v3.22.4
Note 12 - Stockholders' Equity
 6 Months Ended
Nov. 27, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

12. STOCKHOLDERS' EQUITY

 

The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 27, 2022:

 

  

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, 2022

  584.2  $2,921.2  $2,324.6  $6,550.7  $(11.2) $(2,997.6) $74.5  $8,862.2 

Stock option and incentive plans

         (1.6)  0.2      16.3      14.9 

Currency translation adjustments

               (11.5)     (2.1)  (13.6)

Repurchase of common shares

                  (50.0)     (50.0)

Derivative adjustments

               (2.1)        (2.1)

Pension and postretirement healthcare benefits

               1.4         1.4 

Dividends declared on common stock; $0.33 per share

            (158.6)           (158.6)

Net loss attributable to Conagra Brands, Inc.

            (77.5)           (77.5)

Balance at August 28, 2022

  584.2  $2,921.2  $2,323.0  $6,314.8  $(23.4) $(3,031.3) $72.4  $8,576.7 

Stock option and incentive plans

         37.9   (2.4)     3.6   0.5   39.6 

Currency translation adjustments

               (6.5)     (1.7)  (8.2)

Repurchase of common shares

                  (100.0)     (100.0)

Derivative adjustments

               6.6         6.6 

Activities of noncontrolling interests

                     0.3   0.3 

Pension and postretirement healthcare benefits

               (1.3)     (0.1)  (1.4)

Dividends declared on common stock; $0.33 per share

            (157.8)           (157.8)

Net income attributable to Conagra Brands, Inc.

            381.9            381.9 

Balance at November 27, 2022

  584.2  $2,921.2  $2,360.9  $6,536.5  $(24.6) $(3,127.7) $71.4  $8,737.7 

 

The following table presents a reconciliation of our stockholders' equity accounts for the twenty-six weeks ended November 28, 2021:

 

  

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 30, 2021

  584.2  $2,921.2  $2,342.1  $6,262.6  $5.8  $(2,979.9) $79.6  $8,631.4 

Stock option and incentive plans

         (37.1)  0.2      21.8   0.3   (14.8)

Currency translation adjustments

               (14.4)     (1.3)  (15.7)

Repurchase of common shares

                  (50.0)     (50.0)

Derivative adjustments

               (2.1)        (2.1)

Activities of noncontrolling interests

                     0.3   0.3 

Pension and postretirement healthcare benefits

               1.3         1.3 

Dividends declared on common stock; $0.3125 per share

            (149.9)           (149.9)

Net income attributable to Conagra Brands, Inc.

            235.4            235.4 

Balance at August 29, 2021

  584.2  $2,921.2  $2,305.0  $6,348.3  $(9.4) $(3,008.1) $78.9  $8,635.9 

Stock option and incentive plans

         12.1   (0.6)     0.3   0.1   11.9 

Currency translation adjustments

               (16.2)     (1.5)  (17.7)

Derivative adjustments

               1.4         1.4 

Activities of noncontrolling interests

                     0.4   0.4 

Pension and postretirement healthcare benefits

               (0.6)        (0.6)

Dividends declared on common stock; $0.3125 per share

            (149.9)           (149.9)

Net income attributable to Conagra Brands, Inc.

            275.5            275.5 

Balance at November 28, 2021

  584.2  $2,921.2  $2,317.1  $6,473.3  $(24.8) $(3,007.8) $77.9  $8,756.9 

  

The following table details the accumulated balances for each component of other comprehensive loss, net of tax:

 

  

November 27, 2022

  

May 29, 2022

 

Currency translation losses, net of reclassification adjustments

 $(113.1) $(95.1)

Derivative adjustments, net of reclassification adjustments

  34.3   29.8 

Pension and postretirement benefit obligations, net of reclassification adjustments

  54.2   54.1 

Accumulated other comprehensive loss

 $(24.6) $(11.2)

 

The following tables summarize the reclassifications from accumulated other comprehensive income (loss) into income:

 

  

Thirteen Weeks Ended

 

Affected Line Item in the Condensed Consolidated Statement of Earnings1

  

November 27, 2022

  

November 28, 2021

  

Net derivative adjustments:

         

Cash flow hedges

 $(0.8) $(0.7)

Interest expense, net

Cash flow hedges

  (0.2)  0.4 

Equity method investment earnings

   (1.0)  (0.3)

Total before tax

   0.3   — 

Income tax expense

  $(0.7) $(0.3)

Net of tax

Pension and postretirement liabilities:

         

Net prior service cost

 $(0.1) $0.1 

Pension and postretirement non-service income

Net actuarial gain

  (1.1)  (1.0)

Pension and postretirement non-service income

   (1.2)  (0.9)

Total before tax

   0.3   0.3 

Income tax expense

  $(0.9) $(0.6)

Net of tax

 

  

Twenty-Six Weeks Ended

 

Affected Line Item in the Condensed Consolidated Statement of Earnings1

  

November 27, 2022

  

November 28, 2021

  

Net derivative adjustments:

         

Cash flow hedges

 $(1.6) $(1.5)

Interest expense, net

Cash flow hedges

  —   0.9 

Equity method investment earnings

   (1.6)  (0.6)

Total before tax

   0.5   0.1 

Income tax expense

  $(1.1) $(0.5)

Net of tax

Pension and postretirement liabilities:

         

Net prior service cost

 $(0.1) $0.1 

Pension and postretirement non-service income

Net actuarial gain

  (2.2)  (1.8)

Pension and postretirement non-service income

   (2.3)  (1.7)

Total before tax

   0.7   0.5 

Income tax expense

  $(1.6) $(1.2)

Net of tax

 

1Amounts in parentheses indicate income recognized in the Condensed Consolidated Statements of Earnings.