Form 8-K CONAGRA BRANDS INC. For: Sep 23

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 23, 2019

 

 

Conagra Brands, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware		1-7275		47-0248710
(State or other jurisdiction of incorporation)		(Commission File Number)		(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 or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition.

As previously disclosed, beginning with the first quarter of fiscal 2020, Conagra Brands, Inc. (the “Company”) no longer reports the Pinnacle Foods Inc. (“Pinnacle Foods”) business, acquired in October 2018, as a standalone reporting segment. To better reflect how management is now managing the overall integrated business, the business components previously comprising the Pinnacle Foods reporting segment have been allocated to the Company’s other four reporting segments.

The Company is furnishing with this Current Report on Form 8-K as Exhibit 99.1 certain historical unaudited financial information that has been recast to reflect this change. The recast historical financial information also reflects (i) the reallocation of an immaterial amount of net sales and operating profit from the Company’s Grocery & Snacks reporting segment to the Company’s Foodservice reporting segment and (ii) the removal of certain businesses divested in fiscal 2019 (the Wesson oil business and the Gelit pasta business) from historical organic net sales. This recast financial information is provided to ensure comparability and has no impact on the Company’s previously reported consolidated statements of operations, comprehensive income (loss), balance sheets, stockholders’ equity, and cash flows. The information in this Current Report on Form 8-K, including Exhibit 99.1, should be read in conjunction with the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section and shall not be deemed to be incorporated by reference into any document filed under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 9.01

Financial Statements and Exhibits.

 

Exhibit No.		Description
99.1		Supplemental Historical Financial Information (Unaudited)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: September 23, 2019

Exhibit 99.1

Explanatory Note

Beginning with the first quarter of fiscal 2020, Conagra Brands, Inc. (the “Company”) no longer reports the Pinnacle Foods Inc. (“Pinnacle Foods”) business, acquired in October 2018, as a standalone reporting segment. To better reflect how management is now managing the overall integrated business, the business components previously comprising the Pinnacle Foods reporting segment have been allocated to the Company’s other four reporting segments.

Set forth below is certain historical unaudited financial information that has been recast to reflect this change. The recast historical financial information also reflects (i) the reallocation of an immaterial amount of net sales and operating profit from the Company’s Grocery & Snacks reporting segment to the Company’s Foodservice reporting segment and (ii) the removal of certain businesses divested in fiscal 2019 (the Wesson oil business and the Gelit pasta business) from historical organic net sales. This recast historical financial information is provided to ensure comparability and has no impact on the Company’s previously reported consolidated statements of operations, comprehensive income (loss), balance sheets, stockholders’ equity, and cash flows. This information should be read in conjunction with the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

Note on Non-GAAP Financial Measures

The information below contains certain non-GAAP financial measures, including organic net sales, adjusted operating profit, and adjusted operating margin. Management considers GAAP financial measures as well as such non-GAAP financial information in its evaluation of the Company’s financial statements and believes these non-GAAP measures provide useful supplemental information to assess the Company’s operating performance and financial position. These measures should be viewed in addition to, and not in lieu of, the Company’s operating performance and financial measures as calculated in accordance with GAAP.

 

1

Conagra Brands, Inc.

Recast Historical Financial Information (Unaudited)

Net Sales and Reconciliation of Organic Net Sales to Net Sales

(dollars in millions)

 

Q1 FY19		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	770.7			$	635.2			$	193.8			$	234.7			$	1,834.4
Impact of foreign exchange			—				—				5.9				—				5.9
Net sales from acquired businesses			(24.9	)			(10.6	)			(1.9	)			—				(37.4	)
Net sales from divested businesses			(31.9	)			(13.2	)			(9.2	)			(11.6	)			(65.9	)
Net sales from sold Trenton plant			—				—				—				(2.0	)			(2.0	)
Organic Net Sales ex Trenton		$	713.9			$	611.4			$	188.6			$	221.1			$	1,735.0
Year-over-year change - Net Sales			3.3	%			3.2	%			1.5	%			(6.7	)%			1.7	%
Impact of foreign exchange (pp)			—				—				3.2				—				0.3
Net sales from acquired businesses (pp)			(3.3	)			(1.8	)			(0.9	)			—				(2.0	)
Net sales from divested businesses (pp)			0.6				(0.2	)			3.4				1.0				0.6
Net sales from sold Trenton plant (pp)			—				—				—				7.0				1.0
Organic Net Sales ex Trenton Growth			0.6	%			1.2	%			7.2	%			1.3	%			1.6	%
Volume (Organic)			0.5	%			(0.1	)%			5.1	%			(3.8	)%			0.2	%
Price/Mix			0.1	%			1.3	%			2.1	%			5.1	%			1.4	%
Q1 FY18		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	745.8			$	615.7			$	190.9			$	251.8			$	1,804.2
Net sales from divested businesses			(36.4	)			(11.4	)			(15.1	)			(13.9	)			(76.8	)
Net sales from sold Trenton plant			—				—				—				(19.6	)			(19.6	)
Organic Net Sales ex Trenton		$	709.4			$	604.3			$	175.8			$	218.3			$	1,707.8
Q2 FY19		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	1,000.5			$	906.7			$	218.3			$	258.2			$	2,383.7
Impact of foreign exchange			—				—				9.1				—				9.1
Net sales from acquired businesses			(117.3	)			(144.8	)			(11.8	)			(12.1	)			(286.0	)
Net sales from divested businesses			(46.1	)			(15.5	)			(5.7	)			(11.4	)			(78.7	)
Organic Net Sales ex Trenton		$	837.1			$	746.4			$	209.9			$	234.7			$	2,028.1
Year-over-year change - Net Sales			11.2	%			19.6	%			(0.9	)%			(12.6	)%			9.7	%
Impact of foreign exchange (pp)			—				—				4.1				—				0.4
Net sales from acquired businesses (pp)			(13.0	)			(19.1	)			(5.2	)			(4.3	)			(13.2	)
Net sales from divested businesses (pp)			0.1				(0.1	)			5.8				0.7				0.7
Net sales from sold Trenton plant (pp)			—				—				—				6.1				0.9
Organic Net Sales ex Trenton Growth			(1.7	)%			0.4	%			3.8	%			(10.1	)%			(1.5	)%
Volume (Organic)			(2.2	)%			0.3	%			0.5	%			(12.3	)%			(2.2	)%
Price/Mix			0.5	%			0.1	%			3.3	%			2.2	%			0.7	%
Q2 FY18		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	899.7			$	758.1			$	220.3			$	295.3			$	2,173.4
Net sales from divested businesses			(48.5	)			(14.4	)			(18.0	)			(14.3	)			(95.2	)
Net sales from sold Trenton plant			—				—				—				(20.2	)			(20.2	)
Organic Net Sales ex Trenton		$	851.2			$	743.7			$	202.3			$	260.8			$	2,058.0

 

2

Conagra Brands, Inc.

Recast Historical Financial Information (Unaudited)

Net Sales and Reconciliation of Organic Net Sales to Net Sales

(dollars in millions)

 

Q3 FY19		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	1,129.8			$	1,094.3			$	228.3			$	254.7			$	2,707.1
Impact of foreign exchange			—				—				9.3				—				9.3
Net sales from acquired businesses			(267.6	)			(389.4	)			(30.2	)			(31.2	)			(718.4	)
Net sales from divested businesses			(37.9	)			(14.3	)			(6.3	)			(11.2	)			(69.7	)
Organic Net Sales ex Trenton		$	824.3			$	690.6			$	201.1			$	212.3			$	1,928.3
Year-over-year change - Net Sales			35.1	%			58.9	%			2.1	%			3.3	%			35.7	%
Impact of foreign exchange (pp)			—				—				4.1				—				0.5
Net sales from acquired businesses (pp)			(31.9	)			(56.4	)			(13.6	)			(12.8	)			(36.0	)
Net sales from divested businesses (pp)			(0.5	)			(0.2	)			6.3				0.6				0.6
Net sales from sold Trenton plant (pp)			—				—				—				8.1				1.0
Organic Net Sales ex Trenton Growth			2.7	%			2.3	%			(1.1	)%			(0.8	)%			1.8	%
Volume (Organic)			1.6	%			3.2	%			(2.2	)%			(6.8	)%			0.9	%
Price/Mix			1.1	%			(0.9	)%			1.1	%			6.0	%			0.9	%
Q3 FY18		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	836.0			$	688.5			$	223.4			$	246.6			$	1,994.5
Net sales from divested businesses			(33.8	)			(13.0	)			(20.2	)			(12.7	)			(79.7	)
Net sales from sold Trenton plant			—				—				—				(19.8	)			(19.8	)
Organic Net Sales ex Trenton		$	802.2			$	675.5			$	203.2			$	214.1			$	1,895.0
Q4 FY19		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	1,022.6			$	1,099.2			$	224.0			$	267.4			$	2,613.2
Impact of foreign exchange			—				—				5.9				—				5.9
Net sales from acquired businesses			(278.2	)			(412.3	)			(30.7	)			(35.3	)			(756.5	)
Net sales from divested businesses			—				(13.7	)			—				—				(13.7	)
Organic Net Sales ex Trenton		$	744.4			$	673.2			$	199.2			$	232.1			$	1,848.9
Year-over-year change - Net Sales			27.9	%			59.1	%			7.3	%			0.1	%			32.9	%
Impact of foreign exchange (pp)			—				—				2.8				—				0.3
Net sales from acquired businesses (pp)			(34.8	)			(59.7	)			(14.7	)			(13.4	)			(38.5	)
Net sales from divested businesses (pp)			4.6				—				10.2				4.7				3.6
Net sales from sold Trenton plant (pp)			—				—				—				7.3				1.0
Organic Net Sales ex Trenton Growth			(2.3	)%			(0.6	)%			5.6	%			(1.3	)%			(0.7	)%
Volume (Organic)			(1.0	)%			(1.5	)%			5.2	%			(6.2	)%			(1.2	)%
Price/Mix			(1.3	)%			0.9	%			0.4	%			4.9	%			0.5	%
Q4 FY18		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	799.5			$	690.7			$	208.9			$	267.1			$	1,966.2
Net sales from divested businesses			(37.7	)			(13.9	)			(20.1	)			(12.5	)			(84.2	)
Net sales from sold Trenton plant			—				—				—				(19.5	)			(19.5	)
Organic Net Sales ex Trenton		$	761.8			$	676.8			$	188.8			$	235.1			$	1,862.5

 

3

Conagra Brands, Inc.

Recast Historical Financial Information (Unaudited)

Net Sales and Reconciliation of Organic Net Sales to Net Sales

(dollars in millions)

 

FY19 YTD		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	3,923.6			$	3,735.4			$	864.4			$	1,015.0			$	9,538.4
Impact of foreign exchange			—				—				30.2				—				30.2
Net sales from acquired businesses			(688.0	)			(957.1	)			(74.6	)			(78.6	)			(1,798.3	)
Net sales from divested businesses			(115.9	)			(56.7	)			(21.2	)			(34.2	)			(228.0	)
Net sales from sold Trenton plant			—				—				—				(2.0	)			(2.0	)
Organic Net Sales ex Trenton		$	3,119.7			$	2,721.6			$	798.8			$	900.2			$	7,540.3
Year-over-year change - Net Sales			19.6	%			35.7	%			2.5	%			(4.3	)%			20.2	%
Impact of foreign exchange (pp)			—				—				3.7				—				0.4
Net sales from acquired businesses (pp)			(21.0	)			(34.8	)			(8.8	)			(7.4	)			(22.7	)
Net sales from divested businesses (pp)			1.2				(0.1	)			6.3				1.7				1.3
Net sales from sold Trenton plant (pp)			—				—				—				7.0				1.0
Organic Net Sales ex Trenton Growth			(0.2	)%			0.8	%			3.7	%			(3.0	)%			0.2	%
Volume (Organic)			(0.3	)%			0.5	%			2.0	%			(7.4	)%			(0.6	)%
Price/Mix			0.1	%			0.3	%			1.7	%			4.4	%			0.8	%
FY18 YTD		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Total Conagra Brands
Net Sales		$	3,281.0			$	2,753.0			$	843.5			$	1,060.8			$	7,938.3
Net sales from divested businesses			(156.4	)			(52.7	)			(73.4	)			(53.4	)			(335.9	)
Net sales from sold Trenton plant			—				—				—				(79.1	)			(79.1	)
Organic Net Sales ex Trenton		$	3,124.6			$	2,700.3			$	770.1			$	928.3			$	7,523.3

 

4

Conagra Brands, Inc.

Recast Historical Financial Information (Unaudited)

Operating Profit and Reconciliation of Adjusted Operating Profit to Operating Profit

(dollars in millions)

 

Q1 FY19		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Corporate Expense				Total Conagra Brands
Operating Profit		$	178.6			$	95.5			$	37.3			$	27.6			$	(80.8	)		$	258.2
Restructuring plans			0.1				—				0.2				—				0.9				1.2
Gain on sale of Del Monte business			—				—				(13.3	)			—				—				(13.3	)
Acquisitions and divestitures			0.6				—				2.9				—				7.5				11.0
Integration costs			—				—				—				—				4.3				4.3
Corporate hedging derivative losses (gains)			—				—				—				—				6.4				6.4
Adjusted Operating Profit		$	179.3			$	95.5			$	27.1			$	27.6			$	(61.7	)		$	267.8
Operating Profit Margin			23.2	%			15.0	%			19.2	%			11.8	%							14.1	%
Adjusted Operating Profit Margin			23.3	%			15.0	%			14.0	%			11.8	%							14.6	%
Year-over-year % change - Operating Profit			1.4	%			(6.4	)%			97.4	%			19.2	%			32.9	%			(0.5	)%
Year-over year % change - Adjusted Operating Profit			(2.1	)%			(6.3	)%			43.4	%			19.2	%			24.6	%			(3.5	)%
Year-over-year bps change - Adjusted Operating Profit			(129	) bps			(162	) bps			409	bps			256	bps							(79	) bps
Q1 FY18		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Corporate Expense				Total Conagra Brands
Operating Profit		$	176.2			$	101.9			$	18.9			$	23.2			$	(60.8	)		$	259.4
Restructuring plans			6.2				—				—				—				5.2				11.4
Acquisitions and divestitures			0.8				—				—				—				—				0.8
Corporate hedging derivative losses (gains)			—				—				—				—				6.0				6.0
Adjusted Operating Profit		$	183.2			$	101.9			$	18.9			$	23.2			$	(49.6	)		$	277.6
Operating Profit Margin			23.6	%			16.6	%			9.9	%			9.2	%							14.4	%
Adjusted Operating Profit Margin			24.6	%			16.6	%			9.9	%			9.2	%							15.4	%
Q2 FY19		Grocery &  Snacks				Refrigerated & Frozen				International				Foodservice				Corporate Expense				Total Conagra Brands
Operating Profit		$	219.6			$	156.8			$	22.5			$	34.4			$	(243.4	)		$	189.9
Restructuring plans			2.1				0.1				3.8				—				104.9				110.9
Adjustment to gain on sale of Del Monte business			—				—				0.1				—				—				0.1
Acquisitions and divestitures			0.3				—				—				—				90.2				90.5
Integration costs			—				—				—				—				4.6				4.6
Inventory fair value mark-up rollout			11.9				9.9				2.6				—				—				24.4
Corporate hedging derivative losses (gains)			—				—				—				—				(2.8	)			(2.8	)
Adjusted Operating Profit		$	233.9			$	166.8			$	29.0			$	34.4			$	(46.5	)		$	417.6
Operating Profit Margin			21.9	%			17.3	%			10.3	%			13.3	%							8.0	%
Adjusted Operating Profit Margin			23.4	%			18.4	%			13.3	%			13.3	%							17.5	%
Year-over-year % change - Operating Profit			10.0	%			22.1	%			11.6	%			(27.9	)%			290.4	%			(43.1	)%
Year-over year % change - Adjusted Operating Profit			10.6	%			29.9	%			37.5	%			(27.9	)%			(30.9	)%			22.3	%
Year-over-year bps change - Adjusted Operating Profit			(13	) bps			146	bps			370	bps			(283	) bps							181	bps
Q2 FY18		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Corporate Expense				Total Conagra Brands
Operating Profit		$	199.5			$	128.5			$	20.2			$	47.7			$	(62.4	)		$	333.5
Restructuring plans			4.0				—				0.9				—				2.2				7.1
Acquisitions and divestitures			7.8				—				—				—				—				7.8
Corporate hedging derivative losses (gains)			—				—				—				—				(7.1	)			(7.1	)
Adjusted Operating Profit		$	211.3			$	128.5			$	21.1			$	47.7			$	(67.3	)		$	341.3
Operating Profit Margin			22.2	%			16.9	%			9.2	%			16.1	%							15.3	%
Adjusted Operating Profit Margin			23.5	%			16.9	%			9.6	%			16.1	%							15.7	%

 

5

Conagra Brands, Inc.

Recast Historical Financial Information (Unaudited)

Operating Profit and Reconciliation of Adjusted Operating Profit to Operating Profit

(dollars in millions)

 

Q3 FY19		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Corporate Expense				Total Conagra Brands
Operating Profit		$	225.0			$	189.1			$	29.9			$	36.8			$	(62.6	)		$	418.2
Restructuring plans			3.0				2.1				(0.1	)			—				33.4				38.4
Acquisitions and divestitures			0.1				—				—				—				2.3				2.4
Inventory fair value mark-up rollout			17.8				10.8				(1.7	)			—				—				26.9
Novation of a legacy guarantee			—				—				—				—				(27.3	)			(27.3	)
Fair value adjustment of cash settleable equity awards issued in connection with Pinnacle acquisition			—				—				—				—				(18.6	)			(18.6	)
Corporate hedging derivative losses (gains)			—				—				—				—				0.2				0.2
Adjusted Operating Profit		$	245.9			$	202.0			$	28.1			$	36.8			$	(72.6	)		$	440.2
Operating Profit Margin			19.9	%			17.3	%			13.1	%			14.4	%							15.4	%
Adjusted Operating Profit Margin			21.8	%			18.5	%			12.3	%			14.4	%							16.3	%
Year-over-year % change - Operating Profit			28.8	%			50.0	%			1.3	%			47.3	%			(42.3	)%			69.5	%
Year-over year % change - Adjusted Operating Profit			38.6	%			59.3	%			(5.3	)%			47.3	%			20.3	%			47.5	%
Year-over-year bps change - Adjusted Operating Profit			55	bps			4	bps			(97	) bps			430	bps							130	bps
Q3 FY18		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Corporate Expense				Total Conagra Brands
Operating Profit		$	174.7			$	126.1			$	29.5			$	24.9			$	(108.5	)		$	246.7
Restructuring plans			0.4				0.1				0.2				—				14.0				14.7
Acquisitions and divestitures			2.4				0.7				—				—				—				3.1
Corporate hedging derivative losses (gains)			—				—				—				—				(0.8	)			(0.8	)
Early exit of an unfavorable lease contract by purchasing the building			—				—				—				—				34.9				34.9
Adjusted Operating Profit		$	177.5			$	126.9			$	29.7			$	24.9			$	(60.4	)		$	298.6
Operating Profit Margin			20.9	%			18.3	%			13.2	%			10.1	%							12.4	%
Adjusted Operating Profit Margin			21.2	%			18.4	%			13.3	%			10.1	%							15.0	%
Q4 FY19		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Corporate Expense				Total Conagra Brands
Operating Profit		$	139.4			$	203.7			$	10.1			$	35.5			$	(75.4	)		$	313.3
Restructuring plans			0.9				0.7				1.0				—				28.3				30.9
Intangible impairment charges			76.5				—				13.1				—				—				89.6
Acquisitions and divestitures			—				0.7				—				—				1.6				2.3
Inventory fair value mark-up rollout			0.5				1.2				—				—				—				1.7
Legal matters			—				—				—				—				(39.1	)			(39.1	)
Gain on divestiture of businesses			(33.1	)			(23.1	)			—				—				—				(56.2	)
Fair value adjustment of cash settleable equity awards issued in connection with Pinnacle acquisition			—				—				—				—				3.5				3.5
Corporate hedging derivative losses (gains)			—				—				—				—				(2.0	)			(2.0	)
Adjusted Operating Profit		$	184.2			$	183.2			$	24.2			$	35.5			$	(83.1	)		$	344.0
Operating Profit Margin			13.6	%			18.5	%			4.5	%			13.3	%							12.0	%
Adjusted Operating Profit Margin			18.0	%			16.7	%			10.8	%			13.3	%							13.2	%
Year-over-year % change - Operating Profit			(19.0	)%			65.6	%			(43.6	)%			25.8	%			(66.8	)%			176.0	%
Year-over year % change - Adjusted Operating Profit			2.5	%			49.0	%			26.8	%			25.8	%			8.8	%			25.7	%
Year-over-year bps change - Adjusted Operating Profit			(447	) bps			(114	) bps			166	bps			272	bps							(76	) bps
Q4 FY18		Grocery & Snacks				Refrigerated & Frozen				International				Foodservice				Corporate Expense				Total Conagra Brands
Operating Profit		$	172.1			$	122.9			$	17.9			$	28.3			$	(227.7	)		$	113.5
Restructuring plans			3.5				—				0.4				—				0.9				4.8
Intangible impairment charges			4.0				—				0.8				—				—				4.8
Acquisitions and divestitures			0.4				—				—				—				3.6				4.0
Legal matters			—				—				—				—				151.0				151.0
Corporate hedging derivative losses (gains)			—				—				—				—				(4.3	)			(4.3	)
Adjusted Operating Profit		$	180.0			$	122.9			$	19.1			$	28.3			$	(76.5	)		$	273.8
Operating Profit Margin			21.5	%			17.8	%			8.6	%			10.6	%							5.8	%
Adjusted Operating Profit Margin			22.5	%			17.8	%			9.1	%			10.6	%							13.9	%

 

6