	488,578,978
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	1-7275
Entity Tax Identification Number	47-0248710
Entity Address, Address Line One	222 W. Merchandise Mart Plaza
Entity Address, Address Line Two	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
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $5.00 par value
Trading Symbol	CAG
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Income Statement [Abstract]
Net sales	$ 2,995.2	$ 2,820.8	$ 5,674.1	$ 5,211.5
Costs and expenses:
Cost of goods sold	2,106.3	2,022.9	3,975	3,749.1
Selling, general and administrative expenses	357.7	369.8	658	770.6
Pension and postretirement non-service income	(13.7)	(11.3)	(27.5)	(20.8)
Interest expense, net	107.7	121.4	221.4	244.1
Income before income taxes and equity method investment earnings	437.2	318	847.2	468.5
Income tax expense	80.7	84.1	167.4	72.6
Equity method investment earnings	23	27.6	29.5	39.9
Net income	379.5	261.5	709.3	435.8
Less: Net income attributable to noncontrolling interests	0.6	1	1.4	1.5
Net income attributable to Conagra Brands, Inc.	$ 378.9	$ 260.5	$ 707.9	$ 434.3
Earnings per share — basic
Net income attributable to Conagra Brands, Inc. common stockholders	$ 0.77	$ 0.53	$ 1.45	$ 0.89
Earnings per share — diluted
Net income attributable to Conagra Brands, Inc. common stockholders	$ 0.77	$ 0.53	$ 1.44	$ 0.89

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Net income
Pre-Tax Amount	$ 460.2	$ 345.6	$ 876.7	$ 508.4
Tax (Expense) Benefit	(80.7)	(84.1)	(167.4)	(72.6)
Net income	379.5	261.5	709.3	435.8
Unrealized derivative adjustments
Pre-Tax Amount	1.1	(1.1)	0.5	(2.7)
Tax (Expense) Benefit	(0.3)	0.3	(0.2)	0.7
After-Tax Amount	0.8	(0.8)	0.3	(2)
Reclassification for derivative adjustments included in net income
Pre-Tax Amount	(1.2)	(0.8)	(2.1)	(1.6)
Tax (Expense) Benefit	0.3	0.2	0.5	0.4
After-Tax Amount	(0.9)	(0.6)	(1.6)	(1.2)
Unrealized currency translation gains (losses)
Pre-Tax Amount	10.8	3.5	28.8	(8.7)
Tax (Expense) Benefit	(0.1)	0	(0.6)	0.6
After-Tax Amount	10.7	3.5	28.2	(8.1)
Unrealized pension and post-employment benefit obligations
Pre-Tax Amount			0.4	(14.8)
Tax (Expense) Benefit			(0.1)	3.7
After-Tax Amount			0.3	(11.1)
Reclassification for pension and post-employment benefit obligations included in net income
Pre-Tax Amount	(0.8)	(1)	(1.6)	(1.4)
Tax (Expense) Benefit	0.2	0.3	0.4	0.4
After-Tax Amount	(0.6)	(0.7)	(1.2)	(1)
Comprehensive income
Pre-Tax Amount	470.1	346.2	902.7	479.2
Tax (Expense) Benefit	(80.6)	(83.3)	(167.4)	(66.8)
After-Tax Amount	389.5	262.9	735.3	412.4
Comprehensive income (loss) attributable to noncontrolling interests
Pre-Tax Amount	0	0.9	3.3	(1.1)
Tax (Expense) Benefit	(0.1)	0.1	(0.4)	(0.1)
After-Tax Amount	(0.1)	1	2.9	(1.2)
Comprehensive income attributable to Conagra Brands, Inc.
Pre-Tax Amount	470.1	345.3	899.4	480.3
Tax (Expense) Benefit	(80.5)	(83.4)	(167)	(66.7)
After-Tax Amount	$ 389.6	$ 261.9	$ 732.4	$ 413.6

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Current assets
Cash and cash equivalents	$ 68	$ 553.3
Receivables, less allowance for doubtful accounts of $2.8 and $2.6	948.5	860.8
Inventories	1,622.8	1,367.8
Prepaid expenses and other current assets	156.9	93.9
Current assets held for sale	1.5	10.1
Total current assets	2,797.7	2,885.9
Property, plant and equipment	5,425.3	5,193.1
Less accumulated depreciation	(2,947.3)	(2,800.4)
Property, plant and equipment, net	2,478	2,392.7
Goodwill	11,394.4	11,389
Brands, trademarks and other intangibles, net	4,277.8	4,305.1
Other assets	1,273.6	1,273.4
Noncurrent assets held for sale	55.2	57.9
Total assets	22,276.7	22,304
Current liabilities
Notes payable	368.6	1.1
Current installments of long-term debt	618.4	845.5
Accounts payable	1,598.1	1,520.2
Accrued payroll	131.4	189.4
Other accrued liabilities	629.5	725.8
Current liabilities held for sale	5.4	5.4
Total current liabilities	3,351.4	3,287.4
Senior long-term debt, excluding current installments	8,279.7	8,900.8
Other noncurrent liabilities	2,176.1	2,165.1
Total liabilities	13,807.2	14,353.3
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	2,312	2,323.2
Retained earnings	5,938.7	5,471.2
Accumulated other comprehensive loss	(85.1)	(109.6)
Less treasury stock, at cost, 95,640,251 and 97,057,311 common shares	(2,694.8)	(2,729.9)
Total Conagra Brands, Inc. common stockholders' equity	8,392	7,876.1
Noncontrolling interests	77.5	74.6
Total stockholders' equity	8,469.5	7,950.7
Total liabilities and stockholders' equity	$ 22,276.7	$ 22,304

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2.8	$ 2.6
Common stock, par value (in dollars per share)	$ 5	$ 5
Common stock, authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, issued (in shares)	584,219,229	584,219,229
Treasury stock, at cost (in shares)	95,640,251	97,057,311

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019	May 31, 2020
Cash flows from operating activities:
Net income	$ 379.5	$ 261.5	$ 709.3	$ 435.8
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			193	193.4
Asset impairment charges			3.9	105.9
Loss on extinguishment of debt			44.3	0.3
Loss (gain) on divestitures			(5.3)	1.5
Equity method investment earnings in excess of distributions			(8.4)	(14.1)
Stock-settled share-based payments expense			30.9	21
Contributions to pension plans			(20.7)	(7.4)
Pension benefit			(19.1)	(13.2)
Other items			14.2	10.6
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
Receivables			(88.3)	(128.3)
Inventories			(247.2)	(230)
Deferred income taxes and income taxes payable, net			(39.9)	(23)
Prepaid expenses and other current assets			(39.8)	(7)
Accounts payable			111.2	207.3
Accrued payroll			(58)	(41.9)
Other accrued liabilities			(67.9)	(83.4)
Deferred employer payroll taxes			29.2	0
Net cash flows from operating activities			541.4	427.5
Cash flows from investing activities:
Additions to property, plant and equipment			(282)	(183.7)
Sale of property, plant and equipment			1	5.8
Purchase of marketable securities			(4.1)	(27.8)
Sale of marketable securities			6	29.9
Proceeds from divestitures, net of cash divested			8.6	139
Other items			0	(3.4)
Net cash flows from investing activities			(270.5)	(40.2)
Cash flows from financing activities:
Issuances of commercial paper, maturities greater than 90 days			298.6	0
Net issuances (repayments) of other short-term borrowings			68.9	(0.5)
Issuance of long-term debt			988.2	0
Repayment of long-term debt			(1,881.7)	(210.9)
Debt issuance costs			(5.4)	0
Payment of intangible asset financing arrangement			(12.9)	(13.6)
Cash dividends paid			(207.3)	(206.7)
Exercise of stock options and issuance of other stock awards, including tax withholdings			(8.4)	(0.7)
Other items			0	0.9
Net cash flows from financing activities			(760)	(431.5)
Effect of exchange rate changes on cash and cash equivalents and restricted cash			3.8	(0.4)
Net change in cash and cash equivalents and restricted cash			(485.3)	(44.6)
Cash and cash equivalents and restricted cash at beginning of period			554.3	237.6	$ 237.6
Cash and cash equivalents and restricted cash at end of period	$ 69	$ 193	$ 69	$ 193	$ 554.3

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Nov. 29, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. The adjustments are of a normal recurring nature, except as otherwise noted. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in the Conagra Brands, Inc. (the "Company", "Conagra Brands", "we", "us", or "our") Annual Report on Form 10-K for the fiscal year ended May 31, 2020. 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. Basis of Consolidation — The Condensed Consolidated Financial Statements include the accounts of Conagra Brands and all majority-owned subsidiaries. All significant intercompany investments, accounts, and transactions have been eliminated. Revenue Recognition — Our revenues primarily consist of the sale of food products that are sold to retailers and foodservice customers through direct sales forces, broker, and distributor arrangements. These revenue contracts generally have single performance obligations. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to our customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs. Amounts billed and due from our customers are classified as receivables and require payment on a short-term basis and, therefore, we do not have any significant financing components. We recognize revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. We assess the goods and services promised in our customers' purchase orders and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. We offer various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Our promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of certain promotional trade costs therefore requires management judgment regarding the volume of offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are recognized as a change in management estimate in a subsequent period. Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% corridor) and postretirement health care plans. For foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. When we determine that a foreign investment, as well as undistributed earnings, are no longer permanent in nature, estimated taxes will be provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments. The following table details the accumulated balances for each component of other comprehensive income, net of tax: November 29, 2020 May 31, 2020 Currency translation losses, net of reclassification adjustments $ (99.0 ) $ (125.7 ) Derivative adjustments, net of reclassification adjustments 25.0 26.3 Pension and postretirement benefit obligations, net of reclassification adjustments (11.1 ) (10.2 ) Accumulated other comprehensive loss $ (85.1 ) $ (109.6 ) The following table summarizes the reclassifications from accumulated other comprehensive loss into income: Thirteen weeks ended Affected Line Item in the Condensed Consolidated Statement of Earnings 1 November 29, 2020 November 24, 2019 Net derivative adjustments: Cash flow hedges $ (0.7 ) $ (0.8 ) Interest expense, net Cash flow hedges (0.5 ) — Selling, general and administrative expenses (1.2 ) (0.8 ) Total before tax 0.3 0.2 Income tax expense $ (0.9 ) $ (0.6 ) Net of tax Pension and postretirement liabilities: Net prior service cost $ 0.1 $ 0.1 Pension and postretirement non-service income Net actuarial gain (0.9 ) (1.1 ) Pension and postretirement non-service income (0.8 ) (1.0 ) Total before tax 0.2 0.3 Income tax expense $ (0.6 ) $ (0.7 ) Net of tax Twenty-six weeks ended Affected Line Item in the Condensed Consolidated Statement of Earnings 1 November 29, 2020 November 24, 2019 Net derivative adjustment, net of tax: Cash flow hedges $ (1.6 ) $ (1.6 ) Interest expense, net Cash flow hedges (0.5 ) — Selling, general and administrative expenses (2.1 ) (1.6 ) Total before tax 0.5 0.4 Income tax expense $ (1.6 ) $ (1.2 ) Net of tax Pension and postretirement liabilities: Net prior service cost $ 0.2 $ 0.3 Pension and postretirement non-service income Net actuarial gain (1.8 ) (2.3 ) Pension and postretirement non-service income Curtailment — 0.6 Pension and postretirement non-service income (1.6 ) (1.4 ) Total before tax 0.4 0.4 Income tax expense $ (1.2 ) $ (1.0 ) Net of tax 1 Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Earnings. Cash and cash equivalents — Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition, including short-term time deposits and government agency and corporate obligations, are classified as cash and cash equivalents. Reclassifications and other changes — Certain prior year amounts have been reclassified to conform with current year presentation. Use of Estimates — Preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make certain estimates and assumptions. These estimates and assumptions affect reported amounts of assets, liabilities, revenues, and expenses as reflected in the Condensed Consolidated Financial Statements. Actual results could differ from these estimates. Accounting Changes — In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses ( Topic 326 ): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), to update the methodology used to measure current expected credit losses ("CECL"). This ASU applies to financial assets measured at amortized cost, including loans, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments and guarantees. We adopted this ASU in the first quarter of fiscal 2021 using the modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements and related disclosures.

DIVESTITURES AND ASSETS HELD FO

DIVESTITURES AND ASSETS HELD FOR SALE	6 Months Ended
	Nov. 29, 2020
Discontinued Operations And Disposal Groups [Abstract]
DIVESTITURES AND ASSETS HELD FOR SALE	2. DIVESTITURES AND ASSETS HELD FOR SALE Divestitures During the second quarter of fiscal 2021, we completed the sale of our H.K. Anderson ® for net proceeds , subject to final working capital adjustments. The business results were previously reported in our . We recognized a gain on the sale of $5.3 million, included within . The assets classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the H.K. Anderson ® business were as follows: May 31, 2020 Current assets $ 1.3 Noncurrent assets (including goodwill of $2.4 million) 2.6 During the third quarter of fiscal 2020, we completed the sale of our Lender's ® bagel business for net proceeds of The business results were previously reported primarily in our Refrigerated & Frozen segment, . In connection with the sale of our Lender's ® bagel business, we recognized an impairment charge of $27.6 million within SG&A expenses in the second quarter of fiscal 2020. During the third quarter of fiscal 2020, we completed the sale of our peanut butter manufacturing facility in Streator, Illinois. The sale was part of a broader initiative to optimize the Company's peanut butter business, which also included the decision to exit the manufacture and sale of private label peanut butter. The business results were previously reported primarily in our Grocery & Snacks segment, and to a lesser extent within our Foodservice segment. We received net proceeds of $24.8 million, subject to final working capital adjustments. In connection with this divestiture, we recognized impairment charges of $11.1 million and $23.0 million within SG&A expenses in the second quarter and first half of fiscal 2020, respectively. These charges have been included in restructuring activities. During the second quarter of fiscal 2020, we completed the sale of our Direct Store Delivery ("DSD") Snacks business for net proceeds , including working capital adjustments. The business results were previously reported in our Grocery & Snacks segment. Other Assets Held for Sale During the second quarter of fiscal 2021, we initiated a plan to sell our Peter Pan ® The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the Peter Pan ® November 29, 2020 May 31, 2020 Current assets $ 1.5 $ 8.8 Noncurrent assets (including goodwill of $44.9 million) 55.2 55.3 Current liabilities 5.4 5.4

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES	6 Months Ended
	Nov. 29, 2020
Restructuring And Related Activities [Abstract]
RESTRUCTURING ACTIVITIES	3. RESTRUCTURING ACTIVITIES Pinnacle Integration Restructuring Plan In December incur material charges for exit and disposal activities under U.S. GAAP. We expect to incur approximately $ million of charges ($ million of cash charges and $ 78.8 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. The Board and/or our senior management have authorized incurrence of these charges. In the second quarter and first half of fiscal 2021 , we recognized charges of $ 10.2 million and $ 18.8 million, respectively, in connection with the Pinnacle Integration Restructuring Plan. In the second quarter and first half of fiscal 2020 , we recognized charges of $ million and $ 43.9 million, respectively, in connection with the Pinnacle Integration Restructuring Plan . We expect to incur costs related to the Pinnacle Integration Restructuring Plan through fiscal 2022 . We anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the second quarter of fiscal 2021): Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 8.7 $ 6.0 $ — $ — $ 14.7 Other cost of goods sold 4.3 7.2 0.7 — 12.2 Total cost of goods sold 13.0 13.2 0.7 — 26.9 Severance and related costs — 4.4 1.5 113.6 119.5 Asset impairment (net of gains on disposal) 32.3 3.8 — 2.6 38.7 Accelerated depreciation — — — 7.4 7.4 Contract/lease termination 8.3 4.7 0.8 16.3 30.1 Consulting/professional fees 1.0 — 0.8 103.0 104.8 Other selling, general and administrative expenses 5.8 4.2 0.3 22.3 32.6 Total selling, general and administrative expenses 47.4 17.1 3.4 265.2 333.1 Consolidated total $ 60.4 $ 30.3 $ 4.1 $ 265.2 $ 360.0 During the second quarter of fiscal 2021, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan: Grocery & Snacks Refrigerated & Frozen Corporate Total Accelerated depreciation $ — $ 0.8 $ — $ 0.8 Other cost of goods sold — 0.2 — 0.2 Total cost of goods sold — 1.0 — 1.0 Severance and related costs — — (0.7 ) (0.7 ) Asset impairment (net of gains on disposal) 0.1 — — 0.1 Contract/lease termination 1.8 — 0.4 2.2 Consulting/professional fees 0.1 — 5.1 5.2 Other selling, general and administrative expenses 2.5 (0.5 ) 0.4 2.4 Total selling, general and administrative expenses 4.5 (0.5 ) 5.2 9.2 Consolidated total $ 4.5 $ 0.5 $ 5.2 $ 10.2 Included in the above results are $9.3 million of charges that have resulted or will result in cash outflows and $0.9 million in non-cash charges. During the first half of fiscal 2021, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan: Grocery & Snacks Refrigerated & Frozen Corporate Total Accelerated depreciation $ — $ 1.4 $ — $ 1.4 Other cost of goods sold 0.5 0.2 — 0.7 Total cost of goods sold 0.5 1.6 — 2.1 Severance and related costs — 0.1 (1.5 ) (1.4 ) Asset impairment (net of gains on disposal) 0.1 — (0.3 ) (0.2 ) Contract/lease termination 1.8 — 0.6 2.4 Consulting/professional fees 0.4 — 11.3 11.7 Other selling, general and administrative expenses 2.6 0.5 1.1 4.2 Total selling, general and administrative expenses 4.9 0.6 11.2 16.7 Consolidated total $ 5.4 $ 2.2 $ 11.2 $ 18.8 Included in the above results are $17.6 million of charges that have resulted or will result in cash outflows and $1.2 million in non-cash charges. We recognized the following cumulative (plan inception to November 29, 2020) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Condensed Consolidated Statement of Operations: Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 0.6 $ 3.5 $ — $ — $ 4.1 Other cost of goods sold 2.3 1.7 0.7 — 4.7 Total cost of goods sold 2.9 5.2 0.7 — 8.8 Severance and related costs — 4.4 1.5 113.6 119.5 Asset impairment (net of gains on disposal) 0.3 3.8 — 2.6 6.7 Accelerated depreciation — — — 7.4 7.4 Contract/lease termination 1.8 — 0.8 15.7 18.3 Consulting/professional fees 0.6 — 0.8 78.6 80.0 Other selling, general and administrative expenses 2.6 0.6 0.3 16.6 20.1 Total selling, general and administrative expenses 5.3 8.8 3.4 234.5 252.0 Consolidated total $ 8.2 $ 14.0 $ 4.1 $ 234.5 $ 260.8 Included in the above results are $230.0 million of charges that have resulted or will result in cash outflows and $30.8 million in non-cash charges. Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for the first half of fiscal 2021 were as follows: Balance at May 31, 2020 Costs Incurred and Charged to Expense Costs Paid or Otherwise Settled Changes in Estimates Balance at November 29, 2020 Severance and related costs $ 23.6 $ 0.1 $ (10.2 ) $ (1.5 ) $ 12.0 Contract termination 0.5 2.4 (2.4 ) — 0.5 Consulting/professional fees 7.5 11.7 (15.0 ) — 4.2 Other costs — 4.9 (4.9 ) — — Total $ 31.6 $ 19.1 $ (32.5 ) $ (1.5 ) $ 16.7 Conagra Restructuring Plan In fiscal 2019, management initiated a restructuring plan (the "Conagra Restructuring Plan") for costs incurred in connection with actions taken to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network. Although we remain unable to make good faith estimates relating to the entire Conagra Restructuring Plan, we are reporting on actions initiated through the end of the second quarter of fiscal 2021, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. As of November 29, 2020 , we have approved the incurrence of $ million ($ million of cash charges and $ 126.8 million of non-cash charges) for several projects associated with the Conagra Restructuring Plan. We have incurred or expect to incur $ 156.2 million of charges ($ million of cash charges and $ million of non-cash charges) for actions identified to date under the Conagra Restructuring Plan. In the second quarter and first half of fiscal 2021 , we recognized charges of $ million and $ million, respectively, in connection with the Conagra Restructuring Plan . In the second quarter and first half of fiscal 2020 , we recognized charges of $ 19.6 million and $ 40.7 million, respectively, in connection with the Conagra Restructuring Plan. We expect to incur costs related to the Conagra Restructuring Plan over a multi-year period . We anticipate that we will recognize the following pre-tax expenses in association with the Conagra Restructuring Plan (amounts include charges recognized from plan inception through the second quarter of fiscal 2021): Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 37.0 $ 45.4 $ — $ — $ 82.4 Other cost of goods sold 8.9 2.1 — — 11.0 Total cost of goods sold 45.9 47.5 — — 93.4 Severance and related costs 12.1 1.8 1.1 1.5 16.5 Asset impairment (net of gains on disposal) 28.0 0.3 0.1 — 28.4 Contract/lease termination 0.2 — — 0.1 0.3 Consulting/professional fees — — — 1.1 1.1 Other selling, general and administrative expenses 11.5 4.3 — 0.1 15.9 Total selling, general and administrative expenses 51.8 6.4 1.2 2.8 62.2 Total $ 97.7 $ 53.9 $ 1.2 $ 2.8 $ 155.6 Pension and postretirement non-service income 0.6 Consolidated total $ 156.2 During the second quarter of fiscal 2021, we recognized the following pre-tax expenses for the Conagra Restructuring Plan: Grocery & Snacks Refrigerated & Frozen Corporate Total Accelerated depreciation $ 1.9 $ 6.6 $ — $ 8.5 Total cost of goods sold 1.9 6.6 — 8.5 Severance and related costs 0.5 — 0.5 1.0 Asset impairment (net of gains on disposal) — 0.1 — 0.1 Other selling, general and administrative expenses 0.9 — — 0.9 Total selling, general and administrative expenses 1.4 0.1 0.5 2.0 Total $ 3.3 $ 6.7 $ 0.5 $ 10.5 Included in the above results are $1.9 million in charges that have resulted or will result in cash outflows and $8.6 million in non-cash charges. During the first half of fiscal 2021, we recognized the following pre-tax expenses for the Conagra Restructuring Plan: Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 4.9 $ 10.6 $ — $ — $ 15.5 Other cost of goods sold 2.3 — — — 2.3 Total cost of goods sold 7.2 10.6 — — 17.8 Severance and related costs 3.6 — (0.1 ) 0.8 4.3 Asset impairment (net of gains on disposal) 3.0 0.1 — — 3.1 Other selling, general and administrative expenses 2.5 — — 0.1 2.6 Total selling, general and administrative expenses 9.1 0.1 (0.1 ) 0.9 10.0 Total $ 16.3 $ 10.7 $ (0.1 ) $ 0.9 $ 27.8 Included in the above results are $6.9 million in charges that have resulted or will result in cash outflows and $20.9 million in non-cash charges. We recognized the following cumulative (plan inception to November 29, 2020) pre-tax expenses for the Conagra Restructuring Plan in our Condensed Consolidated Statement of Operations: Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 29.0 $ 14.8 $ — $ — $ 43.8 Other cost of goods sold 4.8 0.2 — — 5.0 Total cost of goods sold 33.8 15.0 — — 48.8 Severance and related costs 8.3 1.8 1.1 1.5 12.7 Asset impairment (net of gains on disposal) 28.0 0.3 0.1 — 28.4 Contract/lease termination — — — 0.1 0.1 Other selling, general and administrative expenses 3.4 0.3 — 0.1 3.8 Total selling, general and administrative expenses 39.7 2.4 1.2 1.7 45.0 Total $ 73.5 $ 17.4 $ 1.2 $ 1.7 $ 93.8 Pension and postretirement non-service income 0.6 Consolidated total $ 94.4 Included in the above results are $19.7 million of charges that have resulted or will result in cash outflows and $74.7 million in non-cash charges. Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first half of fiscal 2021 were as follows: Balance at May 31, 2020 Costs Incurred and Charged to Expense Costs Paid or Otherwise Settled Changes in Estimates Balance at November 29, 2020 Severance and related costs $ 6.5 $ 4.4 $ (3.3 ) $ (0.1 ) $ 7.5 Other costs — 2.6 (2.6 ) — — Total $ 6.5 $ 7.0 $ (5.9 ) $ (0.1 ) $ 7.5

LONG-TERM DEBT AND REVOLVING CR

LONG-TERM DEBT AND REVOLVING CREDIT FACILITY	6 Months Ended
	Nov. 29, 2020
Debt Disclosure [Abstract]
LONG-TERM DEBT AND REVOLVING CREDIT FACILITY	4. LONG-TERM DEBT AND REVOLVING CREDIT FACILITY At November 29, 2020, 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 $1.6 billion (subject to increase to a maximum aggregate principal amount of $2.1 billion with the consent of the lenders). The Revolving Credit Facility matures on July 11, 2024 and is unsecured. The term of the Revolving Credit Facility may be extended for additional one-year two-year During the second quarter of fiscal 2021, we issued $1.0 billion aggregate principal amount of 1.375% senior notes due November 1, 2027 (the "2027 Senior Notes"). We also redeemed the entire outstanding $1.20 billion aggregate principal amount of our 3.800% senior notes prior to their maturity date of October 22, 2021, resulting in a net loss of $44.3 million as a cost of early extinguishment of debt. This redemption was primarily funded using the net proceeds from the issuance of the 2027 Senior Notes. During the second quarter of fiscal 2021, we also repaid the entire outstanding $500.0 million aggregate principal amount of our floating rate notes on the maturity date of October 9, 2020. On December 23, 2020, subsequent to the end of the second quarter of fiscal 2021, we redeemed $400.0 million aggregate principal amount of our 3.200% senior notes due January 25, 2023 (the "2023 Senior Notes") and expect to recognize a net loss in the third quarter of fiscal 2021 of approximately $24.4 million as a cost of early extinguishment of debt in connection with such redemption. The 2023 Senior Notes are presented within current installments of long-term debt in our Condensed Consolidated Balance Sheet as of November 29, 2020. During the first quarter of fiscal 2021, we repaid the remaining outstanding $126.6 million aggregate principal amount of our 4.95% senior notes on their maturity date of August 15, 2020. In the fourth quarter of fiscal 2020, we entered into an unsecured term loan agreement (the "Credit Agreement") with a financial institution. The Credit Agreement provided for delayed draw term loans to the Company in an aggregate principal amount not in excess of $ 600.0 million (subject to increase to a maximum aggregate principal amount of $ 750.0 million) through October 9, 2020 . We did not borrow under the Credit Agreement, and it was terminated in the second quarter of fiscal 2021 . In the first quarter of fiscal 2020, we repaid $200.0 million of our borrowings under our term loan agreement (the "Term Loan Agreement"), which repayment consisted of $100.0 million of the three-year tranche loans and $100.0 million of the five-year tranche loans. In the third quarter of fiscal 2020, we repaid the remaining borrowings under the Term Loan Agreement of $200.0 million, which repayment consisted of $100.0 million of the three-year tranche loans and $100.0 million of the five-year tranche loans. The Term Loan Agreement was terminated after these repayments. In fiscal 2020, we also redeemed the entire outstanding $525.0 million aggregate principal amount of our floating rate notes due October 22, 2020 in two separate redemptions totaling $250.0 million and $275.0 million in the third and fourth quarters of fiscal 2020, respectively. Our most restrictive debt agreement (the Revolving Credit Facility) generally requires our ratio of earnings before interest, taxes, depreciation and amortization ("EBITDA") to interest expense not to be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed certain decreasing specified levels, ranging from 4.75 through the first quarter of fiscal 2022 to 3.75 from the second quarter of fiscal 2023 and thereafter, with each ratio to be calculated on a rolling four-quarter basis. As of November 29, 2020, we were in compliance with all financial covenants under the Revolving Credit Facility. Net interest expense consists of: Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Long-term debt $ 110.2 $ 123.2 $ 227.2 $ 247.5 Short-term debt 0.5 0.4 0.5 0.9 Interest income (0.4 ) (0.4 ) (1.2 ) (1.0 ) Interest capitalized (2.6 ) (1.8 ) (5.1 ) (3.3 ) $ 107.7 $ 121.4 $ 221.4 $ 244.1

GOODWILL AND OTHER IDENTIFIABLE

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	6 Months Ended
	Nov. 29, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	5. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The change in the carrying amount of goodwill for the first half of fiscal 2021, excluding amounts classified as held for sale (see Note 2), was as follows: Grocery & Snacks Refrigerated & Frozen International Foodservice Total Balance as of May 31, 2020 $ 4,698.2 $ 5,648.3 $ 290.5 $ 752.0 $ 11,389.0 Currency translation — — 5.4 — 5.4 Balance as of November 29, 2020 $ 4,698.2 $ 5,648.3 $ 295.9 $ 752.0 $ 11,394.4 Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows: November 29, 2020 May 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Non-amortizing intangible assets $ 3,390.3 $ — $ 3,388.7 $ — Amortizing intangible assets 1,236.9 349.4 1,235.6 319.2 $ 4,627.2 $ 349.4 $ 4,624.3 $ 319.2 In the first quarter of fiscal 2021, management changed its reporting of certain brands within two reporting units in our Refrigerated & Frozen segment. The total goodwill in our Refrigerated & Frozen segment remains unchanged, but we reassigned goodwill between the two reporting units. We evaluated goodwill for impairment both prior to and subsequent to the change, and there were no impairments. For the Sides, Components, Enhancers reporting unit that was impacted by the management change, based upon a quantitative impairment test, the excess fair value over the carrying value was approximately 20%, which remained relatively consistent with our prior year quantitative impairment test. Fair value is typically estimated using a discounted cash flow analysis which requires us to estimate the future cash flows as well as to select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, we consider historical results adjusted to reflect current and anticipated operating conditions. We estimate cash flows for a reporting unit over a discrete period (typically five years) and a terminal period (considering expected long-term growth rates and trends). We used a discount rate for our Sides, Components, Enhancers reporting unit of 6.25% and a terminal growth rate slightly in excess of 1%. Estimating the fair value of individual reporting units requires us to make assumptions and estimates in such areas as future economic conditions, industry-specific conditions, product pricing, and necessary capital expenditures. The use of different assumptions or estimates for future cash flows, discount rates, or terminal growth rates could produce substantially different estimates of the fair value of the reporting units. For our non-amortizing intangible assets, which are comprised of brands and trademarks, we use a "relief from royalty" methodology in estimating fair value. During the first quarter of fiscal 2020, we recorded impairment charges totaling $19.3 million within our Refrigerated & Frozen segment and Grocery & Snacks segment for certain brands for which management changed its business strategy and that continued to have lower than expected sales and profit margins. This impairment was included within SG&A expenses. Amortizing intangible assets, carrying a remaining weighted average life of approximately 19 years, are principally composed of customer relationships and acquired intellectual property. Amortization expense was $15.0 million and $29.9 million for the second quarter and first half of fiscal 2021, respectively, and $15.0 million and $30.0 million for the second quarter and first half of fiscal 2020, respectively. Based on amortizing assets recognized in our Condensed Consolidated Balance Sheet as of November 29, 2020, amortization expense is estimated to average $55.3 million for each of the next five years.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Nov. 29, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	6. DERIVATIVE FINANCIAL INSTRUMENTS Our operations are exposed to market risks from adverse changes in commodity prices affecting the cost of raw materials and energy, foreign currency exchange rates, and interest rates. In the normal course of business, these risks are managed through a variety of strategies, including the use of derivatives. Commodity and commodity index futures and option contracts are used from time to time to economically hedge commodity input prices on items such as natural gas, vegetable oils, proteins, packaging materials, dairy, grains, and electricity. Generally, we economically hedge a portion of our anticipated consumption of commodity inputs for periods of up to 36 months. We may enter into longer-term economic hedges on particular commodities, if deemed appropriate. As of November 29, 2020, we had economically hedged certain portions of our anticipated consumption of commodity inputs using derivative instruments with expiration dates through February 2022. In order to reduce exposures related to changes in foreign currency exchange rates, we enter into forward exchange, option, or swap contracts from time to time for transactions denominated in a currency other than the applicable functional currency. This includes, but is not limited to, hedging against foreign currency risk in purchasing inventory and capital equipment, sales of finished goods, and future settlement of foreign-denominated assets and liabilities. As of November 29, 2020, we had economically hedged certain portions of our foreign currency risk in anticipated transactions using derivative instruments with expiration dates through August 2021. From time to time, we may use derivative instruments, including interest rate swaps, to reduce risk related to changes in interest rates. This includes, but is not limited to, hedging against increasing interest rates prior to the issuance of long-term debt and hedging the fair value of our senior long-term debt. 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. 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 November 29, 2020 was $39.8 million. The portion written off in fiscal 2021 in connection with the second quarter early extinguishment of debt totaled $0.5 million (see Note 4). 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. Economic Hedges of Fair Values — Foreign Currency Exchange Rate Risk We may use options and cross currency swaps to economically hedge the fair value of certain monetary assets and liabilities (including intercompany balances) denominated in a currency other than the functional currency. These derivatives are marked-to-market with gains and losses immediately recognized in SG&A expenses. These substantially offset the foreign currency transaction gains or losses recognized as values of the monetary assets or liabilities being economically hedged change. All derivative instruments are recognized on our balance sheets at fair value (refer to Note 14 for additional information related to fair value measurements). The fair value of derivative assets is recognized within prepaid expenses and other current assets, while the fair value of derivative liabilities is recognized within other accrued liabilities. In accordance with U.S. GAAP, we offset certain derivative asset and liability balances, as well as certain amounts representing rights to reclaim cash collateral and obligations to return cash collateral, where master netting agreements provide for legal right of setoff. At November 29, 2020 and May 31, 2020, $0.3 million, representing an obligation to return cash collateral, and $1.1 million, representing a right to reclaim cash collateral, respectively, were included in prepaid expenses and other current assets in our Condensed Consolidated Balance Sheets. Derivative assets and liabilities and amounts representing a right to reclaim cash collateral or an obligation to return cash collateral were reflected in our Condensed Consolidated Balance Sheets as follows: November 29, 2020 May 31, 2020 Prepaid expenses and other current assets $ 4.0 $ 8.0 Other accrued liabilities 3.5 0.4 The following table presents our derivative assets and liabilities, at November 29, 2020, on a gross basis, prior to the setoff of $1.2 million to total derivative assets and $0.9 million to total derivative liabilities where legal right of setoff existed: Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Prepaid expenses and other current assets $ 5.2 Other accrued liabilities $ 1.1 Foreign exchange contracts Prepaid expenses and other current assets — Other accrued liabilities 3.3 Total derivatives not designated as hedging instruments $ 5.2 $ 4.4 The following table presents our derivative assets and liabilities at May 31, 2020, on a gross basis, prior to the setoff of $0.4 million to total derivative assets and $1.5 million to total derivative liabilities where legal right of setoff existed: Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Prepaid expenses and other current assets $ 3.3 Other accrued liabilities $ 1.9 Foreign exchange contracts Prepaid expenses and other current assets 5.1 Other accrued liabilities — Total derivatives not designated as hedging instruments $ 8.4 $ 1.9 The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Condensed Consolidated Statements of Earnings were as follows: Location in Condensed Consolidated Gains (Losses) Recognized on Derivatives in Condensed Consolidated Statements of Earnings for the Thirteen Weeks Ended Derivatives Not Designated as Hedging Instruments Statements of Earnings of Gains (Losses) Recognized on Derivatives November 29, 2020 November 24, 2019 Commodity contracts Cost of goods sold $ 2.4 $ 1.9 Foreign exchange contracts Cost of goods sold (2.3 ) (1.4 ) Total gains from derivative instruments not designated as hedging instruments $ 0.1 $ 0.5 Location in Condensed Consolidated Gains (Losses) Recognized on Derivatives in Condensed Consolidated Statements of Earnings for the Twenty-six Weeks Ended Derivatives Not Designated as Hedging Instruments Statements of Earnings of Gains (Losses) Recognized on Derivatives November 29, 2020 November 24, 2019 Commodity contracts Cost of goods sold $ 3.6 $ (4.5 ) Foreign exchange contracts Cost of goods sold (7.5 ) (2.3 ) Total losses from derivative instruments not designated as hedging instruments $ (3.9 ) $ (6.8 ) As of November 29, 2020, our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $56.8 million and $24.6 million for purchase and sales contracts, respectively. As of May 31, 2020, our open commodity contracts had a notional value of $102.0 million and $3.4 million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward contracts as of November 29, 2020 and May 31, 2020 was $99.6 million and $107.6 million, respectively. We enter into certain commodity, interest rate, and foreign exchange derivatives with a diversified group of counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties. We have not incurred a material loss due to nonperformance in any period presented and do not expect to incur any such material loss. We also enter into futures and options transactions through various regulated exchanges. At November 29, 2020, the maximum amount of loss due to the credit risk of the counterparties, had the counterparties failed to perform according to the terms of the contract, was $1.4 million.

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	6 Months Ended
	Nov. 29, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED PAYMENTS	7. SHARE-BASED PAYMENTS For the second quarter and first half of fiscal 2021, we recognized total stock-based compensation expense (including restricted stock units, cash-settled restricted stock units, performance shares, and performance-based restricted stock units) of $14.6 million and $32.0 million, respectively. For the second quarter and first half of fiscal 2020, we recognized total stock-based compensation expense of $12.6 million and $24.5 million, respectively. In the first half of fiscal 2021, we granted 0.9 million restricted stock units at a weighted average grant date price of $36.70 and 0.5 million performance shares at a weighted average grant date price of $36.82. 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-year fiscal 2021 (the "2021 performance period") and fiscal 2022 ("2022 performance period") are based on our diluted earnings per share ("EPS") compound annual growth rate ("CAGR"), subject to certain adjustments, measured over the defined performance periods. The performance goal for one-third of the target number of performance shares for the three-year performance period ending in fiscal 2023 (the "2023 performance period") is based on our fiscal 2021 diluted EPS CAGR, subject to certain adjustments. The performance goal for the final two-thirds of the target number of performance shares granted for the 2023 performance period is expected to be set following the end of fiscal 2021. For each of the 2021 performance period, 2022 performance period, and 2023 performance period, the awards actually earned will range from zero to 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 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	6 Months Ended
	Nov. 29, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	8. 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 Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Net income attributable to Conagra Brands, Inc. common stockholders: $ 378.9 $ 260.5 $ 707.9 $ 434.3 Weighted average shares outstanding: Basic weighted average shares outstanding 489.1 487.3 488.6 487.0 Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities 1.8 1.0 1.7 1.1 Diluted weighted average shares outstanding 490.9 488.3 490.3 488.1 For the first half of fiscal 2021, there were 0.6 million stock options outstanding that were excluded from the computation of diluted weighted average shares because the effect was antidilutive. For the second quarter of fiscal 2021, there were no stock options outstanding with an antidilutive effect. For the second quarter and first half of fiscal 2020, there were 2.0 million and 2.1 million stock options outstanding, respectively, that were excluded from the calculation.

INVENTORIES

INVENTORIES	6 Months Ended
	Nov. 29, 2020
Inventory Disclosure [Abstract]
INVENTORIES	9. INVENTORIES The major classes of inventories were as follows: November 29, 2020 May 31, 2020 Raw materials and packaging $ 277.2 $ 291.6 Work in process 204.6 125.2 Finished goods 1,063.5 877.7 Supplies and other 77.5 73.3 Total $ 1,622.8 $ 1,367.8

INCOME TAXES

INCOME TAXES	6 Months Ended
	Nov. 29, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES In the second quarter of fiscal 2021 and 2020, we recognized income tax expense of $80.7 million and $84.1 million, respectively. In the first half of fiscal 2021 and 2020, we recognized income tax expense of $167.4 million and $72.6 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 17.6% and 24.3% for the second quarter of fiscal 2021 and 2020, respectively. The effective tax rate for the first half of fiscal 2021 and 2020 was 19.1% and 14.3%, respectively. The effective tax rate in the second quarter of fiscal 2021 reflected a release of valuation allowance associated with the expected capital gains from the planned divestiture of the Peter Pan ® The effective tax rate for the first half of fiscal 2021 reflects the above-cited items, as well as a benefit resulting from the regulations issued by the U.S. Treasury and Internal Revenue Service on certain provisions of the 2017 Tax Cuts and Jobs Act. The effective tax rate in the second quarter of fiscal 2020 reflected the following: • additional tax expense primarily associated with non-deductible goodwill in our Lender's ® bagel business, for which an impairment charge was recognized, • a benefit from statute lapses on tax issues that were previously reserved for, and • an income tax benefit associated with a deduction of a prior year federal income tax matter. The effective tax rate for the first half of fiscal 2020 reflected the above-cited items, as well as the impact of benefits from the settlement of tax issues that were previously reserved, a change in deferred state tax rates due to the integration of Pinnacle activity for tax purposes, a tax planning strategy that will allow utilization of certain state attributes, and state tax law changes. The amount of gross unrecognized tax benefits for uncertain tax positions was $33.9 million as of November 29, 2020 and $35.8 million as of May 31, 2020. Included in those amounts was $0.8 million and $0.7 million, respectively, for tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The gross unrecognized tax benefits excluded related liabilities for gross interest and penalties of $8.1 million and $7.4 million as of November 29, 2020 and May 31, 2020, respectively. The net amount of unrecognized tax benefits at November 29, 2020 and May 31, 2020 that, if recognized, would impact the Company's effective tax rate was $28.8 million and $30.3 million, respectively. Included in those amounts is $6.5 million that would be reported in discontinued operations. Recognition of these tax benefits would have a favorable impact on the Company's effective tax rate. We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $12.1 million over the next twelve months due to various federal, state, and foreign audit settlements and the expiration of statutes of limitations. As of November 29, 2020 and May 31, 2020, we had a deferred tax asset of $685.3 million and $685.2 million, respectively, that was generated from the capital loss realized on the sale of the Private Brands operations with corresponding valuation allowances of $660.0 million and $685.2 million, respectively, to reflect the uncertainty regarding the ultimate realization of the tax asset. Federal capital loss carryforwards related to the Private Brands divestiture will expire in fiscal 2021. We have not provided any deferred taxes on undistributed earnings of our foreign subsidiaries. Deferred taxes will be provided for earnings of non-U.S. affiliates and associated companies when we determine that such earnings are no longer indefinitely reinvested and will result in a tax liability upon distribution.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Nov. 29, 2020
Commitments And Contingencies Disclosure [Abstract]
CONTINGENCIES	11. CONTINGENCIES Litigation Matters We are a party to certain litigation matters relating to our acquisition of Beatrice Company ("Beatrice") in fiscal 1991, including litigation proceedings related to businesses divested by Beatrice prior to our acquisition of the company. These proceedings have included suits against a number of lead paint and pigment manufacturers, including ConAgra Grocery Products Company, LLC, a wholly owned subsidiary of the Company ("ConAgra Grocery Products") as alleged successor to W. P. Fuller & Co., a lead paint and pigment manufacturer owned and operated by a predecessor to Beatrice from 1962 until 1967. These lawsuits generally seek damages for personal injury, property damage, economic loss, and governmental expenditures allegedly caused by the use of lead-based paint, and/or injunctive relief for inspection and abatement. When such lawsuits have been brought, ConAgra Grocery Products has denied liability, both on the merits of the claims and on the basis that we do not believe it to be the successor to any liability attributable to W. P. Fuller & Co. Decisions favorable to us were rendered in Rhode Island, New Jersey, Wisconsin, and Ohio. ConAgra Grocery Products was held liable for the abatement of a public nuisance in California, and the case was dismissed pursuant to settlement in July 2019 as discussed in the following paragraph. We remain a defendant in one active suit in Illinois. The Illinois suit seeks class-wide relief for reimbursement of costs associated with the testing of lead levels in blood. We do not believe it is probable that we have incurred any liability with respect to the Illinois case, nor is it possible to estimate any potential exposure. In California, a number of cities and counties joined in a consolidated action seeking abatement of an alleged public nuisance in the form of lead-based paint potentially present on the interior of residences, regardless of its condition. On September 23, 2013, a trial of the California case concluded in the Superior Court of California for the County of Santa Clara, and on January 27, 2014, the court entered a judgment (the "Judgment") against ConAgra Grocery Products and two other defendants ordering the creation of a California abatement fund in the amount of $1.15 billion. Liability was joint and several. The Company appealed the Judgment, and on November 14, 2017 the California Court of Appeal for the Sixth Appellate District reversed in part, holding that the defendants were not liable to pay for abatement of homes built after 1950, but affirmed the Judgment as to homes built before 1951. The Court of Appeal remanded the case to the trial court with directions to recalculate the amount of the abatement fund estimated to be necessary to cover the cost of remediating pre-1951 homes, and to hold an evidentiary hearing regarding appointment of a suitable receiver. ConAgra Grocery Products and the other defendants petitioned the California Supreme Court for review of the decision, which we believe to be an unprecedented expansion of current California law. On February 14, 2018, the California Supreme Court denied the petition and declined to review the merits of the case, and the case was remanded to the trial court for further proceedings. ConAgra Grocery Products and the other defendants sought further review of certain issues from the Supreme Court of the United States, but on October 15, 2018, the Supreme Court declined to review the case. On September 4, 2018, the trial court recalculated its estimate of the amount needed to remediate pre-1951 homes in the plaintiff jurisdictions to be $ 409.0 million. As of July 10, 2019, the parties reached an agreement in principle to resolve this matter, which agreement was approved by the trial court on July 24, 2019, and the action against ConAgra Grocery Products was dismissed with prejudice. Pursuant to the settlement, ConAgra Grocery Products will pay a total of $ 101.7 million in seven installments to be paid annually from fiscal 2020 through fiscal 2026. As part of the settlement, ConAgra Grocery Products has provide d a guarantee of up to $ 15.0 million in the event co-defendant, NL Industries, Inc., defaults on its payment obligations. As of November 29, 2020, we have remaining amounts accrued of $11.0 million and $52.2 million, within other accrued liabilities and other noncurrent liabilities, respectively, for this matter. The extent of insurance coverage is uncertain and the Company's carriers are on notice; however, any possible insurance recovery has not been considered for purposes of determining our liability. We are party to a number of putative class action lawsuits challenging various product claims made in the Company's product labeling. These matters include Briseno v. ConAgra Foods, Inc. Wesson ® We are party to matters challenging the Company's wage and hour practices. These matters include a number of class actions consolidated under the caption Negrete v. ConAgra Foods, Inc., et al. We are party to a number of matters asserting product liability claims against the Company related to certain Pam ® The Company, its directors, and several of its executive officers are defendants in several class actions alleging violations of federal securities laws. The lawsuits assert that the Company's officers made material misstatements and omissions that caused the market to have an unrealistically positive assessment of the Company's financial prospects in light of the acquisition of Pinnacle, thus causing the Company's securities to be overvalued prior to the release of the Company's consolidated financial results on December 20, 2018 for the second quarter of fiscal year 2019. The first of these lawsuits, captioned West Palm Beach Firefighters' Pension Fund v. Conagra Brands, Inc., et al. Klein v. Arora, et al. Opperman v. Connolly, et al. Dahl v. Connolly, et al. District Court for the Northern District of Illinois asserting similar facts and claims as the Klein v. Arora, et al. matter. On October 21, 2019, the Company received an additional demand from a stockholder under Delaware law to appoint a special committee to investigate the conduct of certain officers and directors in connection with the Pinnacle acquisition and the Company ' s public statements. All remaining shareholder lawsuits and demands are currently stayed by agreement pending the final outcome of the West Palm Beach Firefighters ' Pension Fund matter. We have put the Company ' s insurance carriers on notice of each of these securities and shareholder matters. 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. Environmental Matters SEC regulations require us to disclose certain information about environmental proceedings if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, the Company uses a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. We are a party to certain environmental proceedings relating to our acquisition of Beatrice in fiscal 1991. Such proceedings include proceedings related to businesses divested by Beatrice prior to our acquisition of Beatrice. The current environmental proceedings associated with Beatrice include litigation and administrative proceedings involving Beatrice's possible status as a potentially responsible party at approximately 40 Superfund, proposed Superfund, or state-equivalent sites (the "Beatrice sites"). These sites involve 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 $56.0 million ($2.0 million within other accrued liabilities and $54.0 million within other noncurrent liabilities) as of November 29, 2020, a majority of which relates to the Superfund and state-equivalent sites referenced above. During the third quarter of fiscal 2017, a final Remedial Investigation/Feasibility Study was submitted for the Southwest Properties portion ("Operating Unit 4") of the Wells G&H Superfund site, which is one of the Beatrice sites. The U.S. Environmental Protection Agency ("EPA") issued a Record of Decision ("ROD") for the Southwest Properties portion of the site on September 29, 2017 and has entered into negotiations with potentially responsible parties to determine final responsibility for implementing the ROD. Additionally, in conjunction with the conclusion of the fifth Five-Year Review period for Operating Unit 1 of the Wells G&H site, which spanned from October 1, 2014 to September 30, 2019, we are negotiating with the EPA to allow us to begin testing different environmental remediation methods to improve the efficiency and effectiveness of our current cleanup efforts affecting both Operating Units 1 and 2. As a result, in the second quarter of fiscal 2020, we increased our environmental reserves by $6.6 million associated with these expected cleanup efforts. Guarantees and Other Contingencies In certain limited situations, we will guarantee an obligation of an unconsolidated entity. We guarantee an obligation of the Lamb Weston business pursuant to a guarantee arrangement that existed prior to the spinoff of the Lamb Weston business (the "Spinoff"). The guarantee remained in place following completion of the Spinoff and it will remain in place until such guarantee obligation is substituted for guarantees issued by Lamb Weston. Pursuant to the separation and distribution agreement, dated as of November 8, 2016 (the "Separation Agreement"), between us and Lamb Weston, this guarantee arrangement is deemed a liability of Lamb Weston that was transferred to Lamb Weston as part of the Spinoff. Accordingly, in the event that we are required to make any payments as a result of this guarantee arrangement, Lamb Weston is obligated to indemnify us for any such liability, reduced by any insurance proceeds received by us, in accordance with the terms of the indemnification provisions under the Separation Agreement. Lamb Weston is a party to an agricultural sublease agreement with a third party for certain farmland through 2025 (subject, at Lamb Weston's option, to extension for one additional five-year We also guarantee certain leases resulting from the divestiture of the JM Swank business completed in the first quarter of fiscal 2017. As of November 29, 2020, the remaining terms of these arrangements did not exceed three years and the maximum amount of future payments we have guaranteed was $0.3 million. In addition, we guarantee a lease resulting from an exited facility. As of November 29, 2020, the remaining term of this arrangement did not exceed six years and the maximum amount of future payments we have guaranteed was $15.2 million. 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 which 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 in earnings as services are provided.

PENSION AND POSTRETIREMENT BENE

PENSION AND POSTRETIREMENT BENEFITS	6 Months Ended
	Nov. 29, 2020
Compensation And Retirement Disclosure [Abstract]
PENSION AND POSTRETIREMENT BENEFITS	12. PENSION AND POSTRETIREMENT BENEFITS We have defined benefit retirement plans ("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 ("other postretirement benefits") to qualifying U.S. employees. As a result of the anticipated exit of certain facilities, during the first quarter of fiscal 2020, we remeasured the Company's hourly pension plan as of August 25, 2019 and recorded a pension curtailment loss of $0.6 million previously within other comprehensive income (loss). In connection with the remeasurement, we updated the effective discount rate assumption for the impacted pension plan obligation from 3.90% to 3.13%. The curtailment loss and related remeasurement increased the underfunded status of the pension plan by $12.3 million with a corresponding loss within other comprehensive income (loss). Components of pension benefit and other postretirement benefit costs are: Pension Benefits Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Service cost $ 3.2 $ 2.8 $ 6.3 $ 5.6 Interest cost 21.7 30.7 43.4 62.0 Expected return on plan assets (35.0 ) (41.6 ) (70.0 ) (82.7 ) Amortization of prior service cost 0.6 0.6 1.2 1.3 Curtailment loss — — — 0.6 Benefit cost (benefit) — Company plans (9.5 ) (7.5 ) (19.1 ) (13.2 ) Pension benefit cost — multi-employer plans 2.2 2.0 4.0 3.5 Total benefit cost (benefit) $ (7.3 ) $ (5.5 ) $ (15.1 ) $ (9.7 ) Postretirement Benefits Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Service cost $ — $ 0.1 $ 0.1 $ 0.1 Interest cost 0.4 0.6 0.7 1.3 Amortization of prior service benefit (0.5 ) (0.5 ) (1.0 ) (1.0 ) Recognized net actuarial gain (0.9 ) (1.1 ) (1.8 ) (2.3 ) Total cost (benefit) $ (1.0 ) $ (0.9 ) $ (2.0 ) $ (1.9 ) 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 benefit cost in fiscal 2021 were 3.35% and 2.30%, respectively. During the second quarter and first half of fiscal 2021, we contributed $14.8 million and $20.7 million, respectively, to our pension plans and contributed $1.8 million and $4.1 million, respectively, to our other postretirement plans. Based upon the current funded status of the plans and the current interest rate environment, we anticipate making further contributions of approximately $11.5 million to our pension plans for the remainder of fiscal 2021. We anticipate making further contributions of approximately $5.9 million to our other postretirement plans during the remainder of fiscal 2021. 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	6 Months Ended
	Nov. 29, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	13. STOCKHOLDERS' EQUITY The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 29, 2020: Conagra Brands, Inc. Stockholders' Equity Common Shares Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Noncontrolling Interests Total Equity Balance at May 31, 2020 584.2 $ 2,921.2 $ 2,323.2 $ 5,471.2 $ (109.6 ) $ (2,729.9 ) $ 74.6 $ 7,950.7 Stock option and incentive plans (25.4 ) (0.7 ) 33.5 7.4 Adoption of ASU 2016-13 (1.1 ) (1.1 ) Currency translation adjustments 15.3 2.2 17.5 Derivative adjustments (1.2 ) (1.2 ) Activities of noncontrolling interests 0.8 0.8 Pension and postretirement healthcare benefits (0.3 ) (0.3 ) Dividends declared on common stock; $0.2125 per share (103.8 ) (103.8 ) Net income attributable to Conagra Brands, Inc. 329.0 329.0 Balance at August 30, 2020 584.2 $ 2,921.2 $ 2,297.8 $ 5,694.6 $ (95.8 ) $ (2,696.4 ) $ 77.6 $ 8,199.0 Stock option and incentive plans 14.2 (0.4 ) 1.6 15.4 Currency translation adjustments 11.4 (0.7 ) 10.7 Derivative adjustments (0.1 ) (0.1 ) Activities of noncontrolling interests 0.6 0.6 Pension and postretirement healthcare benefits (0.6 ) (0.6 ) Dividends declared on common stock; $0.275 per share (134.4 ) (134.4 ) Net income attributable to Conagra Brands, Inc. 378.9 378.9 Balance at November 29, 2020 584.2 $ 2,921.2 $ 2,312.0 $ 5,938.7 $ (85.1 ) $ (2,694.8 ) $ 77.5 $ 8,469.5 The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 24, 2019: Conagra Brands, Inc. Stockholders' Equity Common Shares Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Noncontrolling Interests Total Equity Balance at May 26, 2019 584.2 $ 2,921.2 $ 2,286.0 $ 5,047.9 $ (110.3 ) $ (2,760.2 ) $ 79.1 $ 7,463.7 Stock option and incentive plans (8.5 ) (0.3 ) 16.0 (0.2 ) 7.0 Currency translation adjustments (8.9 ) (2.7 ) (11.6 ) Derivative adjustments (1.8 ) (1.8 ) Activities of noncontrolling interests 0.5 0.5 Pension and postretirement healthcare benefits (11.4 ) (11.4 ) Dividends declared on common stock; $0.2125 per share (103.4 ) (103.4 ) Net income attributable to Conagra Brands, Inc. 173.8 173.8 Balance at August 25, 2019 584.2 $ 2,921.2 $ 2,277.5 $ 5,118.0 $ (132.4 ) $ (2,744.2 ) $ 76.7 $ 7,516.8 Stock option and incentive plans 9.4 (0.4 ) 4.5 13.5 Currency translation adjustments 3.5 3.5 Derivative adjustments (1.4 ) (1.4 ) Activities of noncontrolling interests 1.8 1.8 Pension and postretirement healthcare benefits (0.7 ) (0.7 ) Dividends declared on common stock; $0.2125 per share (103.4 ) (103.4 ) Net income attributable to Conagra Brands, Inc. 260.5 260.5 Balance at November 24, 2019 584.2 $ 2,921.2 $ 2,286.9 $ 5,274.7 $ (131.0 ) $ (2,739.7 ) $ 78.5 $ 7,690.6

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Nov. 29, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	14. FAIR VALUE MEASUREMENTS FASB 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 interest rate curves and 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 and cross-currency swaps. 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 November 29, 2020: Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 2.6 $ 1.4 $ — $ 4.0 Marketable securities 6.0 — — 6.0 Deferred compensation assets 9.0 — — 9.0 Total assets $ 17.6 $ 1.4 $ — $ 19.0 Liabilities: Derivative liabilities $ — $ 3.5 $ — $ 3.5 Deferred compensation liabilities 81.7 — — 81.7 Total liabilities $ 81.7 $ 3.5 $ — $ 85.2 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 31, 2020: Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 2.8 $ 5.2 $ — $ 8.0 Marketable securities 8.1 — — 8.1 Deferred compensation assets 8.6 — — 8.6 Total assets $ 19.5 $ 5.2 $ — $ 24.7 Liabilities: Derivative liabilities $ — $ 0.4 $ — $ 0.4 Deferred compensation liabilities 68.0 — — 68.0 Total liabilities $ 68.0 $ 0.4 $ — $ 68.4 Certain assets and liabilities, including long-lived assets, goodwill, asset retirement obligations, and cost and equity investments, are measured at fair value on a nonrecurring basis using Level 3 inputs. In the first quarter of fiscal 2021, we recognized charges totaling $3.0 million in our Grocery & Snacks segment for the impairment of certain long-lived assets. The impairment was measured based upon the estimated sales price of the assets and has been included in restructuring activities. In the first quarter of fiscal 2020, we recognized charges for the impairment of certain indefinite-lived brands. The fair values of these brands were estimated using the "relief from royalty" method (see Note 5). Impairments in our Grocery & Snacks and Refrigerated & Frozen segments totaled $3.5 million and $15.8 million, respectively. In the second quarter and first half of fiscal 2020, we recognized impairment charges in our Grocery & Snacks segment totaling $11.1 million and $54.4 million, respectively. In the second quarter of fiscal 2020, we recognized impairment charges in our Refrigerated & Frozen segment of $27.6 million. The impairments were measured based upon the estimated sales price of the disposal groups (see Note 2). In the second quarter of fiscal 2020, we recognized charges of $2.9 million in general corporate expenses related to the impairments of lease right-of-use assets. The impairments were measured based upon a discounted cash flow approach. The carrying amount of long-term debt (including current installments) was $8.90 billion and $9.75 billion as of November 29, 2020 and May 31, 2020, respectively. Based on current market rates, the fair value of this debt (level 2 liabilities) at November 29, 2020 and May 31, 2020, was estimated at $10.85 billion and $11.35 billion, respectively.

BUSINESS SEGMENTS AND RELATED I

BUSINESS SEGMENTS AND RELATED INFORMATION	6 Months Ended
	Nov. 29, 2020
Segment Reporting [Abstract]
BUSINESS SEGMENTS AND RELATED INFORMATION	15. 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 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, net interest expense, and income taxes have been excluded from segment operations. Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Net sales Grocery & Snacks $ 1,285.3 $ 1,142.5 $ 2,419.5 $ 2,120.1 Refrigerated & Frozen 1,248.0 1,168.3 2,378.6 2,127.4 International 249.8 234.3 468.8 438.7 Foodservice 212.1 275.7 407.2 525.3 Total net sales $ 2,995.2 $ 2,820.8 $ 5,674.1 $ 5,211.5 Operating profit Grocery & Snacks $ 316.4 $ 263.7 $ 600.0 $ 415.4 Refrigerated & Frozen 264.3 187.4 504.4 343.0 International 39.5 26.4 78.0 51.2 Foodservice 22.3 38.3 47.2 69.4 Total operating profit $ 642.5 $ 515.8 $ 1,229.6 $ 879.0 Equity method investment earnings 23.0 27.6 29.5 39.9 General corporate expense 111.3 87.7 188.5 187.2 Pension and postretirement non-service income (13.7 ) (11.3 ) (27.5 ) (20.8 ) Interest expense, net 107.7 121.4 221.4 244.1 Income tax expense 80.7 84.1 167.4 72.6 Net income $ 379.5 $ 261.5 $ 709.3 $ 435.8 Less: Net income attributable to noncontrolling interests 0.6 1.0 1.4 1.5 Net income attributable to Conagra Brands, Inc. $ 378.9 $ 260.5 $ 707.9 $ 434.3 The following table presents further disaggregation of our net sales: Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Frozen $ 1,020.3 $ 958.9 $ 1,938.7 $ 1,728.2 Other shelf-stable 793.3 680.5 1,509.2 1,281.9 Snacks 492.0 462.0 910.3 838.2 Foodservice 212.1 275.7 407.2 525.3 International 249.8 234.3 468.8 438.7 Refrigerated 227.7 209.4 439.9 399.2 Total net sales $ 2,995.2 $ 2,820.8 $ 5,674.1 $ 5,211.5 Presentation of Derivative Gains (Losses) for Economic Hedges of Forecasted Cash Flows in Segment Results Derivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. 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 Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Gross derivative gains (losses) incurred $ 0.1 $ 0.5 $ (3.9 ) $ (6.8 ) Less: Net derivative losses allocated to reporting segments (3.2 ) (1.3 ) (4.7 ) (1.4 ) Net derivative gains (losses) recognized in general corporate expenses $ 3.3 $ 1.8 $ 0.8 $ (5.4 ) Net derivative losses allocated to Grocery & Snacks $ (2.6 ) $ (0.5 ) $ (4.4 ) $ (0.6 ) Net derivative losses allocated to Refrigerated & Frozen (0.9 ) (0.4 ) (2.0 ) (0.7 ) Net derivative gains (losses) allocated to International 0.8 (0.4 ) 2.4 (0.3 ) Net derivative gains (losses) allocated to Foodservice (0.5 ) — (0.7 ) 0.2 Net derivative losses included in segment operating profit $ (3.2 ) $ (1.3 ) $ (4.7 ) $ (1.4 ) As of November 29, 2020, the cumulative amount of net derivative losses from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $3.3 million. This amount reflected net losses of $2.3 million incurred during the twenty-six weeks ended November 29, 2020 and net losses of $1.0 million incurred prior to fiscal 2021. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results losses of $1.8 million in fiscal 2021 and losses of $1.5 million in fiscal 2022 and thereafter. 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 $82.8 million and $163.1 million for the second quarter and first half of fiscal 2021, respectively, and $81.7 million and $163.4 million for the second quarter and first half of fiscal 2020, respectively. Other Information Our operations are principally in the United States. With respect to operations outside of the United States, no single foreign country or geographic region was significant with respect to consolidated operations for the second quarter and first half of fiscal 2021 and 2020. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $252.6 million and $477.3 million in the second quarter and first half of fiscal 2021, respectively. Our foreign net sales during the second quarter and first half of 2020 were approximately $236.2 million and $447.9 million, respectively. Our long-lived assets located outside of the United States are not significant. Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 25% of consolidated net sales in both the second quarter and first half of fiscal 2021 and 2020, primarily in the Grocery & Snacks and Refrigerated & Frozen segments. Walmart, Inc. and its affiliates accounted for approximately 33% and 30% of consolidated net receivables as of November 29, 2020 and May 31, 2020, respectively. The Kroger Co. and its affiliates accounted for approximately 12% and 10% of consolidated net receivables as of November 29, 2020 and May 31, 2020, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Nov. 29, 2020
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation — The Condensed Consolidated Financial Statements include the accounts of Conagra Brands and all majority-owned subsidiaries. All significant intercompany investments, accounts, and transactions have been eliminated.
Revenue Recognition	Revenue Recognition — Our revenues primarily consist of the sale of food products that are sold to retailers and foodservice customers through direct sales forces, broker, and distributor arrangements. These revenue contracts generally have single performance obligations. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to our customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs. Amounts billed and due from our customers are classified as receivables and require payment on a short-term basis and, therefore, we do not have any significant financing components. We recognize revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. We assess the goods and services promised in our customers' purchase orders and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. We offer various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Our promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of certain promotional trade costs therefore requires management judgment regarding the volume of offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are recognized as a change in management estimate in a subsequent period.
Comprehensive Income	Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% corridor) and postretirement health care plans. For foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. When we determine that a foreign investment, as well as undistributed earnings, are no longer permanent in nature, estimated taxes will be provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments. The following table details the accumulated balances for each component of other comprehensive income, net of tax: November 29, 2020 May 31, 2020 Currency translation losses, net of reclassification adjustments $ (99.0 ) $ (125.7 ) Derivative adjustments, net of reclassification adjustments 25.0 26.3 Pension and postretirement benefit obligations, net of reclassification adjustments (11.1 ) (10.2 ) Accumulated other comprehensive loss $ (85.1 ) $ (109.6 ) The following table summarizes the reclassifications from accumulated other comprehensive loss into income: Thirteen weeks ended Affected Line Item in the Condensed Consolidated Statement of Earnings 1 November 29, 2020 November 24, 2019 Net derivative adjustments: Cash flow hedges $ (0.7 ) $ (0.8 ) Interest expense, net Cash flow hedges (0.5 ) — Selling, general and administrative expenses (1.2 ) (0.8 ) Total before tax 0.3 0.2 Income tax expense $ (0.9 ) $ (0.6 ) Net of tax Pension and postretirement liabilities: Net prior service cost $ 0.1 $ 0.1 Pension and postretirement non-service income Net actuarial gain (0.9 ) (1.1 ) Pension and postretirement non-service income (0.8 ) (1.0 ) Total before tax 0.2 0.3 Income tax expense $ (0.6 ) $ (0.7 ) Net of tax Twenty-six weeks ended Affected Line Item in the Condensed Consolidated Statement of Earnings 1 November 29, 2020 November 24, 2019 Net derivative adjustment, net of tax: Cash flow hedges $ (1.6 ) $ (1.6 ) Interest expense, net Cash flow hedges (0.5 ) — Selling, general and administrative expenses (2.1 ) (1.6 ) Total before tax 0.5 0.4 Income tax expense $ (1.6 ) $ (1.2 ) Net of tax Pension and postretirement liabilities: Net prior service cost $ 0.2 $ 0.3 Pension and postretirement non-service income Net actuarial gain (1.8 ) (2.3 ) Pension and postretirement non-service income Curtailment — 0.6 Pension and postretirement non-service income (1.6 ) (1.4 ) Total before tax 0.4 0.4 Income tax expense $ (1.2 ) $ (1.0 ) Net of tax 1 Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Earnings.
Cash and cash equivalents	Cash and cash equivalents — Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition, including short-term time deposits and government agency and corporate obligations, are classified as cash and cash equivalents.
Reclassifications and other changes	Reclassifications and other changes — Certain prior year amounts have been reclassified to conform with current year presentation.
Use of Estimates	Use of Estimates — Preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make certain estimates and assumptions. These estimates and assumptions affect reported amounts of assets, liabilities, revenues, and expenses as reflected in the Condensed Consolidated Financial Statements. Actual results could differ from these estimates.
Accounting Changes	Accounting Changes — In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses ( Topic 326 ): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), to update the methodology used to measure current expected credit losses ("CECL"). This ASU applies to financial assets measured at amortized cost, including loans, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments and guarantees. We adopted this ASU in the first quarter of fiscal 2021 using the modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements and related disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Nov. 29, 2020
Accounting Policies [Abstract]
Schedule of Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax	The following table details the accumulated balances for each component of other comprehensive income, net of tax: November 29, 2020 May 31, 2020 Currency translation losses, net of reclassification adjustments $ (99.0 ) $ (125.7 ) Derivative adjustments, net of reclassification adjustments 25.0 26.3 Pension and postretirement benefit obligations, net of reclassification adjustments (11.1 ) (10.2 ) Accumulated other comprehensive loss $ (85.1 ) $ (109.6 )
Summary of Reclassifications from Accumulated Other Comprehensive Loss into Income	The following table summarizes the reclassifications from accumulated other comprehensive loss into income: Thirteen weeks ended Affected Line Item in the Condensed Consolidated Statement of Earnings 1 November 29, 2020 November 24, 2019 Net derivative adjustments: Cash flow hedges $ (0.7 ) $ (0.8 ) Interest expense, net Cash flow hedges (0.5 ) — Selling, general and administrative expenses (1.2 ) (0.8 ) Total before tax 0.3 0.2 Income tax expense $ (0.9 ) $ (0.6 ) Net of tax Pension and postretirement liabilities: Net prior service cost $ 0.1 $ 0.1 Pension and postretirement non-service income Net actuarial gain (0.9 ) (1.1 ) Pension and postretirement non-service income (0.8 ) (1.0 ) Total before tax 0.2 0.3 Income tax expense $ (0.6 ) $ (0.7 ) Net of tax Twenty-six weeks ended Affected Line Item in the Condensed Consolidated Statement of Earnings 1 November 29, 2020 November 24, 2019 Net derivative adjustment, net of tax: Cash flow hedges $ (1.6 ) $ (1.6 ) Interest expense, net Cash flow hedges (0.5 ) — Selling, general and administrative expenses (2.1 ) (1.6 ) Total before tax 0.5 0.4 Income tax expense $ (1.6 ) $ (1.2 ) Net of tax Pension and postretirement liabilities: Net prior service cost $ 0.2 $ 0.3 Pension and postretirement non-service income Net actuarial gain (1.8 ) (2.3 ) Pension and postretirement non-service income Curtailment — 0.6 Pension and postretirement non-service income (1.6 ) (1.4 ) Total before tax 0.4 0.4 Income tax expense $ (1.2 ) $ (1.0 ) Net of tax 1 Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Earnings.

DIVESTITURES AND ASSETS HELD _2

DIVESTITURES AND ASSETS HELD FOR SALE (Tables)	6 Months Ended
	Nov. 29, 2020
H.K. Anderson Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of Assets and Liabilities Classified as Held for Sale	The assets classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the H.K. Anderson ® business were as follows: May 31, 2020 Current assets $ 1.3 Noncurrent assets (including goodwill of $2.4 million) 2.6
Peter Pan Peanut Butter Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of Assets and Liabilities Classified as Held for Sale	The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the Peter Pan ® November 29, 2020 May 31, 2020 Current assets $ 1.5 $ 8.8 Noncurrent assets (including goodwill of $44.9 million) 55.2 55.3 Current liabilities 5.4 5.4

RESTRUCTURING ACTIVITIES (Table

RESTRUCTURING ACTIVITIES (Tables)	6 Months Ended
	Nov. 29, 2020
Pinnacle Integration Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Schedule of Pre-Tax Expenses in Association with the Restructuring Plan	We anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the second quarter of fiscal 2021): Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 8.7 $ 6.0 $ — $ — $ 14.7 Other cost of goods sold 4.3 7.2 0.7 — 12.2 Total cost of goods sold 13.0 13.2 0.7 — 26.9 Severance and related costs — 4.4 1.5 113.6 119.5 Asset impairment (net of gains on disposal) 32.3 3.8 — 2.6 38.7 Accelerated depreciation — — — 7.4 7.4 Contract/lease termination 8.3 4.7 0.8 16.3 30.1 Consulting/professional fees 1.0 — 0.8 103.0 104.8 Other selling, general and administrative expenses 5.8 4.2 0.3 22.3 32.6 Total selling, general and administrative expenses 47.4 17.1 3.4 265.2 333.1 Consolidated total $ 60.4 $ 30.3 $ 4.1 $ 265.2 $ 360.0 During the second quarter of fiscal 2021, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan: Grocery & Snacks Refrigerated & Frozen Corporate Total Accelerated depreciation $ — $ 0.8 $ — $ 0.8 Other cost of goods sold — 0.2 — 0.2 Total cost of goods sold — 1.0 — 1.0 Severance and related costs — — (0.7 ) (0.7 ) Asset impairment (net of gains on disposal) 0.1 — — 0.1 Contract/lease termination 1.8 — 0.4 2.2 Consulting/professional fees 0.1 — 5.1 5.2 Other selling, general and administrative expenses 2.5 (0.5 ) 0.4 2.4 Total selling, general and administrative expenses 4.5 (0.5 ) 5.2 9.2 Consolidated total $ 4.5 $ 0.5 $ 5.2 $ 10.2 During the first half of fiscal 2021, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan: Grocery & Snacks Refrigerated & Frozen Corporate Total Accelerated depreciation $ — $ 1.4 $ — $ 1.4 Other cost of goods sold 0.5 0.2 — 0.7 Total cost of goods sold 0.5 1.6 — 2.1 Severance and related costs — 0.1 (1.5 ) (1.4 ) Asset impairment (net of gains on disposal) 0.1 — (0.3 ) (0.2 ) Contract/lease termination 1.8 — 0.6 2.4 Consulting/professional fees 0.4 — 11.3 11.7 Other selling, general and administrative expenses 2.6 0.5 1.1 4.2 Total selling, general and administrative expenses 4.9 0.6 11.2 16.7 Consolidated total $ 5.4 $ 2.2 $ 11.2 $ 18.8 We recognized the following cumulative (plan inception to November 29, 2020) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Condensed Consolidated Statement of Operations: Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 0.6 $ 3.5 $ — $ — $ 4.1 Other cost of goods sold 2.3 1.7 0.7 — 4.7 Total cost of goods sold 2.9 5.2 0.7 — 8.8 Severance and related costs — 4.4 1.5 113.6 119.5 Asset impairment (net of gains on disposal) 0.3 3.8 — 2.6 6.7 Accelerated depreciation — — — 7.4 7.4 Contract/lease termination 1.8 — 0.8 15.7 18.3 Consulting/professional fees 0.6 — 0.8 78.6 80.0 Other selling, general and administrative expenses 2.6 0.6 0.3 16.6 20.1 Total selling, general and administrative expenses 5.3 8.8 3.4 234.5 252.0 Consolidated total $ 8.2 $ 14.0 $ 4.1 $ 234.5 $ 260.8
Schedule of Liabilities Recorded for the Restructuring Plan	Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for the first half of fiscal 2021 were as follows: Balance at May 31, 2020 Costs Incurred and Charged to Expense Costs Paid or Otherwise Settled Changes in Estimates Balance at November 29, 2020 Severance and related costs $ 23.6 $ 0.1 $ (10.2 ) $ (1.5 ) $ 12.0 Contract termination 0.5 2.4 (2.4 ) — 0.5 Consulting/professional fees 7.5 11.7 (15.0 ) — 4.2 Other costs — 4.9 (4.9 ) — — Total $ 31.6 $ 19.1 $ (32.5 ) $ (1.5 ) $ 16.7
Conagra Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Schedule of Pre-Tax Expenses in Association with the Restructuring Plan	We anticipate that we will recognize the following pre-tax expenses in association with the Conagra Restructuring Plan (amounts include charges recognized from plan inception through the second quarter of fiscal 2021): Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 37.0 $ 45.4 $ — $ — $ 82.4 Other cost of goods sold 8.9 2.1 — — 11.0 Total cost of goods sold 45.9 47.5 — — 93.4 Severance and related costs 12.1 1.8 1.1 1.5 16.5 Asset impairment (net of gains on disposal) 28.0 0.3 0.1 — 28.4 Contract/lease termination 0.2 — — 0.1 0.3 Consulting/professional fees — — — 1.1 1.1 Other selling, general and administrative expenses 11.5 4.3 — 0.1 15.9 Total selling, general and administrative expenses 51.8 6.4 1.2 2.8 62.2 Total $ 97.7 $ 53.9 $ 1.2 $ 2.8 $ 155.6 Pension and postretirement non-service income 0.6 Consolidated total $ 156.2 During the second quarter of fiscal 2021, we recognized the following pre-tax expenses for the Conagra Restructuring Plan: Grocery & Snacks Refrigerated & Frozen Corporate Total Accelerated depreciation $ 1.9 $ 6.6 $ — $ 8.5 Total cost of goods sold 1.9 6.6 — 8.5 Severance and related costs 0.5 — 0.5 1.0 Asset impairment (net of gains on disposal) — 0.1 — 0.1 Other selling, general and administrative expenses 0.9 — — 0.9 Total selling, general and administrative expenses 1.4 0.1 0.5 2.0 Total $ 3.3 $ 6.7 $ 0.5 $ 10.5 During the first half of fiscal 2021, we recognized the following pre-tax expenses for the Conagra Restructuring Plan: Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 4.9 $ 10.6 $ — $ — $ 15.5 Other cost of goods sold 2.3 — — — 2.3 Total cost of goods sold 7.2 10.6 — — 17.8 Severance and related costs 3.6 — (0.1 ) 0.8 4.3 Asset impairment (net of gains on disposal) 3.0 0.1 — — 3.1 Other selling, general and administrative expenses 2.5 — — 0.1 2.6 Total selling, general and administrative expenses 9.1 0.1 (0.1 ) 0.9 10.0 Total $ 16.3 $ 10.7 $ (0.1 ) $ 0.9 $ 27.8 We recognized the following cumulative (plan inception to November 29, 2020) pre-tax expenses for the Conagra Restructuring Plan in our Condensed Consolidated Statement of Operations: Grocery & Snacks Refrigerated & Frozen International Corporate Total Accelerated depreciation $ 29.0 $ 14.8 $ — $ — $ 43.8 Other cost of goods sold 4.8 0.2 — — 5.0 Total cost of goods sold 33.8 15.0 — — 48.8 Severance and related costs 8.3 1.8 1.1 1.5 12.7 Asset impairment (net of gains on disposal) 28.0 0.3 0.1 — 28.4 Contract/lease termination — — — 0.1 0.1 Other selling, general and administrative expenses 3.4 0.3 — 0.1 3.8 Total selling, general and administrative expenses 39.7 2.4 1.2 1.7 45.0 Total $ 73.5 $ 17.4 $ 1.2 $ 1.7 $ 93.8 Pension and postretirement non-service income 0.6 Consolidated total $ 94.4
Schedule of Liabilities Recorded for the Restructuring Plan	Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first half of fiscal 2021 were as follows: Balance at May 31, 2020 Costs Incurred and Charged to Expense Costs Paid or Otherwise Settled Changes in Estimates Balance at November 29, 2020 Severance and related costs $ 6.5 $ 4.4 $ (3.3 ) $ (0.1 ) $ 7.5 Other costs — 2.6 (2.6 ) — — Total $ 6.5 $ 7.0 $ (5.9 ) $ (0.1 ) $ 7.5

LONG-TERM DEBT AND REVOLVING _2

LONG-TERM DEBT AND REVOLVING CREDIT FACILITY (Tables)	6 Months Ended
	Nov. 29, 2020
Debt Disclosure [Abstract]
Schedule of Net Interest Expense	Net interest expense consists of: Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Long-term debt $ 110.2 $ 123.2 $ 227.2 $ 247.5 Short-term debt 0.5 0.4 0.5 0.9 Interest income (0.4 ) (0.4 ) (1.2 ) (1.0 ) Interest capitalized (2.6 ) (1.8 ) (5.1 ) (3.3 ) $ 107.7 $ 121.4 $ 221.4 $ 244.1

GOODWILL AND OTHER IDENTIFIAB_2

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	6 Months Ended
	Nov. 29, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Change in Carrying Amount of Goodwill, Excluding Amounts Classified as Held for Sale	The change in the carrying amount of goodwill for the first half of fiscal 2021, excluding amounts classified as held for sale (see Note 2), was as follows: Grocery & Snacks Refrigerated & Frozen International Foodservice Total Balance as of May 31, 2020 $ 4,698.2 $ 5,648.3 $ 290.5 $ 752.0 $ 11,389.0 Currency translation — — 5.4 — 5.4 Balance as of November 29, 2020 $ 4,698.2 $ 5,648.3 $ 295.9 $ 752.0 $ 11,394.4
Schedule of Other Identifiable Intangible Assets, Excluding Amounts Classified as Held for Sale	Other identifiable intangible assets, excluding amounts classified as held for sale, were as follows: November 29, 2020 May 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Non-amortizing intangible assets $ 3,390.3 $ — $ 3,388.7 $ — Amortizing intangible assets 1,236.9 349.4 1,235.6 319.2 $ 4,627.2 $ 349.4 $ 4,624.3 $ 319.2

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Nov. 29, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets and Liabilities and Amounts Representing Right to Reclaim or Obligation to Return Cash Collateral	Derivative assets and liabilities and amounts representing a right to reclaim cash collateral or an obligation to return cash collateral were reflected in our Condensed Consolidated Balance Sheets as follows: November 29, 2020 May 31, 2020 Prepaid expenses and other current assets $ 4.0 $ 8.0 Other accrued liabilities 3.5 0.4
Schedule of Derivative Assets and Liabilities on a Gross Basis	The following table presents our derivative assets and liabilities, at November 29, 2020, on a gross basis, prior to the setoff of $1.2 million to total derivative assets and $0.9 million to total derivative liabilities where legal right of setoff existed: Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Prepaid expenses and other current assets $ 5.2 Other accrued liabilities $ 1.1 Foreign exchange contracts Prepaid expenses and other current assets — Other accrued liabilities 3.3 Total derivatives not designated as hedging instruments $ 5.2 $ 4.4 The following table presents our derivative assets and liabilities at May 31, 2020, on a gross basis, prior to the setoff of $0.4 million to total derivative assets and $1.5 million to total derivative liabilities where legal right of setoff existed: Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Prepaid expenses and other current assets $ 3.3 Other accrued liabilities $ 1.9 Foreign exchange contracts Prepaid expenses and other current assets 5.1 Other accrued liabilities — Total derivatives not designated as hedging instruments $ 8.4 $ 1.9
Schedule of Location and Amount of Gains (Losses) from Derivatives Not Designated as Hedging Instruments	The location and amount of gains (losses) from derivatives not designated as hedging instruments in our Condensed Consolidated Statements of Earnings were as follows: Location in Condensed Consolidated Gains (Losses) Recognized on Derivatives in Condensed Consolidated Statements of Earnings for the Thirteen Weeks Ended Derivatives Not Designated as Hedging Instruments Statements of Earnings of Gains (Losses) Recognized on Derivatives November 29, 2020 November 24, 2019 Commodity contracts Cost of goods sold $ 2.4 $ 1.9 Foreign exchange contracts Cost of goods sold (2.3 ) (1.4 ) Total gains from derivative instruments not designated as hedging instruments $ 0.1 $ 0.5 Location in Condensed Consolidated Gains (Losses) Recognized on Derivatives in Condensed Consolidated Statements of Earnings for the Twenty-six Weeks Ended Derivatives Not Designated as Hedging Instruments Statements of Earnings of Gains (Losses) Recognized on Derivatives November 29, 2020 November 24, 2019 Commodity contracts Cost of goods sold $ 3.6 $ (4.5 ) Foreign exchange contracts Cost of goods sold (7.5 ) (2.3 ) Total losses from derivative instruments not designated as hedging instruments $ (3.9 ) $ (6.8 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Nov. 29, 2020
Earnings Per Share [Abstract]
Reconciliation of Income and Average Share Amounts Used to Compute Basic and Diluted Earnings Per Share	The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share: Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Net income attributable to Conagra Brands, Inc. common stockholders: $ 378.9 $ 260.5 $ 707.9 $ 434.3 Weighted average shares outstanding: Basic weighted average shares outstanding 489.1 487.3 488.6 487.0 Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities 1.8 1.0 1.7 1.1 Diluted weighted average shares outstanding 490.9 488.3 490.3 488.1

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Nov. 29, 2020
Inventory Disclosure [Abstract]
Schedule of Major Classes of Inventories	The major classes of inventories were as follows: November 29, 2020 May 31, 2020 Raw materials and packaging $ 277.2 $ 291.6 Work in process 204.6 125.2 Finished goods 1,063.5 877.7 Supplies and other 77.5 73.3 Total $ 1,622.8 $ 1,367.8

PENSION AND POSTRETIREMENT BE_2

PENSION AND POSTRETIREMENT BENEFITS (Tables)	6 Months Ended
	Nov. 29, 2020
Compensation And Retirement Disclosure [Abstract]
Components of Pension Benefit and Other Postretirement Benefit Costs	Components of pension benefit and other postretirement benefit costs are: Pension Benefits Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Service cost $ 3.2 $ 2.8 $ 6.3 $ 5.6 Interest cost 21.7 30.7 43.4 62.0 Expected return on plan assets (35.0 ) (41.6 ) (70.0 ) (82.7 ) Amortization of prior service cost 0.6 0.6 1.2 1.3 Curtailment loss — — — 0.6 Benefit cost (benefit) — Company plans (9.5 ) (7.5 ) (19.1 ) (13.2 ) Pension benefit cost — multi-employer plans 2.2 2.0 4.0 3.5 Total benefit cost (benefit) $ (7.3 ) $ (5.5 ) $ (15.1 ) $ (9.7 ) Postretirement Benefits Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Service cost $ — $ 0.1 $ 0.1 $ 0.1 Interest cost 0.4 0.6 0.7 1.3 Amortization of prior service benefit (0.5 ) (0.5 ) (1.0 ) (1.0 ) Recognized net actuarial gain (0.9 ) (1.1 ) (1.8 ) (2.3 ) Total cost (benefit) $ (1.0 ) $ (0.9 ) $ (2.0 ) $ (1.9 )

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Nov. 29, 2020
Equity [Abstract]
Reconciliation of Stockholders' Equity Accounts	The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 29, 2020: Conagra Brands, Inc. Stockholders' Equity Common Shares Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Noncontrolling Interests Total Equity Balance at May 31, 2020 584.2 $ 2,921.2 $ 2,323.2 $ 5,471.2 $ (109.6 ) $ (2,729.9 ) $ 74.6 $ 7,950.7 Stock option and incentive plans (25.4 ) (0.7 ) 33.5 7.4 Adoption of ASU 2016-13 (1.1 ) (1.1 ) Currency translation adjustments 15.3 2.2 17.5 Derivative adjustments (1.2 ) (1.2 ) Activities of noncontrolling interests 0.8 0.8 Pension and postretirement healthcare benefits (0.3 ) (0.3 ) Dividends declared on common stock; $0.2125 per share (103.8 ) (103.8 ) Net income attributable to Conagra Brands, Inc. 329.0 329.0 Balance at August 30, 2020 584.2 $ 2,921.2 $ 2,297.8 $ 5,694.6 $ (95.8 ) $ (2,696.4 ) $ 77.6 $ 8,199.0 Stock option and incentive plans 14.2 (0.4 ) 1.6 15.4 Currency translation adjustments 11.4 (0.7 ) 10.7 Derivative adjustments (0.1 ) (0.1 ) Activities of noncontrolling interests 0.6 0.6 Pension and postretirement healthcare benefits (0.6 ) (0.6 ) Dividends declared on common stock; $0.275 per share (134.4 ) (134.4 ) Net income attributable to Conagra Brands, Inc. 378.9 378.9 Balance at November 29, 2020 584.2 $ 2,921.2 $ 2,312.0 $ 5,938.7 $ (85.1 ) $ (2,694.8 ) $ 77.5 $ 8,469.5 The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 24, 2019: Conagra Brands, Inc. Stockholders' Equity Common Shares Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Noncontrolling Interests Total Equity Balance at May 26, 2019 584.2 $ 2,921.2 $ 2,286.0 $ 5,047.9 $ (110.3 ) $ (2,760.2 ) $ 79.1 $ 7,463.7 Stock option and incentive plans (8.5 ) (0.3 ) 16.0 (0.2 ) 7.0 Currency translation adjustments (8.9 ) (2.7 ) (11.6 ) Derivative adjustments (1.8 ) (1.8 ) Activities of noncontrolling interests 0.5 0.5 Pension and postretirement healthcare benefits (11.4 ) (11.4 ) Dividends declared on common stock; $0.2125 per share (103.4 ) (103.4 ) Net income attributable to Conagra Brands, Inc. 173.8 173.8 Balance at August 25, 2019 584.2 $ 2,921.2 $ 2,277.5 $ 5,118.0 $ (132.4 ) $ (2,744.2 ) $ 76.7 $ 7,516.8 Stock option and incentive plans 9.4 (0.4 ) 4.5 13.5 Currency translation adjustments 3.5 3.5 Derivative adjustments (1.4 ) (1.4 ) Activities of noncontrolling interests 1.8 1.8 Pension and postretirement healthcare benefits (0.7 ) (0.7 ) Dividends declared on common stock; $0.2125 per share (103.4 ) (103.4 ) Net income attributable to Conagra Brands, Inc. 260.5 260.5 Balance at November 24, 2019 584.2 $ 2,921.2 $ 2,286.9 $ 5,274.7 $ (131.0 ) $ (2,739.7 ) $ 78.5 $ 7,690.6

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Nov. 29, 2020
Fair Value Disclosures [Abstract]
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 November 29, 2020: Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 2.6 $ 1.4 $ — $ 4.0 Marketable securities 6.0 — — 6.0 Deferred compensation assets 9.0 — — 9.0 Total assets $ 17.6 $ 1.4 $ — $ 19.0 Liabilities: Derivative liabilities $ — $ 3.5 $ — $ 3.5 Deferred compensation liabilities 81.7 — — 81.7 Total liabilities $ 81.7 $ 3.5 $ — $ 85.2 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 31, 2020: Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 2.8 $ 5.2 $ — $ 8.0 Marketable securities 8.1 — — 8.1 Deferred compensation assets 8.6 — — 8.6 Total assets $ 19.5 $ 5.2 $ — $ 24.7 Liabilities: Derivative liabilities $ — $ 0.4 $ — $ 0.4 Deferred compensation liabilities 68.0 — — 68.0 Total liabilities $ 68.0 $ 0.4 $ — $ 68.4

BUSINESS SEGMENTS AND RELATED_2

BUSINESS SEGMENTS AND RELATED INFORMATION (Tables)	6 Months Ended
	Nov. 29, 2020
Segment Reporting [Abstract]
Schedule of Segment Operations	General corporate expense, net interest expense, and income taxes have been excluded from segment operations. Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Net sales Grocery & Snacks $ 1,285.3 $ 1,142.5 $ 2,419.5 $ 2,120.1 Refrigerated & Frozen 1,248.0 1,168.3 2,378.6 2,127.4 International 249.8 234.3 468.8 438.7 Foodservice 212.1 275.7 407.2 525.3 Total net sales $ 2,995.2 $ 2,820.8 $ 5,674.1 $ 5,211.5 Operating profit Grocery & Snacks $ 316.4 $ 263.7 $ 600.0 $ 415.4 Refrigerated & Frozen 264.3 187.4 504.4 343.0 International 39.5 26.4 78.0 51.2 Foodservice 22.3 38.3 47.2 69.4 Total operating profit $ 642.5 $ 515.8 $ 1,229.6 $ 879.0 Equity method investment earnings 23.0 27.6 29.5 39.9 General corporate expense 111.3 87.7 188.5 187.2 Pension and postretirement non-service income (13.7 ) (11.3 ) (27.5 ) (20.8 ) Interest expense, net 107.7 121.4 221.4 244.1 Income tax expense 80.7 84.1 167.4 72.6 Net income $ 379.5 $ 261.5 $ 709.3 $ 435.8 Less: Net income attributable to noncontrolling interests 0.6 1.0 1.4 1.5 Net income attributable to Conagra Brands, Inc. $ 378.9 $ 260.5 $ 707.9 $ 434.3 The following table presents further disaggregation of our net sales: Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Frozen $ 1,020.3 $ 958.9 $ 1,938.7 $ 1,728.2 Other shelf-stable 793.3 680.5 1,509.2 1,281.9 Snacks 492.0 462.0 910.3 838.2 Foodservice 212.1 275.7 407.2 525.3 International 249.8 234.3 468.8 438.7 Refrigerated 227.7 209.4 439.9 399.2 Total net sales $ 2,995.2 $ 2,820.8 $ 5,674.1 $ 5,211.5
Schedule of Net Derivative Gains (Losses) from Economic Hedges of Forecasted Commodity Consumption and Foreign Currency Risk	The following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology: Thirteen weeks ended Twenty-six weeks ended November 29, 2020 November 24, 2019 November 29, 2020 November 24, 2019 Gross derivative gains (losses) incurred $ 0.1 $ 0.5 $ (3.9 ) $ (6.8 ) Less: Net derivative losses allocated to reporting segments (3.2 ) (1.3 ) (4.7 ) (1.4 ) Net derivative gains (losses) recognized in general corporate expenses $ 3.3 $ 1.8 $ 0.8 $ (5.4 ) Net derivative losses allocated to Grocery & Snacks $ (2.6 ) $ (0.5 ) $ (4.4 ) $ (0.6 ) Net derivative losses allocated to Refrigerated & Frozen (0.9 ) (0.4 ) (2.0 ) (0.7 ) Net derivative gains (losses) allocated to International 0.8 (0.4 ) 2.4 (0.3 ) Net derivative gains (losses) allocated to Foodservice (0.5 ) — (0.7 ) 0.2 Net derivative losses included in segment operating profit $ (3.2 ) $ (1.3 ) $ (4.7 ) $ (1.4 )

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions	Nov. 29, 2020	Aug. 30, 2020	May 31, 2020	Nov. 24, 2019	Aug. 25, 2019	May 26, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	$ 8,469.5	$ 8,199	$ 7,950.7	$ 7,690.6	$ 7,516.8	$ 7,463.7
Currency translation losses, net of reclassification adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	(99)		(125.7)
Derivative adjustments, net of reclassification adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	25		26.3
Pension and postretirement benefit obligations, net of reclassification adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	(11.1)		(10.2)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated balances	$ (85.1)	$ (95.8)	$ (109.6)	$ (131)	$ (132.4)	$ (110.3)

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Reclassifications from Accumulated Other Comprehensive Loss into Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Nov. 29, 2020	Aug. 30, 2020	Nov. 24, 2019	Aug. 25, 2019	Nov. 29, 2020	Nov. 24, 2019
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ (107.7)		$ (121.4)		$ (221.4)	$ (244.1)
Pension and postretirement non-service income	(13.7)		(11.3)		(27.5)	(20.8)
Selling, general and administrative expenses	(357.7)		(369.8)		(658)	(770.6)
Income before income taxes and equity method investment earnings	437.2		318		847.2	468.5
Income tax expense	(80.7)		(84.1)		(167.4)	(72.6)
Net income attributable to Conagra Brands, Inc.	378.9	$ 329	260.5	$ 173.8	707.9	434.3
Reclassification out of accumulated other comprehensive loss | Derivative adjustments, net of reclassification adjustments
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	(0.7)		(0.8)		(1.6)	(1.6)
Selling, general and administrative expenses	(0.5)		0		(0.5)	0
Income before income taxes and equity method investment earnings	(1.2)		(0.8)		(2.1)	(1.6)
Income tax expense	0.3		0.2		0.5	0.4
Net income attributable to Conagra Brands, Inc.	(0.9)		(0.6)		(1.6)	(1.2)
Reclassification out of accumulated other comprehensive loss | Net prior service cost
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement non-service income	0.1		0.1		0.2	0.3
Reclassification out of accumulated other comprehensive loss | Net actuarial gain
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement non-service income	(0.9)		(1.1)		(1.8)	(2.3)
Reclassification out of accumulated other comprehensive loss | Curtailment
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement non-service income					0	0.6
Reclassification out of accumulated other comprehensive loss | Pension and postretirement benefit obligations, net of reclassification adjustments
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes and equity method investment earnings	(0.8)		(1)		(1.6)	(1.4)
Income tax expense	0.2		0.3		0.4	0.4
Net income attributable to Conagra Brands, Inc.	$ (0.6)		$ (0.7)		$ (1.2)	$ (1)

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	6 Months Ended
	Nov. 29, 2020
Accounting Policies [Abstract]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Aug. 30, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected [Extensible List]	cag:AccountingStandardsUpdate201613ModifiedRetrospectiveMember

DIVESTITURES AND ASSETS HELD _3

DIVESTITURES AND ASSETS HELD FOR SALE - Divestitures (Narrative) (Details) - USD ($) $ in Millions	Dec. 07, 2020	Nov. 29, 2020	Aug. 30, 2020	Feb. 23, 2020	Nov. 24, 2019	Aug. 25, 2019	Nov. 29, 2020	Nov. 24, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds from sales of business							$ 8.6	$ 139
Gain from sales of businesses							5.3	(1.5)
Asset impairment charges							$ 3.9	105.9
Refrigerated & Frozen
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges					$ 27.6
Grocery & Snacks
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges			$ 3		11.1			54.4
H.K. Anderson Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds from sales of business		$ 8.5
H.K. Anderson Business | Selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sales of businesses		$ 5.3
Lender's Bagel Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds from sales of business				$ 33.3
Lender's Bagel Business | Selling, general and administrative expenses | Refrigerated & Frozen
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges					27.6
Peanut Butter Manufacturing Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds from sales of business				$ 24.8
Peanut Butter Manufacturing Facility | Selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges					11.1			$ 23
DSD Snacks Business | Grocery & Snacks
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds from sales of business					$ 137.5
DSD Snacks Business | Selling, general and administrative expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges						$ 31.4
Peter Pan Peanut Butter Business | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds from sales of business	$ 102

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	Nov. 29, 2020	May 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	$ 1.5	$ 10.1
Noncurrent assets held for sale	55.2	57.9
Current liabilities held for sale	5.4	5.4
H.K. Anderson Business | Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale		1.3
Noncurrent assets held for sale		2.6
Peter Pan Peanut Butter Business | Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets held for sale	1.5	8.8
Noncurrent assets held for sale	55.2	55.3
Current liabilities held for sale	$ 5.4	$ 5.4

DIVESTITURES AND ASSETS HELD _5

DIVESTITURES AND ASSETS HELD FOR SALE - Schedule of Assets and Liabilities Classified as Held for Sale (Parenthetical) (Details) - Held for sale - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
H.K. Anderson Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill		$ 2.4
Peter Pan Peanut Butter Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 44.9	$ 44.9

RESTRUCTURING ACTIVITIES - Narr

RESTRUCTURING ACTIVITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		22 Months Ended	24 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 29, 2020
Pinnacle Integration Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	$ 360		$ 360		$ 360	$ 360
Cash charges incurred or expected to be incurred	281.2		281.2		281.2	281.2
Non-cash charges incurred or expected to be incurred	78.8		78.8		78.8	78.8
Recognized charges	10.2	$ 16.2	18.8	$ 43.9		260.8
Charges that have resulted or will result in cash outflows	9.3		17.6
Non-cash charges	0.9		1.2
Charges that have resulted or will result in cash outflows						230
Non-cash charges						30.8
Conagra Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	156.2		156.2		156.2	156.2
Cash charges incurred or expected to be incurred	36.8		36.8		36.8	36.8
Non-cash charges incurred or expected to be incurred	119.4		119.4		119.4	119.4
Recognized charges	10.5	$ 19.6	27.8	$ 40.7	94.4
Charges that have resulted or will result in cash outflows	1.9		6.9
Non-cash charges	8.6		20.9
Charges that have resulted or will result in cash outflows					19.7
Non-cash charges					74.7
Charges approved for incurrence	171		171		171	171
Cash charges approved for incurrence	44.2		44.2		44.2	44.2
Non-cash charges approved for incurrence	$ 126.8		$ 126.8		$ 126.8	$ 126.8

RESTRUCTURING ACTIVITIES - Sche

RESTRUCTURING ACTIVITIES - Schedule of Pre-Tax Expenses in Association with the Restructuring Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		22 Months Ended	24 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 29, 2020
Pinnacle Integration Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	$ 360		$ 360		$ 360	$ 360
Recognized pre-tax expenses	10.2	$ 16.2	18.8	$ 43.9		260.8
Pinnacle Integration Restructuring Plan | Accelerated depreciation
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	14.7		14.7		14.7	14.7
Recognized pre-tax expenses	0.8		1.4			4.1
Pinnacle Integration Restructuring Plan | Other cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	12.2		12.2		12.2	12.2
Recognized pre-tax expenses	0.2		0.7			4.7
Pinnacle Integration Restructuring Plan | Total cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	26.9		26.9		26.9	26.9
Recognized pre-tax expenses	1		2.1			8.8
Pinnacle Integration Restructuring Plan | Severance and related costs
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	119.5		119.5		119.5	119.5
Recognized pre-tax expenses	(0.7)		(1.4)			119.5
Pinnacle Integration Restructuring Plan | Asset impairment (net of gains on disposal)
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	38.7		38.7		38.7	38.7
Recognized pre-tax expenses	0.1		(0.2)			6.7
Pinnacle Integration Restructuring Plan | Accelerated depreciation
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	7.4		7.4		7.4	7.4
Recognized pre-tax expenses						7.4
Pinnacle Integration Restructuring Plan | Contract/lease termination
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	30.1		30.1		30.1	30.1
Recognized pre-tax expenses	2.2		2.4			18.3
Pinnacle Integration Restructuring Plan | Consulting/professional fees
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	104.8		104.8		104.8	104.8
Recognized pre-tax expenses	5.2		11.7			80
Pinnacle Integration Restructuring Plan | Other selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	32.6		32.6		32.6	32.6
Recognized pre-tax expenses	2.4		4.2			20.1
Pinnacle Integration Restructuring Plan | Selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	333.1		333.1		333.1	333.1
Recognized pre-tax expenses	9.2		16.7			252
Pinnacle Integration Restructuring Plan | Reporting segments | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	60.4		60.4		60.4	60.4
Recognized pre-tax expenses	4.5		5.4			8.2
Pinnacle Integration Restructuring Plan | Reporting segments | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	30.3		30.3		30.3	30.3
Recognized pre-tax expenses	0.5		2.2			14
Pinnacle Integration Restructuring Plan | Reporting segments | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.1		4.1		4.1	4.1
Recognized pre-tax expenses						4.1
Pinnacle Integration Restructuring Plan | Reporting segments | Accelerated depreciation | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	8.7		8.7		8.7	8.7
Recognized pre-tax expenses	0		0			0.6
Pinnacle Integration Restructuring Plan | Reporting segments | Accelerated depreciation | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	6		6		6	6
Recognized pre-tax expenses	0.8		1.4			3.5
Pinnacle Integration Restructuring Plan | Reporting segments | Accelerated depreciation | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses						0
Pinnacle Integration Restructuring Plan | Reporting segments | Other cost of goods sold | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.3		4.3		4.3	4.3
Recognized pre-tax expenses	0		0.5			2.3
Pinnacle Integration Restructuring Plan | Reporting segments | Other cost of goods sold | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	7.2		7.2		7.2	7.2
Recognized pre-tax expenses	0.2		0.2			1.7
Pinnacle Integration Restructuring Plan | Reporting segments | Other cost of goods sold | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.7		0.7		0.7	0.7
Recognized pre-tax expenses						0.7
Pinnacle Integration Restructuring Plan | Reporting segments | Total cost of goods sold | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	13		13		13	13
Recognized pre-tax expenses	0		0.5			2.9
Pinnacle Integration Restructuring Plan | Reporting segments | Total cost of goods sold | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	13.2		13.2		13.2	13.2
Recognized pre-tax expenses	1		1.6			5.2
Pinnacle Integration Restructuring Plan | Reporting segments | Total cost of goods sold | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.7		0.7		0.7	0.7
Recognized pre-tax expenses						0.7
Pinnacle Integration Restructuring Plan | Reporting segments | Severance and related costs | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses	0		0			0
Pinnacle Integration Restructuring Plan | Reporting segments | Severance and related costs | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.4		4.4		4.4	4.4
Recognized pre-tax expenses	0		0.1			4.4
Pinnacle Integration Restructuring Plan | Reporting segments | Severance and related costs | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.5		1.5		1.5	1.5
Recognized pre-tax expenses						1.5
Pinnacle Integration Restructuring Plan | Reporting segments | Asset impairment (net of gains on disposal) | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	32.3		32.3		32.3	32.3
Recognized pre-tax expenses	0.1		0.1			0.3
Pinnacle Integration Restructuring Plan | Reporting segments | Asset impairment (net of gains on disposal) | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	3.8		3.8		3.8	3.8
Recognized pre-tax expenses	0		0			3.8
Pinnacle Integration Restructuring Plan | Reporting segments | Asset impairment (net of gains on disposal) | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses						0
Pinnacle Integration Restructuring Plan | Reporting segments | Accelerated depreciation | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses						0
Pinnacle Integration Restructuring Plan | Reporting segments | Accelerated depreciation | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses						0
Pinnacle Integration Restructuring Plan | Reporting segments | Accelerated depreciation | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses						0
Pinnacle Integration Restructuring Plan | Reporting segments | Contract/lease termination | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	8.3		8.3		8.3	8.3
Recognized pre-tax expenses	1.8		1.8			1.8
Pinnacle Integration Restructuring Plan | Reporting segments | Contract/lease termination | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.7		4.7		4.7	4.7
Recognized pre-tax expenses	0		0			0
Pinnacle Integration Restructuring Plan | Reporting segments | Contract/lease termination | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.8		0.8		0.8	0.8
Recognized pre-tax expenses						0.8
Pinnacle Integration Restructuring Plan | Reporting segments | Consulting/professional fees | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1		1		1	1
Recognized pre-tax expenses	0.1		0.4			0.6
Pinnacle Integration Restructuring Plan | Reporting segments | Consulting/professional fees | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses	0		0			0
Pinnacle Integration Restructuring Plan | Reporting segments | Consulting/professional fees | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.8		0.8		0.8	0.8
Recognized pre-tax expenses						0.8
Pinnacle Integration Restructuring Plan | Reporting segments | Other selling, general and administrative expenses | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	5.8		5.8		5.8	5.8
Recognized pre-tax expenses	2.5		2.6			2.6
Pinnacle Integration Restructuring Plan | Reporting segments | Other selling, general and administrative expenses | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.2		4.2		4.2	4.2
Recognized pre-tax expenses	(0.5)		0.5			0.6
Pinnacle Integration Restructuring Plan | Reporting segments | Other selling, general and administrative expenses | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.3		0.3		0.3	0.3
Recognized pre-tax expenses						0.3
Pinnacle Integration Restructuring Plan | Reporting segments | Selling, general and administrative expenses | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	47.4		47.4		47.4	47.4
Recognized pre-tax expenses	4.5		4.9			5.3
Pinnacle Integration Restructuring Plan | Reporting segments | Selling, general and administrative expenses | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	17.1		17.1		17.1	17.1
Recognized pre-tax expenses	(0.5)		0.6			8.8
Pinnacle Integration Restructuring Plan | Reporting segments | Selling, general and administrative expenses | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	3.4		3.4		3.4	3.4
Recognized pre-tax expenses						3.4
Pinnacle Integration Restructuring Plan | Corporate
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	265.2		265.2		265.2	265.2
Recognized pre-tax expenses	5.2		11.2			234.5
Pinnacle Integration Restructuring Plan | Corporate | Accelerated depreciation
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses	0		0			0
Pinnacle Integration Restructuring Plan | Corporate | Other cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses	0		0			0
Pinnacle Integration Restructuring Plan | Corporate | Total cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses	0		0			0
Pinnacle Integration Restructuring Plan | Corporate | Severance and related costs
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	113.6		113.6		113.6	113.6
Recognized pre-tax expenses	(0.7)		(1.5)			113.6
Pinnacle Integration Restructuring Plan | Corporate | Asset impairment (net of gains on disposal)
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	2.6		2.6		2.6	2.6
Recognized pre-tax expenses	0		(0.3)			2.6
Pinnacle Integration Restructuring Plan | Corporate | Accelerated depreciation
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	7.4		7.4		7.4	7.4
Recognized pre-tax expenses						7.4
Pinnacle Integration Restructuring Plan | Corporate | Contract/lease termination
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	16.3		16.3		16.3	16.3
Recognized pre-tax expenses	0.4		0.6			15.7
Pinnacle Integration Restructuring Plan | Corporate | Consulting/professional fees
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	103		103		103	103
Recognized pre-tax expenses	5.1		11.3			78.6
Pinnacle Integration Restructuring Plan | Corporate | Other selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	22.3		22.3		22.3	22.3
Recognized pre-tax expenses	0.4		1.1			16.6
Pinnacle Integration Restructuring Plan | Corporate | Selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	265.2		265.2		265.2	265.2
Recognized pre-tax expenses	5.2		11.2			234.5
Conagra Restructuring Plan
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	156.2		156.2		156.2	156.2
Recognized pre-tax expenses	10.5	$ 19.6	27.8	$ 40.7	94.4
Conagra Restructuring Plan | Other cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	11		11		11	11
Recognized pre-tax expenses			2.3		5
Conagra Restructuring Plan | Total cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	93.4		93.4		93.4	93.4
Recognized pre-tax expenses	8.5		17.8		48.8
Conagra Restructuring Plan | Severance and related costs
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	16.5		16.5		16.5	16.5
Recognized pre-tax expenses	1		4.3		12.7
Conagra Restructuring Plan | Asset impairment (net of gains on disposal)
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	28.4		28.4		28.4	28.4
Recognized pre-tax expenses	0.1		3.1		28.4
Conagra Restructuring Plan | Accelerated depreciation
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	82.4		82.4		82.4	82.4
Recognized pre-tax expenses	8.5		15.5		43.8
Conagra Restructuring Plan | Contract/lease termination
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.3		0.3		0.3	0.3
Recognized pre-tax expenses					0.1
Conagra Restructuring Plan | Consulting/professional fees
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.1		1.1		1.1	1.1
Conagra Restructuring Plan | Other selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	15.9		15.9		15.9	15.9
Recognized pre-tax expenses	0.9		2.6		3.8
Conagra Restructuring Plan | Selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	62.2		62.2		62.2	62.2
Recognized pre-tax expenses	2		10		45
Conagra Restructuring Plan | Total
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	155.6		155.6		155.6	155.6
Recognized pre-tax expenses	10.5		27.8		93.8
Conagra Restructuring Plan | Pension And Postretirement Nonservice Cost Income
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.6		0.6		0.6	0.6
Recognized pre-tax expenses					0.6
Conagra Restructuring Plan | Reporting segments | Other cost of goods sold | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	8.9		8.9		8.9	8.9
Recognized pre-tax expenses			2.3		4.8
Conagra Restructuring Plan | Reporting segments | Other cost of goods sold | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	2.1		2.1		2.1	2.1
Recognized pre-tax expenses			0		0.2
Conagra Restructuring Plan | Reporting segments | Other cost of goods sold | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses			0		0
Conagra Restructuring Plan | Reporting segments | Total cost of goods sold | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	45.9		45.9		45.9	45.9
Recognized pre-tax expenses	1.9		7.2		33.8
Conagra Restructuring Plan | Reporting segments | Total cost of goods sold | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	47.5		47.5		47.5	47.5
Recognized pre-tax expenses	6.6		10.6		15
Conagra Restructuring Plan | Reporting segments | Total cost of goods sold | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses			0		0
Conagra Restructuring Plan | Reporting segments | Severance and related costs | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	12.1		12.1		12.1	12.1
Recognized pre-tax expenses	0.5		3.6		8.3
Conagra Restructuring Plan | Reporting segments | Severance and related costs | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.8		1.8		1.8	1.8
Recognized pre-tax expenses	0		0		1.8
Conagra Restructuring Plan | Reporting segments | Severance and related costs | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.1		1.1		1.1	1.1
Recognized pre-tax expenses			(0.1)		1.1
Conagra Restructuring Plan | Reporting segments | Asset impairment (net of gains on disposal) | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	28		28		28	28
Recognized pre-tax expenses	0		3		28
Conagra Restructuring Plan | Reporting segments | Asset impairment (net of gains on disposal) | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.3		0.3		0.3	0.3
Recognized pre-tax expenses	0.1		0.1		0.3
Conagra Restructuring Plan | Reporting segments | Asset impairment (net of gains on disposal) | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.1		0.1		0.1	0.1
Recognized pre-tax expenses			0		0.1
Conagra Restructuring Plan | Reporting segments | Accelerated depreciation | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	37		37		37	37
Recognized pre-tax expenses	1.9		4.9		29
Conagra Restructuring Plan | Reporting segments | Accelerated depreciation | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	45.4		45.4		45.4	45.4
Recognized pre-tax expenses	6.6		10.6		14.8
Conagra Restructuring Plan | Reporting segments | Accelerated depreciation | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses			0		0
Conagra Restructuring Plan | Reporting segments | Contract/lease termination | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.2		0.2		0.2	0.2
Recognized pre-tax expenses					0
Conagra Restructuring Plan | Reporting segments | Contract/lease termination | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses					0
Conagra Restructuring Plan | Reporting segments | Contract/lease termination | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses					0
Conagra Restructuring Plan | Reporting segments | Consulting/professional fees | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Conagra Restructuring Plan | Reporting segments | Consulting/professional fees | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Conagra Restructuring Plan | Reporting segments | Consulting/professional fees | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Conagra Restructuring Plan | Reporting segments | Other selling, general and administrative expenses | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	11.5		11.5		11.5	11.5
Recognized pre-tax expenses	0.9		2.5		3.4
Conagra Restructuring Plan | Reporting segments | Other selling, general and administrative expenses | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	4.3		4.3		4.3	4.3
Recognized pre-tax expenses	0		0		0.3
Conagra Restructuring Plan | Reporting segments | Other selling, general and administrative expenses | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses			0		0
Conagra Restructuring Plan | Reporting segments | Selling, general and administrative expenses | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	51.8		51.8		51.8	51.8
Recognized pre-tax expenses	1.4		9.1		39.7
Conagra Restructuring Plan | Reporting segments | Selling, general and administrative expenses | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	6.4		6.4		6.4	6.4
Recognized pre-tax expenses	0.1		0.1		2.4
Conagra Restructuring Plan | Reporting segments | Selling, general and administrative expenses | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.2		1.2		1.2	1.2
Recognized pre-tax expenses			(0.1)		1.2
Conagra Restructuring Plan | Reporting segments | Total | Grocery & Snacks
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	97.7		97.7		97.7	97.7
Recognized pre-tax expenses	3.3		16.3		73.5
Conagra Restructuring Plan | Reporting segments | Total | Refrigerated & Frozen
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	53.9		53.9		53.9	53.9
Recognized pre-tax expenses	6.7		10.7		17.4
Conagra Restructuring Plan | Reporting segments | Total | International
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.2		1.2		1.2	1.2
Recognized pre-tax expenses			(0.1)		1.2
Conagra Restructuring Plan | Corporate | Other cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses			0		0
Conagra Restructuring Plan | Corporate | Total cost of goods sold
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses	0		0		0
Conagra Restructuring Plan | Corporate | Severance and related costs
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.5		1.5		1.5	1.5
Recognized pre-tax expenses	0.5		0.8		1.5
Conagra Restructuring Plan | Corporate | Asset impairment (net of gains on disposal)
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses	0		0		0
Conagra Restructuring Plan | Corporate | Accelerated depreciation
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0		0		0	0
Recognized pre-tax expenses	0		0		0
Conagra Restructuring Plan | Corporate | Contract/lease termination
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.1		0.1		0.1	0.1
Recognized pre-tax expenses					0.1
Conagra Restructuring Plan | Corporate | Consulting/professional fees
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	1.1		1.1		1.1	1.1
Conagra Restructuring Plan | Corporate | Other selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	0.1		0.1		0.1	0.1
Recognized pre-tax expenses	0		0.1		0.1
Conagra Restructuring Plan | Corporate | Selling, general and administrative expenses
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	2.8		2.8		2.8	2.8
Recognized pre-tax expenses	0.5		0.9		1.7
Conagra Restructuring Plan | Corporate | Total
Restructuring Cost And Reserve [Line Items]
Charges expected to be incurred	2.8		2.8		2.8	$ 2.8
Recognized pre-tax expenses	$ 0.5		$ 0.9		$ 1.7

RESTRUCTURING ACTIVITIES - Sc_2

RESTRUCTURING ACTIVITIES - Schedule of Liabilities Recorded for the Restructuring Plan (Details) $ in Millions	6 Months Ended
	Nov. 29, 2020USD ($)
Pinnacle Integration Restructuring Plan
Restructuring Cost and Reserve
Beginning balance	$ 31.6
Costs Incurred and Charged to Expense	19.1
Costs Paid or Otherwise Settled	(32.5)
Changes in Estimates	(1.5)
Ending balance	16.7
Pinnacle Integration Restructuring Plan | Severance and related costs
Restructuring Cost and Reserve
Beginning balance	23.6
Costs Incurred and Charged to Expense	0.1
Costs Paid or Otherwise Settled	(10.2)
Changes in Estimates	(1.5)
Ending balance	12
Pinnacle Integration Restructuring Plan | Contract termination
Restructuring Cost and Reserve
Beginning balance	0.5
Costs Incurred and Charged to Expense	2.4
Costs Paid or Otherwise Settled	(2.4)
Changes in Estimates	0
Ending balance	0.5
Pinnacle Integration Restructuring Plan | Consulting/professional fees
Restructuring Cost and Reserve
Beginning balance	7.5
Costs Incurred and Charged to Expense	11.7
Costs Paid or Otherwise Settled	(15)
Changes in Estimates	0
Ending balance	4.2
Pinnacle Integration Restructuring Plan | Other costs
Restructuring Cost and Reserve
Beginning balance	0
Costs Incurred and Charged to Expense	4.9
Costs Paid or Otherwise Settled	(4.9)
Changes in Estimates	0
Ending balance	0
Conagra Restructuring Plan
Restructuring Cost and Reserve
Beginning balance	6.5
Costs Incurred and Charged to Expense	7
Costs Paid or Otherwise Settled	(5.9)
Changes in Estimates	(0.1)
Ending balance	7.5
Conagra Restructuring Plan | Severance and related costs
Restructuring Cost and Reserve
Beginning balance	6.5
Costs Incurred and Charged to Expense	4.4
Costs Paid or Otherwise Settled	(3.3)
Changes in Estimates	(0.1)
Ending balance	7.5
Conagra Restructuring Plan | Other costs
Restructuring Cost and Reserve
Beginning balance	0
Costs Incurred and Charged to Expense	2.6
Costs Paid or Otherwise Settled	(2.6)
Changes in Estimates	0
Ending balance	$ 0

LONG-TERM DEBT AND REVOLVING _3

LONG-TERM DEBT AND REVOLVING CREDIT FACILITY - Narrative (Details) - USD ($)

Dec. 23, 2020

Feb. 28, 2021

Nov. 29, 2020

Aug. 30, 2020

May 31, 2020

Feb. 23, 2020

Aug. 25, 2019

Nov. 29, 2020

Nov. 24, 2019

May 31, 2020

Nov. 27, 2022

Aug. 29, 2021

Debt Instrument [Line Items]

Repayments of long-term debt

$ 1,881,700,000

$ 210,900,000

Net loss on early extinguishment of debt

$ 44,300,000

$ 300,000

Required minimum ratio of EBITDA to interest expense

300.00%

Scenario, Forecast

Debt Instrument [Line Items]

Ratio of funded debt to EBITDA (maximum)

375.00%

475.00%

Credit Agreement

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 600,000,000

$ 600,000,000

Increase to aggregate principal amount

750,000,000

750,000,000

Term Loan Credit Agreement

Debt Instrument [Line Items]

Repayments of long-term debt

$ 200,000,000

$ 200,000,000

Three-year Term Loans Maturing on October 26, 2021

Debt Instrument [Line Items]

Repayments of long-term debt

100,000,000

100,000,000

Five-year Term Loans Maturing on October 26, 2023

Debt Instrument [Line Items]

Repayments of long-term debt

100,000,000

$ 100,000,000

Senior Debt

Debt Instrument [Line Items]

Charge recognized upon early retirement of debt

$ 44,300,000

Senior Debt | 3.8% Senior Notes due October 22, 2021

Debt Instrument [Line Items]

Repayments of long-term debt

$ 1,200,000,000

Stated interest rate

3.80%

3.80%

Senior Debt | 1.375% Senior Notes due November 01, 2027

Debt Instrument [Line Items]

Stated interest rate

1.375%

1.375%

Aggregate principal amount

$ 1,000,000,000

$ 1,000,000,000

Senior Debt | Floating Rate Notes due on October 9, 2020

Debt Instrument [Line Items]

Repayments of long-term debt

500,000,000

Senior Debt | 3.2% Senior Notes due January 25, 2023 | Subsequent Event

Debt Instrument [Line Items]

Repayments of long-term debt

$ 400,000,000

Stated interest rate

3.20%

Senior Debt | 3.2% Senior Notes due January 25, 2023 | Scenario, Forecast

Debt Instrument [Line Items]

Net loss on early extinguishment of debt

$ 24,400,000

Senior Debt | 4.95% Senior Notes due August 15, 2020

Debt Instrument [Line Items]

Repayments of long-term debt

$ 126,600,000

Stated interest rate

4.95%

Senior Debt | Floating Rate Notes due October 22, 2020

Debt Instrument [Line Items]

Repayments of long-term debt

$ 275,000,000

$ 250,000,000

$ 525,000,000

The Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

1,600,000,000

1,600,000,000

Maximum additional borrowing capacity

2,100,000,000

2,100,000,000

Outstanding borrowings

$ 0

$ 0

The Facility | Minimum

Debt Instrument [Line Items]

Duration of additional extension terms available for credit facility

1 year

The Facility | Maximum

Debt Instrument [Line Items]

Duration of additional extension terms available for credit facility

2 years

LONG-TERM DEBT AND REVOLVING _4

LONG-TERM DEBT AND REVOLVING CREDIT FACILITY - Schedule of Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Debt Disclosure [Abstract]
Long-term debt	$ 110.2	$ 123.2	$ 227.2	$ 247.5
Short-term debt	0.5	0.4	0.5	0.9
Interest income	(0.4)	(0.4)	(1.2)	(1)
Interest capitalized	(2.6)	(1.8)	(5.1)	(3.3)
Net interest expense	$ 107.7	$ 121.4	$ 221.4	$ 244.1

GOODWILL AND OTHER IDENTIFIAB_3

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of Change in Carrying Amount of Goodwill, Excluding Amounts Classified as Held for Sale (Details) $ in Millions	6 Months Ended
	Nov. 29, 2020USD ($)
Goodwill
Balance as of May 31, 2020	$ 11,389
Currency translation	5.4
Balance as of November 29, 2020	11,394.4
Grocery & Snacks
Goodwill
Balance as of May 31, 2020	4,698.2
Currency translation	0
Balance as of November 29, 2020	4,698.2
Refrigerated & Frozen
Goodwill
Balance as of May 31, 2020	5,648.3
Currency translation	0
Balance as of November 29, 2020	5,648.3
International
Goodwill
Balance as of May 31, 2020	290.5
Currency translation	5.4
Balance as of November 29, 2020	295.9
Foodservice
Goodwill
Balance as of May 31, 2020	752
Currency translation	0
Balance as of November 29, 2020	$ 752

GOODWILL AND OTHER IDENTIFIAB_4

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of Other Identifiable Intangible Assets, Excluding Amounts Classified as Held for Sale (Details) - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Non-amortizing intangible assets
Gross Carrying Amount	$ 3,390.3	$ 3,388.7
Amortizing intangible assets
Gross Carrying Amount	1,236.9	1,235.6
Accumulated Amortization	349.4	319.2
Identifiable intangible assets
Gross Carrying Amount	$ 4,627.2	$ 4,624.3

GOODWILL AND OTHER IDENTIFIAB_5

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Narrative (Details)	3 Months Ended				6 Months Ended
	Nov. 29, 2020USD ($)	Aug. 30, 2020USD ($)segment	Nov. 24, 2019USD ($)	Aug. 25, 2019USD ($)	Nov. 29, 2020USD ($)	Nov. 24, 2019USD ($)
Goodwill [Line Items]
Fair value measurements discounted cash flow period		5 years
Remaining weighted average life of amortizing intangible assets					19 years
Amortization expense	$ 15,000,000		$ 15,000,000		$ 29,900,000	$ 30,000,000
Average amortization annual expense in year one	55,300,000				55,300,000
Average amortization annual expense in year two	55,300,000				55,300,000
Average amortization annual expense in year three	55,300,000				55,300,000
Average amortization annual expense in year four	55,300,000				55,300,000
Average amortization annual expense in year five	$ 55,300,000				$ 55,300,000
Minimum
Goodwill [Line Items]
Fair value measurement inputs terminal growth rate		1.00%
Sides, Components, Enhancers
Goodwill [Line Items]
Fair value measurement inputs discount rate		6.25%
Refrigerated & Frozen
Goodwill [Line Items]
Number of reporting units | segment		2
Goodwill impairment loss		$ 0
Impairment charges for indefinite lived intangibles				$ 15,800,000
Refrigerated & Frozen | Sides, Components, Enhancers | Maximum
Goodwill [Line Items]
Percentage of fair value in excess of carrying value		20.00%
Refrigerated & Frozen and Grocery & Snacks | Selling, general and administrative expenses | Brands and Trademarks
Goodwill [Line Items]
Impairment charges for indefinite lived intangibles				$ 19,300,000

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019	Aug. 30, 2020	May 31, 2020	Aug. 25, 2019	May 26, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Period to hedge portion of anticipated consumption of commodity inputs (up to)			36 months
Gain recognized in other comprehensive income	$ 1.1	$ (1.1)	$ 0.5	$ (2.7)
Deferred gain in AOCI upon settlement of contracts	8,469.5	$ 7,690.6	8,469.5	$ 7,690.6	$ 8,199	$ 7,950.7	$ 7,516.8	$ 7,463.7
Setoff amounts applied against total derivative assets	1.2		1.2			0.4
Setoff amounts applied against total derivative liabilities	0.9		0.9			1.5
Level 2
Derivative Instruments, Gain (Loss) [Line Items]
Maximum amount of loss due to credit risk of counterparties	1.4		1.4
Prepaid expenses and other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Amounts representing a right to reclaim cash collateral						1.1
Amounts representing an obligation to return cash collateral	0.3		0.3
Cash flow hedge, Pinnacle
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in other comprehensive income			47.5
Early retirement debt	0.5
Commodity contracts | Purchase contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of contracts	56.8		56.8			102
Commodity contracts | Sales contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of contracts	24.6		24.6			3.4
Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of contracts	99.6		99.6			107.6
Derivative adjustments, net of reclassification adjustments
Derivative Instruments, Gain (Loss) [Line Items]
Deferred gain in AOCI upon settlement of contracts	25		25			$ 26.3
Derivative adjustments, net of reclassification adjustments | Cash flow hedge, Pinnacle
Derivative Instruments, Gain (Loss) [Line Items]
Deferred gain in AOCI upon settlement of contracts	$ 39.8		$ 39.8

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Assets and Liabilities and Amounts Representing Right to Reclaim or Obligation to Return Cash Collateral (Details) - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Prepaid expenses and other current assets	$ 4	$ 8
Other accrued liabilities	$ 3.5	$ 0.4

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Assets and Liabilities on a Gross Basis (Details) - Total derivatives not designated as hedging instruments - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 5.2	$ 8.4
Derivative Liabilities	4.4	1.9
Commodity contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	5.2	3.3
Commodity contracts | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	1.1	1.9
Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	5.1
Foreign exchange contracts | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 3.3	$ 0

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Location and Amount of Gains (Losses) from Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Derivatives, Fair Value [Line Items]
Total gains (losses) from derivative instruments not designated as hedging instruments	$ 0.1	$ 0.5	$ (3.9)	$ (6.8)
Commodity contracts | Cost of goods sold
Derivatives, Fair Value [Line Items]
Total gains (losses) from derivative instruments not designated as hedging instruments	2.4	1.9	3.6	(4.5)
Foreign exchange contracts | Cost of goods sold
Derivatives, Fair Value [Line Items]
Total gains (losses) from derivative instruments not designated as hedging instruments	$ (2.3)	$ (1.4)	$ (7.5)	$ (2.3)

SHARE-BASED PAYMENTS - Narrativ

SHARE-BASED PAYMENTS - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	$ 14.6	$ 12.6	$ 32	$ 24.5
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares (in shares)			0.9
Weighted average grant date price (in dollars per share)			$ 36.70
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares (in shares)			0.5
Weighted average grant date price (in dollars per share)			$ 36.82
Performance shares | Fiscal 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Performance shares | Fiscal 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Performance shares | Fiscal 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Performance shares | Minimum | Fiscal 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)			0.00%
Performance shares | Minimum | Fiscal 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)			0.00%
Performance shares | Minimum | Fiscal 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)			0.00%
Performance shares | Maximum | Fiscal 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)			200.00%
Performance shares | Maximum | Fiscal 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)			200.00%
Performance shares | Maximum | Fiscal 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payout (as a percent)			200.00%

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Income and Average Share Amounts Used to Compute Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Nov. 29, 2020	Aug. 30, 2020	Nov. 24, 2019	Aug. 25, 2019	Nov. 29, 2020	Nov. 24, 2019
Earnings Per Share [Abstract]
Net income attributable to Conagra Brands, Inc. common stockholders:	$ 378.9	$ 329	$ 260.5	$ 173.8	$ 707.9	$ 434.3
Weighted average shares outstanding:
Basic weighted average shares outstanding	489.1		487.3		488.6	487
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities	1.8		1		1.7	1.1
Diluted weighted average shares outstanding	490.9		488.3		490.3	488.1

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options outstanding excluded from EPS calculation (in shares)	0	2,000,000	600,000	2,100,000

INVENTORIES - Schedule of Major

INVENTORIES - Schedule of Major Classes of Inventories (Details) - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 277.2	$ 291.6
Work in process	204.6	125.2
Finished goods	1,063.5	877.7
Supplies and other	77.5	73.3
Total	$ 1,622.8	$ 1,367.8

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019	May 31, 2020
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 80.7	$ 84.1	$ 167.4	$ 72.6
Effective tax rate	17.60%	24.30%	19.10%	14.30%
Gross unrecognized tax benefits for uncertain tax positions	$ 33.9		$ 33.9		$ 35.8
Tax positions for which ultimate deductibility is highly certain but timing of such deductibility is uncertain	0.8		0.8		0.7
Related liabilities for gross interest and penalties	8.1		8.1		7.4
Net amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate	28.8		28.8		30.3
Gross unrecognized tax benefits, estimated decrease over the next twelve months (up to)	12.1		12.1
Deferred tax asset	685.3		685.3		685.2
Corresponding valuation allowances	660		660		685.2
Discontinued operations
Income Tax Contingency [Line Items]
Net amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate	$ 6.5		$ 6.5		$ 6.5

CONTINGENCIES - Narrative (Deta

CONTINGENCIES - Narrative (Details)	Jan. 27, 2014USD ($)defendant	Nov. 24, 2019USD ($)	Nov. 29, 2020USD ($)suitInstallmentsiteperiod	Sep. 04, 2018USD ($)
Guarantee Obligations [Line Items]
Threshold amount for environmental matters			$ 1,000,000
Lamb Weston
Guarantee Obligations [Line Items]
Number of optional extension periods | period			1
Period of optional extensions			5 years
Beatrice
Guarantee Obligations [Line Items]
Number of sites under environmental matters for which acquired company has a liability | site			40
Accrual for environmental matters			$ 56,000,000
Increase in environmental reserves		$ 6,600,000
Beatrice | Other accrued liabilities
Guarantee Obligations [Line Items]
Accrual for environmental matters			2,000,000
Beatrice | Other noncurrent liabilities
Guarantee Obligations [Line Items]
Accrual for environmental matters			54,000,000
Performance and payment guarantee for Lamb Weston
Guarantee Obligations [Line Items]
Guarantee under sublease agreement (maximum)			75,000,000
Guarantee to make payments
Guarantee Obligations [Line Items]
Guarantee under sublease agreement (maximum)			$ 300,000
Remaining lease terms			3 years
Performance and payment of all amounts under sublease agreement
Guarantee Obligations [Line Items]
Guarantee under sublease agreement (maximum)			$ 15,200,000
Remaining lease terms			6 years
Illinois
Guarantee Obligations [Line Items]
Remaining defendants in active suits | suit			1
California | Beatrice
Guarantee Obligations [Line Items]
Number of other defendants | defendant	2
Estimate of possible loss	$ 1,150,000,000			$ 409,000,000
Total payments to be made under settlement			$ 101,700,000,000
Number of annual installments to be made | Installment			7
California | Beatrice | Maximum
Guarantee Obligations [Line Items]
Litigation settlement, amount of guarantee provided			$ 15,000,000
California | Beatrice | Minimum | Other accrued liabilities
Guarantee Obligations [Line Items]
Amount accrued			11,000,000
California | Beatrice | Minimum | Other noncurrent liabilities
Guarantee Obligations [Line Items]
Amount accrued			$ 52,200,000

PENSION AND POSTRETIREMENT BE_3

PENSION AND POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Aug. 25, 2019	Nov. 29, 2020	Nov. 24, 2019	May 30, 2021	May 27, 2019
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Pension curtailment loss within other comprehensive income (loss)	$ 0	$ 0		$ 0	$ 0.6
Employer contributions to pension and other postretirement plans	14.8			20.7
Anticipated further contributions for the remainder of fiscal 2021	11.5			11.5
Pension Benefits | Scenario, Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Weighted average discount rate for service costs						3.35%
Weighted average discount rate for interest costs						2.30%
Pension Benefits | Facility Closing
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Effective discount rate assumption			3.13%				3.90%
Pension curtailment loss within other comprehensive income (loss)			$ 0.6
Increase to underfunded status of the pension plans			$ 12.3
Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Employer contributions to pension and other postretirement plans	1.8			4.1
Anticipated further contributions for the remainder of fiscal 2021	$ 5.9			$ 5.9

PENSION AND POSTRETIREMENT BE_4

PENSION AND POSTRETIREMENT BENEFITS - Components of Pension Benefit and Other Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Total benefit cost (benefit)	$ (7.3)	$ (5.5)	$ (15.1)	$ (9.7)
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	3.2	2.8	6.3	5.6
Interest cost	21.7	30.7	43.4	62
Expected return on plan assets	(35)	(41.6)	(70)	(82.7)
Amortization of prior service cost (benefit)	0.6	0.6	1.2	1.3
Curtailment loss (gain)	0	0	0	0.6
Total benefit cost (benefit)	(9.5)	(7.5)	(19.1)	(13.2)
Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	0	0.1	0.1	0.1
Interest cost	0.4	0.6	0.7	1.3
Amortization of prior service cost (benefit)	(0.5)	(0.5)	(1)	(1)
Recognized net actuarial gain	(0.9)	(1.1)	(1.8)	(2.3)
Total benefit cost (benefit)	(1)	(0.9)	(2)	(1.9)
Multi-employer plans | Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Total benefit cost (benefit)	$ 2.2	$ 2	$ 4	$ 3.5

STOCKHOLDERS' EQUITY - Reconcil

STOCKHOLDERS' EQUITY - Reconciliation of Stockholders' Equity Accounts (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Nov. 29, 2020	Aug. 30, 2020	Nov. 24, 2019	Aug. 25, 2019	Nov. 29, 2020	Nov. 24, 2019
Schedule Of Stockholders Equity Accounts [Line Items]
Balance at beginning of period	$ 8,199	$ 7,950.7	$ 7,516.8	$ 7,463.7	$ 7,950.7	$ 7,463.7
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Stock option and incentive plans	15.4	$ 7.4	13.5	7
Currency translation adjustments	10.7	17.5	3.5	(11.6)
Derivative adjustments	(0.1)	(1.2)	(1.4)	(1.8)
Activities of noncontrolling interests	0.6	0.8	1.8	0.5
Pension and postretirement healthcare benefits	(0.6)	(0.3)	(0.7)	(11.4)
Dividends declared on common stock; $0.2125 per share	(134.4)	(103.8)	(103.4)	(103.4)
Net income attributable to Conagra Brands, Inc.	378.9	329	260.5	173.8	707.9	434.3
Balance at ending of period	8,469.5	8,199	7,690.6	7,516.8	8,469.5	7,690.6
Cumulative Effect, Period of Adoption, Adjustment
Schedule Of Stockholders Equity Accounts [Line Items]
Balance at beginning of period		(1.1)			(1.1)
Common Stock
Schedule Of Stockholders Equity Accounts [Line Items]
Balance at beginning of period	$ 2,921.2	$ 2,921.2	$ 2,921.2	$ 2,921.2	$ 2,921.2	$ 2,921.2
Balance at beginning of period (in shares)	584.2	584.2	584.2	584.2	584.2	584.2
Balance at ending of period	$ 2,921.2	$ 2,921.2	$ 2,921.2	$ 2,921.2	$ 2,921.2	$ 2,921.2
Balance at end of period (in shares)	584.2	584.2	584.2	584.2	584.2	584.2
Additional Paid-in Capital
Schedule Of Stockholders Equity Accounts [Line Items]
Balance at beginning of period	$ 2,297.8	$ 2,323.2	$ 2,277.5	$ 2,286	$ 2,323.2	$ 2,286
Stock option and incentive plans	14.2	(25.4)	9.4	(8.5)
Balance at ending of period	2,312	2,297.8	2,286.9	2,277.5	2,312	2,286.9
Retained Earnings
Schedule Of Stockholders Equity Accounts [Line Items]
Balance at beginning of period	5,694.6	5,471.2	5,118	5,047.9	5,471.2	5,047.9
Stock option and incentive plans	(0.4)	(0.7)	(0.4)	(0.3)
Dividends declared on common stock; $0.2125 per share	(134.4)	(103.8)	(103.4)	(103.4)
Net income attributable to Conagra Brands, Inc.	378.9	329	260.5	173.8
Balance at ending of period	5,938.7	5,694.6	5,274.7	5,118	5,938.7	5,274.7
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Schedule Of Stockholders Equity Accounts [Line Items]
Balance at beginning of period		(1.1)			(1.1)
Accumulated Other Comprehensive Income (Loss)
Schedule Of Stockholders Equity Accounts [Line Items]
Balance at beginning of period	(95.8)	(109.6)	(132.4)	(110.3)	(109.6)	(110.3)
Currency translation adjustments	11.4	15.3	3.5	(8.9)
Derivative adjustments	(0.1)	(1.2)	(1.4)	(1.8)
Pension and postretirement healthcare benefits	(0.6)	(0.3)	(0.7)	(11.4)
Balance at ending of period	(85.1)	(95.8)	(131)	(132.4)	(85.1)	(131)
Treasury Stock
Schedule Of Stockholders Equity Accounts [Line Items]
Balance at beginning of period	(2,696.4)	(2,729.9)	(2,744.2)	(2,760.2)	(2,729.9)	(2,760.2)
Stock option and incentive plans	1.6	33.5	4.5	16
Balance at ending of period	(2,694.8)	(2,696.4)	(2,739.7)	(2,744.2)	(2,694.8)	(2,739.7)
Noncontrolling Interests
Schedule Of Stockholders Equity Accounts [Line Items]
Balance at beginning of period	77.6	74.6	76.7	79.1	74.6	79.1
Stock option and incentive plans				(0.2)
Currency translation adjustments	(0.7)	2.2		(2.7)
Activities of noncontrolling interests	0.6	0.8	1.8	0.5
Balance at ending of period	$ 77.5	$ 77.6	$ 78.5	$ 76.7	$ 77.5	$ 78.5

STOCKHOLDERS' EQUITY - Reconc_2

STOCKHOLDERS' EQUITY - Reconciliation of Stockholders' Equity Accounts (Parenthetical) (Details) - $ / shares	3 Months Ended
	Nov. 29, 2020	Aug. 30, 2020	Nov. 24, 2019	Aug. 25, 2019
Equity [Abstract]
Dividends declared on common stock (in dollars per share)	$ 0.275	$ 0.2125	$ 0.2125	$ 0.2125

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Nov. 29, 2020	May 31, 2020
Assets:
Derivative assets	$ 4	$ 8
Marketable securities	6	8.1
Deferred compensation assets	9	8.6
Total assets	19	24.7
Liabilities:
Derivative liabilities	3.5	0.4
Deferred compensation liabilities	81.7	68
Total liabilities	85.2	68.4
Level 1
Assets:
Derivative assets	2.6	2.8
Marketable securities	6	8.1
Deferred compensation assets	9	8.6
Total assets	17.6	19.5
Liabilities:
Derivative liabilities	0	0
Deferred compensation liabilities	81.7	68
Total liabilities	81.7	68
Level 2
Assets:
Derivative assets	1.4	5.2
Marketable securities	0	0
Deferred compensation assets	0	0
Total assets	1.4	5.2
Liabilities:
Derivative liabilities	3.5	0.4
Deferred compensation liabilities	0	0
Total liabilities	3.5	0.4
Level 3
Assets:
Derivative assets	0	0
Marketable securities	0	0
Deferred compensation assets	0	0
Total assets	0	0
Liabilities:
Derivative liabilities	0	0
Deferred compensation liabilities	0	0
Total liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Aug. 30, 2020	Nov. 24, 2019	Aug. 25, 2019	Nov. 29, 2020	Nov. 24, 2019	May 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges				$ 3.9	$ 105.9
Carrying amount of long-term debt (including current installments)				8,900		$ 9,750
Estimated fair value of debt				$ 10,850		$ 11,350
Grocery & Snacks
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges	$ 3	$ 11.1			$ 54.4
Indefinite-lived brand impairment charges			$ 3.5
Refrigerated & Frozen
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges		27.6
Indefinite-lived brand impairment charges			$ 15.8
Corporate segment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset impairment charges		$ 2.9

BUSINESS SEGMENTS AND RELATED_3

BUSINESS SEGMENTS AND RELATED INFORMATION - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 29, 2020USD ($)	Nov. 24, 2019USD ($)	Nov. 29, 2020USD ($)segment	Nov. 24, 2019USD ($)	May 31, 2020USD ($)
Revenue, Major Customer [Line Items]
Number of reportable segments | segment			4
Cumulative net derivative losses from economic hedges recognized in general corporate expenses	$ 3.3		$ 3.3
Net losses incurred			2.3
Net losses incurred in prior fiscal years					$ 1
Losses expected to be reclassified in fiscal 2021			1.8
Losses expected to be reclassified in fiscal 2022 and thereafter			1.5
Total depreciation expense	82.8	$ 81.7	163.1	$ 163.4
Net sales	$ 2,995.2	$ 2,820.8	$ 5,674.1	$ 5,211.5
Customer concentration risk | Wal-Mart Stores, Inc. and affiliates | Net sales
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	25.00%	25.00%	25.00%	25.00%
Customer concentration risk | Wal-Mart Stores, Inc. and affiliates | Net receivables
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)			33.00%		30.00%
Customer concentration risk | Kroger Co. and affiliates | Net receivables
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)			12.00%		10.00%
Non-US
Revenue, Major Customer [Line Items]
Net sales	$ 252.6	$ 236.2	$ 477.3	$ 447.9

BUSINESS SEGMENTS AND RELATED_4

BUSINESS SEGMENTS AND RELATED INFORMATION - Schedule of Segment Operations (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Nov. 29, 2020	Aug. 30, 2020	Nov. 24, 2019	Aug. 25, 2019	Nov. 29, 2020	Nov. 24, 2019
Net sales
Total net sales	$ 2,995.2		$ 2,820.8		$ 5,674.1	$ 5,211.5
Operating profit
Total operating profit	642.5		515.8		1,229.6	879
Equity method investment earnings	23		27.6		29.5	39.9
General corporate expense	111.3		87.7		188.5	187.2
Pension and postretirement non-service income	(13.7)		(11.3)		(27.5)	(20.8)
Interest expense, net	107.7		121.4		221.4	244.1
Income tax expense	80.7		84.1		167.4	72.6
Net income	379.5		261.5		709.3	435.8
Less: Net income attributable to noncontrolling interests	0.6		1		1.4	1.5
Net income attributable to Conagra Brands, Inc.	378.9	$ 329	260.5	$ 173.8	707.9	434.3
Frozen
Net sales
Total net sales	1,020.3		958.9		1,938.7	1,728.2
Other Shelf-stable
Net sales
Total net sales	793.3		680.5		1,509.2	1,281.9
Snacks
Net sales
Total net sales	492		462		910.3	838.2
Foodservice
Net sales
Total net sales	212.1		275.7		407.2	525.3
International
Net sales
Total net sales	249.8		234.3		468.8	438.7
Refrigerated
Net sales
Total net sales	227.7		209.4		439.9	399.2
Grocery & Snacks
Net sales
Total net sales	1,285.3		1,142.5		2,419.5	2,120.1
Operating profit
Total operating profit	316.4		263.7		600	415.4
Refrigerated & Frozen
Net sales
Total net sales	1,248		1,168.3		2,378.6	2,127.4
Operating profit
Total operating profit	264.3		187.4		504.4	343
International
Net sales
Total net sales	249.8		234.3		468.8	438.7
Operating profit
Total operating profit	39.5		26.4		78	51.2
Foodservice
Net sales
Total net sales	212.1		275.7		407.2	525.3
Operating profit
Total operating profit	$ 22.3		$ 38.3		$ 47.2	$ 69.4

BUSINESS SEGMENTS AND RELATED_5

BUSINESS SEGMENTS AND RELATED INFORMATION - Schedule of Net Derivative Gains (Losses) from Economic Hedges of Forecasted Commodity Consumption and Foreign Currency Risk (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 29, 2020	Nov. 24, 2019	Nov. 29, 2020	Nov. 24, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gross derivative gains (losses) incurred			$ (2.3)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gross derivative gains (losses) incurred	$ 0.1	$ 0.5	(3.9)	$ (6.8)
Commodity contracts | Reporting segments
Derivative Instruments, Gain (Loss) [Line Items]
Gross derivative gains (losses) incurred	(3.2)	(1.3)	(4.7)	(1.4)
Commodity contracts | Reporting segments | Net derivative losses allocated to Grocery & Snacks
Derivative Instruments, Gain (Loss) [Line Items]
Gross derivative gains (losses) incurred	(2.6)	(0.5)	(4.4)	(0.6)
Commodity contracts | Reporting segments | Net derivative losses allocated to Refrigerated & Frozen
Derivative Instruments, Gain (Loss) [Line Items]
Gross derivative gains (losses) incurred	(0.9)	(0.4)	(2)	(0.7)
Commodity contracts | Reporting segments | Net derivative gains (losses) allocated to International
Derivative Instruments, Gain (Loss) [Line Items]
Gross derivative gains (losses) incurred	0.8	(0.4)	2.4	(0.3)
Commodity contracts | Reporting segments | Net derivative gains (losses) allocated to Foodservice
Derivative Instruments, Gain (Loss) [Line Items]
Gross derivative gains (losses) incurred	(0.5)	0	(0.7)	0.2
Commodity contracts | Corporate
Derivative Instruments, Gain (Loss) [Line Items]
Gross derivative gains (losses) incurred	$ 3.3	$ 1.8	$ 0.8	$ (5.4)