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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ConAgra Brands Inc | NYSE:CAG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.29 | -0.94% | 30.56 | 30.90 | 30.555 | 30.87 | 4,098,145 | 01:00:00 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
47-0248710
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
222 W. Merchandise Mart Plaza, Suite 1300
Chicago, Illinois
|
|
60654
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
|
|
|
|
|
Non-accelerated filer
|
¨
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
Item 1
|
||
|
||
|
||
|
||
|
||
|
||
Item 2
|
||
Item 3
|
||
Item 4
|
||
Item 1
|
||
Item 1A
|
||
Item 2
|
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Item 6
|
||
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||
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||
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||
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||
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||
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||
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||
Exhibit 101.1
|
|
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
|
February 26,
2017 |
|
February 28,
2016 |
|
February 26,
2017 |
|
February 28,
2016 |
||||||||
Net sales
|
$
|
1,981.2
|
|
|
$
|
2,199.3
|
|
|
$
|
5,965.2
|
|
|
$
|
6,611.1
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
1,360.2
|
|
|
1,579.5
|
|
|
4,152.1
|
|
|
4,762.0
|
|
||||
Selling, general and administrative expenses
|
349.7
|
|
|
447.0
|
|
|
999.3
|
|
|
1,293.0
|
|
||||
Interest expense, net
|
45.7
|
|
|
76.4
|
|
|
158.0
|
|
|
235.7
|
|
||||
Income from continuing operations before income taxes and equity method investment earnings
|
225.6
|
|
|
96.4
|
|
|
655.8
|
|
|
320.4
|
|
||||
Income tax expense
|
67.9
|
|
|
33.6
|
|
|
315.5
|
|
|
126.0
|
|
||||
Equity method investment earnings
|
21.8
|
|
|
8.6
|
|
|
52.1
|
|
|
50.7
|
|
||||
Income from continuing operations
|
179.5
|
|
|
71.4
|
|
|
392.4
|
|
|
245.1
|
|
||||
Income (loss) from discontinued operations, net of tax
|
0.7
|
|
|
134.9
|
|
|
103.7
|
|
|
(1,031.9
|
)
|
||||
Net income (loss)
|
$
|
180.2
|
|
|
$
|
206.3
|
|
|
$
|
496.1
|
|
|
$
|
(786.8
|
)
|
Less: Net income attributable to noncontrolling interests
|
0.5
|
|
|
1.7
|
|
|
8.1
|
|
|
7.8
|
|
||||
Net income (loss) attributable to Conagra Brands, Inc.
|
$
|
179.7
|
|
|
$
|
204.6
|
|
|
$
|
488.0
|
|
|
$
|
(794.6
|
)
|
Earnings (loss) per share — basic
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders
|
$
|
0.41
|
|
|
$
|
0.16
|
|
|
$
|
0.90
|
|
|
$
|
0.56
|
|
Income (loss) from discontinued operations attributable to Conagra Brands, Inc. common stockholders
|
0.01
|
|
|
0.30
|
|
|
0.22
|
|
|
(2.40
|
)
|
||||
Net income (loss) attributable to Conagra Brands, Inc. common stockholders
|
$
|
0.42
|
|
|
$
|
0.46
|
|
|
$
|
1.12
|
|
|
$
|
(1.84
|
)
|
Earnings (loss) per share — diluted
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders
|
$
|
0.41
|
|
|
$
|
0.16
|
|
|
$
|
0.89
|
|
|
$
|
0.56
|
|
Income (loss) from discontinued operations attributable to Conagra Brands, Inc. common stockholders
|
—
|
|
|
0.30
|
|
|
0.22
|
|
|
(2.39
|
)
|
||||
Net income (loss) attributable to Conagra Brands, Inc. common stockholders
|
$
|
0.41
|
|
|
$
|
0.46
|
|
|
$
|
1.11
|
|
|
$
|
(1.83
|
)
|
Cash dividends declared per common share
|
$
|
0.20
|
|
|
$
|
0.25
|
|
|
$
|
0.70
|
|
|
$
|
0.75
|
|
|
Thirteen weeks ended
|
||||||||||||||||||
|
February 26, 2017
|
|
February 28, 2016
|
||||||||||||||||
|
Pre-Tax Amount
|
Tax (Expense) Benefit
|
After-Tax Amount
|
|
Pre-Tax Amount
|
Tax (Expense) Benefit
|
After-Tax Amount
|
||||||||||||
Net income
|
$
|
245.5
|
|
$
|
(65.3
|
)
|
$
|
180.2
|
|
|
$
|
318.2
|
|
$
|
(111.9
|
)
|
$
|
206.3
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
||||||||||||
Derivative adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unrealized derivative adjustments
|
4.1
|
|
(1.6
|
)
|
2.5
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Reclassification for derivative adjustments included in net income
|
(0.2
|
)
|
0.1
|
|
(0.1
|
)
|
|
(2.1
|
)
|
0.8
|
|
(1.3
|
)
|
||||||
Unrealized gains (losses) on available-for-sale securities
|
0.2
|
|
(0.1
|
)
|
0.1
|
|
|
(0.1
|
)
|
—
|
|
(0.1
|
)
|
||||||
Currency translation gains (losses):
|
|
|
|
|
|
|
|
||||||||||||
Unrealized currency translation gains (losses)
|
15.7
|
|
—
|
|
15.7
|
|
|
(18.0
|
)
|
—
|
|
(18.0
|
)
|
||||||
Reclassification for currency translation losses included in net income
|
—
|
|
—
|
|
—
|
|
|
73.4
|
|
—
|
|
73.4
|
|
||||||
Pension and post-employment benefit obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unrealized pension and post-employment benefit obligations
|
62.2
|
|
(23.8
|
)
|
38.4
|
|
|
0.4
|
|
(0.1
|
)
|
0.3
|
|
||||||
Reclassification for pension and post-employment benefit obligations included in net income
|
13.0
|
|
(5.0
|
)
|
8.0
|
|
|
(10.9
|
)
|
3.4
|
|
(7.5
|
)
|
||||||
Comprehensive income
|
340.5
|
|
(95.7
|
)
|
244.8
|
|
|
360.9
|
|
(107.8
|
)
|
253.1
|
|
||||||
Comprehensive income attributable to noncontrolling interests
|
3.0
|
|
(0.3
|
)
|
2.7
|
|
|
(0.3
|
)
|
(0.2
|
)
|
(0.5
|
)
|
||||||
Comprehensive income attributable to Conagra Brands, Inc.
|
$
|
337.5
|
|
$
|
(95.4
|
)
|
$
|
242.1
|
|
|
$
|
361.2
|
|
$
|
(107.6
|
)
|
$
|
253.6
|
|
|
Thirty-nine weeks ended
|
||||||||||||||||||
|
February 26, 2017
|
|
February 28, 2016
|
||||||||||||||||
|
Pre-Tax Amount
|
Tax (Expense) Benefit
|
After-Tax Amount
|
|
Pre-Tax Amount
|
Tax (Expense) Benefit
|
After-Tax Amount
|
||||||||||||
Net income (loss)
|
$
|
896.7
|
|
$
|
(400.6
|
)
|
$
|
496.1
|
|
|
$
|
(973.1
|
)
|
$
|
186.3
|
|
$
|
(786.8
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||||||
Derivative adjustments:
|
|
|
|
|
|
|
|
||||||||||||
Unrealized derivative adjustments
|
(1.7
|
)
|
0.6
|
|
(1.1
|
)
|
|
—
|
|
—
|
|
—
|
|
||||||
Reclassification for derivative adjustments included in net income
|
(0.2
|
)
|
0.1
|
|
(0.1
|
)
|
|
(2.1
|
)
|
0.8
|
|
(1.3
|
)
|
||||||
Unrealized gains on available-for-sale securities
|
0.6
|
|
(0.2
|
)
|
0.4
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Currency translation losses:
|
|
|
|
|
|
|
|
||||||||||||
Unrealized currency translation losses
|
(10.3
|
)
|
0.2
|
|
(10.1
|
)
|
|
(74.0
|
)
|
—
|
|
(74.0
|
)
|
||||||
Reclassification for currency translation losses included in net income
|
—
|
|
—
|
|
—
|
|
|
73.4
|
|
—
|
|
73.4
|
|
||||||
Pension and post-employment benefit obligations:
|
|
|
|
|
|
|
|
||||||||||||
Unrealized pension and post-employment benefit obligations
|
126.9
|
|
(49.3
|
)
|
77.6
|
|
|
7.1
|
|
(1.8
|
)
|
5.3
|
|
||||||
Reclassification for pension and post-employment benefit obligations included in net income
|
11.2
|
|
(4.3
|
)
|
6.9
|
|
|
(13.5
|
)
|
4.4
|
|
(9.1
|
)
|
||||||
Comprehensive income (loss)
|
1,023.2
|
|
(453.5
|
)
|
569.7
|
|
|
(982.2
|
)
|
189.7
|
|
(792.5
|
)
|
||||||
Comprehensive income attributable to noncontrolling interests
|
9.0
|
|
(0.5
|
)
|
8.5
|
|
|
2.3
|
|
(0.7
|
)
|
1.6
|
|
||||||
Comprehensive income (loss) attributable to Conagra Brands, Inc.
|
$
|
1,014.2
|
|
$
|
(453.0
|
)
|
$
|
561.2
|
|
|
$
|
(984.5
|
)
|
$
|
190.4
|
|
$
|
(794.1
|
)
|
|
February 26,
2017 |
|
May 29,
2016 |
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
683.6
|
|
|
$
|
798.1
|
|
Receivables, less allowance for doubtful accounts of $3.7 and $3.2
|
601.4
|
|
|
650.1
|
|
||
Inventories
|
1,046.4
|
|
|
1,083.2
|
|
||
Prepaid expenses and other current assets
|
207.7
|
|
|
148.6
|
|
||
Current assets of discontinued operations
|
—
|
|
|
779.7
|
|
||
Current assets held for sale
|
—
|
|
|
117.0
|
|
||
Total current assets
|
2,539.1
|
|
|
3,576.7
|
|
||
Property, plant and equipment
|
4,268.1
|
|
|
4,213.3
|
|
||
Less accumulated depreciation
|
(2,612.3
|
)
|
|
(2,511.7
|
)
|
||
Property, plant and equipment, net
|
1,655.8
|
|
|
1,701.6
|
|
||
Goodwill
|
4,251.7
|
|
|
4,396.2
|
|
||
Brands, trademarks and other intangibles, net
|
1,253.1
|
|
|
1,237.2
|
|
||
Other assets
|
797.6
|
|
|
905.5
|
|
||
Noncurrent assets of discontinued operations
|
—
|
|
|
1,339.3
|
|
||
Noncurrent assets held for sale
|
1.7
|
|
|
234.1
|
|
||
|
$
|
10,499.0
|
|
|
$
|
13,390.6
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Notes payable
|
$
|
3.7
|
|
|
$
|
13.9
|
|
Current installments of long-term debt
|
128.8
|
|
|
559.4
|
|
||
Accounts payable
|
690.1
|
|
|
706.7
|
|
||
Accrued payroll
|
148.4
|
|
|
220.8
|
|
||
Other accrued liabilities
|
593.9
|
|
|
567.7
|
|
||
Current liabilities of discontinued operations
|
—
|
|
|
409.2
|
|
||
Current liabilities held for sale
|
—
|
|
|
54.7
|
|
||
Total current liabilities
|
1,564.9
|
|
|
2,532.4
|
|
||
Senior long-term debt, excluding current installments
|
2,645.8
|
|
|
4,685.5
|
|
||
Subordinated debt
|
195.9
|
|
|
195.9
|
|
||
Other noncurrent liabilities
|
1,788.2
|
|
|
1,875.7
|
|
||
Noncurrent liabilities of discontinued operations
|
—
|
|
|
304.8
|
|
||
Noncurrent liabilities held for sale
|
—
|
|
|
1.5
|
|
||
Total liabilities
|
6,194.8
|
|
|
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
|
1,165.3
|
|
|
1,136.3
|
|
||
Retained earnings
|
4,171.0
|
|
|
3,218.3
|
|
||
Accumulated other comprehensive loss
|
(271.3
|
)
|
|
(344.5
|
)
|
||
Less treasury stock, at cost, 142,405,586 and 129,842,206 common shares
|
(3,683.4
|
)
|
|
(3,136.2
|
)
|
||
Total Conagra Brands, Inc. common stockholders' equity
|
4,221.3
|
|
|
3,713.6
|
|
||
Noncontrolling interests
|
82.9
|
|
|
81.2
|
|
||
Total stockholders' equity
|
4,304.2
|
|
|
3,794.8
|
|
||
|
$
|
10,499.0
|
|
|
$
|
13,390.6
|
|
|
Thirty-nine weeks ended
|
||||||
|
February 26,
2017 |
|
February 28,
2016 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
496.1
|
|
|
$
|
(786.8
|
)
|
Income (loss) from discontinued operations
|
103.7
|
|
|
(1,031.9
|
)
|
||
Income from continuing operations
|
392.4
|
|
|
245.1
|
|
||
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
199.8
|
|
|
210.6
|
|
||
Asset impairment charges
|
221.9
|
|
|
8.4
|
|
||
Gain on divestitures
|
(197.4
|
)
|
|
—
|
|
||
Loss on extinguishment of debt
|
93.3
|
|
|
23.9
|
|
||
Lease cancellation expense
|
—
|
|
|
55.6
|
|
||
Earnings of affiliates in excess of distributions
|
(21.6
|
)
|
|
(10.3
|
)
|
||
Share-based payments expense
|
28.1
|
|
|
29.5
|
|
||
Contributions to pension plans
|
(9.8
|
)
|
|
(9.3
|
)
|
||
Pension expense (benefit)
|
(16.2
|
)
|
|
13.8
|
|
||
Other items
|
25.5
|
|
|
25.3
|
|
||
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
|
|
|
|
||||
Accounts receivable
|
49.5
|
|
|
(99.3
|
)
|
||
Inventory
|
35.0
|
|
|
(65.1
|
)
|
||
Deferred income taxes and income taxes payable, net
|
135.6
|
|
|
(160.0
|
)
|
||
Prepaid expenses and other current assets
|
8.2
|
|
|
8.2
|
|
||
Accounts payable
|
13.3
|
|
|
(104.6
|
)
|
||
Accrued payroll
|
(71.5
|
)
|
|
24.2
|
|
||
Other accrued liabilities
|
(82.6
|
)
|
|
78.3
|
|
||
Net cash flows from operating activities — continuing operations
|
803.5
|
|
|
274.3
|
|
||
Net cash flows from operating activities — discontinued operations
|
43.0
|
|
|
464.3
|
|
||
Net cash flows from operating activities
|
846.5
|
|
|
738.6
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Additions to property, plant and equipment
|
(158.5
|
)
|
|
(171.1
|
)
|
||
Sale of property, plant and equipment
|
12.5
|
|
|
19.4
|
|
||
Proceeds from divestitures
|
489.0
|
|
|
—
|
|
||
Purchase of business and intangible assets
|
(108.1
|
)
|
|
(10.4
|
)
|
||
Other items
|
—
|
|
|
0.3
|
|
||
Net cash flows from investing activities — continuing operations
|
234.9
|
|
|
(161.8
|
)
|
||
Net cash flows from investing activities — discontinued operations
|
(123.7
|
)
|
|
2,418.2
|
|
||
Net cash flows from investing activities
|
111.2
|
|
|
2,256.4
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Net short-term borrowings
|
(10.1
|
)
|
|
10.5
|
|
||
Repayment of long-term debt
|
(1,062.3
|
)
|
|
(2,519.9
|
)
|
||
Payment of intangible asset financing arrangement
|
(14.9
|
)
|
|
—
|
|
||
Repurchase of Conagra Brands, Inc. common shares
|
(594.6
|
)
|
|
—
|
|
||
Cash dividends paid
|
(328.9
|
)
|
|
(323.5
|
)
|
||
Exercise of stock options and issuance of other stock awards
|
66.6
|
|
|
164.6
|
|
||
Other Items
|
(1.9
|
)
|
|
—
|
|
||
Net cash flows from financing activities — continuing operations
|
(1,946.1
|
)
|
|
(2,668.3
|
)
|
||
Net cash flows from financing activities — discontinued operations
|
839.1
|
|
|
(4.7
|
)
|
||
Net cash flows from financing activities
|
(1,107.0
|
)
|
|
(2,673.0
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(1.6
|
)
|
|
(2.5
|
)
|
||
Net change in cash and cash equivalents
|
(150.9
|
)
|
|
319.5
|
|
||
Discontinued operations cash activity included above:
|
|
|
|
||||
Add: Cash balance included in assets held for sale and discontinued operations at beginning of period
|
36.4
|
|
|
49.0
|
|
||
Less: Cash balance included in assets held for sale and discontinued operations at end of period
|
—
|
|
|
36.6
|
|
||
Cash and cash equivalents at beginning of period
|
798.1
|
|
|
134.1
|
|
||
Cash and cash equivalents at end of period
|
$
|
683.6
|
|
|
$
|
466.0
|
|
|
|
Thirteen weeks ended
|
|
Affected Line Item in the Condensed Consolidated Statement of Operations
|
||||||
|
|
February 26, 2017
|
|
February 28, 2016
|
|
|
||||
Net derivative adjustment, net of tax:
|
|
|
|
|
|
|
||||
Cash flow hedges
|
|
$
|
(0.2
|
)
|
|
$
|
(2.1
|
)
|
|
Interest expense, net
|
|
|
(0.2
|
)
|
|
(2.1
|
)
|
|
Total before tax
|
||
|
|
0.1
|
|
|
0.8
|
|
|
Income tax expense
|
||
|
|
$
|
(0.1
|
)
|
|
$
|
(1.3
|
)
|
|
Net of tax
|
Pension and postretirement liabilities:
|
|
|
|
|
|
|
||||
Net prior service benefit
|
|
$
|
(0.9
|
)
|
|
$
|
(1.2
|
)
|
|
Selling, general and administrative expenses
|
Divestiture of Private Brands
|
|
—
|
|
|
(4.3
|
)
|
|
Income (loss) from discontinued operations, net of tax
|
||
Pension settlement of equity method investment
|
|
—
|
|
|
(5.4
|
)
|
|
Equity method investment earnings
|
||
Pension settlement
|
|
13.8
|
|
|
—
|
|
|
Selling, general and administrative expenses
|
||
Net actuarial loss
|
|
0.1
|
|
|
—
|
|
|
Selling, general and administrative expenses
|
||
|
|
13.0
|
|
|
(10.9
|
)
|
|
Total before tax
|
||
|
|
(5.0
|
)
|
|
3.4
|
|
|
Income tax expense
|
||
|
|
$
|
8.0
|
|
|
$
|
(7.5
|
)
|
|
Net of tax
|
Currency translation losses
|
|
$
|
—
|
|
|
$
|
73.4
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
—
|
|
|
73.4
|
|
|
Total before tax
|
||
|
|
—
|
|
|
—
|
|
|
Income tax expense
|
||
|
|
$
|
—
|
|
|
$
|
73.4
|
|
|
Net of tax
|
|
|
Thirty-nine weeks ended
|
|
Affected Line Item in the Condensed Consolidated Statement of Operations
|
||||||
|
|
February 26, 2017
|
|
February 28, 2016
|
|
|
||||
Net derivative adjustment, net of tax:
|
|
|
|
|
|
|
||||
Cash flow hedges
|
|
$
|
(0.2
|
)
|
|
$
|
(2.1
|
)
|
|
Interest expense, net
|
|
|
(0.2
|
)
|
|
(2.1
|
)
|
|
Total before tax
|
||
|
|
0.1
|
|
|
0.8
|
|
|
Income tax expense
|
||
|
|
$
|
(0.1
|
)
|
|
$
|
(1.3
|
)
|
|
Net of tax
|
Pension and postretirement liabilities:
|
|
|
|
|
|
|
||||
Net prior service benefit
|
|
$
|
(2.9
|
)
|
|
$
|
(3.8
|
)
|
|
Selling, general and administrative expenses
|
Divestiture of Private Brands
|
|
—
|
|
|
(4.3
|
)
|
|
Income (loss) from discontinued operations, net of tax
|
||
Pension settlement of equity method investment
|
|
—
|
|
|
(5.4
|
)
|
|
Equity method investment earnings
|
||
Pension settlement
|
|
13.8
|
|
|
—
|
|
|
Selling, general and administrative expenses
|
||
Net actuarial loss
|
|
0.3
|
|
|
—
|
|
|
Selling, general and administrative expenses
|
||
|
|
11.2
|
|
|
(13.5
|
)
|
|
Total before tax
|
||
|
|
(4.3
|
)
|
|
4.4
|
|
|
Income tax expense
|
||
|
|
$
|
6.9
|
|
|
$
|
(9.1
|
)
|
|
Net of tax
|
Currency translation losses
|
|
$
|
—
|
|
|
$
|
73.4
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
—
|
|
|
73.4
|
|
|
Total before tax
|
||
|
|
—
|
|
|
—
|
|
|
Income tax expense
|
||
|
|
$
|
—
|
|
|
$
|
73.4
|
|
|
Net of tax
|
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
|
February 26, 2017
|
|
February 28, 2016
|
|
February 26, 2017
|
|
February 28, 2016
|
||||||||
Net sales
|
$
|
—
|
|
|
$
|
723.8
|
|
|
$
|
1,407.9
|
|
|
$
|
2,200.9
|
|
Income (loss) from discontinued operations before income taxes and equity method investment earnings
|
$
|
(0.8
|
)
|
|
$
|
137.5
|
|
|
$
|
174.3
|
|
|
$
|
353.0
|
|
Income (loss) before income taxes and equity method investment earnings
|
(0.8
|
)
|
|
137.5
|
|
|
174.3
|
|
|
353.0
|
|
||||
Income tax expense (benefit)
|
(0.6
|
)
|
|
57.3
|
|
|
88.0
|
|
|
133.3
|
|
||||
Equity method investment earnings
|
—
|
|
|
36.1
|
|
|
15.9
|
|
|
56.3
|
|
||||
Income (loss) from discontinued operations, net of tax
|
(0.2
|
)
|
|
116.3
|
|
|
102.2
|
|
|
276.0
|
|
||||
Less: Net income attributable to noncontrolling interests
|
—
|
|
|
1.3
|
|
|
6.8
|
|
|
6.5
|
|
||||
Net income (loss) from discontinued operations attributable to Conagra Brands, Inc.
|
$
|
(0.2
|
)
|
|
$
|
115.0
|
|
|
$
|
95.4
|
|
|
$
|
269.5
|
|
|
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
|
|
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
|
February 26, 2017
|
|
February 28, 2016
|
|
February 26, 2017
|
|
February 28, 2016
|
||||||||
Net sales
|
$
|
—
|
|
|
$
|
634.0
|
|
|
$
|
(0.9
|
)
|
|
$
|
2,484.7
|
|
Loss on sale of businesses
|
$
|
(4.1
|
)
|
|
$
|
—
|
|
|
$
|
(3.1
|
)
|
|
$
|
—
|
|
Goodwill and long-lived asset impairment charges
|
—
|
|
|
(22.5
|
)
|
|
—
|
|
|
(1,921.1
|
)
|
||||
Income from operations of discontinued operations before income taxes and equity method investment earnings
|
3.0
|
|
|
61.9
|
|
|
1.7
|
|
|
167.6
|
|
||||
Income (loss) before income taxes
|
(1.1
|
)
|
|
39.4
|
|
|
(1.4
|
)
|
|
(1,753.5
|
)
|
||||
Income tax expense (benefit)
|
(2.0
|
)
|
|
20.8
|
|
|
(2.9
|
)
|
|
(445.6
|
)
|
||||
Income (loss) from discontinued operations, net of tax
|
$
|
0.9
|
|
|
$
|
18.6
|
|
|
$
|
1.5
|
|
|
$
|
(1,307.9
|
)
|
|
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
|
|
|
Grocery & Snacks
|
|
Refrigerated & Frozen
|
|
International
|
|
Foodservice
|
|
Corporate
|
|
Total
|
||||||||||||
Multi-employer pension costs
|
$
|
31.7
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33.2
|
|
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
|
73.8
|
|
|
22.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
97.2
|
|
||||||
Severance and related costs, net
|
22.3
|
|
|
10.3
|
|
|
2.4
|
|
|
7.9
|
|
|
103.8
|
|
|
146.7
|
|
||||||
Fixed asset impairment (net of gains on disposal)
|
8.7
|
|
|
6.8
|
|
|
—
|
|
|
—
|
|
|
4.1
|
|
|
19.6
|
|
||||||
Accelerated depreciation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.1
|
|
|
4.1
|
|
||||||
Contract/lease cancellation expenses
|
0.9
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
72.3
|
|
|
73.8
|
|
||||||
Consulting/professional fees
|
0.6
|
|
|
0.4
|
|
|
0.1
|
|
|
—
|
|
|
53.0
|
|
|
54.1
|
|
||||||
Other selling, general and administrative expenses
|
13.6
|
|
|
3.5
|
|
|
—
|
|
|
—
|
|
|
30.0
|
|
|
47.1
|
|
||||||
Total selling, general and administrative expenses
|
46.1
|
|
|
21.6
|
|
|
2.5
|
|
|
7.9
|
|
|
267.3
|
|
|
345.4
|
|
||||||
Consolidated total
|
$
|
119.9
|
|
|
$
|
43.8
|
|
|
$
|
2.5
|
|
|
$
|
7.9
|
|
|
$
|
268.5
|
|
|
$
|
442.6
|
|
|
Grocery & Snacks
|
|
Refrigerated & Frozen
|
|
International
|
|
|
Corporate
|
|
Total
|
||||||||||
Multi-employer pension costs
|
$
|
2.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
2.0
|
|
Accelerated depreciation
|
2.3
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
2.3
|
|
|||||
Other cost of goods sold
|
0.4
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
0.4
|
|
|||||
Total cost of goods sold
|
4.7
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
4.7
|
|
|||||
Severance and related costs, net
|
0.6
|
|
|
—
|
|
|
(0.3
|
)
|
|
|
3.7
|
|
|
4.0
|
|
|||||
Fixed asset impairment (net of gains on disposal)
|
1.8
|
|
|
(1.4
|
)
|
|
—
|
|
|
|
0.2
|
|
|
0.6
|
|
|||||
Accelerated depreciation
|
—
|
|
|
—
|
|
|
—
|
|
|
|
0.3
|
|
|
0.3
|
|
|||||
Contract/lease cancellation expenses
|
—
|
|
|
0.1
|
|
|
—
|
|
|
|
1.1
|
|
|
1.2
|
|
|||||
Other selling, general and administrative expenses
|
2.0
|
|
|
0.2
|
|
|
—
|
|
|
|
0.7
|
|
|
2.9
|
|
|||||
Total selling, general and administrative expenses
|
4.4
|
|
|
(1.1
|
)
|
|
(0.3
|
)
|
|
|
6.0
|
|
|
9.0
|
|
|||||
Consolidated total
|
$
|
9.1
|
|
|
$
|
(1.1
|
)
|
|
$
|
(0.3
|
)
|
|
|
$
|
6.0
|
|
|
$
|
13.7
|
|
|
Grocery & Snacks
|
|
Refrigerated & Frozen
|
|
International
|
|
Foodservice
|
|
Corporate
|
|
Total
|
||||||||||||
Multi-employer pension costs
|
$
|
2.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.0
|
|
Accelerated depreciation
|
6.0
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.2
|
|
||||||
Other cost of goods sold
|
2.3
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.5
|
|
||||||
Total cost of goods sold
|
10.3
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.7
|
|
||||||
Severance and related costs, net
|
1.2
|
|
|
(0.2
|
)
|
|
0.2
|
|
|
1.8
|
|
|
5.8
|
|
|
8.8
|
|
||||||
Fixed asset impairment (net of gains on disposal)
|
(0.3
|
)
|
|
3.2
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
|
6.0
|
|
||||||
Accelerated depreciation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
||||||
Contract/lease cancellation expenses
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
8.5
|
|
|
8.7
|
|
||||||
Consulting/professional fees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
||||||
Other selling, general and administrative expenses
|
4.2
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
5.5
|
|
|
11.3
|
|
||||||
Total selling, general and administrative expenses
|
5.1
|
|
|
4.7
|
|
|
0.3
|
|
|
1.8
|
|
|
24.0
|
|
|
35.9
|
|
||||||
Consolidated total
|
$
|
15.4
|
|
|
$
|
6.1
|
|
|
$
|
0.3
|
|
|
$
|
1.8
|
|
|
$
|
24.0
|
|
|
$
|
47.6
|
|
|
Grocery & Snacks
|
|
Refrigerated & Frozen
|
|
International
|
|
Foodservice
|
|
Corporate
|
|
Total
|
||||||||||||
Multi-employer pension costs
|
$
|
31.8
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33.3
|
|
Accelerated depreciation
|
27.4
|
|
|
18.6
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
47.2
|
|
||||||
Other cost of goods sold
|
4.2
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.3
|
|
||||||
Total cost of goods sold
|
63.4
|
|
|
22.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
86.8
|
|
||||||
Severance and related costs, net
|
21.8
|
|
|
10.3
|
|
|
2.4
|
|
|
7.9
|
|
|
102.2
|
|
|
144.6
|
|
||||||
Fixed asset impairment (net of gains on disposal)
|
6.9
|
|
|
6.8
|
|
|
—
|
|
|
—
|
|
|
3.9
|
|
|
17.6
|
|
||||||
Accelerated depreciation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.1
|
|
|
2.1
|
|
||||||
Contract/lease cancellation expenses
|
0.8
|
|
|
0.6
|
|
|
0.1
|
|
|
—
|
|
|
70.2
|
|
|
71.7
|
|
||||||
Consulting/professional fees
|
0.6
|
|
|
0.4
|
|
|
0.1
|
|
|
—
|
|
|
51.1
|
|
|
52.2
|
|
||||||
Other selling, general and administrative expenses
|
9.6
|
|
|
3.2
|
|
|
—
|
|
|
—
|
|
|
18.5
|
|
|
31.3
|
|
||||||
Total selling, general and administrative expenses
|
39.7
|
|
|
21.3
|
|
|
2.6
|
|
|
7.9
|
|
|
248.0
|
|
|
319.5
|
|
||||||
Consolidated total
|
$
|
103.1
|
|
|
$
|
43.5
|
|
|
$
|
2.6
|
|
|
$
|
7.9
|
|
|
$
|
249.2
|
|
|
$
|
406.3
|
|
|
Balance at May 29, 2016
|
|
Costs Incurred
and Charged
to Expense
|
|
Costs Paid
or Otherwise Settled
|
|
Changes in Estimates
|
|
Balance at February 26,
2017 |
||||||||||
Multi-employer pension costs
|
$
|
40.7
|
|
|
$
|
—
|
|
|
$
|
(10.9
|
)
|
|
$
|
2.0
|
|
|
$
|
31.8
|
|
Severance
|
47.2
|
|
|
10.6
|
|
|
(38.2
|
)
|
|
(1.8
|
)
|
|
17.8
|
|
|||||
Consulting
|
4.7
|
|
|
0.3
|
|
|
(4.6
|
)
|
|
(0.2
|
)
|
|
0.2
|
|
|||||
Contract termination
|
6.3
|
|
|
11.4
|
|
|
(4.9
|
)
|
|
(0.2
|
)
|
|
12.6
|
|
|||||
Other costs
|
0.5
|
|
|
12.0
|
|
|
(10.6
|
)
|
|
—
|
|
|
1.9
|
|
|||||
Total
|
$
|
99.4
|
|
|
$
|
34.3
|
|
|
$
|
(69.2
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
64.3
|
|
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
|
February 26,
2017 |
|
February 28,
2016 |
|
February 26,
2017 |
|
February 28,
2016 |
||||||||
Long-term debt
|
$
|
46.5
|
|
|
$
|
77.3
|
|
|
$
|
164.0
|
|
|
$
|
239.5
|
|
Short-term debt
|
0.2
|
|
|
0.8
|
|
|
0.6
|
|
|
1.6
|
|
||||
Interest income
|
(1.3
|
)
|
|
(0.5
|
)
|
|
(2.8
|
)
|
|
(0.6
|
)
|
||||
Interest capitalized
|
0.3
|
|
|
(1.2
|
)
|
|
(3.8
|
)
|
|
(4.8
|
)
|
||||
|
$
|
45.7
|
|
|
$
|
76.4
|
|
|
$
|
158.0
|
|
|
$
|
235.7
|
|
|
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
|
38.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38.7
|
|
|||||
Currency translation
|
—
|
|
|
(0.6
|
)
|
|
0.5
|
|
|
—
|
|
|
(0.1
|
)
|
|||||
Balance as of February 26, 2017
|
$
|
2,376.1
|
|
|
$
|
1,028.3
|
|
|
$
|
266.0
|
|
|
$
|
581.3
|
|
|
$
|
4,251.7
|
|
|
February 26, 2017
|
|
May 29, 2016
|
||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Non-amortizing intangible assets
|
$
|
862.1
|
|
|
$
|
—
|
|
|
$
|
839.2
|
|
|
$
|
—
|
|
Amortizing intangible assets
|
563.6
|
|
|
172.6
|
|
|
543.9
|
|
|
145.9
|
|
||||
|
$
|
1,425.7
|
|
|
$
|
172.6
|
|
|
$
|
1,383.1
|
|
|
$
|
145.9
|
|
|
February 26,
2017 |
|
May 29,
2016 |
||||
Prepaid expenses and other current assets
|
$
|
2.1
|
|
|
$
|
24.1
|
|
Other accrued liabilities
|
0.7
|
|
|
0.6
|
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||
|
Balance Sheet
Location
|
|
Fair Value
|
|
Balance Sheet
Location
|
|
Fair Value
|
||||
Commodity contracts
|
Prepaid expenses and other current assets
|
|
$
|
3.3
|
|
|
Other accrued liabilities
|
|
$
|
1.4
|
|
Foreign exchange contracts
|
Prepaid expenses and other current assets
|
|
0.4
|
|
|
Other accrued liabilities
|
|
0.4
|
|
||
Other
|
Prepaid expenses and other current assets
|
|
—
|
|
|
Other accrued liabilities
|
|
0.3
|
|
||
Total derivatives not designated as hedging instruments
|
|
|
$
|
3.7
|
|
|
|
|
$
|
2.1
|
|
|
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
|
|
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
|
||||||
February 26, 2017
|
|
February 28, 2016
|
||||||||
Commodity contracts
|
|
Cost of goods sold
|
|
$
|
0.5
|
|
|
$
|
(3.3
|
)
|
Foreign exchange contracts
|
|
Cost of goods sold
|
|
(0.2
|
)
|
|
—
|
|
||
Foreign exchange contracts
|
|
Selling, general and administrative expense
|
|
(1.4
|
)
|
|
0.7
|
|
||
Total loss from derivative instruments not designated as hedging instruments
|
|
|
|
$
|
(1.1
|
)
|
|
$
|
(2.6
|
)
|
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 Thirty-nine Weeks Ended
|
||||||
February 26, 2017
|
|
February 28, 2016
|
||||||||
Commodity contracts
|
|
Cost of goods sold
|
|
$
|
1.7
|
|
|
$
|
(13.0
|
)
|
Foreign exchange contracts
|
|
Cost of goods sold
|
|
1.3
|
|
|
—
|
|
||
Foreign exchange contracts
|
|
Selling, general and administrative expense
|
|
(0.1
|
)
|
|
5.4
|
|
||
Total gain (loss) from derivative instruments not designated as hedging instruments
|
|
|
|
$
|
2.9
|
|
|
$
|
(7.6
|
)
|
•
|
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.
|
Expected volatility (%)
|
19.15
|
Dividend yield (%)
|
2.33
|
Risk-free interest rate (%)
|
1.03
|
Expected life of stock option (years)
|
4.94
|
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
|
February 26,
2017 |
|
February 28,
2016 |
|
February 26,
2017 |
|
February 28,
2016 |
||||||||
Net income (loss) available to Conagra Brands, Inc. common stockholders:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to Conagra Brands, Inc. common stockholders
|
$
|
179.0
|
|
|
$
|
71.0
|
|
|
$
|
391.1
|
|
|
$
|
243.8
|
|
Income (loss) from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders
|
0.7
|
|
|
133.6
|
|
|
96.9
|
|
|
(1,038.4
|
)
|
||||
Net income (loss) attributable to Conagra Brands, Inc. common stockholders
|
$
|
179.7
|
|
|
$
|
204.6
|
|
|
$
|
488.0
|
|
|
$
|
(794.6
|
)
|
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated
|
—
|
|
|
3.5
|
|
|
0.8
|
|
|
4.4
|
|
||||
Net income (loss) available to Conagra Brands, Inc. common stockholders
|
$
|
179.7
|
|
|
$
|
201.1
|
|
|
$
|
487.2
|
|
|
$
|
(799.0
|
)
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
431.7
|
|
|
435.7
|
|
|
436.0
|
|
|
433.3
|
|
||||
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities
|
4.7
|
|
|
3.9
|
|
|
4.0
|
|
|
4.3
|
|
||||
Diluted weighted average shares outstanding
|
436.4
|
|
|
439.6
|
|
|
440.0
|
|
|
437.6
|
|
|
February 26,
2017 |
|
May 29,
2016 |
||||
Raw materials and packaging
|
$
|
189.7
|
|
|
$
|
214.3
|
|
Work in process
|
120.1
|
|
|
119.4
|
|
||
Finished goods
|
687.2
|
|
|
698.6
|
|
||
Supplies and other
|
49.4
|
|
|
50.9
|
|
||
Total
|
$
|
1,046.4
|
|
|
$
|
1,083.2
|
|
•
|
an income tax benefit related to the receipt of foreign tax incentives, and
|
•
|
an income tax benefit 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.
|
•
|
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 and Mexican businesses, for which an impairment charge was recognized, and
|
•
|
an income tax benefit associated with a tax planning strategy that allowed us to utilize certain state tax attributes.
|
|
Pension Benefits
|
||||||||||||||
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
|
February 26,
2017 |
|
February 28,
2016 |
|
February 26,
2017 |
|
February 28,
2016 |
||||||||
Service cost
|
$
|
12.2
|
|
|
$
|
23.5
|
|
|
$
|
44.8
|
|
|
$
|
71.1
|
|
Interest cost
|
28.9
|
|
|
40.0
|
|
|
88.8
|
|
|
122.0
|
|
||||
Expected return on plan assets
|
(50.9
|
)
|
|
(65.1
|
)
|
|
(158.6
|
)
|
|
(198.8
|
)
|
||||
Amortization of prior service cost
|
0.7
|
|
|
0.7
|
|
|
2.0
|
|
|
2.1
|
|
||||
Settlement charge
|
13.8
|
|
|
—
|
|
|
13.8
|
|
|
—
|
|
||||
Special termination benefits
|
—
|
|
|
25.6
|
|
|
1.5
|
|
|
25.6
|
|
||||
Benefit cost — Company plans
|
4.7
|
|
|
24.7
|
|
|
(7.7
|
)
|
|
22.0
|
|
||||
Pension benefit cost — multi-employer plans
|
3.9
|
|
|
32.4
|
|
|
9.0
|
|
|
38.8
|
|
||||
Total benefit cost
|
$
|
8.6
|
|
|
$
|
57.1
|
|
|
$
|
1.3
|
|
|
$
|
60.8
|
|
|
Postretirement Benefits
|
||||||||||||||
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
|
February 26,
2017 |
|
February 28,
2016 |
|
February 26,
2017 |
|
February 28,
2016 |
||||||||
Service cost
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.3
|
|
Interest cost
|
1.1
|
|
|
1.9
|
|
|
3.2
|
|
|
5.8
|
|
||||
Amortization of prior service benefit
|
(1.6
|
)
|
|
(2.0
|
)
|
|
(4.9
|
)
|
|
(6.0
|
)
|
||||
Recognized net actuarial loss
|
0.1
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
||||
Total cost (benefit)
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
|
$
|
(1.3
|
)
|
|
$
|
0.1
|
|
|
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
|
|
|
|
|
29.8
|
|
|
(1.2
|
)
|
|
|
|
72.2
|
|
|
|
|
100.8
|
|
|||||||||||
Adoption of ASU 2016-09
|
|
|
|
|
|
|
(3.9
|
)
|
|
|
|
|
|
|
|
(3.9
|
)
|
|||||||||||||
Spinoff of Lamb Weston
|
|
|
|
|
|
|
775.2
|
|
|
13.6
|
|
|
|
|
|
|
788.8
|
|
||||||||||||
Currency translation adjustment, net
|
|
|
|
|
|
|
|
|
(23.7
|
)
|
|
|
|
0.4
|
|
|
(23.3
|
)
|
||||||||||||
Repurchase of common shares
|
|
|
|
|
|
|
|
|
|
|
(619.4
|
)
|
|
|
|
(619.4
|
)
|
|||||||||||||
Unrealized gain on securities
|
|
|
|
|
|
|
|
|
0.4
|
|
|
|
|
|
|
0.4
|
|
|||||||||||||
Derivative adjustment, net
|
|
|
|
|
|
|
|
|
(1.2
|
)
|
|
|
|
|
|
(1.2
|
)
|
|||||||||||||
Activities of noncontrolling interests
|
|
|
|
|
(0.8
|
)
|
|
|
|
|
|
|
|
1.3
|
|
|
0.5
|
|
||||||||||||
Pension and postretirement healthcare benefits
|
|
|
|
|
|
|
|
|
84.1
|
|
|
|
|
|
|
84.1
|
|
|||||||||||||
Dividends declared on common stock; $0.70 per share
|
|
|
|
|
|
|
(305.4
|
)
|
|
|
|
|
|
|
|
(305.4
|
)
|
|||||||||||||
Net income attributable to Conagra Brands, Inc.
|
|
|
|
|
|
|
488.0
|
|
|
|
|
|
|
|
|
488.0
|
|
|||||||||||||
Balance at February 26, 2017
|
567.9
|
|
|
$
|
2,839.7
|
|
|
$
|
1,165.3
|
|
|
$
|
4,171.0
|
|
|
$
|
(271.3
|
)
|
|
$
|
(3,683.4
|
)
|
|
$
|
82.9
|
|
|
$
|
4,304.2
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Net Value
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
$
|
1.5
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
2.1
|
|
Available-for-sale securities
|
3.7
|
|
|
—
|
|
|
—
|
|
|
3.7
|
|
||||
Total assets
|
$
|
5.2
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
5.8
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
0.7
|
|
Deferred compensation liabilities
|
47.1
|
|
|
—
|
|
|
—
|
|
|
47.1
|
|
||||
Total liabilities
|
$
|
47.1
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
47.8
|
|
|
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
|
|
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
|
February 26,
2017 |
|
February 28,
2016 |
|
February 26,
2017 |
|
February 28,
2016 |
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
Grocery & Snacks
|
$
|
849.8
|
|
|
$
|
898.0
|
|
|
$
|
2,460.9
|
|
|
$
|
2,604.6
|
|
Refrigerated & Frozen
|
666.4
|
|
|
708.9
|
|
|
2,011.0
|
|
|
2,193.3
|
|
||||
International
|
205.2
|
|
|
211.6
|
|
|
611.3
|
|
|
639.3
|
|
||||
Foodservice
|
259.8
|
|
|
266.6
|
|
|
810.9
|
|
|
822.2
|
|
||||
Commercial
|
—
|
|
|
114.2
|
|
|
71.1
|
|
|
351.7
|
|
||||
Total net sales
|
$
|
1,981.2
|
|
|
$
|
2,199.3
|
|
|
$
|
5,965.2
|
|
|
$
|
6,611.1
|
|
Operating profit
|
|
|
|
|
|
|
|
||||||||
Grocery & Snacks
|
$
|
201.9
|
|
|
$
|
153.4
|
|
|
$
|
602.7
|
|
|
$
|
478.6
|
|
Refrigerated & Frozen
|
128.9
|
|
|
116.8
|
|
|
339.0
|
|
|
321.7
|
|
||||
International
|
18.1
|
|
|
16.4
|
|
|
(157.8
|
)
|
|
53.0
|
|
||||
Foodservice
|
27.8
|
|
|
27.9
|
|
|
81.4
|
|
|
74.5
|
|
||||
Commercial
|
(0.2
|
)
|
|
10.2
|
|
|
202.6
|
|
|
35.3
|
|
||||
Total operating profit
|
$
|
376.5
|
|
|
$
|
324.7
|
|
|
$
|
1,067.9
|
|
|
$
|
963.1
|
|
Equity method investment earnings
|
21.8
|
|
|
8.6
|
|
|
52.1
|
|
|
50.7
|
|
||||
General corporate expense
|
105.2
|
|
|
151.9
|
|
|
254.1
|
|
|
407.0
|
|
||||
Interest expense, net
|
45.7
|
|
|
76.4
|
|
|
158.0
|
|
|
235.7
|
|
||||
Income tax expense
|
67.9
|
|
|
33.6
|
|
|
315.5
|
|
|
126.0
|
|
||||
Income from continuing operations
|
$
|
179.5
|
|
|
$
|
71.4
|
|
|
$
|
392.4
|
|
|
$
|
245.1
|
|
Less: Net income attributable to noncontrolling interests of continuing operations
|
0.5
|
|
|
0.4
|
|
|
1.3
|
|
|
1.3
|
|
||||
Income from continuing operations attributable to Conagra Brands, Inc.
|
$
|
179.0
|
|
|
$
|
71.0
|
|
|
$
|
391.1
|
|
|
$
|
243.8
|
|
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
|
February 26,
2017 |
|
February 28,
2016 |
|
February 26,
2017 |
|
February 28,
2016 |
||||||||
Net derivative gains (losses) incurred
|
$
|
0.3
|
|
|
$
|
(3.3
|
)
|
|
$
|
3.0
|
|
|
$
|
(13.1
|
)
|
Less: Net derivative gains (losses) allocated to reporting segments
|
(0.2
|
)
|
|
(5.1
|
)
|
|
2.6
|
|
|
(15.1
|
)
|
||||
Net derivative gains recognized in general corporate expenses
|
$
|
0.5
|
|
|
$
|
1.8
|
|
|
$
|
0.4
|
|
|
$
|
2.0
|
|
Net derivative gains (losses) allocated to Grocery & Snacks
|
$
|
0.1
|
|
|
$
|
(3.1
|
)
|
|
$
|
2.0
|
|
|
$
|
(8.8
|
)
|
Net derivative losses allocated to Refrigerated & Frozen
|
(0.8
|
)
|
|
(1.3
|
)
|
|
(0.3
|
)
|
|
(3.9
|
)
|
||||
Net derivative gains (losses) allocated to International
|
0.6
|
|
|
(0.3
|
)
|
|
0.9
|
|
|
(0.2
|
)
|
||||
Net derivative gains (losses) allocated to Foodservice
|
(0.1
|
)
|
|
0.1
|
|
|
0.1
|
|
|
(0.7
|
)
|
||||
Net derivative losses allocated to Commercial
|
—
|
|
|
(0.5
|
)
|
|
(0.1
|
)
|
|
(1.5
|
)
|
||||
Net derivative gains (losses) included in segment operating profit
|
$
|
(0.2
|
)
|
|
$
|
(5.1
|
)
|
|
$
|
2.6
|
|
|
$
|
(15.1
|
)
|
•
|
charges totaling $32.7 million ($21.1 million after-tax) related to the early retirement of debt,
|
•
|
charges totaling $13.8 million ($8.5 million after-tax) related to the pension lump sum settlement,
|
•
|
charges totaling $13.7 million ($8.8 million after-tax) in connection with our Supply Chain and Administrative Efficiency Plan (the “SCAE Plan”), and
|
•
|
an income tax benefit of $7.1 million primarily associated with certain foreign incentives.
|
•
|
charges totaling $208.6 million ($190.9 million after-tax) related to the impairment of goodwill and other intangible assets primarily in our International segment,
|
•
|
gains totaling $197.4 million ($67.3 million after-tax) from the sales of the Spicetec and JM Swank businesses,
|
•
|
charges totaling $93.3 million ($60.2 million after-tax) related to the early retirement of debt,
|
•
|
charges totaling $47.6 million ($30.8 million after-tax) in connection with our SCAE Plan,
|
•
|
charges totaling $13.8 million ($8.5 million after-tax) related to the pension lump sum settlement, and
|
•
|
an income tax benefit of $14.6 million associated with a tax planning strategy that allowed us to utilize certain state tax attributes and certain foreign incentives.
|
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||
($ in millions)
|
February 26,
2017 |
|
February 28,
2016 |
|
February 26,
2017 |
|
February 28,
2016 |
||||||||
Net derivative gains (losses) incurred
|
$
|
0.3
|
|
|
$
|
(3.3
|
)
|
|
$
|
3.0
|
|
|
$
|
(13.1
|
)
|
Less: Net derivative gains (losses) allocated to reporting segments
|
(0.2
|
)
|
|
(5.1
|
)
|
|
2.6
|
|
|
(15.1
|
)
|
||||
Net derivative gains recognized in general corporate expenses
|
$
|
0.5
|
|
|
$
|
1.8
|
|
|
$
|
0.4
|
|
|
$
|
2.0
|
|
Net derivative gains (losses) allocated to Grocery & Snacks
|
$
|
0.1
|
|
|
$
|
(3.1
|
)
|
|
$
|
2.0
|
|
|
$
|
(8.8
|
)
|
Net derivative losses allocated to Refrigerated & Frozen
|
(0.8
|
)
|
|
(1.3
|
)
|
|
(0.3
|
)
|
|
(3.9
|
)
|
||||
Net derivative gains (losses) allocated to International Foods
|
0.6
|
|
|
(0.3
|
)
|
|
0.9
|
|
|
(0.2
|
)
|
||||
Net derivative gains (losses) allocated to Foodservice
|
(0.1
|
)
|
|
0.1
|
|
|
0.1
|
|
|
(0.7
|
)
|
||||
Net derivative losses allocated to Commercial
|
—
|
|
|
(0.5
|
)
|
|
(0.1
|
)
|
|
(1.5
|
)
|
||||
Net derivative gains (losses) included in segment operating profit
|
$
|
(0.2
|
)
|
|
$
|
(5.1
|
)
|
|
$
|
2.6
|
|
|
$
|
(15.1
|
)
|
|
Net Sales
|
||||||||||||||||||||
($ in millions)
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||||||||
Reporting Segment
|
February 26,
2017 |
|
February 28,
2016 |
|
% Inc
(Dec)
|
|
February 26,
2017 |
|
February 28,
2016 |
|
% Inc
(Dec)
|
||||||||||
Grocery & Snacks
|
$
|
849.8
|
|
|
$
|
898.0
|
|
|
(5
|
)%
|
|
$
|
2,460.9
|
|
|
$
|
2,604.6
|
|
|
(6
|
)%
|
Refrigerated & Frozen
|
666.4
|
|
|
708.9
|
|
|
(6
|
)%
|
|
2,011.0
|
|
|
2,193.3
|
|
|
(8
|
)%
|
||||
International
|
205.2
|
|
|
211.6
|
|
|
(3
|
)%
|
|
611.3
|
|
|
639.3
|
|
|
(4
|
)%
|
||||
Foodservice
|
259.8
|
|
|
266.6
|
|
|
(3
|
)%
|
|
810.9
|
|
|
822.2
|
|
|
(1
|
)%
|
||||
Commercial
|
—
|
|
|
114.2
|
|
|
(100
|
)%
|
|
71.1
|
|
|
351.7
|
|
|
(80
|
)%
|
||||
Total
|
$
|
1,981.2
|
|
|
$
|
2,199.3
|
|
|
(10
|
)%
|
|
$
|
5,965.2
|
|
|
$
|
6,611.1
|
|
|
(10
|
)%
|
•
|
charges totaling $208.6 million related to the impairment of goodwill and other intangible assets, primarily in the International segment,
|
•
|
a benefit of $6.7 million related to the reversal of a lease put option accrual upon expiration of the lease, partially offset by the amortization of put options of $4.9 million (see Note 6 to the Unaudited Condensed Consolidated Financial Statements contained in this report for further information).
|
|
Operating Profit
|
||||||||||||||||||||
($ in millions)
|
Thirteen weeks ended
|
|
Thirty-nine weeks ended
|
||||||||||||||||||
Reporting Segment
|
February 26,
2017 |
|
February 28,
2016 |
|
% Inc
(Dec)
|
|
February 26,
2017 |
|
February 28,
2016 |
|
% Inc
(Dec)
|
||||||||||
Grocery & Snacks
|
$
|
201.9
|
|
|
$
|
153.4
|
|
|
32
|
%
|
|
$
|
602.7
|
|
|
$
|
478.6
|
|
|
26
|
%
|
Refrigerated & Frozen
|
128.9
|
|
|
116.8
|
|
|
10
|
%
|
|
339.0
|
|
|
321.7
|
|
|
5
|
%
|
||||
International
|
18.1
|
|
|
16.4
|
|
|
10
|
%
|
|
(157.8
|
)
|
|
53.0
|
|
|
N/A
|
|
||||
Foodservice
|
27.8
|
|
|
27.9
|
|
|
—
|
%
|
|
81.4
|
|
|
74.5
|
|
|
9
|
%
|
||||
Commercial
|
(0.2
|
)
|
|
10.2
|
|
|
N/A
|
|
|
202.6
|
|
|
35.3
|
|
|
474
|
%
|
•
|
additional tax expense associated with non-deductible goodwill sold in connection with the divestitures of the Spicetec and JM Swank businesses,
|
•
|
additional tax expense associated with non-deductible goodwill in our Mexican and Canadian businesses, 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.
|
|
Payments Due by Period
(in millions)
|
||||||||||||||||||
Contractual Obligations
|
Total
|
|
Less than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
After 5
Years
|
||||||||||
Long-term debt
|
$
|
2,821.3
|
|
|
$
|
119.6
|
|
|
$
|
70.1
|
|
|
$
|
322.6
|
|
|
$
|
2,309.0
|
|
Capital lease obligations
|
133.2
|
|
|
9.4
|
|
|
17.0
|
|
|
17.2
|
|
|
89.6
|
|
|||||
Operating lease obligations
|
227.8
|
|
|
39.5
|
|
|
58.8
|
|
|
31.3
|
|
|
98.2
|
|
|||||
Purchase obligations
1
and other contracts
|
1,082.4
|
|
|
853.9
|
|
|
120.2
|
|
|
90.5
|
|
|
17.8
|
|
|||||
Notes payable
|
3.7
|
|
|
3.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
4,268.4
|
|
|
$
|
1,026.1
|
|
|
$
|
266.1
|
|
|
$
|
461.6
|
|
|
$
|
2,514.6
|
|
|
Amount of Commitment Expiration Per Period
(in millions)
|
||||||||||||||||||
Other Commercial Commitments
|
Total
|
|
Less than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
After 5
Years
|
||||||||||
Standby repurchase obligations
|
$
|
1.9
|
|
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
$
|
0.4
|
|
Other commitments
|
2.1
|
|
|
2.0
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
4.0
|
|
|
$
|
2.5
|
|
|
$
|
0.6
|
|
|
$
|
0.5
|
|
|
$
|
0.4
|
|
|
Fair Value Impact
|
||||||
In Millions
|
Average
During Thirty-nine Weeks
Ended February 26, 2017
|
|
Average
During Thirty-nine Weeks
Ended February 28, 2016
|
||||
Energy commodities
|
$
|
0.4
|
|
|
$
|
0.7
|
|
Agriculture commodities
|
0.5
|
|
|
1.8
|
|
||
Foreign exchange
|
0.2
|
|
|
0.1
|
|
Period
|
Total Number
of Shares (or
units)
Purchased
|
|
Average
Price Paid
per Share
(or unit)
|
|
Total Number of
Shares
Purchased as Part of
Publicly Announced
Plans or Programs
(1)
|
|
Approximate Dollar
Value of Maximum
Number of Shares that
may yet be Purchased
under the Program (1)
|
||||||
November 28 through December 25, 2016
|
3,521,840
|
|
|
$
|
37.33
|
|
|
3,521,840
|
|
|
$
|
1,042,878,000
|
|
December 26 through January 22, 2017
|
1,369,078
|
|
|
38.74
|
|
|
1,369,078
|
|
|
989,843,000
|
|
||
January 23 through February 26, 2017
|
5,745,933
|
|
|
39.55
|
|
|
5,745,933
|
|
|
762,616,000
|
|
||
Total Fiscal 2017 Third Quarter Activity
|
10,636,851
|
|
|
38.71
|
|
|
10,636,851
|
|
|
762,616,000
|
|
(1)
|
Pursuant to publicly announced share repurchase programs from December 2003, we have repurchased approximately 183.9 million shares at a cost of $4.8 billion through
February 26, 2017
. On December 14, 2011, we announced that our Board of Directors approved a $750.0 million increase to our share repurchase authorization, and on October 11, 2016, we announced that our Board of Directors approved a further increase of $1.25 billion. This authorization was contingent on the completion of the Spinoff. The increased share repurchase program is effective and has no expiration date.
|
|
CONAGRA BRANDS, INC.
|
|
|
|
|
|
By:
|
/s/ DAVID S. MARBERGER
|
|
|
David S. Marberger
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
By:
|
/s/ ROBERT G. WISE
|
|
|
Robert G. Wise
|
|
|
Senior Vice President and Corporate Controller
|
EXHIBIT
|
|
DESCRIPTION
|
|
|
|
2.1*
|
|
Second Amendment to Stock Purchase Agreement, dated as of February 14, 2017, by and between Bay Valley Foods LLC and Conagra Brands, Inc.
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation of Conagra Brands, Inc., incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 10, 2016
|
|
|
|
3.2
|
|
Amended and Restated Bylaws of Conagra Brands, Inc., as amended, incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 1, 2015
|
|
|
|
10.1
|
|
Amendment Six to ConAgra Foods, Inc. Amended and Restated Voluntary Deferred Compensation Plan (January 1, 2009 Restatement), dated December 22, 2016
|
|
|
|
10.2
|
|
Amendment Three to ConAgra Foods, Inc. Nonqualified Pension Plan (January 1, 2009 Restatement), dated December 22, 2016
|
|
|
|
10.3
|
|
Revolving Credit Agreement, dated as of February 16, 2017, among Conagra Brands, Inc., Bank of America N.A., as administrative agent and a lender, JPMorgan Chase Bank, N.A. as syndication agent and a lender, and other financial institutions party thereto, incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 17, 2017
|
|
|
|
12
|
|
Statement regarding computation of ratio of earnings to fixed charges
|
|
|
|
31.1
|
|
Section 302 Certificate of Chief Executive Officer
|
|
|
|
31.2
|
|
Section 302 Certificate of Chief Financial Officer
|
|
|
|
32.1
|
|
Section 906 Certificates
|
|
|
|
101.1
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended February 26, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) Notes to Condensed Consolidated Financial Statements, and (vi) document and entity information.
|
|
|
|
* Certain exhibits and schedules have been omitted and the Company agrees to furnish supplementally to the SEC a copy of any omitted exhibits and schedules upon request.
|
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