Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Aug. 24, 2025	Aug. 25, 2024
Cash flows from operating activities:
Net income	$ 164.5	$ 466.9
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	95.3	99.1
Asset impairment charges	1.2	0.1
Loss (gain) on divestitures	(42.4)	2.3
Equity method investment earnings in excess of distributions	(0.2)	(5.2)
Stock-settled share-based payments expense	19.6	20.6
Contributions to pension plans	(2.7)	(2.9)
Pension benefit	(4.0)	(0.8)
Other items	(3.6)	6.7
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:
Receivables	(51.3)	(62.5)
Inventories	(207.4)	(112.5)
Deferred income taxes and income taxes payable, net	99.3	(165.9)
Prepaid expenses and other current assets	(41.8)	(43.0)
Accounts and other payables	20.3	67.7
Accrued payroll	(29.9)	(83.7)
Other accrued liabilities	91.7	84.4
Litigation receivables, net of recoveries	65.1	5.0
Litigation accruals, net of payments	(53.1)	(7.7)
Net cash flows from operating activities	120.6	268.6
Net cash flows from investing activities
Additions to property, plant and equipment	(146.8)	(133.0)
Sale of property, plant and equipment	6.2	0.3
Purchase of businesses, net of cash acquired		(230.4)
Proceeds from divestitures, net of cash divested	643.6	76.8
Other items	(1.0)
Cash flows from investing activities:	502.0	(286.3)
Cash flows from financing activities:
Issuance of short-term borrowings, maturities greater than 90 days	31.9	35.1
Repayment of short-term borrowings, maturities greater than 90 days	(536.3)	(35.3)
Net issuance (repayment) of other short-term borrowings, maturities less than or equal to 90 days	(258.8)	336.4
Issuance of long-term debt	1,000.0
Repayment of long-term debt	(18.0)	(14.9)
Debt issuance costs	(10.6)
Repurchase of Conagra Brands, Inc. common shares	(15.0)	(64.0)
Cash dividends paid	(167.1)	(167.3)
Exercise of stock options and issuance of other stock awards, including tax withholdings	(18.8)	(19.8)
Other items	(0.1)	(0.1)
Net cash flows from financing activities	7.2	70.1
Effect of exchange rate changes on cash and cash equivalents	0.3	(2.7)
Net change in cash and cash equivalents, including cash balances classified as assets held for sale	630.1	49.7
Less: Net change in cash balances classified as assets held for sale		(1.3)
Net change in cash and cash equivalents	630.1	51.0
Cash and cash equivalents at beginning of period	68.0	77.7
Cash and cash equivalents at end of period	$ 698.1	$ 128.7

CONAGRA BRANDS INC. 10-Q