Rendering

Component: (Network and Table)
Network
2318301 - Disclosure - PENSION AND POSTRETIREMENT BENEFITS (Tables)
(http://www.conagrafoods.com/role/PensionAndPostretirementBenefitsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000023217 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2015-06-01 - 2016-05-29
Compensation and Retirement Disclosure [Abstract]
 
Change in benefit obligations and plan assets
The changes in benefit obligations and plan assets at May 29, 2016 and May 31, 2015 are presented in the following table.
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
4,092.2

 
$
3,979.0

 
$
235.4

 
$
283.5

Service cost
93.8

 
88.5

 
0.4

 
0.6

Interest cost
159.8

 
161.3

 
7.5

 
9.9

Plan participants’ contributions
—

 
—

 
4.8

 
5.9

Amendments
2.0

 
0.7

 
—

 
(3.3
)
Actuarial loss (gain)
(18.5
)
 
35.7

 
0.6

 
(35.9
)
Special termination benefits
25.6

 
6.9

 
—

 
—

Curtailments
(18.8
)
 
—

 
—

 
—

Benefits paid
(168.2
)
 
(176.7
)
 
(21.9
)
 
(24.3
)
Currency
(1.0
)
 
(3.2
)
 
(0.2
)
 
(1.0
)
Business divestitures
(263.9
)
 


 
(24.9
)
 


Benefit obligation at end of year
$
3,903.0

 
$
4,092.2

 
$
201.7

 
$
235.4

Change in Plan Assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
3,539.0

 
$
3,546.0

 
$
0.1

 
$
0.3

Actual return on plan assets
(146.2
)
 
178.6

 
—

 
(0.3
)
Employer contributions
11.9

 
13.5

 
17.1

 
18.5

Plan participants’ contributions
—

 
—

 
4.8

 
5.9

Investment and administrative expenses
(22.0
)
 
(18.8
)
 
—

 
—

Benefits paid
(168.2
)
 
(176.7
)
 
(21.9
)
 
(24.3
)
Currency
(1.1
)
 
(3.6
)
 
—

 
—

Business divestitures
(254.0
)
 
—

 
—

 
—

Fair value of plan assets at end of year
$
2,959.4

 
$
3,539.0

 
$
0.1

 
$
0.1

  
Funded status and Amounts recognized in Balance Sheets
The funded status and amounts recognized in our Consolidated Balance Sheets at May 29, 2016 and May 31, 2015 were:
 
 
Pension Benefits
 
Other Benefits
 
 
2016
 
2015
 
2016
 
2015
Funded Status
 
$
(943.6
)
 
$
(553.2
)
 
$
(201.6
)
 
$
(235.3
)
Amounts Recognized in Consolidated Balance Sheets
 
 
 
 
 
 
 
 
Other assets
 
$
3.0

 
$
20.5

 
$
—

 
$
—

Other accrued liabilities
 
(10.6
)
 
(10.7
)
 
(21.8
)
 
(23.3
)
Other noncurrent liabilities
 
(936.0
)
 
(563.0
)
 
(179.8
)
 
(212.0
)
Net Amount Recognized
 
$
(943.6
)
 
$
(553.2
)
 
$
(201.6
)
 
$
(235.3
)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax)
 
 
 
 
 
 
 
 
Actuarial net loss
 
$
373.0

 
$
339.6

 
$
23.9

 
$
16.1

Net prior service cost (benefit)
 
13.4

 
14.2

 
(11.6
)
 
(25.0
)
Total
 
$
386.4

 
$
353.8

 
$
12.3

 
$
(8.9
)
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 29, 2016 and May 31, 2015
 
 
 
 
 
 
 
 
Discount rate
 
3.83
%
 
4.10
%
 
3.18
%
 
3.50
%
Long-term rate of compensation increase
 
3.66
%
 
3.70
%
 
N/A

 
N/A

  
Projected benefit obligation, Accumulated benefit obligation, and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan Assets.
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets at May 29, 2016 and May 31, 2015 were:
 
 
2016
 
2015
Projected benefit obligation
 
$
3,809.5

 
$
3,805.8

Accumulated benefit obligation
 
3,734.6

 
3,658.3

Fair value of plan assets
 
2,862.9

 
3,232.1

  
Components of pension benefit and other postretirement benefit costs
Components of pension benefit and other postretirement benefit costs included:
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$
93.8

 
$
88.5

 
$
89.0

 
$
0.4

 
$
0.6

 
$
0.7

Interest cost
159.8

 
161.3

 
151.1

 
7.5

 
9.9

 
9.7

Expected return on plan assets
(259.9
)
 
(267.9
)
 
(252.9
)
 
—

 
—

 
—

Amortization of prior service cost (benefit)
2.7

 
3.7

 
3.8

 
(7.8
)
 
(7.9
)
 
(7.2
)
Special termination benefits
25.6

 
6.9

 
0.4

 
—

 
—

 
—

Recognized net actuarial loss
348.5

 
6.9

 
2.7

 
0.1

 
3.5

 
6.7

Curtailment loss
0.3

 
1.5

 
—

 
—

 
—

 
—

Benefit cost — Company plans
370.8

 
0.9

 
(5.9
)
 
0.2

 
6.1

 
9.9

Pension benefit cost — multi-employer plans
42.9

 
12.4

 
12.6

 
—

 
—

 
—

Total benefit cost
$
413.7

 
$
13.3

 
$
6.7

 
$
0.2

 
$
6.1

 
$
9.9

  
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were:
 
 
Pension Benefits
 
Other Benefits
 
 
2016
 
2015
 
2016
 
2015
Net actuarial gain (loss)
 
$
(390.5
)
 
$
(143.8
)
 
$
(8.0
)
 
$
35.8

Amendments
 
(2.0
)
 
(0.6
)
 
(5.6
)
 
3.3

Amortization of prior service cost (benefit)
 
2.7

 
5.2

 
(7.8
)
 
(7.9
)
Recognized net actuarial loss
 
348.5

 
6.9

 
0.1

 
3.5

Net amount recognized
 
$
(41.3
)
 
$
(132.3
)
 
$
(21.3
)
 
$
34.7

  
Weighted Average Actuarial Assumption Used to Determine Net Expense
Weighted-Average Actuarial Assumptions Used to Determine Net Expense
 
 
Pension Benefits
 
Other Benefits
 
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Discount rate
 
4.10
%
 
4.15
%
 
4.05
%
 
3.50
%
 
3.65
%
 
3.35
%
Long-term rate of return on plan assets
 
7.75
%
 
7.75
%
 
7.75
%
 
N/A

 
N/A

 
N/A

Long-term rate of compensation increase
 
3.70
%
 
4.25
%
 
4.25
%
 
N/A

 
N/A

 
N/A

  
Accumulated other comprehensive income (loss)
The amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net expense during the next year are as follows:
 
 
Pension Benefits
 
Other Benefits
Prior service cost (benefit)
 
$
2.6

 
$
(6.8
)
Net actuarial loss
 
NA

 
0.4

  
Fair value of plan assets
The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 29, 2016, was as follows:
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
 
$
0.9

 
$
73.4

 
$
—

 
$
74.3

Equity securities:
 
 
 
 
 
 
 
 
U.S. equity securities
 
453.5

 
13.2

 
—

 
466.7

International equity securities
 
267.5

 
318.1

 
—

 
585.6

Fixed income securities:
 
 
 
 
 
 
 
 
Government bonds
 
43.3

 
232.8

 
—

 
276.1

Corporate bonds
 
23.6

 
242.6

 
—

 
266.2

Mortgage-backed bonds
 
58.1

 
64.4

 
—

 
122.5

Real estate funds
 
—

 
—

 
425.0

 
425.0

Multi-strategy hedge funds
 
—

 
—

 
466.4

 
466.4

Private equity funds
 
—

 
—

 
89.7

 
89.7

Master limited partnerships
 
155.8

 
—

 
—

 
155.8

Private natural resources funds
 
—

 
—

 
27.9

 
27.9

Net receivables for unsettled transactions
 
3.2

 
—

 
—

 
3.2

Total assets
 
$
1,005.9

 
$
944.5

 
$
1,009.0

 
$
2,959.4

The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 31, 2015, was as follows:
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
 
$
2.4

 
$
80.3

 
$
—

 
$
82.7

Equity securities:
 
 
 
 
 
 
 
 
U.S. equity securities
 
542.2

 
90.9

 
—

 
633.1

International equity securities
 
362.9

 
448.8

 
—

 
811.7

Fixed income securities:
 
 
 
 
 
 
 
 
Government bonds
 
43.9

 
290.5

 
—

 
334.4

Corporate bonds
 
49.6

 
394.9

 
—

 
444.5

Mortgage-backed bonds
 
49.5

 
24.0

 
—

 
73.5

Real estate funds
 
—

 
6.6

 
344.9

 
351.5

Multi-strategy hedge funds
 
—

 
—

 
484.5

 
484.5

Private equity funds
 
—

 
—

 
93.0

 
93.0

Master limited partnerships
 
191.4

 
—

 
—

 
191.4

Private natural resources funds
 
—

 
11.9

 
19.9

 
31.8

Net receivables for unsettled transactions
 
6.9

 
—

 
—

 
6.9

Total assets
 
$
1,248.8

 
$
1,347.9

 
$
942.3

 
$
3,539.0

  
Weighted average asset allocation and target asset allocation
Our pension plan weighted-average asset allocations and our target asset allocations, by asset category were as follows:
 
 
May 29, 2016
 
May 31, 2015
 
Target
Allocation
Equity securities
 
36
%
 
41
%
 
25% - 45%
Debt securities
 
22
%
 
24
%
 
14% - 24%
Real estate funds
 
14
%
 
10
%
 
1% - 19%
Multi-strategy hedge funds
 
16
%
 
14
%
 
5% - 25%
Private equity
 
3
%
 
2
%
 
3% - 13%
Other
 
9
%
 
9
%
 
3% - 30%
Total
 
100
%
 
100
%
 

  
Change in the fair value of the Plan Assets
The change in the fair value of the plan’s Level 3 assets is summarized as follows:
 
 
Fair Value
May 31, 2015
 
Realized Gains (Losses)
 
Unrealized
Gains (Losses)
 
Net Purchases and Sales
 
Fair Value
May 29, 2016
Real estate funds
 
$
344.9

 
$
0.4

 
$
46.1

 
$
33.6

 
$
425.0

Multi-strategy hedge funds
 
484.5

 
0.2

 
(17.2
)
 
(1.1
)
 
466.4

Private equity
 
93.0

 
2.2

 
(0.5
)
 
(5.0
)
 
89.7

Private natural resources
 
19.9

 
—

 
(6.1
)
 
14.1

 
27.9

Total
 
$
942.3

 
$
2.8

 
$
22.3

 
$
41.6

 
$
1,009.0

 
 
Fair Value
May 25, 2014
 
Realized Gains (Losses)
 
Unrealized
Gains (Losses)
 
Net Purchases and Sales
 
Fair Value
May 31, 2015
Real estate funds
 
$
170.6

 
$
0.5

 
$
21.0

 
$
152.8

 
$
344.9

Multi-strategy hedge funds
 
462.3

 
0.3

 
22.8

 
(0.9
)
 
484.5

Private equity
 
81.3

 
2.7

 
(3.3
)
 
12.3

 
93.0

Private natural resources
 
16.6

 
—

 
0.5

 
2.8

 
19.9

Total
 
$
730.8

 
$
3.5

 
$
41.0

 
$
167.0

 
$
942.3

  
Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates have a significant effect on the benefit obligation of the postretirement plans.
Assumed Health Care Cost Trend Rates at:
 
May 29, 2016
 
May 31, 2015
Initial health care cost trend rate
 
9.0
%
 
9.0
%
Ultimate health care cost trend rate
 
4.5
%
 
4.5
%
Year that the rate reaches the ultimate trend rate
 
2024

 
2023

  
Percentage point change in assumed health care cost trend rates
A one percentage point change in assumed health care cost rates would have the following effect:
 
 
One  Percent
Increase
 
One  Percent
Decrease
Effect on total service and interest cost
 
$
0.4

 
$
(0.4
)
Effect on postretirement benefit obligation
 
11.3

 
(10.1
)
  
Estimated future gross benefit payments and Medicare Part D subsidy receipts
The following table presents estimated future gross benefit payments for our plans:
 
 
Pension Benefits
 
Health Care and Life Insurance
Benefits
2017
 
$
183.8

 
$
22.1

2018
 
190.4

 
21.0

2019
 
194.7

 
19.8

2020
 
199.6

 
18.6

2021
 
204.2

 
17.5

Succeeding 5 years
 
1,080.3

 
69.0

  
Plans not individually significant
For plans that are not individually significant to ConAgra Foods the total amount of contributions is presented in the aggregate.
  
  
Pension Protection Act
Zone Status
FIP /
RP Status
Pending /
Implemented
Contributions by
the Company
(millions)
  
Expiration
Dates of
Collective
Bargaining
Agreements
Pension Fund
EIN / PN
2015
2014
FY16
FY15
FY14
Surcharge
Imposed
Bakery and Confectionary Union and Industry International Pension Plan
52-6118572
/ 001
Red
Red
RP Implemented
$
3.1

$3.7
$3.5
No
2/28/2020
Central States, Southeast and Southwest Areas Pension Fund
36-6044243
/ 001
Red
Red
RP Implemented
1.9

2.0
2.1
No
6/04/2017
National Conference of Fireman & Oilers National Pension Fund
52-6085445 / 003
Yellow
Yellow
FIP Implemented
—

0.6
0.7
No
11/19/2015
Western Conference of Teamsters Pension Plan
91-6145047
/ 001
Green
Green
N/A
5.4

4.9
4.9
No
05/31/2016 to 06/30/2018
Other Plans
0.7

0.8
1.2
 
 
Total Contributions
$
11.1

$12.0
$12.4