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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 August 30, 2020

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 August 30, 2020, was 488,518,073.

 

 


 

Table of Contents

 

Part I. FINANCIAL INFORMATION

 

1

 

 

 

Item 1

 

Financial Statements

 

1

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Earnings for the Thirteen Weeks ended August 30, 2020 and August 25, 2019

 

1

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Income for the Thirteen Weeks ended August 30, 2020 and August 25, 2019

 

2

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Balance Sheets as of August 30, 2020 and May 31, 2020

 

3

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the Thirteen Weeks ended August 30, 2020 and August 25, 2019

 

4

 

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

5

 

 

 

 

 

Item 2

 

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

 

24

 

 

 

 

 

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

33

 

 

 

 

 

Item 4

 

Controls and Procedures

 

34

 

 

 

 

 

Part II. OTHER INFORMATION

 

35

 

 

 

Item 1

 

Legal Proceedings

 

35

 

 

 

 

 

Item 1A

 

Risk Factors

 

35

 

 

 

 

 

Item 6

 

Exhibits

 

36

 

 

 

 

 

Signatures

 

 

 

37

 

 

 

 

 

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

 

 

 

August 30,

2020

 

 

August 25,

2019

 

Net sales

 

$

2,678.9

 

 

$

2,390.7

 

Costs and expenses:

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

1,868.7

 

 

 

1,726.2

 

Selling, general and administrative expenses

 

 

300.3

 

 

 

400.8

 

Pension and postretirement non-service income

 

 

(13.8

)

 

 

(9.5

)

Interest expense, net

 

 

113.7

 

 

 

122.7

 

Income before income taxes and equity method investment earnings

 

 

410.0

 

 

 

150.5

 

Income tax expense (benefit)

 

 

86.7

 

 

 

(11.5

)

Equity method investment earnings

 

 

6.5

 

 

 

12.3

 

Net income

 

$

329.8

 

 

$

174.3

 

Less: Net income attributable to noncontrolling interests

 

 

0.8

 

 

 

0.5

 

Net income attributable to Conagra Brands, Inc.

 

$

329.0

 

 

$

173.8

 

Earnings per share — basic

 

 

 

 

 

 

 

 

Net income attributable to Conagra Brands, Inc. common stockholders

 

$

0.67

 

 

$

0.36

 

Earnings per share — diluted

 

 

 

 

 

 

 

 

Net income attributable to Conagra Brands, Inc. common stockholders

 

$

0.67

 

 

$

0.36

 

 

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

 

 

 

August 30, 2020

 

 

August 25, 2019

 

 

 

Pre-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

After-

Tax

Amount

 

 

Pre-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

After-

Tax

Amount

 

Net income

 

$

416.5

 

 

$

(86.7

)

 

$

329.8

 

 

$

162.8

 

 

$

11.5

 

 

$

174.3

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative adjustments

 

 

(0.6

)

 

 

0.1

 

 

 

(0.5

)

 

 

(1.6

)

 

 

0.4

 

 

 

(1.2

)

Reclassification for derivative adjustments included in net income

 

 

(0.9

)

 

 

0.2

 

 

 

(0.7

)

 

 

(0.8

)

 

 

0.2

 

 

 

(0.6

)

Unrealized currency translation gains (losses)

 

 

18.0

 

 

 

(0.5

)

 

 

17.5

 

 

 

(12.2

)

 

 

0.6

 

 

 

(11.6

)

Pension and post-employment benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized pension and post-employment benefit obligations

 

 

0.4

 

 

 

(0.1

)

 

 

0.3

 

 

 

(14.8

)

 

 

3.7

 

 

 

(11.1

)

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

 

 

(0.8

)

 

 

0.2

 

 

 

(0.6

)

 

 

(0.4

)

 

 

0.1

 

 

 

(0.3

)

Comprehensive income

 

 

432.6

 

 

 

(86.8

)

 

 

345.8

 

 

 

133.0

 

 

 

16.5

 

 

 

149.5

 

Comprehensive income (loss) attributable to noncontrolling interests

 

 

3.3

 

 

 

(0.3

)

 

 

3.0

 

 

 

(2.0

)

 

 

(0.2

)

 

 

(2.2

)

Comprehensive income attributable to Conagra Brands, Inc.

 

$

429.3

 

 

$

(86.5

)

 

$

342.8

 

 

$

135.0

 

 

$

16.7

 

 

$

151.7

 

 

 

See Notes to the Condensed Consolidated Financial Statements.

2


 

Conagra Brands, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions except share data)

(unaudited)

 

 

 

August 30,

2020

 

 

May 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

438.2

 

 

$

553.3

 

Receivables, less allowance for doubtful accounts of $2.5 and $2.6

 

 

807.8

 

 

 

860.8

 

Inventories

 

 

1,579.6

 

 

 

1,376.6

 

Prepaid expenses and other current assets

 

 

108.4

 

 

 

93.9

 

Current assets held for sale

 

 

1.1

 

 

 

1.3

 

Total current assets

 

 

2,935.1

 

 

 

2,885.9

 

Property, plant and equipment

 

 

5,310.8

 

 

 

5,189.9

 

Less accumulated depreciation

 

 

(2,880.1

)

 

 

(2,800.3

)

Property, plant and equipment, net

 

 

2,430.7

 

 

 

2,389.6

 

Goodwill

 

 

11,439.6

 

 

 

11,433.9

 

Brands, trademarks and other intangibles, net

 

 

4,302.9

 

 

 

4,315.5

 

Other assets

 

 

1,263.3

 

 

 

1,273.4

 

Noncurrent assets held for sale

 

 

5.7

 

 

 

5.7

 

 

 

$

22,377.3

 

 

$

22,304.0

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Notes payable

 

$

0.6

 

 

$

1.1

 

Current installments of long-term debt

 

 

718.6

 

 

 

845.5

 

Accounts payable

 

 

1,523.3

 

 

 

1,525.6

 

Accrued payroll

 

 

110.4

 

 

 

189.4

 

Other accrued liabilities

 

 

749.0

 

 

 

725.8

 

Total current liabilities

 

 

3,101.9

 

 

 

3,287.4

 

Senior long-term debt, excluding current installments

 

 

8,897.6

 

 

 

8,900.8

 

Other noncurrent liabilities

 

 

2,178.8

 

 

 

2,165.1

 

Total liabilities

 

 

14,178.3

 

 

 

14,353.3

 

Common stockholders' equity

 

 

 

 

 

 

 

 

Common stock of $5 par value, authorized 1,200,000,000 shares;

   issued 584,219,229

 

 

2,921.2

 

 

 

2,921.2

 

Additional paid-in capital

 

 

2,297.8

 

 

 

2,323.2

 

Retained earnings

 

 

5,694.6

 

 

 

5,471.2

 

Accumulated other comprehensive loss

 

 

(95.8

)

 

 

(109.6

)

Less treasury stock, at cost, 95,701,156 and 97,057,311 common shares

 

 

(2,696.4

)

 

 

(2,729.9

)

Total Conagra Brands, Inc. common stockholders' equity

 

 

8,121.4

 

 

 

7,876.1

 

Noncontrolling interests

 

 

77.6

 

 

 

74.6

 

Total stockholders' equity

 

 

8,199.0

 

 

 

7,950.7

 

 

 

$

22,377.3

 

 

$

22,304.0

 

 

See Notes to the Condensed Consolidated Financial Statements.

 

3


 

Conagra Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 

 

Thirteen weeks ended

 

 

 

August 30,

2020

 

 

August 25,

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

329.8

 

 

$

174.3

 

Adjustments to reconcile net income to net cash flows from operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

95.2

 

 

 

96.7

 

Asset impairment charges

 

 

3.4

 

 

 

67.0

 

Loss on divestiture

 

 

 

 

 

1.7

 

Distributions in excess of earnings of affiliates

 

 

4.0

 

 

 

0.2

 

Stock-settled share-based payments expense

 

 

16.5

 

 

 

10.2

 

Contributions to pension plans

 

 

(5.9

)

 

 

(3.4

)

Pension benefit

 

 

(9.6

)

 

 

(5.7

)

Other items

 

 

24.3

 

 

 

(2.6

)

Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:

 

 

 

 

 

 

 

 

Receivables

 

 

52.4

 

 

 

41.7

 

Inventories

 

 

(202.8

)

 

 

(198.0

)

Deferred income taxes and income taxes payable, net

 

 

15.6

 

 

 

(23.9

)

Prepaid expenses and other current assets

 

 

(16.7

)

 

 

(16.1

)

Accounts payable

 

 

20.8

 

 

 

94.3

 

Accrued payroll

 

 

(79.1

)

 

 

(77.6

)

Other accrued liabilities

 

 

36.6

 

 

 

48.2

 

Net cash flows from operating activities

 

 

284.5

 

 

 

207.0

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(145.5

)

 

 

(106.6

)

Sale of property, plant and equipment

 

 

0.6

 

 

 

1.0

 

Purchase of marketable securities

 

 

(1.5

)

 

 

(16.9

)

Sale of marketable securities

 

 

3.4

 

 

 

18.2

 

Other items

 

 

0.1

 

 

 

(3.2

)

Net cash flows from investing activities

 

 

(142.9

)

 

 

(107.5

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net short-term borrowings

 

 

(0.5

)

 

 

55.0

 

Repayment of long-term debt

 

 

(133.4

)

 

 

(205.8

)

Payment of intangible asset financing arrangement

 

 

(12.9

)

 

 

(13.6

)

Cash dividends paid

 

 

(103.5

)

 

 

(103.3

)

Exercise of stock options and issuance of other stock awards, including tax withholdings

 

 

(9.3

)

 

 

(3.1

)

Net cash flows from financing activities

 

 

(259.6

)

 

 

(270.8

)

Effect of exchange rate changes on cash and cash equivalents and restricted cash