$CAG
CONAGRA BRANDS INC.

2021 Q3 Form 10-Q Financial Statement

#000156459021050405 Filed on October 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $2.653B $2.679B
YoY Change -0.96% 12.06%
Cost Of Revenue $1.971B $1.869B
YoY Change 5.5% 8.26%
Gross Profit $681.9M $810.2M
YoY Change -15.84% 21.93%
Gross Profit Margin 25.7% 30.24%
Selling, General & Admin $300.7M $300.3M
YoY Change 0.13% -25.07%
% of Gross Profit 44.1% 37.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $81.60M $80.30M
YoY Change 1.62% -1.71%
% of Gross Profit 11.97% 9.91%
Operating Expenses $284.6M $300.3M
YoY Change -5.23% -25.07%
Operating Profit $427.9M $587.1M
YoY Change -27.12% 61.65%
Interest Expense -$94.20M -$113.7M
YoY Change -17.15% -12.54%
% of Operating Profit -22.01% -19.37%
Other Income/Expense, Net
YoY Change
Pretax Income $285.2M $410.0M
YoY Change -30.44% 172.43%
Income Tax $69.70M $86.70M
% Of Pretax Income 24.44% 21.15%
Net Earnings $235.4M $329.0M
YoY Change -28.45% 89.3%
Net Earnings / Revenue 8.87% 12.28%
Basic Earnings Per Share $0.49 $0.67
Diluted Earnings Per Share $488.1K $0.67
COMMON SHARES
Basic Shares Outstanding 480.4M 488.2M
Diluted Shares Outstanding 482.3M 489.9M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.00M $444.3M
YoY Change -84.92% 448.52%
Cash & Equivalents $67.00M $438.2M
Short-Term Investments $7.900M $6.100M
Other Short-Term Assets $116.2M $108.4M
YoY Change 7.2% -0.28%
Inventory $1.955B $1.580B
Prepaid Expenses
Receivables $834.4M $808.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.972B $2.935B
YoY Change 1.26% 7.59%
LONG-TERM ASSETS
Property, Plant & Equipment $2.646B $2.431B
YoY Change 8.87% 3.52%
Goodwill $11.37B $11.44B
YoY Change -0.62% -0.2%
Intangibles $4.141B $4.303B
YoY Change -3.77% -4.9%
Long-Term Investments
YoY Change
Other Assets $1.407B $1.263B
YoY Change 11.37% 10.78%
Total Long-Term Assets $19.57B $19.44B
YoY Change 0.65% -0.94%
TOTAL ASSETS
Total Short-Term Assets $2.972B $2.935B
Total Long-Term Assets $19.57B $19.44B
Total Assets $22.54B $22.38B
YoY Change 0.73% 0.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.674B $1.523B
YoY Change 9.92% 15.67%
Accrued Expenses $935.4M $859.0M
YoY Change 8.89% -6.22%
Deferred Revenue
YoY Change
Short-Term Debt $458.6M $600.0K
YoY Change 76333.33% -98.93%
Long-Term Debt Due $21.90M $719.0M
YoY Change -96.95% 379.33%
Total Short-Term Liabilities $3.090B $3.102B
YoY Change -0.37% 26.61%
LONG-TERM LIABILITIES
Long-Term Debt $8.780B $8.898B
YoY Change -1.33% -13.8%
Other Long-Term Liabilities $2.034B $2.179B
YoY Change -6.64% 5.83%
Total Long-Term Liabilities $10.81B $2.179B
YoY Change 396.31% 5.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.090B $3.102B
Total Long-Term Liabilities $10.81B $2.179B
Total Liabilities $13.90B $5.281B
YoY Change 163.3% -64.41%
SHAREHOLDERS EQUITY
Retained Earnings $6.348B
YoY Change
Common Stock $5.226B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.008B
YoY Change
Treasury Stock Shares $104.5M
Shareholders Equity $8.557B $8.121B
YoY Change
Total Liabilities & Shareholders Equity $22.54B $22.38B
YoY Change 0.73% 0.1%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $235.4M $329.0M
YoY Change -28.45% 89.3%
Depreciation, Depletion And Amortization $81.60M $80.30M
YoY Change 1.62% -1.71%
Cash From Operating Activities $139.8M $284.5M
YoY Change -50.86% 37.44%
INVESTING ACTIVITIES
Capital Expenditures $154.9M $145.5M
YoY Change 6.46% 36.49%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$100.0K
YoY Change -100.0% -103.13%
Cash From Investing Activities -$154.9M -$142.9M
YoY Change 8.4% 32.93%
FINANCING ACTIVITIES
Cash Dividend Paid $132.1M $103.5M
YoY Change 27.63% 0.19%
Common Stock Issuance & Retirement, Net $50.00M $0.00
YoY Change
Debt Paid & Issued, Net $23.70M $133.4M
YoY Change -82.23% -35.18%
Cash From Financing Activities 5.500M -259.6M
YoY Change -102.12% -4.14%
NET CHANGE
Cash From Operating Activities 139.8M 284.5M
Cash From Investing Activities -154.9M -142.9M
Cash From Financing Activities 5.500M -259.6M
Net Change In Cash -15.10M -115.1M
YoY Change -86.88% -33.04%
FREE CASH FLOW
Cash From Operating Activities $139.8M $284.5M
Capital Expenditures $154.9M $145.5M
Free Cash Flow -$15.10M $139.0M
YoY Change -110.86% 38.45%

Facts In Submission

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CY2021Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
169000000.0
CY2021Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
125100000
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InventoryFinishedGoodsNetOfReserves
1395100000
CY2021Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1238100000
CY2021Q3 us-gaap Other Inventory Net Of Reserves
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OtherInventoryNetOfReserves
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CY2021Q3 us-gaap Inventory Net
InventoryNet
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CY2021Q2 us-gaap Inventory Net
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CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
86700000
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0.228
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.208
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount
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-7600000
CY2021Q3 us-gaap Income Tax Reconciliation Tax Settlements
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CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
26000000.0
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2021Q3 cag Unrecognized Tax Benefits Deductibility Is Highly Certain
UnrecognizedTaxBenefitsDeductibilityIsHighlyCertain
800000
CY2021Q2 cag Unrecognized Tax Benefits Deductibility Is Highly Certain
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800000
CY2021Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
7800000
CY2021Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
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CY2021Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
21300000
CY2021Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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28200000
CY2021Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
7900000
CY2021Q3 cag Threshold Amount For Environmental Matters
ThresholdAmountForEnvironmentalMatters
1000000
CY2020 cag Proposed Penalty For Violation Of Air Quality Standards
ProposedPenaltyForViolationOfAirQualityStandards
2200000
CY2021Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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-10500000
CY2020Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8631400000
CY2021Q3 cag Stock Option And Incentive Plans Including Amortization Of Vesting Awards
StockOptionAndIncentivePlansIncludingAmortizationOfVestingAwards
-14800000
CY2021Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-15700000
CY2021Q3 us-gaap Treasury Stock Value Acquired Cost Method
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50000000.0
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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-2100000
CY2021Q3 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
300000
CY2021Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-1300000
CY2021Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.3125
CY2021Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
149900000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
235400000
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8635900000
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7950700000
CY2020Q3 cag Stock Option And Incentive Plans Including Amortization Of Vesting Awards
StockOptionAndIncentivePlansIncludingAmortizationOfVestingAwards
7400000
CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
17500000
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-1200000
CY2020Q3 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
800000
CY2020Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
300000
CY2020Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2125
CY2020Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
103800000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
329000000.0
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8199000000.0
CY2021Q3 us-gaap Derivative Assets
DerivativeAssets
12300000
CY2021Q3 us-gaap Marketable Securities
MarketableSecurities
7900000
CY2021Q3 us-gaap Other Assets Fair Value Disclosure
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8900000
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
29100000
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
700000
CY2021Q3 us-gaap Accrued Liabilities Fair Value Disclosure
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86100000
CY2021Q3 us-gaap Liabilities Fair Value Disclosure
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86800000
CY2021Q2 us-gaap Derivative Assets
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15500000
CY2021Q2 us-gaap Marketable Securities
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6600000
CY2021Q2 us-gaap Other Assets Fair Value Disclosure
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8800000
CY2021Q2 us-gaap Assets Fair Value Disclosure
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30900000
CY2021Q2 us-gaap Derivative Liabilities
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6900000
CY2021Q2 us-gaap Accrued Liabilities Fair Value Disclosure
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81000000.0
CY2021Q2 us-gaap Liabilities Fair Value Disclosure
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87900000
CY2021Q3 us-gaap Long Term Debt
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8800000000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
8300000000
CY2021Q3 us-gaap Long Term Debt Fair Value
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10320000000
CY2021Q2 us-gaap Long Term Debt Fair Value
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9760000000
CY2021Q3 us-gaap Number Of Reportable Segments
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4
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2653300000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2678900000
CY2021Q3 us-gaap Operating Income Loss
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427900000
CY2020Q3 us-gaap Operating Income Loss
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CY2021Q3 us-gaap Income Loss From Equity Method Investments
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20200000
CY2020Q3 us-gaap Income Loss From Equity Method Investments
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CY2021Q3 us-gaap General And Administrative Expense
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CY2020Q3 us-gaap General And Administrative Expense
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CY2020Q3 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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CY2020Q3 us-gaap Interest Income Expense Net
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CY2021Q3 us-gaap Income Tax Expense Benefit
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CY2020Q3 us-gaap Income Tax Expense Benefit
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CY2021Q3 us-gaap Profit Loss
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CY2020Q3 us-gaap Profit Loss
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CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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300000
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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800000
CY2021Q3 us-gaap Net Income Loss
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235400000
CY2020Q3 us-gaap Net Income Loss
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CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2653300000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q3 cag Cumulative Derivative Gains Losses Recognized Not Yet Reclassified To Segment Operating Results
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16700000
CY2021Q3 us-gaap Derivative Gain Loss On Derivative Net
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10200000
CY2021Q3 cag Derivative Gain Loss Of Previous Year To Be Reclassified To Segment Operating Results
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-6500000
CY2021Q3 cag Derivative Gains Losses To Be Reclassified To Segment Operating Results In Remainder Of Fiscal Year
DerivativeGainsLossesToBeReclassifiedToSegmentOperatingResultsInRemainderOfFiscalYear
15100000
CY2021Q3 cag Derivative Gain Loss To Be Reclassified To Segment Operating Results Thereafter
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1600000
CY2021Q3 us-gaap Depreciation
Depreciation
81600000
CY2020Q3 us-gaap Depreciation
Depreciation
80300000

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