ConAgra Foods, Inc., (NYSE: CAG) one of North America’s leading
packaged food companies, today reported results for the fiscal 2011
third quarter ended Feb. 27, 2011. As reported, diluted EPS from
continuing operations was $0.50, a 2% increase over the $0.49
earned in the year-ago period. Diluted EPS from continuing
operations increased 16% after adjusting for $0.06 per diluted
share of net benefit in the year-ago period from items impacting
comparability. Items impacting comparability, including those
relating to business segment performance, for the current fiscal
year (no net EPS impact) and prior fiscal year are summarized
toward the end of this release and reconciled for Regulation G
purposes on pages 9 and 10.
Gary Rodkin, ConAgra Foods’ chief executive officer, said, “We
are pleased that fiscal third-quarter results demonstrate
comparable EPS and segment operating profit growth, despite high
input cost inflation and other challenging economic conditions.
Sequential price/mix trends in our Consumer Foods segment are
directionally improving as we expected. While inflationary
pressures continue to build and difficult conditions persist, we
expect our performance to continue to benefit from pricing actions
under way, strong supply chain cost savings, and other
profit-enhancing initiatives we have previously detailed. We are
confident in our ability to post a low-single-digit rate of EPS
growth over the comparable $1.74 earned last fiscal year.”
Consumer Foods Segment (66% of third-quarter
sales)Branded and non-branded food sold in retail and
foodservice channels.
The Consumer Foods segment posted sales of $2,085 million and
operating profit of $263 million for the third quarter. Sales
increased 2% as reported, reflecting flat organic volume and
price/mix compared with a year ago, and approximately 2% benefit
from acquisitions (net of divestitures).
- Brands posting sales growth for the
quarter included Banquet, DAVID, Healthy Choice, Hebrew National,
Manwich, Marie Callender’s, Peter Pan, Slim Jim, Wesson, and
others.
- More brand details can be found in the
Q&A document accompanying this release.
- Based on accelerating input cost
inflation, the company has been implementing net pricing increases,
which will be more apparent in future sales results.
Operating profit of $263 million was below $306 million in the
year-ago period, as reported. After adjusting for $39 million of
restructuring and asset impairment costs in the current period, as
well as $14 million of gain from divesting the Luck’s brand in the
year-ago period, comparable current-quarter operating profit
increased 3%. The profit performance reflects strong supply chain
savings, lower advertising and promotion expense, and lower
incentive compensation expense, which collectively offset
significant inflation. The company is on track to deliver in excess
of $275 million of cost savings in the Consumer Foods segment this
fiscal year.
Commercial Foods Segment (34% of
third-quarter sales)Specialty potato, milled grain products,
and seasonings, blends, and flavors sold to foodservice and
commercial channels worldwide.
Sales for the Commercial Foods segment were $1,070 million, 7%
above year-ago amounts. The sales increase reflects higher selling
prices for the flour milling operations necessitated by higher
wheat input costs, as well as volume growth for Lamb Weston
specialty potato products.
Segment operating profit was $139 million, slightly below $143
million in the year-ago period as reported. After adjusting for $10
million of restructuring charges in the current quarter, comparable
segment operating profit increased 5%. Lamb Weston benefited from
improved potato crop quality, and has pricing and efficiency
initiatives under way to address overall margin pressure. Flour
milling profits increased from year-ago amounts due to favorable
market conditions and effective margin management in a very
volatile wheat market.
Hedging Activities – This language primarily relates to
operations other than the company’s milling operations.
The company recorded $24 million of net hedging benefit within
unallocated Corporate expense in the current quarter, and an
immaterial amount in the year-ago period. The company identifies
the $24 million gain as an item impacting comparability. The net
hedging amounts are reclassified from unallocated Corporate expense
to the operating segments when the underlying commodity or foreign
currency being economically hedged is expensed in segment cost of
goods sold.
Capital and Other Items
- Corporate expense was $26 million for
the quarter and $88 million in the year-ago period. Current-quarter
amounts include $24 million of net hedging benefit, and a $25
million gain related to the early repayment of payment-in-kind
notes receivable by a debtor. Prior-year amounts include $15
million of benefit related to favorable adjustments in
environmental liabilities. Excluding these amounts, Corporate
expense was $75 million for the current quarter and $103 million in
the year-ago period; the decrease largely reflects lower incentive
compensation expense and other benefits from ongoing cost reduction
efforts.
- Net interest expense was $52 million in
the current quarter, compared with $40 million in the year-ago
period. The increase is due primarily to the fact that a debtor has
repaid in full the payment-in-kind notes receivable related to the
divestiture of the Trading & Merchandising operations, and thus
the company is no longer receiving interest income on those notes.
Prior-year amounts included $21 million of income from those notes.
As previously communicated, the company’s share repurchase
authorization was increased by the amount of the proceeds from the
repayment of the notes. The EPS benefit of the share repurchases is
expected to substantially offset the EPS impact of the foregone
interest income by the start of fiscal 2012.
- The company repurchased $490 million,
or 21.4 million shares, of its common stock during the quarter and
plans to repurchase in the range of $135 million more before fiscal
year-end, subject to market conditions. Repurchases may be
completed through negotiated transactions or open market
purchases.
- Equity method investment earnings were
$7 million in the current quarter and $3 million in the year-ago
period.
- The effective tax rate for continuing
operations for the quarter was approximately 35%. The company
continues to expect the continuing operations effective tax rate
for the full fiscal year 2011 to be approximately 34%, adjusted for
items impacting comparability.
- For the quarter, capital expenditures
from continuing operations for property, plant, and equipment were
$136 million, compared with $120 million in the year-ago period.
Depreciation and amortization expense from continuing operations
was approximately $91 million for the quarter; this compares with a
total of $82 million in the year-ago period.
- Dividends for the quarter totaled $100
million versus $89 million for the year-ago period, reflecting an
increase in the dividend rate earlier this fiscal year and fewer
shares outstanding.
- Subsequent to quarter end, the company
reached a settlement in principle with its insurance carriers
related to the Garner, NC event in 2009. Related to this, the
company will record a gain of approximately $105 million in the
fourth quarter, which will be classified as an item impacting
comparability.
Outlook
The company continues to expect fiscal 2011 full-year diluted
EPS, adjusted for items impacting comparability, to show a
low-single-digit rate of growth over the comparable $1.74 earned in
fiscal 2010. This improvement primarily reflects the benefits of
pricing actions, strong supply chain savings, improved potato crop
quality, lower incentive compensation costs, share repurchases, and
contributions from innovation and recently acquired businesses.
Regarding quarterly details:
- Fiscal 2011 third-quarter EPS was
higher than planned.
- The company’s expectations for fiscal
2011 second-half earnings in aggregate are unchanged.
- The company now expects fiscal
fourth-quarter comparable EPS amounts to be lower than comparable
fiscal third-quarter EPS amounts, primarily due to accelerating
inflation and higher-than-planned third quarter flour milling
profits. The company expects fiscal 2011 fourth quarter EPS to show
strong comparable year-over-year growth.
The company notes that fiscal 2012 projections have not yet been
finalized; consistent with past practice, the company plans to
provide fiscal 2012 guidance in its fiscal fourth-quarter
release.
Major Items Impacting Third-quarter Fiscal 2011 EPS
Comparability
Included in the $0.50 diluted EPS from continuing operations for
the third quarter of fiscal 2011 (EPS amounts rounded and after
tax):
- Approximately $0.07 per diluted share
of net expense, or $49 million pretax, reflecting restructuring
charges as well as asset impairment charges relating to a small
business.
- Restructuring charges of $33 million,
or $0.05 per diluted share, classified as $23 million within
Consumer Foods ($6 million COGS, $17 million SG&A) and $10
million within the Commercial Foods segment (SG&A).
- Asset impairment charges of $16
million, or $0.02 per diluted share, classified within Consumer
Foods SG&A.
- Approximately $0.04 per diluted share
of net benefit, or $25 million pretax, resulting from the receipt
of $554 million in cash as early repayment in full for notes
receivable related to the 2008 divestiture of the Trading and
Merchandising operations. This is classified within unallocated
Corporate expense.
- Approximately $0.03 per diluted share
of net benefit, or $24 million pretax, related to the
mark-to-market impact of derivatives used to hedge input costs,
temporarily classified in unallocated Corporate expense. This will
later be reclassified to the operating segments when underlying
hedged items are expensed in cost of goods sold.
Included in the $0.49 diluted EPS from continuing operations for
the third quarter of fiscal 2010 (EPS amounts rounded and after
tax):
- Approximately $0.02 per diluted share
gain resulting from the sale of the Luck’s brand. This $14 million
pretax gain is classified within the Selling, General, and
Administrative expenses of the Consumer Foods segment.
- Approximately $0.02 per diluted share
of net benefit, or a $15 million reduction in pretax expense,
associated with favorable adjustments to environmental liabilities.
This is classified within unallocated Corporate expense.
- Approximately $0.02 per diluted share
of net income tax benefits resulting in a lower-than-planned
effective income tax rate.
- NOTE: When reporting third-quarter
diluted EPS from continuing operations in fiscal 2010, there was
$0.01 of EPS related to the Gilroy Foods & Flavors dehydrated
vegetable operations within continuing operations. This business
was subsequently divested, and the $0.01 of EPS is now included in
discontinued operations. As a result of this reclassification,
fiscal 2010 third-quarter diluted EPS from continuing operations,
excluding items impacting comparability, now rounds to $0.43
instead of the $0.44 presented in the prior year.
Discussion of Results
ConAgra Foods will host a conference call at 9:30 a.m. EDT today
to discuss the results. Following the company’s remarks, the call
will include a question-and-answer session with the investment
community. Domestic and international participants may access the
conference call toll-free by dialing 1-877-718-5104 and
1-719-325-4747, respectively. No confirmation or pass code is
needed. This conference call also can be accessed live on the
Internet at http://investor.conagrafoods.com.
A rebroadcast of the conference call will be available after 1
p.m. EDT today. To access the digital replay, a pass code number
will be required. Domestic participants should dial 1-888-203-1112,
and international participants should dial 1-719-457-0820 and enter
pass code 4725396. A rebroadcast also will be available on the
company’s website.
In addition, the company has posted a question-and-answer
supplement relating to this release at
http://investor.conagrafoods.com. To view recent company news,
please visit http://media.conagrafoods.com.
ConAgra Foods, Inc., (NYSE: CAG) is one of North America's
leading food companies, with brands in 97 percent of America's
households. Consumers find Banquet, Chef Boyardee, Egg Beaters,
Healthy Choice, Hebrew National, Hunt's, Marie Callender's, Orville
Redenbacher's, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and
many other ConAgra Foods brands in grocery, convenience, mass
merchandise and club stores. ConAgra Foods also has a strong
business-to-business presence, supplying frozen potato and sweet
potato products as well as other vegetable, spice and grain
products to a variety of well-known restaurants, foodservice
operators and commercial customers. For more information, please
visit us at www.conagrafoods.com.
Note on Forward-looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current views and
assumptions of future events and financial performance and are
subject to uncertainty and changes in circumstances. The company
undertakes no responsibility for updating these statements. Readers
of this release should understand that these statements are not
guarantees of performance or results. Many factors could affect the
company's actual financial results and cause them to vary
materially from the expectations contained in the forward-looking
statements. These factors include, among other things: availability
and prices of raw materials; the impact of the 2009 accident at the
Garner, N.C., manufacturing facility, including the ultimate costs
incurred and the amounts received under insurance policies; the
effectiveness of its product pricing; future economic
circumstances; industry conditions; the company's ability to
execute its operating and network optimization plans; the success
of the company's innovation, marketing, and cost-saving
initiatives; the amount and timing of repurchases of the company's
common stock, if any; the competitive environment and related
market conditions; operating efficiencies; the ultimate impact of
the company's product recalls; access to capital; actions of
governments and regulatory factors affecting the company's
businesses, including the Patient Protection and Affordable Care
Act; and other risks described in the company's reports filed with
the Securities and Exchange Commission. The company cautions
readers not to place undue reliance on any forward-looking
statements included in this release, which speak only as of the
date of this release.
Regulation G Disclosure Below is a
reconciliation of diluted earnings per share adjusted for items
impacting comparability.
Q3 FY11 & Q3 FY10 Diluted
EPS from Continuing Operations - Reconciliation for Regulation G
Purposes Q3 FY11 Q3 FY10
PercentChange
Diluted EPS from continuing operations $ 0.50
$ 0.49 2 % Items impacting
comparability: Expense related to restructuring charges 0.05 -
Expense related to asset impairment charges 0.02 - (Benefit)
related to unallocated mark-to-market impact of derivatives (0.03 )
- (Benefit) of gain on early repayment of Trading &
Merchandising divestiture-related PIK note (0.04 ) (Benefit)
expense related to environmental liability estimates - (0.02 )
(Benefit) related to gain on sale of Luck's brand - (0.02 )
(Benefit) of lower-than-planned effective income tax rate -
(0.02 )
Diluted EPS from continuing
operations, excluding items impacting comparability $
0.50 $ 0.43 16 %
Diluted EPS from Gilroy Foods &
Flavors operations, reclassified to discontinued operationsin Q4
FY10, but part of the company's FY10 EPS guidance
- 0.01
Diluted EPS adjusted
for items impacting comparability $ 0.50
$ 0.44 14 % Consumer
Foods Segment Below is a reconciliation of segment
operating profit exclusive of items impacting comparability.
Consumer Foods Segment Operating Profit Reconciliation
(Dollars in millions)
Percent
Q3 FY11 Q3 FY10
Change
Consumer Foods Segment Operating Profit $ 263
$ 306 -14 % Expense related to
restructuring charges 23 - Expense related to asset impairment
charges 16 - (Benefit) related to gain on sale of Luck's brand
- (14 )
Consumer Foods Segment
Adjusted Operating Profit $ 302 $
292 3 % Commercial Foods
Segment Below is a reconciliation of segment operating
profit exclusive of items impacting comparability.
Commercial Foods Segment Operating Profit Reconciliation
(Dollars in millions)
Percent
Q3 FY11 Q3 FY10
Change
Commercial Foods Segment Operating Profit $
139 $ 143 -3 % Expense related
to restructuring charges 10 -
Commercial Foods Segment Adjusted Operating Profit $
150 * $ 143 5
% *Numbers do not add due to rounding FY10
EPS - Reconciliation for Regulation G Purposes
TotalFY10
Diluted EPS from continuing operations $ 1.67
Items impacting comparability: Expense related to
unallocated mark-to-market impact of derivatives (Q1) 0.01
(Benefit) related to unallocated mark-to-market impact of
derivatives (Q2) (0.01 ) (Benefit) related to gain on sale of
Luck's brand (Q3) (0.02 ) (Benefit) related to environmental
liability estimates (Q3) (0.02 ) (Benefit) of lower-than-planned
effective income tax rate (Q2, Q3, Q4) (0.05 )
Diluted EPS from Gilroy Foods &
Flavors operations, reclassified to discontinued operationsin Q4
FY10, but part of the company's FY10 EPS guidance (Q4)
0.04 Expense related to Garner, N.C., and Edina, Minn.,
restructuring charges (Q3, Q4) 0.06 Expense related to impairment
charge on an existing facility (Q4) 0.05 Expense related to tax
credit transaction related to Delhi, La., sweet potato facility
(Q4) 0.02 Rounding included in above items (0.01 )
Diluted EPS adjusted for items impacting comparability
$ 1.74 ConAgra Foods, Inc.
Segment Operating Results (in millions) (unaudited)
THIRD QUARTER 13 Weeks Ended 13 Weeks Ended
February 27, 2011
February 28, 2010 Percent Change
SALES
Consumer Foods $ 2,084.9 $ 2,034.4 2.5 % Commercial Foods
1,069.8 996.1 7.4 % Total 3,154.7
3,030.5 4.1 %
OPERATING
PROFIT
Consumer Foods $ 263.3 $ 306.3 (14.0 )% Commercial Foods
139.4 142.5 (2.2 )% Total operating profit for
segments 402.7 448.8 (10.3 )%
Reconciliation of total operating
profit to income fromcontinuing operations before income
taxes and equitymethod investment earnings
Items excluded from segment operating profit: General corporate
expense (25.6 ) (88.4 ) (71.0 )% Interest expense, net (51.6
) (39.7 ) 30.0 %
Income from continuing operations before
income taxes and equity method investment earnings
$ 325.5 $ 320.7 1.5 %
Segment operating profit excludes general
corporate expense, equity method investment earnings, and net
interest expense. Management believes such amounts are not directly
associated with segment performance results for the period.
Management believes the presentation of total operating profit for
segments facilitates period-to-period comparison of results of
segment operations.
ConAgra Foods, Inc. Segment Operating Results
(in millions) (unaudited) THIRD QUARTER 39 Weeks Ended 39
Weeks Ended
February 27, 2011
February 28, 2010 Percent Change
SALES
Consumer Foods $ 6,013.3 $ 5,972.6 0.7 % Commercial Foods
3,120.1 3,044.3 2.5 % Total 9,133.4
9,016.9 1.3 %
OPERATING
PROFIT
Consumer Foods $ 761.2 $ 886.2 (14.1 )% Commercial Foods
377.5 427.6 (11.7 )% Total operating profit
for segments 1,138.7 1,313.8 (13.3 )%
Reconciliation of total operating
profit to income fromcontinuing operations before income
taxes and equitymethod investment earnings
Items excluded from segment operating profit: General corporate
expense (188.1 ) (282.6 ) (33.4 )% Interest expense, net
(122.6 ) (121.6 ) 0.8 %
Income from continuing operations before
income taxes and equity method investment earnings
$ 828.0 $ 909.6 (9.0 )%
Segment operating profit excludes general
corporate expense, equity method investment earnings, and net
interest expense. Management believes such amounts are not directly
associated with segment performance results for the period.
Management believes the presentation of total operating profit for
segments facilitates period-to-period comparison of results of
segment operations.
ConAgra Foods, Inc. Consolidated Statements of
Earnings (in millions, except per share amounts) (unaudited) THIRD
QUARTER 13 Weeks Ended 13 Weeks Ended
February 27, 2011
February 28, 2010
PercentChange
Net sales $ 3,154.7 $ 3,030.5 4.1% Costs and expenses: Cost of
goods sold 2,357.1 2,251.9 4.7% Selling, general and administrative
expenses 420.5 418.2 0.5% Interest expense, net 51.6
39.7 30.0%
Income from continuing operations before
income taxes and equity method investment earnings
325.5 320.7 1.5% Income tax expense 117.0 102.6 14.0% Equity method
investment earnings 6.6 2.9 127.6% Income from
continuing operations 215.1 221.0 (2.7)% Income from
discontinued operations, net of tax - 7.7
(100.0)% Net income $ 215.1 $ 228.7 (5.9)%
Less: Net income (loss) attributable to
noncontrollinginterests
0.3 (0.9 ) N/A Net income attributable to ConAgra
Foods, Inc. $ 214.8 $ 229.6 (6.4)% Earnings per share
– basic Income from continuing operations $ 0.50 $ 0.50 -
Income from discontinued operations - 0.02
(100.0)% Net income $ 0.50 $ 0.52 (3.8)% Weighted
average shares outstanding 428.4 444.0 (3.5)%
Earnings per share – diluted Income from continuing
operations $ 0.50 $ 0.49 2.0% Income from discontinued operations
- 0.02 (100.0)% Net income $ 0.50 $ 0.51
(2.0)%
Weighted average share and share
equivalents outstanding
432.8 448.3 (3.5)% ConAgra Foods, Inc.
Consolidated Statements of Earnings (in
millions, except per share amounts) (unaudited) THIRD QUARTER 39
Weeks Ended 39 Weeks Ended
February 27, 2011
February 28, 2010
PercentChange
Net sales $ 9,133.4 $ 9,016.9 1.3% Costs and expenses: Cost of
goods sold 6,923.9 6,689.5 3.5% Selling, general and administrative
expenses 1,258.9 1,296.2 (2.9)% Interest expense, net 122.6
121.6 0.8%
Income from continuing operations before
income taxes and equity method investment earnings
828.0 909.6 (9.0)% Income tax expense 285.4 305.5 (6.6)% Equity
method investment earnings 17.4 17.7 (1.7)%
Income from continuing operations 560.0 621.8 (9.9)% Income
from discontinued operations, net of tax 3.2 11.3
(71.7)% Net income $ 563.2 $ 633.1 (11.0)%
Less: Net income (loss) attributable to
noncontrollinginterests
1.1 (2.1 ) N/A Net income attributable to ConAgra
Foods, Inc. $ 562.1 $ 635.2 (11.5)% Earnings per
share – basic Income from continuing operations $ 1.28 $
1.40 (8.6)% Income from discontinued operations 0.01
0.03 (66.7)% Net income $ 1.29 $ 1.43 (9.8)%
Weighted average shares outstanding 435.5 443.5
(1.8)% Earnings per share – diluted Income
from continuing operations $ 1.27 $ 1.39 (8.6)% Income from
discontinued operations - 0.03 (100.0)% Net
income $ 1.27 $ 1.42 (10.6)%
Weighted average share and share
equivalents outstanding
439.7 446.4 (1.5)% ConAgra Foods, Inc.
Consolidated Balance Sheets (in millions) (unaudited)
February 27, 2011
May 30, 2010
ASSETS Current assets Cash and cash equivalents
$ 882.9 $ 953.2 Receivables, less allowance for doubtful accounts
of $8.0 and $8.5 876.7 849.6 Inventories 1,932.7 1,606.5 Prepaid
expenses and other current assets 343.2 307.3 Current assets held
for sale - 243.5 Total current
assets (4,035.5 ) (3,960.1 ) Property, plant and equipment,
net 2,637.6 2,625.0 Goodwill 3,611.1 3,552.1 Brands, trademarks and
other intangibles, net 941.1 874.8 Other assets 247.5 695.6
Noncurrent assets held for sale - 30.4
$ 11,472.8 $ 11,738.0
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities
Notes payable $ - $ 0.6 Current installments of long-term debt
359.4 260.2 Accounts payable 1,031.3 919.1 Accrued payroll 147.9
263.9 Other accrued liabilities 764.8 579.0 Current liabilities
held for sale - 13.4 Total
current liabilities 2,303.4 2,036.2 Senior long-term debt,
excluding current installments 2,679.2 3,030.5 Subordinated debt
195.9 195.9 Other noncurrent liabilities 1,670.1 1,541.3 Noncurrent
liabilities held for sale - 5.2 Total stockholders' equity
4,624.2 4,928.9 $ 11,472.8
$ 11,738.0
ConAgra Foods, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Cash Flows
(in millions)
(unaudited)
Thirty-nine weeks ended
February
27,2011
February
28,2010
Cash flows from operating activities: Net income $ 563.2 $ 633.1
Income from discontinued operations
3.2
11.3 Income from continuing operations 560.0 621.8
Adjustments to reconcile income from
continuing operations to net cash flows from operating
activities:
Depreciation and amortization 266.3 241.0 Impairment charges
related to Garner accident — 19.6 Insurance recoveries recognized
related to Garner accident (2.1 ) (45.0 ) Advances from insurance
carriers related to Garner accident 16.9 37.7 Proceeds from
settlement of interest rate swaps 31.5 — Loss on sale of fixed
assets 7.5 2.8 Asset impairment charges 35.4
8.4
Gain on sale of business — (14.3 ) Distributions from affiliates
greater (less) than current earnings (6.8 ) 8.7 Contributions to
Company pension plans (115.7 ) (19.7 ) Share-based payments expense
34.5 41.5 Non-cash interest income on payment-in-kind notes — (60.9
) Receipt of interest on payment-in-kind notes earned in prior
years 102.8 — Gain on collection of payment-in-kind note (25.0 ) —
Other items, including noncurrent deferred income taxes 238.8
40.3
Change in operating assets and liabilities
before effects of business acquisitions and
dispositions:
Accounts receivable (22.4 ) (91.7 ) Inventory (311.4 ) 32.3 Prepaid
expenses and other current assets (17.0 ) 52.1 Accounts payable
151.0 81.5 Accrued payroll (115.3 ) 69.9 Other accrued liabilities
110.7 106.0 Net cash flows
from operating activities — continuing operations 939.7 1,132.0 Net
cash flows from operating activities — discontinued operations
0.2 (25.5 ) Net cash flows
from operating activities
939.9
1,106.5 Cash flows from investing activities:
Additions to property, plant and equipment (347.4 ) (359.6 ) Sale
of property, plant and equipment 1.2 4.4 Proceeds from collection
of payment-in-kind note 412.5 — Advances from insurance carriers
related to Garner accident 18.1 17.3 Purchase of businesses and
intangible assets (149.0 ) (3.0 ) Sale of business, intangibles and
other assets
— 21.7 Net
cash flows from investing activities — continuing operations (64.6
) (319.2 ) Net cash flows from investing activities — discontinued
operations
245.7 2.7 Net
cash flows from investing activities
181.1
(316.5 ) Cash flows from financing activities:
Repayment of long-term debt (291.7 ) (12.4 ) Repurchase of ConAgra
Foods, Inc. common shares (662.4 ) — Cash dividends paid (276.7 )
(257.9 ) Exercise of stock options and issuance of other stock
awards 30.0 18.7 Other items
2.0
2.2 Net cash flows from financing activities —
continuing operations (1,198.8 ) (249.4 ) Net cash flows from
financing activities — discontinued operations
(0.1 )
(0.5 ) Net cash flows from
financing activities
(1,198.9 )
(249.9 ) Effect of exchange rate changes on cash and
cash equivalents 7.6 2.3 Net change in cash and cash equivalents
(70.3 ) 542.4 Cash and cash equivalents at beginning of period
953.2 243.2 Cash and cash
equivalents at end of period
$ 882.9
$ 785.6
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