Conagra Brands (CAG) 10-Q 4 Jan 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Nov. 27, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	CONAGRA BRANDS INC.
Entity Central Index Key	23,217
Current Fiscal Year End Date	--05-28
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Nov. 27, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	435,212,410

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Income Statement [Abstract]
Net sales	$ 2,088.4	$ 2,358.8	$ 3,984	$ 4,411.8
Costs and expenses:
Cost of goods sold	1,440.9	1,690.8	2,791.9	3,182.5
Selling, general and administrative expenses	417.9	483.2	649.6	846
Interest expense, net	54.1	79.2	112.3	159.3
Income from continuing operations before income taxes and equity method investment earnings	175.5	105.6	430.2	224
Income tax expense	78.4	43.1	247.6	92.4
Equity method investment earnings	17.2	17.6	30.3	42.1
Income from continuing operations	114.3	80.1	212.9	173.7
Income (loss) from discontinued operations, net of tax	11.6	79.2	103	(1,166.8)
Net income (loss)	125.9	159.3	315.9	(993.1)
Less: Net income attributable to noncontrolling interests	3.8	4.4	7.6	6.1
Net income (loss) attributable to Conagra Brands, Inc.	$ 122.1	$ 154.9	$ 308.3	$ (999.2)
Earnings (loss) per share — basic
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders (in dollars per share)	$ 0.26	$ 0.18	$ 0.48	$ 0.40
Income (loss) from discontinued operations attributable to Conagra Brands, Inc. common stockholders (in dollars per share)	0.02	0.18	0.22	(2.71)
Net income (loss) attributable to Conagra Brands, Inc. common stockholders (in dollars per share)	0.28	0.36	0.70	(2.31)
Earnings (loss) per share — diluted
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders (in dollars per share)	0.26	0.18	0.48	0.40
Net income (loss) attributable to Conagra Brands, Inc. common stockholders (in dollars per share)	0.02	0.17	0.22	(2.69)
Net income (loss) attributable to Conagra Brands, Inc. common stockholders (in dollars per share)	0.28	0.35	0.70	(2.29)
Cash dividends declared per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Net income
Pre-Tax Amount	$ 243.2	$ 248.3	$ 651.2	$ (1,291.2)
Tax (Expense) Benefit	(117.3)	(89)	(335.3)	298.1
Net income (loss)	125.9	159.3	315.9	(993.1)
Unrealized derivative adjustments
Pre-Tax Amount	2.2	0	(5.8)	0
Tax (Expense) Benefit	(0.9)	0	2.2	0
After-Tax Amount	1.3	0	(3.6)	0
Unrealized gains on available-for-sale securities
Pre-Tax Amount	0.2	0	0.4	0
Tax (Expense) Benefit	0	0	(0.1)	0
After-Tax Amount	0.2	0	0.3	0
Unrealized currency translation losses
Pre-Tax Amount	(14.1)	(18.4)	(26)	(56)
Tax (Expense) Benefit	0	0	0.2	0
After-Tax Amount	(14.1)	(18.4)	(25.8)	(56)
Unrealized pension and post-employment benefit obligations
Pre-Tax Amount	66.8	0	64.7	6.6
Tax (Expense) Benefit	(25.6)	0	(25.5)	(1.6)
After-Tax Amount	41.2	0	39.2	5
Reclassification for pension and post-employment benefit obligations included in net income
Pre-Tax Amount	(0.9)	(1.3)	(1.8)	(2.6)
Tax (Expense) Benefit	0.4	0.5	0.7	1
After-Tax Amount	(0.5)	(0.8)	(1.1)	(1.6)
Comprehensive income (loss)
Pre-Tax Amount	297.4	228.6	682.7	(1,343.2)
Tax (Expense) Benefit	(143.4)	(88.5)	(357.8)	297.5
After-Tax Amount	154	140.1	324.9	(1,045.7)
Comprehensive income attributable to noncontrolling interests
Pre-Tax Amount	2.2	3.7	6	2.6
Tax (Expense) Benefit	(0.1)	(0.2)	(0.2)	(0.5)
After-Tax Amount	2.1	3.5	5.8	2.1
Comprehensive income (loss) attributable to Conagra Brands, Inc.
Pre-Tax Amount	295.2	224.9	676.7	(1,345.8)
Tax (Expense) Benefit	(143.3)	(88.3)	(357.6)	298
After-Tax Amount	$ 151.9	$ 136.6	$ 319.1	$ (1,047.8)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 27, 2016	May 29, 2016
Current assets
Cash and cash equivalents	$ 1,442.5	$ 798.1
Receivables, less allowance for doubtful accounts of $4.1 and $3.2	699.5	650.1
Inventories	1,113.7	1,083.2
Prepaid expenses and other current assets	89.3	148.6
Total current assets	3,345	3,576.7
Property, plant and equipment	4,229.7	4,213.3
Less accumulated depreciation	(2,560.4)	(2,511.7)
Property, plant and equipment, net	1,669.3	1,701.6
Goodwill	4,248.7	4,396.2
Brands, trademarks and other intangibles, net	1,260.9	1,237.2
Other assets	899.4	905.5
Total assets	11,425	13,390.6
Current liabilities
Notes payable	6.7	13.9
Current installments of long-term debt	231	559.4
Accounts payable	784.1	706.7
Accrued payroll	124.9	220.8
Other accrued liabilities	598.7	567.7
Total current liabilities	1,745.4	2,532.4
Senior long-term debt, excluding current installments	3,018.4	4,685.5
Subordinated debt	195.9	195.9
Other noncurrent liabilities	1,938.5	1,875.7
Total liabilities	6,898.2	9,595.8
Commitments and contingencies (Note 13)
Common stockholders' equity
Common stock of $5 par value, authorized 1,200,000,000 shares; issued 567,907,172	2,839.7	2,839.7
Additional paid-in capital	1,158	1,136.3
Retained earnings	4,077.3	3,218.3
Accumulated other comprehensive loss	(333.7)	(344.5)
Less treasury stock, at cost, 132,694,762 and 129,842,206 common shares	(3,294.6)	(3,136.2)
Total Conagra Brands, Inc. common stockholders' equity	4,446.7	3,713.6
Noncontrolling interests	80.1	81.2
Total stockholders' equity	4,526.8	3,794.8
Total liabilities and stockholders' equity	11,425	13,390.6
Discontinued operations
Current assets
Current assets	0	779.7
Noncurrent assets	0	1,339.3
Current liabilities
Current liabilities held for sale	0	409.2
Noncurrent liabilities held for sale	0	304.8
Held for sale
Current assets
Current assets	0	117
Noncurrent assets	1.7	234.1
Current liabilities
Current liabilities held for sale	0	54.7
Noncurrent liabilities held for sale	$ 0	$ 1.5

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 27, 2016	May 29, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4.1	$ 3.2
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)	567,907,172	567,907,172
Treasury stock (in shares)	132,694,762	129,842,206

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015
Cash flows from operating activities:
Net income (loss)	$ 315.9	$ (993.1)
Income (loss) from discontinued operations	103	(1,166.8)
Income from continuing operations	212.9	173.7
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:
Depreciation and amortization	133.5	141.2
Asset impairment charges	211.9	1.7
Gain on divestitures	(197.5)	0
Loss on extinguishment of debt	60.6	0
Lease cancellation expense	0	48.5
Earnings of affiliates in excess of distributions	(23.4)	(41.6)
Share-based payments expense	18.3	16.7
Contributions to pension plans	(5.9)	(6)
Pension benefit	(20.6)	(7.9)
Other items	23.9	(13.7)
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
Accounts receivable	(49.2)	(98.6)
Inventory	(32.2)	(165)
Deferred income taxes and income taxes payable, net	183.5	(100.2)
Prepaid expenses and other current assets	0.2	(2.3)
Accounts payable	71.7	(10.2)
Accrued payroll	(95.5)	(1.7)
Other accrued liabilities	(31.6)	82
Net cash flows from operating activities — continuing operations	460.6	16.6
Net cash flows from operating activities — discontinued operations	81.6	335.5
Net cash flows from operating activities	542.2	352.1
Cash flows from investing activities:
Additions to property, plant and equipment	(118.3)	(110.4)
Sale of property, plant and equipment	11.3	16.2
Proceeds from divestitures	489.1	0
Purchase of business and intangible assets	(108.2)	(10.1)
Net cash flows from investing activities — continuing operations	273.9	(104.3)
Net cash flows from investing activities — discontinued operations	(123.7)	(132.7)
Net cash flows from investing activities	150.2	(237)
Cash flows from financing activities:
Net short-term borrowings	(7.2)	177.3
Repayment of long-term debt	(555.8)	(254.5)
Payment of intangible asset financing arrangement	(14.9)	0
Repurchase of Conagra Brands, Inc. common shares	(170.1)	0
Cash dividends paid	(219.4)	(215)
Exercise of stock options and issuance of other stock awards	47.4	119.2
Net cash flows from financing activities — continuing operations	(920)	(173)
Net cash flows from financing activities — discontinued operations	839.1	6.2
Net cash flows from financing activities	(80.9)	(166.8)
Effect of exchange rate changes on cash and cash equivalents	(3.5)	(3)
Net change in cash and cash equivalents	608	(54.7)
Discontinued operations cash activity included above:
Add: Cash balance included in assets held for sale and discontinued operations at beginning of period	36.4	49
Less: Cash balance included in assets held for sale and discontinued operations at end of period	0	56.4
Cash and cash equivalents at beginning of period	798.1	134.1
Cash and cash equivalents at end of period	$ 1,442.5	$ 72

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Nov. 27, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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. (formerly ConAgra Foods, Inc., the "Company", "we", "us", or "our") Annual Report on Form 10-K for the fiscal year ended May 29, 2016 . 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, Inc. and all majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we have been determined to be the primary beneficiary are included in our condensed consolidated financial statements from the date such determination is made. All significant intercompany investments, accounts, and transactions have been eliminated. On November 9, 2016, the Company completed the previously announced spinoff of Lamb Weston Holdings, Inc. (“Lamb Weston”) through a distribution of 100% of the Company’s interest in Lamb Weston to holders of shares of the Company’s common stock (the “Spinoff ”) as of November 1, 2016. In accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), the financial position and results of operations of the Lamb Weston operations are presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented (see Note 3 for additional discussion). Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments, and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% corridor) and post-retirement health care plans. We generally deem our foreign investments to be essentially permanent in nature and we do not provide for taxes on currency translation adjustments arising from converting the 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 summarizes the reclassifications from accumulated other comprehensive income (loss) into operations: Thirteen weeks ended Affected Line Item in the Condensed Consolidated Statement of Operations November 27, 2016 November 29, 2015 Amortization of pension and postretirement liabilities: Net prior service benefit $ (0.9 ) $ (1.3 ) Selling, general and administrative expenses (0.9 ) (1.3 ) Total before tax 0.4 0.5 Income tax expense $ (0.5 ) $ (0.8 ) Net of tax Twenty-six weeks ended Affected Line Item in the Condensed Consolidated Statement of Operations November 27, 2016 November 29, 2015 Amortization of pension and postretirement liabilities: Net prior service benefit $ (1.8 ) $ (2.6 ) Selling, general and administrative expenses (1.8 ) (2.6 ) Total before tax 0.7 1.0 Income tax expense $ (1.1 ) $ (1.6 ) Net of tax 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. As part of the consideration for the Spinoff, the Company received a cash payment from Lamb Weston in the amount of $823.5 million . In order to maintain the tax-free nature of the Spinoff, the Company must use the cash within twelve months of receiving the payment and may only use it in one or more of the following ways: to pay dividends on its common stock, to repay debt incurred prior to July 8, 2016, and to repurchase shares of its common stock. At November 27, 2016, we had approximately $753.4 million of the payment remaining. 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. GAAP requires management to make 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 March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. We elected to early adopt this ASU as of the beginning of fiscal 2017. Starting in the first quarter of fiscal 2017, we recognized all excess tax benefits and tax deficiencies as income tax expense or benefit as a discrete event. An income tax benefit of approximately $2.4 million and $14.0 million was recognized in the second quarter and first half of fiscal 2017 , respectively, as a result of the adoption of ASU 2016-09. The treatment of forfeitures has changed as we have elected to discontinue our past process of estimating the number of forfeitures and now account for forfeitures as they occur. As such, this had a cumulative effect on retained earnings of $3.9 million , net of tax. We have elected to present the cash flow statement on a retrospective transition method and prior periods have been adjusted to present the excess tax benefits as part of cash flows from operating activities. This resulted in an increase in cash flows from operating activities and a decrease in cash flows from financing activities of $34.1 million in the first half of fiscal 2016. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP. On July 9, 2015, the FASB deferred the effective date of the new revenue recognition standard by one year. Based on the FASB’s ASU, we will apply the new revenue standard in our fiscal year 2019. Early adoption in our fiscal year 2018 is permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB issued ASU 2015-11, Inventory , which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. The standard is to be applied prospectively. We do not expect ASU 2015-11 to have a material impact to our consolidated financial statements. In January 2016, the FASB issued 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The effective date for this standard is for fiscal years beginning after December 31, 2017. Early adoption is not permitted except for certain provisions. We do not expect ASU 2016-01 to have a material impact to our consolidated financial statements. In February 2016, the FASB issued its final lease accounting standard, FASB Accounting Standard Codification ("ASC") Topic 842, Leases , which requires lessees to reflect most leases on their balance sheet as assets and obligations. The effective date for the standard is for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are evaluating the effect that ASC 842 will have on our consolidated financial statements and related disclosures. The standard is to be applied under the modified retrospective method, with elective reliefs, which requires application of the new guidance for all periods presented. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The effective date for the standard is for fiscal years beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash , which provides amendments to current guidance to address the classifications and presentation of changes in restricted cash in the statement of cash flows. The effective date for the standard is for fiscal years beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Nov. 27, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS In September 2016, we acquired the operating assets of Frontera Foods, Inc. and Red Fork LLC, including the Frontera ® , Red Fork ® , and Salpica ® brands. These businesses make authentic, gourmet Mexican food products and contemporary American cooking sauces. We acquired the businesses for $108.2 million in cash, net of cash acquired, and subject to working capital adjustments. Approximately $38.4 million has been classified as goodwill and $66.7 million has been classified as other intangible assets pending determination of the final purchase price allocation. The amount allocated to goodwill is deductible for tax purposes. These businesses are included in the Grocery & Snacks segment.

DISCONTINUED OPERATIONS AND OTH

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES	6 Months Ended
	Nov. 27, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS AND OTHER DIVESTITURES	DISCONTINUED OPERATIONS AND OTHER DIVESTITURES Lamb Weston Spinoff On November 9, 2016, the Company completed the previously announced Spinoff of its Lamb Weston business. As of such date, the Company did not beneficially own any equity interest in Lamb Weston and no longer consolidates Lamb Weston into its financial results. We reflected the results of this business as discontinued operations for all periods presented. The assets and liabilities of the Lamb Weston business have been reclassified as assets and liabilities of discontinued operations within our Condensed Consolidated Balance Sheets for the period presented prior to the Spinoff. The summary comparative financial results of the Lamb Weston business through the date of the Spinoff, included within discontinued operations, were as follows: Thirteen weeks ended Twenty-six weeks ended November 27, 2016 November 29, 2015 November 27, 2016 November 29, 2015 Net sales $ 636.0 $ 735.2 $ 1,407.9 $ 1,477.1 Income from discontinued operations before income taxes and equity method investment earnings $ 46.3 $ 118.4 $ 175.1 $ 215.5 Income before income taxes and equity method investment earnings 46.3 118.4 175.1 215.5 Income tax expense 39.1 40.3 88.6 76.0 Equity method investment earnings 5.3 7.8 15.9 20.2 Income from discontinued operations, net of tax 12.5 85.9 102.4 159.7 Less: Net income attributable to noncontrolling interests 3.2 3.7 6.8 5.2 Net income from discontinued operations attributable to CAG $ 9.3 $ 82.2 $ 95.6 $ 154.5 For the second quarter and first half of fiscal 2017 , we incurred $62.2 million and $72.0 million , respectively, of expenses in connection with the Spinoff primarily related to professional fees and contract services associated with preparation of regulatory filings and separation activities. These expenses are reflected in income from discontinued operations. The assets and liabilities classified as assets and liabilities of discontinued operations reflected in our Condensed Consolidated Balance Sheets related to the Lamb Weston business were as follows: May 29, 2016 Cash and cash equivalents $ 36.4 Receivables, less allowance for doubtful accounts of $0.5 186.5 Inventories 498.9 Prepaid expenses and other current assets 57.9 Total current assets of discontinued operations $ 779.7 Property, plant and equipment, net $ 1,004.1 Goodwill 133.9 Brands, trademarks and other intangibles, net 39.6 Other assets 161.7 Total noncurrent assets of discontinued operations $ 1,339.3 Notes payable $ 24.9 Current installments of long-term debt 12.0 Accounts payable 238.7 Accrued payroll 50.3 Other accrued liabilities 83.3 Total current liabilities of discontinued operations $ 409.2 Senior long-term debt, excluding current installments $ 36.4 Other noncurrent liabilities 268.4 Total noncurrent liabilities of discontinued operations $ 304.8 In connection with the Spinoff, total assets of $2.28 billion (net of cash assumed of $23.4 million ) and total liabilities of $2.98 billion (including debt of $2.46 billion ) were transferred to Lamb Weston. As part of the consideration for the Spinoff, the Company received a cash payment from Lamb Weston in the amount of $823.5 million . See Note 5 for discussion of the related debt-for-debt exchange. Private Brands Operations On February 1, 2016, pursuant to the Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. for $2.6 billion in cash on a debt-free basis, subject to working capital and other adjustments. As a result of the disposition, we recognized a pre-tax charge of $86.3 million ( $79.0 million after-tax) and $1.90 billion ( $1.42 billion after-tax) in the second quarter and first half of fiscal 2016, respectively, to write-down the goodwill and long-lived assets to the estimated sales price, less costs to sell. We reflected the results of this business as discontinued operations for all periods presented. The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows: Thirteen weeks ended Twenty-six weeks ended November 27, 2016 November 29, 2015 November 27, 2016 November 29, 2015 Net sales $ (0.9 ) $ 958.9 $ (0.9 ) $ 1,850.7 Gain (loss) on sale of businesses $ (0.5 ) $ — $ 1.0 $ — Goodwill and long-lived asset impairment charges — (86.3 ) — (1,898.6 ) Income (loss) from operations of discontinued operations before income taxes and equity method investment earnings (0.6 ) 85.3 (1.3 ) 105.7 Loss before income taxes (1.1 ) (1.0 ) (0.3 ) (1,792.9 ) Income tax expense (benefit) (0.2 ) 5.7 (0.9 ) (466.4 ) Income (loss) from discontinued operations, net of tax $ (0.9 ) $ (6.7 ) $ 0.6 $ (1,326.5 ) Other Divestitures During the first quarter of fiscal 2017, we completed the sales of our Spicetec Flavors & Seasonings business ("Spicetec") and our JM Swank business, each of which was part of our Commercial segment, for $327.0 million and $159.3 million , respectively, in cash, net of cash included in the dispositions. We recognized pre-tax gains from the sales of $144.8 million and $52.9 million , respectively. The assets and liabilities of these businesses have been reclassified as assets and liabilities held for sale within our Condensed Consolidated Balance Sheets for the period presented prior to the divestiture. The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the Spicetec and JM Swank businesses were as follows: May 29, 2016 Spicetec: Current assets $ 43.3 Noncurrent assets (including goodwill of $104.7 million) 148.3 Current liabilities 10.3 Noncurrent liabilities 1.2 JM Swank: Current assets $ 73.7 Noncurrent assets (including goodwill of $53.8 million) 74.3 Current liabilities 44.3 Noncurrent liabilities 0.4 In addition, we are actively marketing certain other long-lived assets. These assets have been reclassified as assets held for sale within our condensed consolidated balance sheets for all periods presented. The balance of these noncurrent assets classified as held for sale was $1.7 million in our Corporate segment at November 27, 2016 and $6.8 million and $4.7 million in our Corporate and Grocery & Snacks segments at May 29, 2016 , respectively.

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES	6 Months Ended
	Nov. 27, 2016
Restructuring and Related Activities [Abstract]
RESTRUCTURING ACTIVITIES	RESTRUCTURING ACTIVITIES Supply Chain and Administrative Efficiency Plan We previously announced a plan for the integration and restructuring of the operations of Ralcorp Holdings, Inc. ("Ralcorp"), optimization of the entire Company's supply chain network, manufacturing assets, and dry distribution and mixing centers, and improvement of selling, general and administrative effectiveness and efficiencies, which we refer to as the Supply Chain and Administrative Efficiency Plan (the "SCAE Plan"). The SCAE Plan also includes plans announced in the second quarter of fiscal 2016 to realize efficiency benefits through a combination of reductions in selling, general and administrative expenses and enhancements to trade spend processes and tools. Although the divestiture of the Private Brands business was completed in the third quarter of fiscal 2016, resulting in the sale of substantially all the Ralcorp operations, we will continue to implement the SCAE Plan, including work related to optimizing our supply chain network, the pursuit of cost reductions through our selling, general and administrative functions, enhancements to trade spend processes and tools, and productivity improvements. Although we remain unable to make good faith estimates relating to the entire SCAE Plan, we are reporting on actions initiated through the end of the second quarter of fiscal 2017 , 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 27, 2016 , our Board of Directors has approved the incurrence of up to $739.0 million of expenses in connection with the SCAE Plan, including expenses allocated for the Private Brands and Lamb Weston operations. We have incurred or expect to incur approximately $432.8 million of charges ( $292.4 million of cash charges and $140.4 million of non-cash charges) for actions identified to date under the SCAE Plan related to our continuing operations. In the second quarter and first half of fiscal 2017 we recognized charges of $19.8 million and $33.9 million , respectively, in relation to the SCAE Plan related to our continuing operations. In the second quarter and first half of fiscal 2016 we recognized charges of $133.0 million and $150.4 million , respectively, in relation to the SCAE Plan related to our continuing operations. We expect to incur costs related to the SCAE Plan over a multi-year period. We anticipate that we will recognize the following pre-tax expenses in association with the SCAE Plan related to our continuing operations (amounts include charges recognized from plan inception through the first half of fiscal 2017 ): Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Multi-employer pension costs $ 29.8 $ 1.5 $ — $ — $ — $ 31.3 Accelerated depreciation 36.6 18.6 — — 1.2 56.4 Other cost of goods sold 5.5 2.1 — — — 7.6 Total cost of goods sold 71.9 22.2 — — 1.2 95.3 Severance and related costs, net 22.4 10.4 2.4 7.9 98.9 142.0 Fixed asset impairment (Net of gains on disposal) 6.9 8.2 — — 4.4 19.5 Accelerated depreciation — — — — 1.8 1.8 Contract/Lease cancellation expenses 0.9 0.5 — — 73.8 75.2 Consulting/Professional fees 0.6 0.4 0.1 — 52.0 53.1 Other selling, general and administrative expenses 11.6 3.5 — — 30.8 45.9 Total selling, general and administrative expenses 42.4 23.0 2.5 7.9 261.7 337.5 Consolidated total $ 114.3 $ 45.2 $ 2.5 $ 7.9 $ 262.9 $ 432.8 During the second quarter of fiscal 2017 , we recognized the following pre-tax expenses for the SCAE Plan related to our continuing operations: Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Accelerated depreciation $ 1.9 $ — $ — $ — $ — $ 1.9 Other cost of goods sold (0.1 ) — — — — (0.1 ) Total cost of goods sold 1.8 — — — — 1.8 Severance and related costs, net 0.8 (0.2 ) 0.3 — 2.1 3.0 Fixed asset impairment (Net of gains on disposal) (2.7 ) 2.0 — — 2.9 2.2 Accelerated depreciation — — — — 0.3 0.3 Contract/Lease cancellation expenses — — 0.1 — 8.9 9.0 Consulting/Professional fees — — — — 0.2 0.2 Other selling, general and administrative expenses 1.5 0.4 — — 1.4 3.3 Total selling, general and administrative expenses (0.4 ) 2.2 0.4 — 15.8 18.0 Consolidated total $ 1.4 $ 2.2 $ 0.4 $ — $ 15.8 $ 19.8 Included in the above table are $15.4 million of charges that have resulted or will result in cash outflows and $4.4 million in non-cash charges. During the first half of fiscal 2017 , we recognized the following pre-tax expenses for the SCAE Plan related to our continuing operations: Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Accelerated depreciation $ 3.7 $ 1.2 $ — $ — $ — $ 4.9 Other cost of goods sold 1.9 0.2 — — — 2.1 Total cost of goods sold 5.6 1.4 — — — 7.0 Severance and related costs, net 0.6 (0.2 ) 0.5 1.8 2.1 4.8 Fixed asset impairment (Net of gains on disposal) (2.1 ) 4.6 — — 2.9 5.4 Accelerated depreciation — — — — 0.5 0.5 Contract/Lease cancellation expenses — — 0.1 — 7.4 7.5 Consulting/Professional fees — — — — 0.3 0.3 Other selling, general and administrative expenses 2.2 1.4 — — 4.8 8.4 Total selling, general and administrative expenses 0.7 5.8 0.6 1.8 18.0 26.9 Consolidated total $ 6.3 $ 7.2 $ 0.6 $ 1.8 $ 18.0 $ 33.9 Included in the above table are $20.9 million of charges that have resulted or will result in cash outflows and $13.0 million in non-cash charges. We recognized the following cumulative (plan inception to November 27, 2016 ) pre-tax expenses related to the SCAE Plan related to our continuing operations in our Condensed Consolidated Statements of Operations: Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Multi-employer pension costs $ 29.8 $ 1.5 $ — $ — $ — $ 31.3 Accelerated depreciation 25.1 18.6 — — 1.2 44.9 Other cost of goods sold 3.8 2.1 — — — 5.9 Total cost of goods sold 58.7 22.2 — — 1.2 82.1 Severance and related costs, net 21.2 10.3 2.7 7.9 98.5 140.6 Fixed asset impairment (Net of gains on disposal) 5.1 8.2 — — 3.7 17.0 Accelerated depreciation — — — — 1.8 1.8 Contract/Lease cancellation expenses 0.8 0.5 0.1 — 69.1 70.5 Consulting/Professional fees 0.6 0.4 0.1 — 51.1 52.2 Other selling, general and administrative expenses 7.6 3.0 — — 17.8 28.4 Total selling, general and administrative expenses 35.3 22.4 2.9 7.9 242.0 310.5 Consolidated total $ 94.0 $ 44.6 $ 2.9 $ 7.9 $ 243.2 $ 392.6 Included in the above table are $267.6 million of charges that have resulted or will result in cash outflows and $125.0 million in non-cash charges. Not included in the above table are $130.2 million of pre-tax expenses ( $84.5 million of cash charges and $45.7 million of non-cash charges) related to the Private Brands operations which we sold in the third quarter of fiscal 2016 and $2.1 million of pre-tax expenses (all resulting in cash charges) related to Lamb Weston. Liabilities recorded for the SCAE Plan related to our continuing operations and changes therein for the first half of fiscal 2017 were as follows: Balance at May 29, Costs Incurred and Charged to Expense Costs Paid or Otherwise Settled Changes in Estimates Balance at November 27, Multi-employer pension costs $ 40.7 $ — $ (10.9 ) $ — $ 29.8 Severance 47.2 6.5 (31.3 ) (1.7 ) 20.7 Consulting 4.7 0.3 (4.6 ) — 0.4 Contract termination 6.3 11.4 (2.2 ) (1.3 ) 14.2 Other costs 0.5 8.5 (7.9 ) — 1.1 Total $ 99.4 $ 26.7 $ (56.9 ) $ (3.0 ) $ 66.2

LONG-TERM DEBT AND REVOLVING CR

LONG-TERM DEBT AND REVOLVING CREDIT FACILITY	6 Months Ended
	Nov. 27, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT AND REVOLVING CREDIT FACILITY	LONG-TERM DEBT AND REVOLVING CREDIT FACILITY As of November 27, 2016 , we were in compliance with all financial covenants with our revolving credit facility. In connection with the Spinoff (see Note 3), Lamb Weston issued to us $1.54 billion aggregate principal amount of senior notes (the “Lamb Weston notes”). On November 9, 2016, we exchanged the Lamb Weston notes for $250.2 million aggregate principal amount of our 5.819% senior notes due 2017, $880.4 million aggregate principal amount of our 1.9% senior notes due 2018, $154.9 million aggregate principal amount of our 2.1% senior notes due 2018, $86.9 million aggregate principal amount of our 7.0% senior notes due 2019, and $71.1 million aggregate principal amount of our 4.95% senior notes due 2020 (the “Conagra notes”), which had been purchased in the open market by certain investment banks prior to the Spinoff. Following the exchange, we cancelled the Conagra notes. These actions resulted in a net loss of $60.6 million as a cost of early retirement of debt. During the first quarter of fiscal 2017, we repaid the entire principal balance of $550.0 million of our floating rate notes on the maturity date of July 21, 2016. During the second quarter of fiscal 2016, we repaid the entire principal balance of $250.0 million of our 1.35% senior notes on the maturity date of September 10, 2015. Net interest expense from continuing operations consists of: Thirteen weeks ended Twenty-six weeks ended November 27, November 29, November 27, November 29, Long-term debt $ 56.6 $ 80.2 $ 117.5 $ 162.2 Short-term debt 0.2 0.6 0.4 0.8 Interest income (0.8 ) — (1.5 ) (0.1 ) Interest capitalized (1.9 ) (1.6 ) (4.1 ) (3.6 ) $ 54.1 $ 79.2 $ 112.3 $ 159.3

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Nov. 27, 2016
Variable Interest Entity, Measure of Activity [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Variable Interest Entities Not Consolidated We have variable interests in certain other entities that we have determined to be variable interest entities, but for which we are not the primary beneficiary. We do not consolidate the financial statements of these entities. We lease certain office buildings from entities that we have determined to be variable interest entities. The lease agreements with these entities include fixed-price purchase options for the assets being leased. The lease agreements also contain contingent put options (the “lease put options”) that allow the lessors to require us to purchase the buildings at the greater of original construction cost, or fair market value, without a lease agreement in place (the “put price”) in certain limited circumstances. As a result of substantial impairment charges related to our divested Private Brands operations, these lease put options are exercisable now and remain exercisable until generally 30 days after the end of the respective lease agreements. We are amortizing the difference between the estimated put price and the estimated fair value (without a lease agreement in place) of each respective property over the remaining respective lease term within selling, general and administrative expenses. As of November 27, 2016 , the estimated amount by which the put prices exceeded the fair values of the related properties was $58.5 million , of which we have accrued $12.9 million . As these buildings are worth considerably more when under lease agreements than when vacant, we may be able to mitigate some, or all, of the financial exposure created by the put options by maintaining active lease agreements and/or by subleasing the buildings to credit worthy tenants. We do not expect to ultimately incur material financial losses as a result of the potential exercise of the lease put options by the lessors. These leases are accounted for as operating leases, and accordingly, there are no material assets or liabilities, other than the accrued portion of the put price, associated with these entities included in our condensed consolidated balance sheets. We have determined that we do not have the power to direct the activities that most significantly impact the economic performance of these entities. In making this determination, we have considered, among other items, the terms of the lease agreements, the expected remaining useful lives of the assets leased, and the capital structure of the lessor entities.

GOODWILL AND OTHER IDENTIFIABLE

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	6 Months Ended
	Nov. 27, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The change in the carrying amount of goodwill for the first half of fiscal 2017 was as follows: Grocery & Snacks Refrigerated & Frozen International Foodservice Total Balance as of May 29, 2016 $ 2,337.4 $ 1,028.9 $ 448.6 $ 581.3 $ 4,396.2 Impairment — — (183.1 ) — (183.1 ) Acquisitions 38.4 — 38.4 Currency translation — (0.6 ) (2.2 ) — (2.8 ) Balance as of November 27, 2016 $ 2,375.8 $ 1,028.3 $ 263.3 $ 581.3 $ 4,248.7 Other identifiable intangible assets were as follows: November 27, 2016 May 29, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Non-amortizing intangible assets $ 861.6 $ — $ 839.2 $ — Amortizing intangible assets 563.1 163.8 543.9 145.9 $ 1,424.7 $ 163.8 $ 1,383.1 $ 145.9 In the second quarter and first half of fiscal 2017, we recognized goodwill impairment charges in the International segment of $43.9 million and $183.1 million , respectively. Also in the first quarter of fiscal 2017, we recognized an impairment of a non-amortizing intangible asset of $24.4 million in the International segment. See further discussion in "Critical Accounting Estimates" in Management's Discussion and Analysis. Non-amortizing intangible assets are comprised of brands and trademarks. Amortizing intangible assets, carrying a remaining weighted average life of approximately 15 years , are principally composed of customer relationships, licensing arrangements, and intellectual property. Based on amortizing assets recognized in our Condensed consolidated balance sheet as of November 27, 2016 , amortization expense is estimated to average $35.0 million for each of the next five years. In the first quarter of fiscal 2016, we recorded an amortizing intangible asset of $92.8 million , of which only $14.9 million and $10.4 million were cash payments made in the first quarter of fiscal 2017 and fiscal 2016, respectively. Remaining payments will be made over a five -year period.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Nov. 27, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	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 27, 2016 , we had economically hedged certain portions of our anticipated consumption of commodity inputs using derivative instruments with expiration dates through May 2017. 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 27, 2016 , we had economically hedged certain portions of our foreign currency risk in anticipated transactions using derivative instruments with expiration dates through May 2017. 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. 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 selling, general and administrative 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 16 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 27, 2016 and May 29, 2016 , amounts representing a right to reclaim cash collateral of $0.5 million and $0.3 million , 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 27, May 29, Prepaid expenses and other current assets $ 26.0 $ 24.1 Other accrued liabilities 0.7 0.6 The following table presents our derivative assets and liabilities, at November 27, 2016 , on a gross basis, prior to the setoff of $1.2 million to total derivative assets and $0.7 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 $ 4.0 Other accrued liabilities $ 0.7 Foreign exchange contracts Prepaid expenses and other current assets 23.2 Other accrued liabilities 0.3 Other Prepaid expenses and other current assets — Other accrued liabilities 0.4 Total derivatives not designated as hedging instruments $ 27.2 $ 1.4 The following table presents our derivative assets and liabilities at May 29, 2016 , on a gross basis, prior to the setoff of $1.7 million to total derivative assets and $2.0 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 $ 5.0 Other accrued liabilities $ 2.1 Foreign exchange contracts Prepaid expenses and other current assets 20.8 Other accrued liabilities 0.2 Other Prepaid expenses and other current assets — Other accrued liabilities 0.3 Total derivatives not designated as hedging instruments $ 25.8 $ 2.6 The location and amount of gain (loss) from derivatives not designated as hedging instruments in our Condensed Consolidated Statements of Operations were as follows: Derivatives Not Designated as Hedging Instruments Location in Condensed Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Operations for the Thirteen Weeks Ended November 27, 2016 November 29, 2015 Commodity contracts Cost of goods sold $ 1.6 $ (3.8 ) Foreign exchange contracts Cost of goods sold 1.4 — Foreign exchange contracts Selling, general and administrative expense 2.5 0.3 Total gain (loss) from derivative instruments not designated as hedging instruments $ 5.5 $ (3.5 ) Derivatives Not Designated as Hedging Instruments Location in Condensed Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Operations for the Twenty-six Weeks Ended November 27, 2016 November 29, 2015 Commodity contracts Cost of goods sold $ 1.2 $ (9.7 ) Foreign exchange contracts Cost of goods sold 1.5 — Foreign exchange contracts Selling, general and administrative expense 1.3 4.7 Total gain (loss) from derivative instruments not designated as hedging instruments $ 4.0 $ (5.0 ) As of November 27, 2016 , our open commodity contracts had a notional value (defined as notional quantity times market value per notional quantity unit) of $62.0 million and $19.0 million for purchase and sales contracts, respectively. As of May 29, 2016 , our open commodity contracts had a notional value of $74.7 million and $41.5 million for purchase and sales contracts, respectively. The notional amount of our foreign currency forward and cross currency swap contracts as of November 27, 2016 and May 29, 2016 was $112.4 million and $112.9 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 27, 2016 , 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 contracts, was $23.4 million .

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	6 Months Ended
	Nov. 27, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED PAYMENTS	SHARE-BASED PAYMENTS For the second quarter and first half of fiscal 2017 , we recognized total stock-based compensation expense (including stock options, restricted stock units, cash-settled restricted stock units, and performance shares) of $17.9 million and $32.7 million , respectively. For the second quarter and first half of fiscal 2016 , we recognized total stock-based compensation expense of $15.0 million and $37.4 million , respectively. These amounts are inclusive of discontinued operations. Included in the total stock-based compensation expense for the second quarter and first half of fiscal 2017 was $0.3 million and $0.2 million , respectively, related to stock options granted by a subsidiary in the subsidiary's shares to the subsidiary's employees. The expense for these stock options was $0.2 million for the first half of fiscal 2016 . For the first half of fiscal 2017 , we granted 0.5 million restricted stock units at a weighted average grant date price of $47.56 , 0.4 million cash-settled restricted stock units at a weighted average grant date price of $48.07 , 1.1 million stock options at a weighted average exercise price of $48.01 , and 0.2 million performance shares at a weighted average grant date price of $46.94 . 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 performance period that began in fiscal 2015 and ends in fiscal 2017 were originally based upon an overarching earnings per share goal (for certain participants) and, for all participants, (a) our earnings before interest, taxes, depreciation, and amortization ("EBITDA") return on capital, and (b) revenue growth, each measured over the defined performance period, and including the expected results of Lamb Weston. In connection with the Spinoff, the Human Resources Committee of the Board of Directors certified the EBITDA return on capital performance of the Company through the fiscal period that ended immediately prior to the Spinoff. Awards to participants originally subject to the overarching earnings per share goal remain subject to achievement of such goal. All other performance shares granted for the fiscal 2015 through 2017 performance period are subject only to continuing employment of the participant through the date of payout. The performance goal for one-third of the target number of performance shares for the performance period ending in fiscal 2018 (the "2018 performance period") is based upon an overarching earnings per share goal (for certain participants) and, for all participants, our fiscal 2016 EBITDA return on capital. Another one-third of the target number of performance shares granted for the 2018 performance period is based on an overarching earnings per share goal (for certain participants) and our fiscal 2017 EBITDA return on capital. The fiscal 2017 EBITDA return on capital target, when set, excluded the results of Lamb Weston. The performance goal for the last one-third of the target number of performance shares granted for the 2018 performance period is expected to be set at the start of fiscal 2018. The performance goal for one-third of the target number of performance shares for the performance period ending in fiscal 2019 (the "2019 performance period") is based upon an overarching earnings per share goal (for certain participants) and our fiscal 2017 EBITDA return on capital. The fiscal 2017 EBITDA return on capital target, when set, excluded the results of Lamb Weston. The performance goal for the final two-thirds of the target number of performance shares granted for the 2019 performance period is expected to be set at the start of fiscal 2018. Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in the 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. The value of the performance shares is adjusted based upon the market price of our common stock and current forecasted targets at the end of each reporting period and amortized as compensation expense over the vesting period. In connection with the completion of the Spinoff, the provisions of our existing stock-based compensation arrangements required adjustments to the number and terms of outstanding stock options, restricted stock units, cash-settled restricted stock units, performance shares, and other share-based awards to preserve the intrinsic value of the awards immediately before and after the separation. The outstanding awards continue to vest over the original vesting periods (typically three years). Outstanding awards at the time of the Spinoff were converted into awards of the holder’s employer following separation. The stock awards held as of November 9, 2016 were adjusted as follows: • The number of shares of common stock subject to each outstanding stock option was increased and the corresponding exercise price was decreased to maintain the intrinsic value of each outstanding stock option immediately before and after the Spinoff. A comparison of the fair value of the outstanding stock option awards immediately before and after the Spinoff resulted in no incremental expense. • The number of shares of common stock underlying each outstanding restricted stock unit and performance share, and the value of each outstanding cash-settled restricted stock was increased to preserve the intrinsic value of such award immediately prior to the Spinoff. The Company did not record any incremental compensation expense related to the adjustment of these awards. As of November 27, 2016, after adjustments related to the Spinoff, the Company had total outstanding stock options of 7.6 million with a weighted average exercise price of $26.89 per share, nonvested restricted stock units of 1.7 million , and nonvested performance shares of 0.9 million at target. The weighted average Black-Scholes assumptions for stock options granted during the first half of fiscal 2017 were as follows: Expected volatility (%) 19.15 Dividend yield (%) 2.33 Risk-free interest rate (%) 1.03 Expected life of stock option (years) 4.94 The weighted average value of stock options granted during the first half of fiscal 2017 was $6.12 per option based upon a Black-Scholes methodology.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	6 Months Ended
	Nov. 27, 2016
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings (loss) per share is computed on the basis of basic weighted average outstanding common shares 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 (loss) per share: Thirteen weeks ended Twenty-six weeks ended November 27, November 29, November 27, November 29, Net income (loss) available to Conagra Brands, Inc. common stockholders: Income from continuing operations attributable to Conagra Brands, Inc. common stockholders $ 113.7 $ 79.4 $ 212.1 $ 172.8 Income (loss) from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders 8.4 75.5 96.2 (1,172.0 ) Net income (loss) attributable to Conagra Brands, Inc. common stockholders $ 122.1 $ 154.9 $ 308.3 $ (999.2 ) Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated 0.3 0.5 0.8 0.9 Net income (loss) available to Conagra Brands, Inc. common stockholders $ 121.8 $ 154.4 $ 307.5 $ (1,000.1 ) Weighted average shares outstanding: Basic weighted average shares outstanding 437.7 433.8 438.4 432.1 Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities 3.6 4.1 3.7 4.6 Diluted weighted average shares outstanding 441.3 437.9 442.1 436.7 For the second quarter and first half of fiscal 2017 , there were 1.5 million and 1.1 million stock options outstanding, respectively, that were excluded from the computation of shares contingently issuable upon exercise primarily because exercise prices exceeded the average market value of our common stock during the period. For the second quarter and first half of fiscal 2016 , there were 1.5 million and 0.9 million stock options outstanding, respectively, that were excluded from the calculation.

INVENTORIES

INVENTORIES	6 Months Ended
	Nov. 27, 2016
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The major classes of inventories were as follows: November 27, May 29, Raw materials and packaging $ 187.2 $ 214.3 Work in process 140.0 119.4 Finished goods 736.8 698.6 Supplies and other 49.7 50.9 Total $ 1,113.7 $ 1,083.2

INCOME TAXES

INCOME TAXES	6 Months Ended
	Nov. 27, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense from continuing operations for the second quarter of fiscal 2017 and 2016 was $ 78.4 million and $ 43.1 million , respectively. Income tax expense from continuing operations for the first half of fiscal 2017 and 2016 was $247.6 million and $92.4 million , respectively. The effective tax rate (calculated as the ratio of income tax expense to pre-tax income from continuing operations, inclusive of equity method investment earnings) from continuing operations was 40.7% and 35.0% for the second quarter of fiscal 2017 and 2016, respectively. The effective tax rate from continuing operations was 53.8% and 34.7% for the first half of fiscal 2017 and 2016, respectively. The higher effective tax rate in the second quarter of fiscal 2017 reflects the following: • additional tax expense associated with non-deductible goodwill in our Mexican business, for which an impairment charge was recognized and • additional tax expense associated with a change in estimate regarding the tax basis of the Spicetec business that was sold in the first quarter of fiscal 2017. The effective tax rate for the first half of fiscal 2017 reflects the above-cited items, as well as the following: • additional tax expense associated with non-deductible goodwill sold in connection with the dispositions of the Spicetec and JM Swank businesses, • additional tax expense associated with non-deductible goodwill in our Canadian business, for which an impairment charge was recognized, • an income tax benefit for excess tax benefits allowed upon the vesting/exercise of employee stock compensation awards by our employees, beyond that which is attributable to the original fair value of the awards upon the date of grant, and • an income tax benefit associated with a tax planning strategy that allowed us to utilize certain state tax attributes. The amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, was $31.7 million as of November 27, 2016 and $33.0 million as of May 29, 2016 . There were no balances included as of both November 27, 2016 and May 29, 2016 , 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 $6.8 million and $6.6 million as of November 27, 2016 and May 29, 2016 , respectively. The net amount of unrecognized tax benefits at November 27, 2016 and May 29, 2016 that, if recognized, would impact the Company's effective tax rate was $23.5 million and $24.5 million , respectively. 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 $8.7 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 27, 2016 and May 29, 2016 , we had a deferred tax asset of $1.19 billion and $1.54 billion , respectively, that was generated from the capital loss realized on the sale of the Private Brands operations with corresponding valuation allowances of $1.19 billion and $1.40 billion , respectively, to reflect the uncertainty regarding the ultimate realization of the tax asset. During the first half of fiscal 2017, the balance of the deferred tax asset was adjusted for the revised estimates of the capital gains realized on the sales of the Spicetec and JM Swank businesses, the realization of certain tax attributes based upon the contract terms of the Private Brands sale, and utilization of the estimated tax asset to offset capital gains on previously deferred intercompany transactions that were triggered by the Spinoff. During the second quarter of fiscal 2017, $150.4 million of the reduction in the valuation allowance was recorded in stockholders' equity as part of the Spinoff.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Nov. 27, 2016
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES In fiscal 1991, we acquired Beatrice Company (“Beatrice”). As a result of the acquisition of Beatrice and the significant pre-acquisition contingencies of the Beatrice businesses and its former subsidiaries, our condensed consolidated post-acquisition financial statements reflect liabilities associated with the estimated resolution of these contingencies. Such liabilities include various litigation and environmental proceedings related to businesses divested by Beatrice prior to our acquisition of Beatrice. The litigation proceedings include 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”), and the Company as alleged successors to W. P. Fuller Co., a lead paint and pigment manufacturer owned and operated by Beatrice until 1967. Although decisions favorable to us have been rendered in Rhode Island, New Jersey, Wisconsin, and Ohio, we remain a defendant in active suits in Illinois and California. The Illinois suit seeks class-wide relief for reimbursement of costs associated with the testing of lead levels in blood. In California, a number of cities and counties joined in a consolidated action seeking abatement of the alleged public nuisance. 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 is joint and several. The Company believes ConAgra Grocery Products did not inherit any liabilities of W. P. Fuller Co. The Company will continue to vigorously defend itself in this case and has appealed the Judgment to the Court of Appeal of the State of California Sixth Appellate District. The Company expects the appeal process to last several years. The absence of any linkage between ConAgra Grocery Products and W. P. Fuller Co. is a critical issue (among others) that the Company will continue to advance throughout the appeals process. It is not possible to estimate exposure in this case or the remaining case in Illinois, which is based on different legal theories. If ultimately necessary, the Company will look to its insurance policies for coverage; its carriers are on notice. However, the extent of insurance coverage is uncertain, and the Company cannot absolutely assure that the final resolution of these matters will not have a material adverse effect on its financial condition, results of operations, or liquidity. The environmental proceedings associated with Beatrice include litigation and administrative proceedings involving Beatrice's status as a potentially responsible party at 37 Superfund, proposed Superfund, or state-equivalent sites. These sites involve locations previously owned or operated by predecessors of Beatrice that used or produced petroleum, pesticides, fertilizers, dyes, inks, solvents, PCBs, acids, lead, sulfur, tannery wastes, and/or other contaminants. Beatrice has paid or is in the process of paying its liability share at 33 of these sites. Reserves for these matters 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 $53.2 million as of November 27, 2016 , a majority of which relates to the Superfund and state-equivalent sites referenced above. We are a party to a number of lawsuits and claims arising out of our ongoing business operations. These previously included lawsuits, claims, and other proceedings related to the February 2007 recall of our peanut butter products, including an investigation by the U.S. Attorney's office in Georgia and the Consumer Protection Branch of the Department of Justice. In May 2015, we negotiated a resolution of this matter, which resulted in an executed plea agreement. On December 13, 2016, ConAgra Grocery Products pleaded guilty to a single misdemeanor violation of the Food, Drug & Cosmetics Act. The U.S. District Court for the Middle District of Georgia accepted the plea and imposed the agreed sentence pursuant to the terms of the plea agreement. ConAgra Grocery Products has now made payments totaling $11.2 million to the federal government, and the matter has been concluded. Expenses related to this payment were accrued in previous periods. In June 2009, an accidental explosion occurred at our manufacturing facility in Garner, North Carolina. This facility was the primary production facility for our Slim Jim ® branded meat snacks. In June 2009, the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives announced its determination that the explosion was the result of an accidental natural gas release, and not a deliberate act. During the fourth quarter of fiscal 2011, we settled our property and business interruption claims related to the Garner accident with our insurance providers. During the fourth quarter of fiscal 2011, Jacobs Engineering Group Inc. (“Jacobs”), our engineer and project manager at the site, filed a declaratory judgment action against us seeking indemnity for personal injury claims brought against it as a result of the accident. During the first quarter of fiscal 2012, our motion for summary judgment was granted and the suit was dismissed without prejudice on the basis that the suit was filed prematurely. In the third quarter of fiscal 2014, Jacobs refiled its action seeking indemnity. On March 25, 2016, a Douglas County jury in Nebraska rendered a verdict in favor of Jacobs and against us in the amount of $108.9 million plus post-judgment interest. We filed our Notice of Appeal in September 2016. Although our insurance carriers have provided customary notices of reservation of their rights under the policies of insurance, we expect any ultimate exposure in this case to be limited to the applicable insurance deductible. In certain limited situations, we guarantee obligations of the Lamb Weston business pursuant to guarantee arrangements that existed prior to the Spinoff and remained in place following completion of the Spinoff until such guarantee obligations are substituted for guarantees issued by Lamb Weston. Such guarantee arrangements are described below. Pursuant to the Separation and Distribution Agreement, dated as of November 8, 2016 (the "Separation Agreement"), between us and Lamb Weston, these guarantee arrangements are deemed liabilities of Lamb Weston that were 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 these guarantee arrangements, 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 a warehouse services agreement with a third party warehouse provider through July 2035. Under this agreement, Lamb Weston is required to make payments for warehouse services based on the quantity of goods stored and other service factors. We have guaranteed the warehouse provider that we will make the payments required under the agreement in the event that Lamb Weston fails to perform. Minimum payments of $1.5 million per month are required under this agreement. It is not possible to determine the maximum amount of the payment obligations under this agreement. Upon completion of the Spinoff, we recognized a liability for the estimated fair value of this guarantee in the amount of $30.5 million in other noncurrent liabilities. From time to time, Lamb Weston engages in foreign currency swap contracts. We have an agreement in place with a certain bank counterparty to such derivative transactions to guarantee Lamb Weston’s obligations arising from any such derivative transactions. The maximum amount guaranteed under this agreement is $25 million . This agreement will expire in accordance with its terms in the first quarter of calendar 2017. As of November 27, 2016, Lamb Weston had no outstanding transactions under this agreement. Federal income tax credits were generated in connection with Lamb Weston’s sweet potato production facility in Delhi, Louisiana. Third parties invested in these income tax credits. We have guaranteed these third parties the face value of the income tax credits over their statutory lives, through fiscal 2017, in the event that the income tax credits are recaptured or reduced. The face value of the income tax credits was $26.7 million as of November 27, 2016. We believe the likelihood of recapture or reduction of the income tax credits is remote. We lease certain office buildings from entities that we have determined to be variable interest entities. The lease agreements contain put options, which are exercisable now and remain exercisable until generally 30 days after the end of the respective lease agreements, that allow the lessors to require us to purchase the buildings at the greater of original construction cost, or fair market value, without a lease in place. We have financial exposure with respect to these entities in the event that we are required to purchase the leased buildings for a price in excess of the then current fair value under the applicable lease purchase options. We are amortizing the difference between the estimated put price and the estimated fair value (without a lease agreement in place) of each respective property over the remaining respective lease term within selling, general, and administrative expenses. As of November 27, 2016 , the estimated amount by which the put prices exceeded the fair values of the related properties was $58.5 million , of which we have accrued $12.9 million . As these buildings are worth considerably more when under lease agreements than when vacant, we may be able to mitigate some, or all, of the related financial exposure created by the put options by maintaining active lease agreements and/or by subleasing the buildings to creditworthy tenants. We do not expect to ultimately incur material financial losses as a result of the potential exercise of the lease put options by the lessors. 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. It is reasonably possible that a change in one of the estimates of the foregoing matters may occur in the future and, as noted, while unlikely, the lead paint matter could result in a material final judgment. 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. 27, 2016
Compensation and Retirement Disclosure [Abstract]
PENSION AND POSTRETIREMENT BENEFITS	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 Spinoff, we recorded a pension curtailment gain of $19.5 million within other comprehensive income (loss) and re-measured a significant qualified pension plan as of November 9, 2016. In connection with the re-measurement, we updated the effective discount rate assumed at May 29, 2016 from 3.86% to 4.04% . The re-measurement and the curtailment gain decreased the underfunded status of the pension plans by $66.0 million with a corresponding reduction to net loss within other comprehensive income (loss) for the second quarter and first half of fiscal 2017 . Components of pension benefit and other postretirement benefit costs are (includes amounts related to discontinued operations): Pension Benefits Thirteen weeks ended Twenty-six weeks ended November 27, November 29, November 27, November 29, Service cost $ 15.9 $ 23.8 $ 32.6 $ 47.6 Interest cost 29.9 41.0 59.9 82.0 Expected return on plan assets (53.9 ) (66.8 ) (107.7 ) (133.7 ) Amortization of prior service cost 0.7 0.7 1.3 1.4 Special termination benefits 1.5 — 1.5 — Benefit cost — Company plans (5.9 ) (1.3 ) (12.4 ) (2.7 ) Pension benefit cost — multi-employer plans 2.8 4.1 5.1 6.4 Total benefit cost (benefit) $ (3.1 ) $ 2.8 $ (7.3 ) $ 3.7 Postretirement Benefits Thirteen weeks ended Twenty-six weeks ended November 27, November 29, November 27, November 29, Service cost $ 0.1 $ 0.1 $ 0.1 $ 0.2 Interest cost 1.0 1.9 2.1 3.9 Amortization of prior service benefit (1.6 ) (2.0 ) (3.3 ) (4.0 ) Recognized net actuarial loss 0.1 — 0.2 — Total cost (benefit) $ (0.4 ) $ — $ (0.9 ) $ 0.1 Beginning in fiscal 2017, the Company has elected to use a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans. Historically, a single weighted-average discount rate was used in the calculation of service and interest costs, both of which are components of pension benefit costs. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation of pension service and interest cost. This change is considered a change in accounting estimate and has been applied prospectively. The pre-tax reduction in total pension benefit cost associated with this change in the second quarter and first half of fiscal 2017 was approximately $7.4 million and $14.8 million , respectively. The weighted-average discount rates for service and interest costs under the spot-rate approach used for pension benefit cost in fiscal 2017 were 4.14% and 3.15% , respectively. The weighted-average discount rates for service and interest costs subsequent to November 9, 2016 are 3.67% and 4.01% , respectively. During the second quarter and first half of fiscal 2017 , we contributed $2.9 million and $5.9 million respectively, to our pension plans and contributed $4.3 million and $8.8 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 $6.6 million to our pension plans for the remainder of fiscal 2017 . We anticipate making further contributions of $13.3 million to our other postretirement plans during the remainder of fiscal 2017 . These estimates are based on ERISA guidelines, current tax laws, plan asset performance, and liability assumptions, which are subject to change. During the second quarter of fiscal 2017 , the Company provided a voluntary lump-sum settlement offer to terminated vested participants in the pension plan expiring in December 2016 in order to reduce a portion of the pension obligation. Subsequent to the end of the second quarter of fiscal 2017 , $287.5 million was distributed from pension plan assets in connection with this offer.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Nov. 27, 2016
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 27, 2016 : 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 29, 2016 567.9 $ 2,839.7 $ 1,136.3 $ 3,218.3 $ (344.5 ) $ (3,136.2 ) $ 81.2 $ 3,794.8 Stock option and incentive plans 22.5 (0.4 ) 49.2 71.3 Adoption of ASU 2016-09 (3.9 ) (3.9 ) Spin-off of Lamb Weston 774.3 13.6 787.9 Currency translation adjustment, net (37.2 ) (1.8 ) (39.0 ) Repurchase of common shares (207.6 ) (207.6 ) Unrealized gain on securities 0.3 0.3 Derivative adjustment, net (3.6 ) (3.6 ) Activities of noncontrolling interests (0.8 ) 0.7 (0.1 ) Pension and postretirement healthcare benefits 37.7 37.7 Dividends declared on common stock; $0.50 per share (219.3 ) (219.3 ) Net income attributable to Conagra Brands, Inc. 308.3 308.3 Balance at November 27, 2016 567.9 $ 2,839.7 $ 1,158.0 $ 4,077.3 $ (333.7 ) $ (3,294.6 ) $ 80.1 $ 4,526.8

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Nov. 27, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	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 contacts, 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 27, 2016 : Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 2.6 $ 23.4 $ — $ 26.0 Available-for-sale securities 3.4 — — 3.4 Total assets $ 6.0 $ 23.4 $ — $ 29.4 Liabilities: Derivative liabilities $ — $ 0.7 $ — $ 0.7 Deferred compensation liabilities 48.9 — — 48.9 Total liabilities $ 48.9 $ 0.7 $ — $ 49.6 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 29, 2016 : Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 3.3 $ 20.8 $ — $ 24.1 Available-for-sale securities 3.0 — — 3.0 Total assets $ 6.3 $ 20.8 $ — $ 27.1 Liabilities: Derivative liabilities $ — $ 0.6 $ — $ 0.6 Deferred compensation liabilities 40.0 — — 40.0 Total liabilities $ 40.0 $ 0.6 $ — $ 40.6 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. In the second quarter and first half of fiscal 2017, we recognized goodwill impairment charges in the International segment of $43.9 million and $183.1 million , respectively. Also in the first quarter of fiscal 2017, we recognized an impairment of a non-amortizing intangible asset of $24.4 million in the International segment. The fair value of the non-amortizing intangible asset, a brand, was estimated using the "Relief From Royalty" method. The carrying amount of long-term debt (including current installments) was $3.4 billion as of November 27, 2016 and $5.4 billion as of May 29, 2016 . Based on current market rates, the fair value of this debt (level 2 liabilities) at November 27, 2016 and May 29, 2016 , was estimated at $3.8 billion and $5.9 billion , respectively.

BUSINESS SEGMENTS AND RELATED I

BUSINESS SEGMENTS AND RELATED INFORMATION	6 Months Ended
	Nov. 27, 2016
Segment Reporting [Abstract]
BUSINESS SEGMENTS AND RELATED INFORMATION	BUSINESS SEGMENTS AND RELATED INFORMATION In the first quarter of fiscal 2017, we reorganized our reporting segments. We now reflect our results of operations in five reporting segments: Grocery & Snacks, Refrigerated & Frozen, Foodservice, International, and Commercial. Prior periods have been reclassified to conform to the revised segment presentation. In the second quarter of fiscal 2017, we completed the Spinoff of Lamb Weston. The Lamb Weston business had previously been included in the Commercial Foods segment. In the third quarter of fiscal 2016, we completed the divestiture of substantially all of the operations that were previously reported within the Private Brands segment. The results of operations of the Lamb Weston business and the Private Brands business have been classified as discontinued operations for all periods presented. 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 in the United States. The Commercial reporting segment included commercially branded and private label food and ingredients, which were sold primarily to commercial, restaurant, foodservice, food manufacturing, and industrial customers. The segment's primary food items included a variety of vegetable, spice, and frozen bakery goods, which were sold under brands such as Spicetec Flavors & Seasonings ® . The Spicetec and JM Swank businesses were sold in the first quarter of fiscal 2017. We do not aggregate operating segments when determining our reporting segments. Intersegment sales have been recorded at amounts approximating market. 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 27, November 29, November 27, November 29, Net sales Grocery & Snacks $ 853.9 $ 906.1 $ 1,611.1 $ 1,706.6 Refrigerated & Frozen 740.0 826.8 1,344.6 1,484.4 International 211.4 221.3 406.1 427.7 Foodservice 283.1 285.0 551.1 555.6 Commercial — 119.6 71.1 237.5 Total net sales $ 2,088.4 $ 2,358.8 $ 3,984.0 $ 4,411.8 Operating profit Grocery & Snacks $ 220.3 $ 185.7 $ 400.8 $ 325.2 Refrigerated & Frozen 117.9 123.8 210.1 204.9 International (26.7 ) 20.1 (175.9 ) 36.6 Foodservice 31.9 20.4 53.6 46.6 Commercial (0.5 ) 13.0 202.8 25.1 Total operating profit $ 342.9 $ 363.0 $ 691.4 $ 638.4 Equity method investment earnings 17.2 17.6 30.3 42.1 General corporate expense 113.3 178.2 148.9 255.1 Interest expense, net 54.1 79.2 112.3 159.3 Income tax expense 78.4 43.1 247.6 92.4 Income from continuing operations $ 114.3 $ 80.1 $ 212.9 $ 173.7 Less: Net income attributable to noncontrolling interests of continuing operations 0.6 0.7 0.8 0.9 Income from continuing operations attributable to Conagra Brands, Inc. $ 113.7 $ 79.4 $ 212.1 $ 172.8 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 27, November 29, November 27, November 29, Net derivative gains (losses) incurred $ 3.0 $ (3.8 ) $ 2.7 $ (9.7 ) Less: Net derivative gains (losses) allocated to reporting segments 3.8 (3.2 ) 2.8 (9.9 ) Net derivative gains (losses) recognized in general corporate expenses $ (0.8 ) $ (0.6 ) $ (0.1 ) $ 0.2 Net derivative gains (losses) allocated to Grocery & Snacks $ 2.4 $ (1.3 ) $ 2.0 $ (5.4 ) Net derivative gains (losses) allocated to Refrigerated & Frozen 0.7 (0.8 ) 0.5 (2.5 ) Net derivative gains allocated to International Foods 0.2 — 0.2 — Net derivative gains (losses) allocated to Foodservice 0.5 (0.5 ) 0.2 (1.0 ) Net derivative losses allocated to Commercial — (0.6 ) (0.1 ) (1.0 ) Net derivative gains (losses) included in segment operating profit $ 3.8 $ (3.2 ) $ 2.8 $ (9.9 ) As of November 27, 2016 , the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $2.0 million . This amount reflected net gains of $1.9 million incurred during the twenty-six weeks ended November 27, 2016 , as well as net gains of $0.1 million incurred prior to fiscal 2017 . Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $1.6 million in fiscal 2017 and $0.4 million in fiscal 2018 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 from fiscal year to fiscal year. 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. Other Information Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for 24% and 23% of consolidated net sales in the second quarter of fiscal 2017 and 2016 , respectively, and 23% of consolidated net sales in the first half of both fiscal 2017 and 2016 , primarily in the Grocery & Snacks and Refrigerated & Frozen segments. Wal-Mart Stores, Inc. and its affiliates accounted for approximately 24% of consolidated net receivables as of both November 27, 2016 and May 29, 2016 , primarily in the Grocery & Snacks and Refrigerated & Frozen segments.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Nov. 27, 2016
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation — The condensed consolidated financial statements include the accounts of Conagra Brands, Inc. and all majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we have been determined to be the primary beneficiary are included in our condensed consolidated financial statements from the date such determination is made. All significant intercompany investments, accounts, and transactions have been eliminated.
Comprehensive Income	Comprehensive Income — Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments, and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% corridor) and post-retirement health care plans. We generally deem our foreign investments to be essentially permanent in nature and we do not provide for taxes on currency translation adjustments arising from converting the 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.
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. GAAP requires management to make 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 and Recently Issued Accounting Standards	Accounting Changes — In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. We elected to early adopt this ASU as of the beginning of fiscal 2017. Starting in the first quarter of fiscal 2017, we recognized all excess tax benefits and tax deficiencies as income tax expense or benefit as a discrete event. An income tax benefit of approximately $2.4 million and $14.0 million was recognized in the second quarter and first half of fiscal 2017 , respectively, as a result of the adoption of ASU 2016-09. The treatment of forfeitures has changed as we have elected to discontinue our past process of estimating the number of forfeitures and now account for forfeitures as they occur. As such, this had a cumulative effect on retained earnings of $3.9 million , net of tax. We have elected to present the cash flow statement on a retrospective transition method and prior periods have been adjusted to present the excess tax benefits as part of cash flows from operating activities. This resulted in an increase in cash flows from operating activities and a decrease in cash flows from financing activities of $34.1 million in the first half of fiscal 2016. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP. On July 9, 2015, the FASB deferred the effective date of the new revenue recognition standard by one year. Based on the FASB’s ASU, we will apply the new revenue standard in our fiscal year 2019. Early adoption in our fiscal year 2018 is permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB issued ASU 2015-11, Inventory , which requires an entity to measure inventory within the scope at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15, 2016. Early adoption is permitted. The standard is to be applied prospectively. We do not expect ASU 2015-11 to have a material impact to our consolidated financial statements. In January 2016, the FASB issued 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The effective date for this standard is for fiscal years beginning after December 31, 2017. Early adoption is not permitted except for certain provisions. We do not expect ASU 2016-01 to have a material impact to our consolidated financial statements. In February 2016, the FASB issued its final lease accounting standard, FASB Accounting Standard Codification ("ASC") Topic 842, Leases , which requires lessees to reflect most leases on their balance sheet as assets and obligations. The effective date for the standard is for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are evaluating the effect that ASC 842 will have on our consolidated financial statements and related disclosures. The standard is to be applied under the modified retrospective method, with elective reliefs, which requires application of the new guidance for all periods presented. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The effective date for the standard is for fiscal years beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash , which provides amendments to current guidance to address the classifications and presentation of changes in restricted cash in the statement of cash flows. The effective date for the standard is for fiscal years beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Nov. 27, 2016
Accounting Policies [Abstract]
Summary of Reclassifications From Accumulated Other Comprehensive Income (Loss)	The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into operations: Thirteen weeks ended Affected Line Item in the Condensed Consolidated Statement of Operations November 27, 2016 November 29, 2015 Amortization of pension and postretirement liabilities: Net prior service benefit $ (0.9 ) $ (1.3 ) Selling, general and administrative expenses (0.9 ) (1.3 ) Total before tax 0.4 0.5 Income tax expense $ (0.5 ) $ (0.8 ) Net of tax Twenty-six weeks ended Affected Line Item in the Condensed Consolidated Statement of Operations November 27, 2016 November 29, 2015 Amortization of pension and postretirement liabilities: Net prior service benefit $ (1.8 ) $ (2.6 ) Selling, general and administrative expenses (1.8 ) (2.6 ) Total before tax 0.7 1.0 Income tax expense $ (1.1 ) $ (1.6 ) Net of tax

DISCONTINUED OPERATIONS AND O26

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)	6 Months Ended
	Nov. 27, 2016
Discontinued Operations and Disposal Groups [Abstract]
Financial Data Included Within Discontinued Operations	The summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows: Thirteen weeks ended Twenty-six weeks ended November 27, 2016 November 29, 2015 November 27, 2016 November 29, 2015 Net sales $ (0.9 ) $ 958.9 $ (0.9 ) $ 1,850.7 Gain (loss) on sale of businesses $ (0.5 ) $ — $ 1.0 $ — Goodwill and long-lived asset impairment charges — (86.3 ) — (1,898.6 ) Income (loss) from operations of discontinued operations before income taxes and equity method investment earnings (0.6 ) 85.3 (1.3 ) 105.7 Loss before income taxes (1.1 ) (1.0 ) (0.3 ) (1,792.9 ) Income tax expense (benefit) (0.2 ) 5.7 (0.9 ) (466.4 ) Income (loss) from discontinued operations, net of tax $ (0.9 ) $ (6.7 ) $ 0.6 $ (1,326.5 ) The assets and liabilities classified as assets and liabilities of discontinued operations reflected in our Condensed Consolidated Balance Sheets related to the Lamb Weston business were as follows: May 29, 2016 Cash and cash equivalents $ 36.4 Receivables, less allowance for doubtful accounts of $0.5 186.5 Inventories 498.9 Prepaid expenses and other current assets 57.9 Total current assets of discontinued operations $ 779.7 Property, plant and equipment, net $ 1,004.1 Goodwill 133.9 Brands, trademarks and other intangibles, net 39.6 Other assets 161.7 Total noncurrent assets of discontinued operations $ 1,339.3 Notes payable $ 24.9 Current installments of long-term debt 12.0 Accounts payable 238.7 Accrued payroll 50.3 Other accrued liabilities 83.3 Total current liabilities of discontinued operations $ 409.2 Senior long-term debt, excluding current installments $ 36.4 Other noncurrent liabilities 268.4 Total noncurrent liabilities of discontinued operations $ 304.8 The assets and liabilities classified as held for sale reflected in our Condensed Consolidated Balance Sheets related to the Spicetec and JM Swank businesses were as follows: May 29, 2016 Spicetec: Current assets $ 43.3 Noncurrent assets (including goodwill of $104.7 million) 148.3 Current liabilities 10.3 Noncurrent liabilities 1.2 JM Swank: Current assets $ 73.7 Noncurrent assets (including goodwill of $53.8 million) 74.3 Current liabilities 44.3 Noncurrent liabilities 0.4 The summary comparative financial results of the Lamb Weston business through the date of the Spinoff, included within discontinued operations, were as follows: Thirteen weeks ended Twenty-six weeks ended November 27, 2016 November 29, 2015 November 27, 2016 November 29, 2015 Net sales $ 636.0 $ 735.2 $ 1,407.9 $ 1,477.1 Income from discontinued operations before income taxes and equity method investment earnings $ 46.3 $ 118.4 $ 175.1 $ 215.5 Income before income taxes and equity method investment earnings 46.3 118.4 175.1 215.5 Income tax expense 39.1 40.3 88.6 76.0 Equity method investment earnings 5.3 7.8 15.9 20.2 Income from discontinued operations, net of tax 12.5 85.9 102.4 159.7 Less: Net income attributable to noncontrolling interests 3.2 3.7 6.8 5.2 Net income from discontinued operations attributable to CAG $ 9.3 $ 82.2 $ 95.6 $ 154.5

RESTRUCTURING ACTIVITIES (Table

RESTRUCTURING ACTIVITIES (Tables)	6 Months Ended
	Nov. 27, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	We recognized the following cumulative (plan inception to November 27, 2016 ) pre-tax expenses related to the SCAE Plan related to our continuing operations in our Condensed Consolidated Statements of Operations: Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Multi-employer pension costs $ 29.8 $ 1.5 $ — $ — $ — $ 31.3 Accelerated depreciation 25.1 18.6 — — 1.2 44.9 Other cost of goods sold 3.8 2.1 — — — 5.9 Total cost of goods sold 58.7 22.2 — — 1.2 82.1 Severance and related costs, net 21.2 10.3 2.7 7.9 98.5 140.6 Fixed asset impairment (Net of gains on disposal) 5.1 8.2 — — 3.7 17.0 Accelerated depreciation — — — — 1.8 1.8 Contract/Lease cancellation expenses 0.8 0.5 0.1 — 69.1 70.5 Consulting/Professional fees 0.6 0.4 0.1 — 51.1 52.2 Other selling, general and administrative expenses 7.6 3.0 — — 17.8 28.4 Total selling, general and administrative expenses 35.3 22.4 2.9 7.9 242.0 310.5 Consolidated total $ 94.0 $ 44.6 $ 2.9 $ 7.9 $ 243.2 $ 392.6 During the first half of fiscal 2017 , we recognized the following pre-tax expenses for the SCAE Plan related to our continuing operations: Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Accelerated depreciation $ 3.7 $ 1.2 $ — $ — $ — $ 4.9 Other cost of goods sold 1.9 0.2 — — — 2.1 Total cost of goods sold 5.6 1.4 — — — 7.0 Severance and related costs, net 0.6 (0.2 ) 0.5 1.8 2.1 4.8 Fixed asset impairment (Net of gains on disposal) (2.1 ) 4.6 — — 2.9 5.4 Accelerated depreciation — — — — 0.5 0.5 Contract/Lease cancellation expenses — — 0.1 — 7.4 7.5 Consulting/Professional fees — — — — 0.3 0.3 Other selling, general and administrative expenses 2.2 1.4 — — 4.8 8.4 Total selling, general and administrative expenses 0.7 5.8 0.6 1.8 18.0 26.9 Consolidated total $ 6.3 $ 7.2 $ 0.6 $ 1.8 $ 18.0 $ 33.9 We anticipate that we will recognize the following pre-tax expenses in association with the SCAE Plan related to our continuing operations (amounts include charges recognized from plan inception through the first half of fiscal 2017 ): Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Multi-employer pension costs $ 29.8 $ 1.5 $ — $ — $ — $ 31.3 Accelerated depreciation 36.6 18.6 — — 1.2 56.4 Other cost of goods sold 5.5 2.1 — — — 7.6 Total cost of goods sold 71.9 22.2 — — 1.2 95.3 Severance and related costs, net 22.4 10.4 2.4 7.9 98.9 142.0 Fixed asset impairment (Net of gains on disposal) 6.9 8.2 — — 4.4 19.5 Accelerated depreciation — — — — 1.8 1.8 Contract/Lease cancellation expenses 0.9 0.5 — — 73.8 75.2 Consulting/Professional fees 0.6 0.4 0.1 — 52.0 53.1 Other selling, general and administrative expenses 11.6 3.5 — — 30.8 45.9 Total selling, general and administrative expenses 42.4 23.0 2.5 7.9 261.7 337.5 Consolidated total $ 114.3 $ 45.2 $ 2.5 $ 7.9 $ 262.9 $ 432.8 During the second quarter of fiscal 2017 , we recognized the following pre-tax expenses for the SCAE Plan related to our continuing operations: Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Accelerated depreciation $ 1.9 $ — $ — $ — $ — $ 1.9 Other cost of goods sold (0.1 ) — — — — (0.1 ) Total cost of goods sold 1.8 — — — — 1.8 Severance and related costs, net 0.8 (0.2 ) 0.3 — 2.1 3.0 Fixed asset impairment (Net of gains on disposal) (2.7 ) 2.0 — — 2.9 2.2 Accelerated depreciation — — — — 0.3 0.3 Contract/Lease cancellation expenses — — 0.1 — 8.9 9.0 Consulting/Professional fees — — — — 0.2 0.2 Other selling, general and administrative expenses 1.5 0.4 — — 1.4 3.3 Total selling, general and administrative expenses (0.4 ) 2.2 0.4 — 15.8 18.0 Consolidated total $ 1.4 $ 2.2 $ 0.4 $ — $ 15.8 $ 19.8
Schedule of Liabilities Recorded for the SCAE Plan	Liabilities recorded for the SCAE Plan related to our continuing operations and changes therein for the first half of fiscal 2017 were as follows: Balance at May 29, Costs Incurred and Charged to Expense Costs Paid or Otherwise Settled Changes in Estimates Balance at November 27, Multi-employer pension costs $ 40.7 $ — $ (10.9 ) $ — $ 29.8 Severance 47.2 6.5 (31.3 ) (1.7 ) 20.7 Consulting 4.7 0.3 (4.6 ) — 0.4 Contract termination 6.3 11.4 (2.2 ) (1.3 ) 14.2 Other costs 0.5 8.5 (7.9 ) — 1.1 Total $ 99.4 $ 26.7 $ (56.9 ) $ (3.0 ) $ 66.2

LONG-TERM DEBT AND REVOLVING 28

LONG-TERM DEBT AND REVOLVING CREDIT FACILITY (Tables)	6 Months Ended
	Nov. 27, 2016
Debt Disclosure [Abstract]
Net Interest Expense from Continuing Operations	Net interest expense from continuing operations consists of: Thirteen weeks ended Twenty-six weeks ended November 27, November 29, November 27, November 29, Long-term debt $ 56.6 $ 80.2 $ 117.5 $ 162.2 Short-term debt 0.2 0.6 0.4 0.8 Interest income (0.8 ) — (1.5 ) (0.1 ) Interest capitalized (1.9 ) (1.6 ) (4.1 ) (3.6 ) $ 54.1 $ 79.2 $ 112.3 $ 159.3

GOODWILL AND OTHER IDENTIFIAB29

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	6 Months Ended
	Nov. 27, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Change in Carrying Amount of Goodwill	The change in the carrying amount of goodwill for the first half of fiscal 2017 was as follows: Grocery & Snacks Refrigerated & Frozen International Foodservice Total Balance as of May 29, 2016 $ 2,337.4 $ 1,028.9 $ 448.6 $ 581.3 $ 4,396.2 Impairment — — (183.1 ) — (183.1 ) Acquisitions 38.4 — 38.4 Currency translation — (0.6 ) (2.2 ) — (2.8 ) Balance as of November 27, 2016 $ 2,375.8 $ 1,028.3 $ 263.3 $ 581.3 $ 4,248.7
Schedule of Other Identifiable Intangible Assets	Other identifiable intangible assets were as follows: November 27, 2016 May 29, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Non-amortizing intangible assets $ 861.6 $ — $ 839.2 $ — Amortizing intangible assets 563.1 163.8 543.9 145.9 $ 1,424.7 $ 163.8 $ 1,383.1 $ 145.9

DERIVATIVE FINANCIAL INSTRUME30

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Nov. 27, 2016
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 27, May 29, Prepaid expenses and other current assets $ 26.0 $ 24.1 Other accrued liabilities 0.7 0.6
Schedule of Derivative Assets and Liabilities on a Gross Basis	The following table presents our derivative assets and liabilities, at November 27, 2016 , on a gross basis, prior to the setoff of $1.2 million to total derivative assets and $0.7 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 $ 4.0 Other accrued liabilities $ 0.7 Foreign exchange contracts Prepaid expenses and other current assets 23.2 Other accrued liabilities 0.3 Other Prepaid expenses and other current assets — Other accrued liabilities 0.4 Total derivatives not designated as hedging instruments $ 27.2 $ 1.4 The following table presents our derivative assets and liabilities at May 29, 2016 , on a gross basis, prior to the setoff of $1.7 million to total derivative assets and $2.0 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 $ 5.0 Other accrued liabilities $ 2.1 Foreign exchange contracts Prepaid expenses and other current assets 20.8 Other accrued liabilities 0.2 Other Prepaid expenses and other current assets — Other accrued liabilities 0.3 Total derivatives not designated as hedging instruments $ 25.8 $ 2.6
Schedule of Location and Amount of Gains (Losses) from Derivatives Not Designated as Hedging Instruments	The location and amount of gain (loss) from derivatives not designated as hedging instruments in our Condensed Consolidated Statements of Operations were as follows: Derivatives Not Designated as Hedging Instruments Location in Condensed Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Operations for the Thirteen Weeks Ended November 27, 2016 November 29, 2015 Commodity contracts Cost of goods sold $ 1.6 $ (3.8 ) Foreign exchange contracts Cost of goods sold 1.4 — Foreign exchange contracts Selling, general and administrative expense 2.5 0.3 Total gain (loss) from derivative instruments not designated as hedging instruments $ 5.5 $ (3.5 ) Derivatives Not Designated as Hedging Instruments Location in Condensed Consolidated Statement of Operations of Gain (Loss) Recognized on Derivatives Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Operations for the Twenty-six Weeks Ended November 27, 2016 November 29, 2015 Commodity contracts Cost of goods sold $ 1.2 $ (9.7 ) Foreign exchange contracts Cost of goods sold 1.5 — Foreign exchange contracts Selling, general and administrative expense 1.3 4.7 Total gain (loss) from derivative instruments not designated as hedging instruments $ 4.0 $ (5.0 )

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	6 Months Ended
	Nov. 27, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted Average Black-Scholes Assumptions for Stock Options Granted	The weighted average Black-Scholes assumptions for stock options granted during the first half of fiscal 2017 were as follows: Expected volatility (%) 19.15 Dividend yield (%) 2.33 Risk-free interest rate (%) 1.03 Expected life of stock option (years) 4.94

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Nov. 27, 2016
Earnings Per Share [Abstract]
Reconciliation of Income and Average Share Amounts Used to Compute Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the income and average share amounts used to compute both basic and diluted earnings (loss) per share: Thirteen weeks ended Twenty-six weeks ended November 27, November 29, November 27, November 29, Net income (loss) available to Conagra Brands, Inc. common stockholders: Income from continuing operations attributable to Conagra Brands, Inc. common stockholders $ 113.7 $ 79.4 $ 212.1 $ 172.8 Income (loss) from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders 8.4 75.5 96.2 (1,172.0 ) Net income (loss) attributable to Conagra Brands, Inc. common stockholders $ 122.1 $ 154.9 $ 308.3 $ (999.2 ) Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated 0.3 0.5 0.8 0.9 Net income (loss) available to Conagra Brands, Inc. common stockholders $ 121.8 $ 154.4 $ 307.5 $ (1,000.1 ) Weighted average shares outstanding: Basic weighted average shares outstanding 437.7 433.8 438.4 432.1 Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities 3.6 4.1 3.7 4.6 Diluted weighted average shares outstanding 441.3 437.9 442.1 436.7

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Nov. 27, 2016
Inventory Disclosure [Abstract]
Schedule of Major Classes of Inventories	The major classes of inventories were as follows: November 27, May 29, Raw materials and packaging $ 187.2 $ 214.3 Work in process 140.0 119.4 Finished goods 736.8 698.6 Supplies and other 49.7 50.9 Total $ 1,113.7 $ 1,083.2

PENSION AND POSTRETIREMENT BE34

PENSION AND POSTRETIREMENT BENEFITS (Tables)	6 Months Ended
	Nov. 27, 2016
Compensation and Retirement Disclosure [Abstract]
Components of Pension Benefit and Other Postretirement Benefit Costs	Components of pension benefit and other postretirement benefit costs are (includes amounts related to discontinued operations): Pension Benefits Thirteen weeks ended Twenty-six weeks ended November 27, November 29, November 27, November 29, Service cost $ 15.9 $ 23.8 $ 32.6 $ 47.6 Interest cost 29.9 41.0 59.9 82.0 Expected return on plan assets (53.9 ) (66.8 ) (107.7 ) (133.7 ) Amortization of prior service cost 0.7 0.7 1.3 1.4 Special termination benefits 1.5 — 1.5 — Benefit cost — Company plans (5.9 ) (1.3 ) (12.4 ) (2.7 ) Pension benefit cost — multi-employer plans 2.8 4.1 5.1 6.4 Total benefit cost (benefit) $ (3.1 ) $ 2.8 $ (7.3 ) $ 3.7 Postretirement Benefits Thirteen weeks ended Twenty-six weeks ended November 27, November 29, November 27, November 29, Service cost $ 0.1 $ 0.1 $ 0.1 $ 0.2 Interest cost 1.0 1.9 2.1 3.9 Amortization of prior service benefit (1.6 ) (2.0 ) (3.3 ) (4.0 ) Recognized net actuarial loss 0.1 — 0.2 — Total cost (benefit) $ (0.4 ) $ — $ (0.9 ) $ 0.1

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Nov. 27, 2016
Equity [Abstract]
Reconciliation of Stockholders' Equity	The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 27, 2016 : 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 29, 2016 567.9 $ 2,839.7 $ 1,136.3 $ 3,218.3 $ (344.5 ) $ (3,136.2 ) $ 81.2 $ 3,794.8 Stock option and incentive plans 22.5 (0.4 ) 49.2 71.3 Adoption of ASU 2016-09 (3.9 ) (3.9 ) Spin-off of Lamb Weston 774.3 13.6 787.9 Currency translation adjustment, net (37.2 ) (1.8 ) (39.0 ) Repurchase of common shares (207.6 ) (207.6 ) Unrealized gain on securities 0.3 0.3 Derivative adjustment, net (3.6 ) (3.6 ) Activities of noncontrolling interests (0.8 ) 0.7 (0.1 ) Pension and postretirement healthcare benefits 37.7 37.7 Dividends declared on common stock; $0.50 per share (219.3 ) (219.3 ) Net income attributable to Conagra Brands, Inc. 308.3 308.3 Balance at November 27, 2016 567.9 $ 2,839.7 $ 1,158.0 $ 4,077.3 $ (333.7 ) $ (3,294.6 ) $ 80.1 $ 4,526.8

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Nov. 27, 2016
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities Measured on 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 27, 2016 : Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 2.6 $ 23.4 $ — $ 26.0 Available-for-sale securities 3.4 — — 3.4 Total assets $ 6.0 $ 23.4 $ — $ 29.4 Liabilities: Derivative liabilities $ — $ 0.7 $ — $ 0.7 Deferred compensation liabilities 48.9 — — 48.9 Total liabilities $ 48.9 $ 0.7 $ — $ 49.6 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 29, 2016 : Level 1 Level 2 Level 3 Net Value Assets: Derivative assets $ 3.3 $ 20.8 $ — $ 24.1 Available-for-sale securities 3.0 — — 3.0 Total assets $ 6.3 $ 20.8 $ — $ 27.1 Liabilities: Derivative liabilities $ — $ 0.6 $ — $ 0.6 Deferred compensation liabilities 40.0 — — 40.0 Total liabilities $ 40.0 $ 0.6 $ — $ 40.6

BUSINESS SEGMENTS AND RELATED37

BUSINESS SEGMENTS AND RELATED INFORMATION (Tables)	6 Months Ended
	Nov. 27, 2016
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 27, November 29, November 27, November 29, Net sales Grocery & Snacks $ 853.9 $ 906.1 $ 1,611.1 $ 1,706.6 Refrigerated & Frozen 740.0 826.8 1,344.6 1,484.4 International 211.4 221.3 406.1 427.7 Foodservice 283.1 285.0 551.1 555.6 Commercial — 119.6 71.1 237.5 Total net sales $ 2,088.4 $ 2,358.8 $ 3,984.0 $ 4,411.8 Operating profit Grocery & Snacks $ 220.3 $ 185.7 $ 400.8 $ 325.2 Refrigerated & Frozen 117.9 123.8 210.1 204.9 International (26.7 ) 20.1 (175.9 ) 36.6 Foodservice 31.9 20.4 53.6 46.6 Commercial (0.5 ) 13.0 202.8 25.1 Total operating profit $ 342.9 $ 363.0 $ 691.4 $ 638.4 Equity method investment earnings 17.2 17.6 30.3 42.1 General corporate expense 113.3 178.2 148.9 255.1 Interest expense, net 54.1 79.2 112.3 159.3 Income tax expense 78.4 43.1 247.6 92.4 Income from continuing operations $ 114.3 $ 80.1 $ 212.9 $ 173.7 Less: Net income attributable to noncontrolling interests of continuing operations 0.6 0.7 0.8 0.9 Income from continuing operations attributable to Conagra Brands, Inc. $ 113.7 $ 79.4 $ 212.1 $ 172.8
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 27, November 29, November 27, November 29, Net derivative gains (losses) incurred $ 3.0 $ (3.8 ) $ 2.7 $ (9.7 ) Less: Net derivative gains (losses) allocated to reporting segments 3.8 (3.2 ) 2.8 (9.9 ) Net derivative gains (losses) recognized in general corporate expenses $ (0.8 ) $ (0.6 ) $ (0.1 ) $ 0.2 Net derivative gains (losses) allocated to Grocery & Snacks $ 2.4 $ (1.3 ) $ 2.0 $ (5.4 ) Net derivative gains (losses) allocated to Refrigerated & Frozen 0.7 (0.8 ) 0.5 (2.5 ) Net derivative gains allocated to International Foods 0.2 — 0.2 — Net derivative gains (losses) allocated to Foodservice 0.5 (0.5 ) 0.2 (1.0 ) Net derivative losses allocated to Commercial — (0.6 ) (0.1 ) (1.0 ) Net derivative gains (losses) included in segment operating profit $ 3.8 $ (3.2 ) $ 2.8 $ (9.9 )

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions	Nov. 01, 2016	Nov. 27, 2016	Nov. 27, 2016	Nov. 29, 2015	Nov. 09, 2016	May 29, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash distribution from Lamb Weston			$ 489.1	$ 0
Remaining portion of cash distribution		$ 753.4	753.4
Income tax benefit recognized		$ 2.4	14
Cumulative effect on retained earnings, net of tax						$ (3.9)
Increase in cash flows from operating activities			542.2	352.1
Decrease in cash flows from financing activities			$ 80.9	166.8
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect on retained earnings, net of tax						(3.9)
New Accounting Pronouncement, Early Adoption, Effect | ASU 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in cash flows from operating activities				34.1
Decrease in cash flows from financing activities				$ 34.1
New Accounting Pronouncement, Early Adoption, Effect | ASU 2016-09 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect on retained earnings, net of tax						$ 3.9
Discontinued operations, spinoff | Lamb Weston
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Distribution of the Company's interest in Lamb Weston (as a percent)					100.00%
Cash distribution from Lamb Weston	$ 823.5

SUMMARY OF SIGNIFICANT ACCOUN39

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Reclassifications From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative expenses	$ 417.9	$ 483.2	$ 649.6	$ 846
Income tax expense	(78.4)	(43.1)	(247.6)	(92.4)
Net income (loss)	125.9	159.3	315.9	(993.1)
Reclassification out of accumulated other comprehensive loss | Net prior service benefit
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative expenses	(0.9)	(1.3)	(1.8)	(2.6)
Total before tax	(0.9)	(1.3)	(1.8)	(2.6)
Income tax expense	(0.4)	(0.5)	(0.7)	(1)
Net income (loss)	$ 0.5	$ 0.8	$ 1.1	$ 1.6

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2016	Nov. 27, 2016	May 29, 2016
Business Acquisition [Line Items]
Goodwill		$ 4,248.7	$ 4,396.2
Frontera Foods, Inc. And Red Fork LLC
Business Acquisition [Line Items]
Acquisition price, net of cash acquired	$ 108.2
Goodwill	38.4
Other intangible assets	$ 66.7

DISCONTINUED OPERATIONS AND O41

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Financial Data Included Within Discontinued Operations, Income Statement Items (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax	$ 11.6	$ 79.2	$ 103	$ (1,166.8)
Net income from discontinued operations attributable to CAG	8.4	75.5	96.2	(1,172)
Lamb Weston | Discontinued operations, spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	636	735.2	1,407.9	1,477.1
Income from discontinued operations before income taxes and equity method investment earnings	46.3	118.4	175.1	215.5
Income (loss) before income taxes and equity method investment earnings	46.3	118.4	175.1	215.5
Income tax expense	39.1	40.3	88.6	76
Equity method investment earnings	5.3	7.8	15.9	20.2
Income (loss) from discontinued operations, net of tax	12.5	85.9	102.4	159.7
Less: Net income attributable to noncontrolling interests	3.2	3.7	6.8	5.2
Net income from discontinued operations attributable to CAG	9.3	82.2	95.6	154.5
Private Brands | Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	(0.9)	958.9	(0.9)	1,850.7
Gain (loss) on sale of businesses	(0.5)	0	1	0
Goodwill and long-lived asset impairment charges	0	(86.3)	0	(1,898.6)
Income from discontinued operations before income taxes and equity method investment earnings	(0.6)	85.3	(1.3)	105.7
Income (loss) before income taxes and equity method investment earnings	(1.1)	(1)	(0.3)	(1,792.9)
Income tax expense	(0.2)	5.7	(0.9)	(466.4)
Income (loss) from discontinued operations, net of tax	$ (0.9)	$ (6.7)	$ 0.6	$ (1,326.5)

DISCONTINUED OPERATIONS AND O42

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Lamb Weston Spinoff (Narrative) (Details) - USD ($) $ in Millions	Nov. 01, 2016	Nov. 27, 2016	Nov. 27, 2016	Nov. 29, 2015	May 29, 2016	May 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		$ 0	$ 0	$ 56.4	$ 36.4	$ 49
Cash distribution from Lamb Weston			489.1	$ 0
Lamb Weston | Discontinued operations, spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Expenses related to professional fees and contract services		$ 62.2	$ 72
Total assets (net of cash) acquired in connection with the Spinoff	$ 2,280
Cash and cash equivalents	23.4				$ 36.4
Total liabilities assumed in connection with the Spinoff	2,980
Debt assumed in connection with the Spinoff	2,460
Cash distribution from Lamb Weston	$ 823.5

DISCONTINUED OPERATIONS AND O43

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Financial Data Included Within Discontinued Operations, Balance Sheet Items (Details) - USD ($) $ in Millions	Nov. 27, 2016	Nov. 01, 2016	May 29, 2016	Nov. 29, 2015	May 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 0		$ 36.4	$ 56.4	$ 49
Discontinued operations, spinoff | Lamb Weston
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		$ 23.4	36.4
Receivables, less allowance for doubtful accounts of $0.5			186.5
Allowance for doubtful accounts			0.5
Inventories			498.9
Prepaid expenses and other current assets			57.9
Total current assets			779.7
Property, plant and equipment, net			1,004.1
Goodwill			133.9
Brands, trademarks and other intangibles, net			39.6
Other assets			161.7
Total noncurrent assets			1,339.3
Notes payable			24.9
Current installments of long-term debt			12
Accounts payable			238.7
Accrued payroll			50.3
Other accrued liabilities			83.3
Total current liabilities			409.2
Senior long-term debt, excluding current installments			36.4
Other noncurrent liabilities			268.4
Total noncurrent liabilities			304.8
Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets	0		117
Total noncurrent assets	1.7		234.1
Total current liabilities	0		54.7
Total noncurrent liabilities	$ 0		1.5
Held-for-sale, not discontinued operations | Spicetec | Commercial
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets			43.3
Goodwill			104.7
Total noncurrent assets			148.3
Total current liabilities			10.3
Total noncurrent liabilities			1.2
Held-for-sale, not discontinued operations | JM Swank | Commercial
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets			73.7
Goodwill			53.8
Total noncurrent assets			74.3
Total current liabilities			44.3
Total noncurrent liabilities			$ 0.4

DISCONTINUED OPERATIONS AND O44

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Private Brands Operations (Narrative) (Details) - Discontinued operations, disposed of by sale - Private Brands - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015	Feb. 01, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash price for disposition					$ 2,600
Pre-tax write-down of goodwill and long-lived assets	$ 0	$ 86.3	$ 0	$ 1,898.6
After-tax write-down of goodwill and long-lived assets		$ 79		$ 1,420

DISCONTINUED OPERATIONS AND O45

DISCONTINUED OPERATIONS AND OTHER DIVESTITURES - Other Divestitures (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 28, 2016	Nov. 27, 2016	Nov. 29, 2015	May 29, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of businesses		$ 197.5	$ 0
Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets classified as held for sale		1.7		$ 234.1
Commercial | Spicetec | Not discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash included in dispositions	$ 327
Gain on sales of businesses	144.8
Commercial | Spicetec | Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets classified as held for sale				148.3
Commercial | JM Swank | Not discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash included in dispositions	159.3
Gain on sales of businesses	$ 52.9
Commercial | JM Swank | Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets classified as held for sale				74.3
Grocery & Snacks | Spicetec And JM Swank | Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets classified as held for sale				4.7
Corporate | Spicetec And JM Swank | Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets classified as held for sale		$ 1.7		$ 6.8

RESTRUCTURING ACTIVITIES - Narr

RESTRUCTURING ACTIVITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015	Feb. 28, 2016
Discontinued operations, disposed of by sale | Private Brands
Restructuring Cost and Reserve [Line Items]
Charges resulting in cash outflows from plan inception					$ 84.5
Non-cash charges from plan inception					45.7
Pre-tax expenses from plan inception					$ 130.2
Discontinued operations, disposed of by sale | Lamb Weston
Restructuring Cost and Reserve [Line Items]
Charges resulting in cash outflows from plan inception	$ 2.1		$ 2.1
SCAE Plan
Restructuring Cost and Reserve [Line Items]
Approved expenses (up to) in connection with the SCAE Plan	739		739
Charges incurred or expected to incur	432.8		432.8
Cash charges incurred or expect to incur	292.4		292.4
Non-cash charges incurred or expect to incur	140.4		140.4
Recognized charges	19.8	$ 133	33.9	$ 150.4
Recognized charges	392.6		392.6
Charges resulting in cash outflows	15.4		20.9
Non-cash charges	4.4		13
Charges resulting in cash outflows from plan inception	267.6		267.6
Non-cash charges from plan inception	$ 125		$ 125

RESTRUCTURING ACTIVITIES - Sche

RESTRUCTURING ACTIVITIES - Schedule of Restructuring and Related Costs (Details) - SCAE Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	$ 432.8		$ 432.8
Recognized pre-tax expenses	19.8	$ 133	33.9	$ 150.4
Cumulative pre-tax expenses	392.6		392.6
Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	262.9		262.9
Recognized pre-tax expenses	15.8		18
Cumulative pre-tax expenses	243.2		243.2
Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	114.3		114.3
Recognized pre-tax expenses	1.4		6.3
Cumulative pre-tax expenses	94		94
Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	45.2		45.2
Recognized pre-tax expenses	2.2		7.2
Cumulative pre-tax expenses	44.6		44.6
International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	2.5		2.5
Recognized pre-tax expenses	0.4		0.6
Cumulative pre-tax expenses	2.9		2.9
Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	7.9		7.9
Recognized pre-tax expenses	0		1.8
Cumulative pre-tax expenses	7.9		7.9
Total cost of goods sold
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	95.3		95.3
Recognized pre-tax expenses	1.8		7
Cumulative pre-tax expenses	82.1		82.1
Total cost of goods sold | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	1.2		1.2
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	1.2		1.2
Total cost of goods sold | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	71.9		71.9
Recognized pre-tax expenses	1.8		5.6
Cumulative pre-tax expenses	58.7		58.7
Total cost of goods sold | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	22.2		22.2
Recognized pre-tax expenses	0		1.4
Cumulative pre-tax expenses	22.2		22.2
Total cost of goods sold | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Total cost of goods sold | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Multi-employer pension costs
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	31.3		31.3
Cumulative pre-tax expenses	31.3		31.3
Multi-employer pension costs | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Multi-employer pension costs | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	29.8		29.8
Cumulative pre-tax expenses	29.8		29.8
Multi-employer pension costs | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	1.5		1.5
Cumulative pre-tax expenses	1.5		1.5
Multi-employer pension costs | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Multi-employer pension costs | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	56.4		56.4
Recognized pre-tax expenses	1.9		4.9
Cumulative pre-tax expenses	44.9		44.9
Accelerated depreciation | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	1.2		1.2
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	1.2		1.2
Accelerated depreciation | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	36.6		36.6
Recognized pre-tax expenses	1.9		3.7
Cumulative pre-tax expenses	25.1		25.1
Accelerated depreciation | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	18.6		18.6
Recognized pre-tax expenses	0		1.2
Cumulative pre-tax expenses	18.6		18.6
Accelerated depreciation | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Accelerated depreciation | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Other cost of goods sold
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	7.6		7.6
Recognized pre-tax expenses	(0.1)		2.1
Cumulative pre-tax expenses	5.9		5.9
Other cost of goods sold | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Other cost of goods sold | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	5.5		5.5
Recognized pre-tax expenses	(0.1)		1.9
Cumulative pre-tax expenses	3.8		3.8
Other cost of goods sold | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	2.1		2.1
Recognized pre-tax expenses	0		0.2
Cumulative pre-tax expenses	2.1		2.1
Other cost of goods sold | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Other cost of goods sold | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Total selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	337.5		337.5
Recognized pre-tax expenses	18		26.9
Cumulative pre-tax expenses	310.5		310.5
Total selling, general and administrative expenses | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	261.7		261.7
Recognized pre-tax expenses	15.8		18
Cumulative pre-tax expenses	242		242
Total selling, general and administrative expenses | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	42.4		42.4
Recognized pre-tax expenses	(0.4)		0.7
Cumulative pre-tax expenses	35.3		35.3
Total selling, general and administrative expenses | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	23		23
Recognized pre-tax expenses	2.2		5.8
Cumulative pre-tax expenses	22.4		22.4
Total selling, general and administrative expenses | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	2.5		2.5
Recognized pre-tax expenses	0.4		0.6
Cumulative pre-tax expenses	2.9		2.9
Total selling, general and administrative expenses | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	7.9		7.9
Recognized pre-tax expenses	0		1.8
Cumulative pre-tax expenses	7.9		7.9
Severance and related costs, net
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	142		142
Recognized pre-tax expenses	3		4.8
Cumulative pre-tax expenses	140.6		140.6
Severance and related costs, net | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	98.9		98.9
Recognized pre-tax expenses	2.1		2.1
Cumulative pre-tax expenses	98.5		98.5
Severance and related costs, net | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	22.4		22.4
Recognized pre-tax expenses	0.8		0.6
Cumulative pre-tax expenses	21.2		21.2
Severance and related costs, net | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	10.4		10.4
Recognized pre-tax expenses	(0.2)		(0.2)
Cumulative pre-tax expenses	10.3		10.3
Severance and related costs, net | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	2.4		2.4
Recognized pre-tax expenses	0.3		0.5
Cumulative pre-tax expenses	2.7		2.7
Severance and related costs, net | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	7.9		7.9
Recognized pre-tax expenses	0		1.8
Cumulative pre-tax expenses	7.9		7.9
Fixed asset impairment (Net of gains on disposal)
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	19.5		19.5
Recognized pre-tax expenses	2.2		5.4
Cumulative pre-tax expenses	17		17
Fixed asset impairment (Net of gains on disposal) | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	4.4		4.4
Recognized pre-tax expenses	2.9		2.9
Cumulative pre-tax expenses	3.7		3.7
Fixed asset impairment (Net of gains on disposal) | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	6.9		6.9
Recognized pre-tax expenses	(2.7)		(2.1)
Cumulative pre-tax expenses	5.1		5.1
Fixed asset impairment (Net of gains on disposal) | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	8.2		8.2
Recognized pre-tax expenses	2		4.6
Cumulative pre-tax expenses	8.2		8.2
Fixed asset impairment (Net of gains on disposal) | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Fixed asset impairment (Net of gains on disposal) | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	1.8		1.8
Recognized pre-tax expenses	0.3		0.5
Cumulative pre-tax expenses	1.8		1.8
Accelerated depreciation | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	1.8		1.8
Recognized pre-tax expenses	0.3		0.5
Cumulative pre-tax expenses	1.8		1.8
Accelerated depreciation | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Accelerated depreciation | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Accelerated depreciation | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Accelerated depreciation | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Contract/Lease cancellation expenses
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	75.2		75.2
Recognized pre-tax expenses	9		7.5
Cumulative pre-tax expenses	70.5		70.5
Contract/Lease cancellation expenses | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	73.8		73.8
Recognized pre-tax expenses	8.9		7.4
Cumulative pre-tax expenses	69.1		69.1
Contract/Lease cancellation expenses | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0.9		0.9
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0.8		0.8
Contract/Lease cancellation expenses | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0.5		0.5
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0.5		0.5
Contract/Lease cancellation expenses | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0.1		0.1
Cumulative pre-tax expenses	0.1		0.1
Contract/Lease cancellation expenses | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Consulting/Professional fees
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	53.1		53.1
Recognized pre-tax expenses	0.2		0.3
Cumulative pre-tax expenses	52.2		52.2
Consulting/Professional fees | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	52		52
Recognized pre-tax expenses	0.2		0.3
Cumulative pre-tax expenses	51.1		51.1
Consulting/Professional fees | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0.6		0.6
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0.6		0.6
Consulting/Professional fees | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0.4		0.4
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0.4		0.4
Consulting/Professional fees | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0.1		0.1
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0.1		0.1
Consulting/Professional fees | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Other selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	45.9		45.9
Recognized pre-tax expenses	3.3		8.4
Cumulative pre-tax expenses	28.4		28.4
Other selling, general and administrative expenses | Corporate
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	30.8		30.8
Recognized pre-tax expenses	1.4		4.8
Cumulative pre-tax expenses	17.8		17.8
Other selling, general and administrative expenses | Grocery & Snacks | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	11.6		11.6
Recognized pre-tax expenses	1.5		2.2
Cumulative pre-tax expenses	7.6		7.6
Other selling, general and administrative expenses | Refrigerated & Frozen | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	3.5		3.5
Recognized pre-tax expenses	0.4		1.4
Cumulative pre-tax expenses	3		3
Other selling, general and administrative expenses | International | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	0		0
Other selling, general and administrative expenses | Foodservice | Reporting segments
Restructuring Cost and Reserve [Line Items]
Anticipated pre-tax expenses	0		0
Recognized pre-tax expenses	0		0
Cumulative pre-tax expenses	$ 0		$ 0

RESTRUCTURING ACTIVITIES - Sc48

RESTRUCTURING ACTIVITIES - Schedule of Liabilities Recorded for the SCAE Plan (Details) - SCAE Plan $ in Millions	6 Months Ended
	Nov. 27, 2016USD ($)
Restructuring Cost and Reserve
Beginning balance	$ 99.4
Costs Incurred and Charged to Expense	26.7
Costs Paid or Otherwise Settled	(56.9)
Changes in Estimates	(3)
Ending balance	66.2
Multi-employer pension costs
Restructuring Cost and Reserve
Beginning balance	40.7
Costs Incurred and Charged to Expense	0
Costs Paid or Otherwise Settled	(10.9)
Changes in Estimates	0
Ending balance	29.8
Severance
Restructuring Cost and Reserve
Beginning balance	47.2
Costs Incurred and Charged to Expense	6.5
Costs Paid or Otherwise Settled	(31.3)
Changes in Estimates	(1.7)
Ending balance	20.7
Consulting
Restructuring Cost and Reserve
Beginning balance	4.7
Costs Incurred and Charged to Expense	0.3
Costs Paid or Otherwise Settled	(4.6)
Changes in Estimates	0
Ending balance	0.4
Contract termination
Restructuring Cost and Reserve
Beginning balance	6.3
Costs Incurred and Charged to Expense	11.4
Costs Paid or Otherwise Settled	(2.2)
Changes in Estimates	(1.3)
Ending balance	14.2
Other costs
Restructuring Cost and Reserve
Beginning balance	0.5
Costs Incurred and Charged to Expense	8.5
Costs Paid or Otherwise Settled	(7.9)
Changes in Estimates	0
Ending balance	$ 1.1

LONG-TERM DEBT AND REVOLVING 49

LONG-TERM DEBT AND REVOLVING CREDIT FACILITY - Narrative (Details) - USD ($)	Nov. 01, 2016	Nov. 27, 2016	Aug. 28, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Debt Instrument [Line Items]
Loss as a cost of early retirement of debt					$ 60,600,000	$ 0
Principal balance repaid					555,800,000	$ 254,500,000
Senior notes
Debt Instrument [Line Items]
Loss as a cost of early retirement of debt					$ 60,600,000
5.819% Senior Notes, 2017 Maturity | Senior notes
Debt Instrument [Line Items]
Retirement of senior notes		$ 250,200,000
1.9% Senior Notes, 2018 Maturity | Senior notes
Debt Instrument [Line Items]
Retirement of senior notes		880,400,000
2.1% Senior Notes, 2018 Maturity | Senior notes
Debt Instrument [Line Items]
Retirement of senior notes		154,900,000
7.0% Senior Notes, 2019 Maturity | Senior notes
Debt Instrument [Line Items]
Retirement of senior notes		86,900,000
4.9% Senior Notes, 2020 Maturity | Senior notes
Debt Instrument [Line Items]
Retirement of senior notes		$ 71,100,000
Senior notes | 5.819% Senior Notes, 2017 Maturity
Debt Instrument [Line Items]
Stated interest rate (as a percent)		5.819%			5.819%
Senior notes | 1.9% Senior Notes, 2018 Maturity
Debt Instrument [Line Items]
Stated interest rate (as a percent)		1.90%			1.90%
Senior notes | 2.1% Senior Notes, 2018 Maturity
Debt Instrument [Line Items]
Stated interest rate (as a percent)		2.10%			2.10%
Senior notes | 7.0% Senior Notes, 2019 Maturity
Debt Instrument [Line Items]
Stated interest rate (as a percent)		7.00%			7.00%
Senior notes | 4.9% Senior Notes, 2020 Maturity
Debt Instrument [Line Items]
Stated interest rate (as a percent)		4.95%			4.95%
Senior notes | 2015 Maturity
Debt Instrument [Line Items]
Stated interest rate (as a percent)				1.35%		1.35%
Principal balance repaid				$ 250,000,000
Variable rate promissory note
Debt Instrument [Line Items]
Repayment of floating rate notes			$ 550,000,000
Discontinued operations, spinoff | Lamb Weston
Debt Instrument [Line Items]
Aggregate principal amount of senior notes issued by Lamb Weston	$ 1,540,000,000

LONG-TERM DEBT AND REVOLVING 50

LONG-TERM DEBT AND REVOLVING CREDIT FACILITY - Net Interest Expense from Continuing Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Debt Disclosure [Abstract]
Long-term debt	$ 56.6	$ 80.2	$ 117.5	$ 162.2
Short-term debt	0.2	0.6	0.4	0.8
Interest income	(0.8)	0	(1.5)	(0.1)
Interest capitalized	(1.9)	(1.6)	(4.1)	(3.6)
Interest expense, net	$ 54.1	$ 79.2	$ 112.3	$ 159.3

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) $ in Millions	6 Months Ended
	Nov. 27, 2016USD ($)
Variable Interest Entity [Line Items]
Contingent put options, general exercise period	30 days
Loss on lease put option
Variable Interest Entity [Line Items]
Contingent put options, general exercise period	30 days
Estimated amount by which put prices exceeded fair values of related properties	$ 58.5
Accrued put cost	$ 12.9

GOODWILL AND OTHER IDENTIFIAB52

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 27, 2016	Nov. 27, 2016
Goodwill
Balance as of beginning of period		$ 4,396.2
Impairment		(183.1)
Acquisitions		38.4
Currency translation		(2.8)
Balance as of end of period	$ 4,248.7	4,248.7
Grocery & Snacks
Goodwill
Balance as of beginning of period		2,337.4
Impairment		0
Acquisitions		38.4
Currency translation		0
Balance as of end of period	2,375.8	2,375.8
Refrigerated & Frozen
Goodwill
Balance as of beginning of period		1,028.9
Impairment		0
Acquisitions		0
Currency translation		(0.6)
Balance as of end of period	1,028.3	1,028.3
International
Goodwill
Balance as of beginning of period		448.6
Impairment	(43.9)	(183.1)
Currency translation		(2.2)
Balance as of end of period	263.3	263.3
Foodservice
Goodwill
Balance as of beginning of period		581.3
Impairment		0
Currency translation		0
Balance as of end of period	$ 581.3	$ 581.3

GOODWILL AND OTHER IDENTIFIAB53

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of Other Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Nov. 27, 2016	May 29, 2016
Non-amortizing intangible assets
Gross Carrying Amount	$ 861.6	$ 839.2
Amortizing intangible assets
Gross Carrying Amount	563.1	543.9
Accumulated Amortization	163.8	145.9
Intangible Assets
Gross Carrying Amount	1,424.7	1,383.1
Accumulated Amortization	$ 163.8	$ 145.9

GOODWILL AND OTHER IDENTIFIAB54

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Nov. 27, 2016	Aug. 28, 2016	Aug. 30, 2015	Nov. 27, 2016	Nov. 29, 2015
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge				$ 183.1
Remaining weighted average life of amortizing intangible assets				15 years
Amortization expense year one	$ 35			$ 35
Amortization expense year two	35			35
Amortization expense year three	35			35
Amortization expense year four	35			35
Amortization expense year five	35			35
Amortizing intangible asset recorded			$ 92.8
Cash payment for amortizing intangible asset included in financing activities		$ 14.9		$ 14.9	$ 0
Cash payment for amortizing intangible asset included in investing activities			$ 10.4
Remaining period to make cash payments				5 years
International
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge	$ 43.9			$ 183.1
Impairment of non-amortizing intangible asset		$ 24.4

DERIVATIVE FINANCIAL INSTRUME55

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 27, 2016	May 29, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Hedge for anticipated consumption of commodity inputs, period (up to)	36 months
Derivative asset prior to offsetting to total derivative	$ 1.2	$ 1.7
Derivative liability prior to offsetting to total derivative	0.7	2
Maximum amount of loss due to credit risk of counterparties	23.4
Prepaid expenses and other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Amounts representing a right to reclaim cash collateral	0.5	0.3
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of open commodity contracts	112.4	112.9
Purchase contracts | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of open commodity contracts	62	74.7
Sales contracts | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of open commodity contracts	$ 19	$ 41.5

DERIVATIVE FINANCIAL INSTRUME56

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. 27, 2016	May 29, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Prepaid expenses and other current assets	$ 26	$ 24.1
Other accrued liabilities	$ 0.7	$ 0.6

DERIVATIVE FINANCIAL INSTRUME57

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. 27, 2016	May 29, 2016
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 27.2	$ 25.8
Derivative Liabilities	1.4	2.6
Commodity contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	4	5
Commodity contracts | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0.7	2.1
Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	23.2	20.8
Foreign exchange contracts | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0.3	0.2
Other | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Other | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 0.4	$ 0.3

DERIVATIVE FINANCIAL INSTRUME58

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. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Operations for the Thirteen Weeks Ended	$ 5.5	$ (3.5)	$ 4	$ (5)
Commodity contracts | Cost of goods sold
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Operations for the Thirteen Weeks Ended	1.6	(3.8)	1.2	(9.7)
Foreign exchange contracts | Cost of goods sold
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Operations for the Thirteen Weeks Ended	1.4	0	1.5	0
Foreign exchange contracts | Selling, general and administrative expense
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized on Derivatives in Condensed Consolidated Statement of Operations for the Thirteen Weeks Ended	$ 2.5	$ 0.3	$ 1.3	$ 4.7

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. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 17.9	$ 15	$ 32.7	$ 37.4
Typical original vesting period			3 years
Outstanding stock options (in shares)	7.6		7.6
Weighted average exercise price of outstanding stock options (in dollars per share)	$ 26.89		$ 26.89
Weighted average value of stock options granted (in dollars per share)			$ 6.12
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)			1.1
Weighted average exercise price of stock options granted (in dollars per share)			$ 48.01
Restricted stock
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)			$ 47.56
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares (in shares)			0.4
Weighted average grant date price (in dollars per share)			$ 48.07
Nonvested awards (in shares)	1.7		1.7
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares (in shares)			0.2
Weighted average grant date price (in dollars per share)			$ 46.94
Nonvested awards (in shares)	0.9		0.9
Subsidiaries | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0.3		$ 0.2	$ 0.2
2016 EBITDA | Fiscal 2018 | Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares based on earnings per share goal and EBITDA return on capital (as a percent)			33.33%
2016 EBITDA | Fiscal 2019 | Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares based on earnings per share goal and EBITDA return on capital (as a percent)			33.33%
2017 EBITDA | Fiscal 2018 | Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares based on earnings per share goal and EBITDA return on capital (as a percent)			33.33%
2017 EBITDA | Fiscal 2019 | Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares based on earnings per share goal and EBITDA return on capital (as a percent)			66.66%
2018 EBITDA | Fiscal 2018 | Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares based on earnings per share goal and EBITDA return on capital (as a percent)			33.33%

SHARE-BASED PAYMENTS - Weighted

SHARE-BASED PAYMENTS - Weighted Average Black-Scholes Assumptions for Stock Options Granted (Details)	6 Months Ended
	Nov. 27, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility (%)	19.15%
Dividend yield (%)	2.33%
Risk-free interest rate (%)	1.03%
Expected life of stock option (years)	4 years 11 months 10 days

EARNINGS (LOSS) PER SHARE - Rec

EARNINGS (LOSS) PER SHARE - Reconciliation of Income and Average Share Amounts Used to Compute Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Net income (loss) available to Conagra Brands, Inc. common stockholders:
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders	$ 113.7	$ 79.4	$ 212.1	$ 172.8
Income (loss) from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders	8.4	75.5	96.2	(1,172)
Net income (loss) attributable to Conagra Brands, Inc.	122.1	154.9	308.3	(999.2)
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated	0.3	0.5	0.8	0.9
Net income (loss) available to Conagra Brands, Inc. common stockholders	$ 121.8	$ 154.4	$ 307.5	$ (1,000.1)
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	437.7	433.8	438.4	432.1
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities (in shares)	3.6	4.1	3.7	4.6
Diluted weighted average shares outstanding (in shares)	441.3	437.9	442.1	436.7

EARNINGS (LOSS) PER SHARE - Nar

EARNINGS (LOSS) PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options outstanding (in shares)	1.5	1.5	1.1	0.9

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Nov. 27, 2016	May 29, 2016
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 187.2	$ 214.3
Work in process	140	119.4
Finished goods	736.8	698.6
Supplies and other	49.7	50.9
Total	$ 1,113.7	$ 1,083.2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015	May 29, 2016
Income Tax Disclosure [Abstract]
Income tax expense	$ 78.4	$ 43.1	$ 247.6	$ 92.4
Effective tax rate (as a percent)	40.70%	35.00%	53.80%	34.70%
Gross unrecognized tax benefits for uncertain tax positions	$ 31.7		$ 31.7		$ 33
Related liabilities for gross interest and penalties	6.8		6.8		6.6
Net amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate	23.5		23.5		24.5
Gross unrecognized tax benefits, estimated decrease over the next twelve months (up to)	8.7		8.7
Deferred tax asset	1,190		1,190		1,540
Valuation allowance	1,190		$ 1,190		$ 1,400
Reduction in valuation allowance	$ 150.4

CONTINGENCIES (Details)

CONTINGENCIES (Details)	Mar. 25, 2016USD ($)	Jan. 27, 2014USD ($)defendant	Nov. 27, 2016USD ($)site	Nov. 09, 2016USD ($)
Guarantor Obligations [Line Items]
Contingent put options, general exercise period			30 days
Loss on lease put option
Guarantor Obligations [Line Items]
Estimate of possible loss			$ 58,500,000
Contingent put options, general exercise period			30 days
Accrued put cost			$ 12,900,000
Judicial ruling
Guarantor Obligations [Line Items]
Litigation Settlement, Amount			$ 11,200,000
Damages awarded to plaintiff	$ 108,900,000
Beatrice
Guarantor Obligations [Line Items]
Number of sites under environmental matters for which acquired company has a liability | site			37
Number of sites under environmental matters for which acquired company is making payments | site			33
Accrual for environmental matters			$ 53,200,000
Beatrice | California
Guarantor Obligations [Line Items]
Number of other defendants | defendant		2
Estimate of possible loss		$ 1,150,000,000
Warehouse services agreement
Guarantor Obligations [Line Items]
Minimum monthly payment required under warehouse services agreement			1,500,000
Liability recognized for warehouse services agreement				$ 30,500,000
Income tax credits
Guarantor Obligations [Line Items]
Maximum amount guaranteed			26,700,000
Counterparty A | Foreign currency swap contracts
Guarantor Obligations [Line Items]
Maximum amount guaranteed			25,000,000
Counterparty B | Foreign currency swap contracts
Guarantor Obligations [Line Items]
Maximum amount guaranteed			$ 25,000,000

PENSION AND POSTRETIREMENT BE66

PENSION AND POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions	Nov. 09, 2016	Nov. 27, 2016	Nov. 27, 2016	Nov. 27, 2016	May 29, 2016
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension curtailment gain	$ 19.5
Discount rate	4.04%				3.86%
Reduction to net loss from decrease in underfunded status			$ 66	$ 66
Weighted average discount rate for service costs		3.67%		4.14%
Weighted average discount rate for interest costs		4.01%		3.15%
Employer contributions to pension and other postretirement plans			2.9	$ 5.9
Further contribution to pension and other postretirement plans				6.6
Lump-sum settlement to terminate vested participants in the pension plan			287.5
Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions to pension and other postretirement plans			4.3	8.8
Further contribution to pension and other postretirement plans				13.3
Change in Assumptions for Pension Plans | Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pre-tax reduction in total pension benefit cost			$ 7.4	$ 14.8

PENSION AND POSTRETIREMENT BE67

PENSION AND POSTRETIREMENT BENEFITS - Components of Pension Benefit and Other Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 15.9	$ 23.8	$ 32.6	$ 47.6
Interest cost	29.9	41	59.9	82
Expected return on plan assets	(53.9)	(66.8)	(107.7)	(133.7)
Amortization of prior service cost	0.7	0.7	1.3	1.4
Special termination benefits	1.5	0	1.5	0
Benefit cost — Company plans	(5.9)	(1.3)	(12.4)	(2.7)
Pension benefit cost — multi-employer plans	2.8	4.1	5.1	6.4
Total benefit cost (benefit)	(3.1)	2.8	(7.3)	3.7
Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.1	0.1	0.1	0.2
Interest cost	1	1.9	2.1	3.9
Amortization of prior service cost	(1.6)	(2)	(3.3)	(4)
Recognized net actuarial loss	0.1	0	0.2	0
Total benefit cost (benefit)	$ (0.4)	$ 0	$ (0.9)	$ 0.1

STOCKHOLDERS' EQUITY - Reconcil

STOCKHOLDERS' EQUITY - Reconciliation of Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015	May 29, 2016
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period			$ 3,794.8
Stock option and incentive plans			71.3
Adoption of ASU 2016-09					$ (3.9)
Spin-off of Lamb Weston			787.9
Currency translation adjustment, net			(39)
Repurchase of common shares			(207.6)
Unrealized gain on securities	$ 0.2	$ 0	0.3	$ 0
Derivative adjustment, net			(3.6)
Activities of noncontrolling interests			(0.1)
Pension and postretirement healthcare benefits			37.7
Dividends declared on common stock; $0.50 per share			(219.3)
Net income attributable to Conagra Brands, Inc.	122.1	$ 154.9	308.3	$ (999.2)
Balance at ending of period	$ 4,526.8		$ 4,526.8
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period (in shares)			567.9
Balance at beginning of period			$ 2,839.7
Balance at end of period (in shares)	567.9		567.9
Balance at ending of period	$ 2,839.7		$ 2,839.7
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period			1,136.3
Stock option and incentive plans			22.5
Activities of noncontrolling interests			(0.8)
Balance at ending of period	1,158		1,158
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period			3,218.3
Stock option and incentive plans			(0.4)
Adoption of ASU 2016-09					$ (3.9)
Spin-off of Lamb Weston			774.3
Dividends declared on common stock; $0.50 per share			(219.3)
Net income attributable to Conagra Brands, Inc.			308.3
Balance at ending of period	4,077.3		4,077.3
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period			(344.5)
Spin-off of Lamb Weston			13.6
Currency translation adjustment, net			(37.2)
Unrealized gain on securities			0.3
Derivative adjustment, net			(3.6)
Pension and postretirement healthcare benefits			37.7
Balance at ending of period	(333.7)		(333.7)
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period			(3,136.2)
Stock option and incentive plans			49.2
Repurchase of common shares			(207.6)
Balance at ending of period	(3,294.6)		(3,294.6)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period			81.2
Currency translation adjustment, net			(1.8)
Activities of noncontrolling interests			0.7
Balance at ending of period	$ 80.1		$ 80.1

STOCKHOLDERS' EQUITY - Reconc69

STOCKHOLDERS' EQUITY - Reconciliation of Stockholders' Equity (Additional Information) (Details)	6 Months Ended
	Nov. 27, 2016$ / shares
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.50

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Nov. 27, 2016	May 29, 2016
Assets:
Derivative assets	$ 26	$ 24.1
Available-for-sale securities	3.4	3
Total assets	29.4	27.1
Liabilities:
Derivative liabilities	0.7	0.6
Deferred compensation liabilities	48.9	40
Total liabilities	49.6	40.6
Level 1
Assets:
Derivative assets	2.6	3.3
Available-for-sale securities	3.4	3
Total assets	6	6.3
Liabilities:
Derivative liabilities	0	0
Deferred compensation liabilities	48.9	40
Total liabilities	48.9	40
Level 2
Assets:
Derivative assets	23.4	20.8
Available-for-sale securities	0	0
Total assets	23.4	20.8
Liabilities:
Derivative liabilities	0.7	0.6
Deferred compensation liabilities	0	0
Total liabilities	0.7	0.6
Level 3
Assets:
Derivative assets	0	0
Available-for-sale securities	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
	Nov. 27, 2016	Aug. 28, 2016	Nov. 27, 2016	May 29, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge			$ 183.1
Carrying amount of long-term debt including current installments	$ 3,400		3,400	$ 5,400
Estimated fair value of debt	3,800		3,800	$ 5,900
International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge	$ 43.9		$ 183.1
Impairment of non-amortizing intangible asset		$ 24.4

BUSINESS SEGMENTS AND RELATED72

BUSINESS SEGMENTS AND RELATED INFORMATION - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 27, 2016USD ($)	Nov. 29, 2015	Nov. 27, 2016USD ($)segment	Nov. 29, 2015	May 29, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			5
Cumulative net derivative gains from economic hedges recognized in general and corporate expenses	$ 2		$ 2
Net gains incurred during current fiscal year			1.9
Derivative gains incurred prior to fiscal 2017					$ 0.1
Gains expected to be reclassified in fiscal 2017			1.6
Gains expected to be reclassified in fiscal 2018 and thereafter			$ 0.4
Customer concentration risk | Net sales | Wal-Mart Stores, Inc. and affiliates
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	24.00%	23.00%	23.00%	23.00%
Customer concentration risk | Net receivables | Wal-Mart Stores, Inc. and affiliates
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)			24.00%		24.00%

BUSINESS SEGMENTS AND RELATED73

BUSINESS SEGMENTS AND RELATED INFORMATION - Schedule of Segment Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Net sales
Total net sales	$ 2,088.4	$ 2,358.8	$ 3,984	$ 4,411.8
Operating profit
Equity method investment earnings	17.2	17.6	30.3	42.1
Interest expense, net	54.1	79.2	112.3	159.3
Income tax expense	78.4	43.1	247.6	92.4
Income from continuing operations	114.3	80.1	212.9	173.7
Less: Net income attributable to noncontrolling interests	0.6	0.7	0.8	0.9
Income from continuing operations attributable to Conagra Brands, Inc.	113.7	79.4	212.1	172.8
Reporting segments
Net sales
Total net sales	2,088.4	2,358.8	3,984	4,411.8
Operating profit
Total operating profit	342.9	363	691.4	638.4
General corporate expense
Operating profit
General corporate expense	113.3	178.2	148.9	255.1
Grocery & Snacks | Reporting segments
Net sales
Total net sales	853.9	906.1	1,611.1	1,706.6
Operating profit
Total operating profit	220.3	185.7	400.8	325.2
Refrigerated & Frozen | Reporting segments
Net sales
Total net sales	740	826.8	1,344.6	1,484.4
Operating profit
Total operating profit	117.9	123.8	210.1	204.9
International | Reporting segments
Net sales
Total net sales	211.4	221.3	406.1	427.7
Operating profit
Total operating profit	(26.7)	20.1	(175.9)	36.6
Foodservice | Reporting segments
Net sales
Total net sales	283.1	285	551.1	555.6
Operating profit
Total operating profit	31.9	20.4	53.6	46.6
Commercial | Reporting segments
Net sales
Total net sales	0	119.6	71.1	237.5
Operating profit
Total operating profit	$ (0.5)	$ 13	$ 202.8	$ 25.1

BUSINESS SEGMENTS AND RELATED74

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. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred			$ 1.9
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	$ 3	$ (3.8)	2.7	$ (9.7)
Commodity contracts | Reporting segments
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	3.8	(3.2)	2.8	(9.9)
Commodity contracts | Reporting segments | Net derivative gains (losses) allocated to Grocery & Snacks
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	2.4	(1.3)	2	(5.4)
Commodity contracts | Reporting segments | Net derivative gains (losses) allocated to Refrigerated & Frozen
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	0.7	(0.8)	0.5	(2.5)
Commodity contracts | Reporting segments | Net derivative gains allocated to International Foods
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	0.2	0	0.2	0
Commodity contracts | Reporting segments | Net derivative gains (losses) allocated to Foodservice
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	0.5	(0.5)	0.2	(1)
Commodity contracts | Reporting segments | Net derivative losses allocated to Commercial
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	0	(0.6)	(0.1)	(1)
Commodity contracts | Net derivative gains (losses) recognized in general corporate expenses
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses) incurred	$ (0.8)	$ (0.6)	$ (0.1)	$ 0.2