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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 28, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                 to

Commission File Number: 1-7275

 

CONAGRA BRANDS, INC.

(Exact name of registrant as specified in its charter)

 

 

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)

 

(312) 549-5000

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $5.00 par value

 

CAG

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer   Accelerated filer   Non-accelerated filer      Smaller reporting company   Emerging growth company    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Number of shares outstanding of issuer's common stock as of November 28, 2021 was 479,697,731.

 

 


 

 

Table of Contents

 

Part I. FINANCIAL INFORMATION

 

1

 

 

 

Item 1

 

Financial Statements

 

1

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Earnings for the Thirteen and Twenty-Six Weeks Ended November 28, 2021 and November 29, 2020

 

1

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Income for the Thirteen and Twenty-Six Weeks Ended November 28, 2021 and November 29, 2020

 

2

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Balance Sheets as of November 28, 2021 and May 30, 2021

 

3

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended November 28, 2021 and November 29, 2020

 

4

 

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

5

 

 

 

 

 

Item 2

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

25

 

 

 

 

 

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

36

 

 

 

 

 

Item 4

 

Controls and Procedures

 

37

 

 

 

 

 

Part II. OTHER INFORMATION

 

38

 

 

 

Item 1

 

Legal Proceedings

 

38

 

 

 

 

 

Item 1A

 

Risk Factors

 

38

 

 

 

 

 

Item 6

 

Exhibits

 

39

 

 

 

 

 

Signatures

 

 

 

40

 

 

 

 

 

Exhibit 31.1

 

 

 

 

Exhibit 31.2

 

 

 

 

Exhibit 32

 

 

 

 

Exhibit 101

Exhibit 104

 

 

 

 

 

 


 

 

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Conagra Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Earnings

(in millions except per share amounts)

(unaudited)

 

 

 

Thirteen Weeks Ended

 

 

Twenty-Six Weeks Ended

 

 

 

November 28,

2021

 

 

November 29,

2020

 

 

November 28,

2021

 

 

November 29,

2020

 

Net sales

 

$

3,058.9

 

 

$

2,995.2

 

 

$

5,712.2

 

 

$

5,674.1

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

2,304.1

 

 

 

2,106.3

 

 

 

4,284.0

 

 

 

3,975.0

 

Selling, general and administrative expenses

 

 

345.4

 

 

 

357.7

 

 

 

655.5

 

 

 

658.0

 

Pension and postretirement non-service income

 

 

(16.1

)

 

 

(13.7

)

 

 

(32.2

)

 

 

(27.5

)

Interest expense, net

 

 

94.9

 

 

 

107.7

 

 

 

189.1

 

 

 

221.4

 

Income before income taxes and equity method investment earnings

 

 

330.6

 

 

 

437.2

 

 

 

615.8

 

 

 

847.2

 

Income tax expense

 

 

84.2

 

 

 

80.7

 

 

 

153.9

 

 

 

167.4

 

Equity method investment earnings

 

 

29.5

 

 

 

23.0

 

 

 

49.7

 

 

 

29.5

 

Net income

 

$

275.9

 

 

$

379.5

 

 

$

511.6

 

 

$

709.3

 

Less: Net income attributable to noncontrolling interests

 

 

0.4

 

 

 

0.6

 

 

 

0.7

 

 

 

1.4

 

Net income attributable to Conagra Brands, Inc.

 

$

275.5

 

 

$

378.9

 

 

$

510.9

 

 

$

707.9

 

Earnings per share — basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Conagra Brands, Inc. common stockholders

 

$

0.57

 

 

$

0.77

 

 

$

1.06

 

 

$

1.45

 

Earnings per share — diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Conagra Brands, Inc. common stockholders

 

$

0.57

 

 

$

0.77

 

 

$

1.06

 

 

$

1.44

 

 

See Notes to the Condensed Consolidated Financial Statements.

1


 

Conagra Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

 

 

 

 

Thirteen Weeks Ended

 

 

 

November 28, 2021

 

 

November 29, 2020

 

 

 

Pre-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

After-

Tax

Amount

 

 

Pre-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

After-

Tax

Amount

 

Net income

 

$

360.1

 

 

$

(84.2

)

 

$

275.9

 

 

$

460.2

 

 

$

(80.7

)

 

$

379.5

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative adjustments

 

 

2.2

 

 

 

(0.5

)

 

 

1.7

 

 

 

1.1

 

 

 

(0.3

)

 

 

0.8

 

Reclassification for derivative adjustments included in net income

 

 

(0.3

)

 

 

 

 

 

(0.3

)

 

 

(1.2

)

 

 

0.3

 

 

 

(0.9

)

Unrealized currency translation gains (losses)

 

 

(17.7

)

 

 

 

 

 

(17.7

)

 

 

10.8

 

 

 

(0.1

)

 

 

10.7

 

Pension and post-employment benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification for pension and post-employment benefit obligations included in net income

 

 

(0.9

)

 

 

0.3

 

 

 

(0.6

)

 

 

(0.8

)

 

 

0.2

 

 

 

(0.6

)

Comprehensive income

 

 

343.4

 

 

 

(84.4

)

 

 

259.0

 

 

 

470.1

 

 

 

(80.6

)

 

 

389.5

 

Comprehensive loss attributable to noncontrolling interests

 

 

(1.0

)

 

 

(0.1

)

 

 

(1.1

)

 

 

 

 

 

(0.1

)

 

 

(0.1

)

Comprehensive income attributable to Conagra Brands, Inc.

 

$

344.4

 

 

$

(84.3

)

 

$

260.1

 

 

$

470.1

 

 

$

(80.5

)

 

$

389.6

 

 

 

 

Twenty-Six Weeks Ended

 

 

 

November 28, 2021

 

 

November 29, 2020

 

 

 

Pre-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

After-

Tax

Amount

 

 

Pre-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

After-

Tax

Amount

 

Net income

 

$

665.5

 

 

$

(153.9

)

 

$

511.6

 

 

$

876.7

 

 

$

(167.4

)

 

$

709.3

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative adjustments

 

 

(0.3

)

 

 

0.1

 

 

 

(0.2

)

 

 

0.5

 

 

 

(0.2

)

 

 

0.3

 

Reclassification for derivative adjustments included in net income

 

 

(0.6

)

 

 

0.1

 

 

 

(0.5

)

 

 

(2.1

)

 

 

0.5

 

 

 

(1.6

)

Unrealized currency translation gains (losses)

 

 

(33.4

)

 

 

 

 

 

(33.4

)

 

 

28.8

 

 

 

(0.6

)

 

 

28.2

 

Pension and post-employment benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized pension and post-employment benefit obligations

 

 

2.1

 

 

 

(0.2

)

 

 

1.9

 

 

 

0.4

 

 

 

(0.1

)

 

 

0.3

 

Reclassification for pension and post-employment benefit obligations included in net income

 

 

(1.7

)

 

 

0.5

 

 

 

(1.2

)

 

 

(1.6

)

 

 

0.4

 

 

 

(1.2

)

Comprehensive income

 

 

631.6

 

 

 

(153.4

)

 

 

478.2

 

 

 

902.7

 

 

 

(167.4

)

 

 

735.3

 

Comprehensive income (loss) attributable to noncontrolling interests

 

 

(1.9

)

 

 

(0.2

)

 

 

(2.1

)

 

 

3.3

 

 

 

(0.4

)

 

 

2.9

 

Comprehensive income attributable to Conagra Brands, Inc.

 

$

633.5

 

 

$

(153.2

)

 

$

480.3

 

 

$

899.4

 

 

$

(167.0

)

 

$

732.4

 

 

See Notes to the Condensed Consolidated Financial Statements.

2


 

Conagra Brands, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions except share data)

(unaudited)

 

 

 

November 28,

2021

 

 

May 30,

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

68.7

 

 

$

79.2

 

Receivables, less allowance for doubtful accounts of $3.0 and $3.2

 

 

977.2

 

 

 

793.9

 

Inventories

 

 

1,858.7

 

 

 

1,709.7

 

Prepaid expenses and other current assets

 

 

111.1

 

 

 

95.0

 

Current assets held for sale

 

 

23.6

 

 

 

24.3

 

Total current assets

 

 

3,039.3

 

 

 

2,702.1

 

Property, plant and equipment

 

 

5,713.6

 

 

 

5,564.8

 

Less accumulated depreciation

 

 

(3,090.8

)

 

 

(2,992.8

)

Property, plant and equipment, net

 

 

2,622.8

 

 

 

2,572.0

 

Goodwill

 

 

11,332.0