v3.24.1
Note 14 - Stockholders' Equity
 9 Months Ended
Feb. 25, 2024
Notes to Financial Statements  
Equity [Text Block]

14. STOCKHOLDERS' EQUITY

 

The following table presents a reconciliation of our stockholders' equity accounts for the thirty-nine weeks ended February 25, 2024:

 

  

Conagra Brands, Inc. Stockholders' Equity

         
  

Common Shares

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive Loss

  

Treasury Stock

  

Noncontrolling Interests

  

Total Equity

 

Balance at May 28, 2023

  584.2  $2,921.2  $2,376.9  $6,599.4  $(44.4) $(3,116.3) $70.5  $8,807.3 

Stock option and incentive plans

          (42.9)  1.1       25.6       (16.2)

Currency translation adjustments

                  10.7       (0.1)  10.6 

Derivative adjustments

                  1.6           1.6 

Activities of noncontrolling interests

                          0.2   0.2 

Pension and postretirement healthcare benefits

                  (0.8)          (0.8)

Dividends declared on common stock; $0.35 per share

              (167.3)              (167.3)

Net income attributable to Conagra Brands, Inc.

              319.7               319.7 

Balance at August 27, 2023

  584.2  $2,921.2  $2,334.0  $6,752.9  $(32.9) $(3,090.7) $70.6  $8,955.1 

Stock option and incentive plans

          5.6   (0.4)      1.1   0.3   6.6 

Currency translation adjustments

                  (5.6)      (0.7)  (6.3)

Derivative adjustments

                  0.8           0.8 

Pension and postretirement healthcare benefits

                  (1.0)          (1.0)

Dividends declared on common stock; $0.35 per share

              (167.2)              (167.2)

Net income attributable to Conagra Brands, Inc.

              286.2               286.2 

Balance at November 26, 2023

  584.2  $2,921.2  $2,339.6  $6,871.5  $(38.7) $(3,089.6) $70.2  $9,074.2 

Stock option and incentive plans

          14.1   (1.0)      1.7       14.8 

Currency translation adjustments

                  4.6       0.2   4.8 

Derivative adjustments

                  (4.1)          (4.1)

Activities of noncontrolling interests

                          0.2   0.2 

Pension and postretirement healthcare benefits

                  (5.6)          (5.6)

Dividends declared on common stock; $0.35 per share

              (167.4)              (167.4)

Net income attributable to Conagra Brands, Inc.

              308.6               308.6 

Balance at February 25, 2024

  584.2  $2,921.2  $2,353.7  $7,011.7  $(43.8) $(3,087.9) $70.6  $9,225.5 

 

The following table presents a reconciliation of our stockholders' equity accounts for the thirty-nine weeks ended February 26, 2023:

 

  

Conagra Brands, Inc. Stockholders' Equity

         
  

Common Shares

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive 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 

Stock option and incentive plans

          7.3   (0.8)      8.2   1.5   16.2 

Currency translation adjustments

                  5.8       (1.5)  4.3 

Derivative adjustments

                  (3.9)          (3.9)

Activities of noncontrolling interests

                          0.5   0.5 

Pension and postretirement healthcare benefits

                  (0.8)          (0.8)

Dividends declared on common stock; $0.33 per share

              (157.4)              (157.4)

Net income attributable to Conagra Brands, Inc.

              341.7               341.7 

Balance at February 26, 2023

  584.2  $2,921.2  $2,368.2  $6,720.0  $(23.5) $(3,119.5) $71.9  $8,938.3 

  

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

 

  

February 25, 2024

  

May 28, 2023

 

Currency translation losses, net of reclassification adjustments

 $(90.0) $(99.7)

Derivative adjustments, net of reclassification adjustments

  27.5   29.2 

Pension and postretirement benefit obligations, net of reclassification adjustments

  18.7   26.1 

Accumulated other comprehensive loss

 $(43.8) $(44.4)

 

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

  

February 25, 2024

  

February 26, 2023

  

Net derivative adjustments:

         

Cash flow hedges

 $(0.9) $(0.9)

Interest expense, net

Cash flow hedges

  (1.2)  (0.7)

Equity method investment earnings

   (2.1)  (1.6)

Total before tax

   0.5   0.4 

Income tax expense

  $(1.6) $(1.2)

Net of tax

Pension and postretirement liabilities:

         

Pension settlement

 $1.1  $— 

Pension and postretirement non-service income

Net actuarial gain

  (1.2)  (1.1)

Pension and postretirement non-service income

   (0.1)  (1.1)

Total before tax

   —   0.3 

Income tax expense

  $(0.1) $(0.8)

Net of tax

 

  

Thirty-Nine Weeks Ended

 

Affected Line Item in the Condensed Consolidated Statement of Earnings1

  

February 25, 2024

  

February 26, 2023

  

Net derivative adjustments:

         

Cash flow hedges

 $(2.7) $(2.5)

Interest expense, net

Cash flow hedges

  (3.5)  (0.7)

Equity method investment earnings

   (6.2)  (3.2)

Total before tax

   1.5   0.9 

Income tax expense

  $(4.7) $(2.3)

Net of tax

Pension and postretirement liabilities:

         

Net prior service cost

 $—  $(0.1)

Pension and postretirement non-service income

Pension settlement

  1.1   — 

Pension and postretirement non-service income

Net actuarial gain

  (3.6)  (3.3)

Pension and postretirement non-service income

   (2.5)  (3.4)

Total before tax

   0.6   1.0 

Income tax expense

  $(1.9) $(2.4)

Net of tax

 

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