ConAgra Foods, Inc., (NYSE: CAG) one of North America’s leading
packaged food companies, today reported results for the fiscal 2011
fourth quarter, which ended May 29, 2011. As reported, diluted EPS
from continuing operations was $0.62, 130% above the $0.27 earned
in the year-ago period. Results include $0.15 of net benefit in the
current quarter and $0.11 of net expense in the year-ago period
from items impacting comparability; adjusting for those items,
comparable diluted EPS from continuing operations of $0.47 in the
current quarter was 24% above the $0.38 earned a year ago. Items
impacting comparability, including those related to business
segment performance, for the current fiscal year and prior fiscal
year are summarized toward the end of this release and reconciled
for Regulation G purposes on page 9.
Gary Rodkin, ConAgra Foods’ chief executive officer, said,
“Overall marketplace and economic conditions remain challenging, as
our Consumer Foods segment incurred 9% cost inflation this quarter.
We are, however, demonstrating progress in some key areas of our
business. Net pricing has begun to improve in Consumer Foods sales,
cost savings are on track, and Lamb Weston and flour milling
operations are delivering stronger results for our Commercial Foods
segment. High input costs and difficult economic conditions are
expected to continue to create challenges in fiscal 2012;
additional pricing actions are under way, and productivity
initiatives should continue to be strong. Despite the challenging
circumstances, we expect our overall fiscal 2012 to show low- to
mid-single digit EPS growth, adjusted for items impacting
comparability; we remain committed to our long-term EPS growth goal
of 6-8% annually.”
Consumer Foods Segment (63% of
fourth-quarter sales)Branded and non-branded food sold in
retail and foodservice channels.
The Consumer Foods segment posted sales of $2,027 million and
operating profit of $367 million for the fourth quarter. Sales
increased slightly as reported, reflecting favorable price/mix of
2%, approximately 2% benefit from acquisitions (net of
divestitures), and an organic volume decline of 3%. The volume
decline reflects difficult market conditions, including soft demand
and the impact of price increases necessitated by high input costs.
Net prices have increased for key areas of the portfolio, including
cooking oil-related products, frozen foods, and snacks. Additional
net pricing increases have been implemented early in fiscal 2012,
and the company will continue taking responsible pricing actions as
market conditions require.
- Brands posting sales growth for the
quarter included Hebrew National, Marie Callender’s, Peter Pan,
Reddi-wip, Ro*Tel, Slim Jim, Wesson, and others.
- More brand details can be found in the
Q&A document accompanying this release.
Operating profit of $367 million was 63% above the $226 million
in the year-ago period, as reported. Current-quarter operating
profit includes $95 million of net benefit from items impacting
comparability, the largest component of which is an
insurance-related gain; prior-year amounts include $69 million of
net expense from items impacting comparability. Adjusting for those
amounts, comparable current-quarter operating profit of $273
million was 7% below prior-year comparable operating profit of $295
million. The comparable profit decline reflects very high input
cost inflation, which approximated 9% of cost of goods sold;
inflation was partially offset by pricing actions, as discussed
above, as well as strong supply chain savings, lower advertising
and promotion expense, and lower incentive compensation
expense.
Commercial Foods Segment (37% of
fourth-quarter sales)Specialty potato, sweet potato, milled
grain products, and seasonings, blends, and flavors sold to
foodservice and commercial channels worldwide.
Sales for the Commercial Foods segment were $1,183 million, 15%
above year-ago amounts. The sales increase reflects higher flour
milling prices given higher wheat costs, as well as improved
volumes for Lamb Weston specialty potato products and price
increases necessitated by high input costs.
Segment operating profit was $127 million, 14% above year-ago
amounts. Lamb Weston profitability improved significantly due to
higher volumes and ongoing pricing initiatives, as well as
operating efficiencies resulting from improved crop quality. Lamb
Weston profitability also benefitted from good volume growth for
sweet potato products and other favorable product mix. Flour
milling profits increased from year-ago amounts due to favorable
market conditions and effective commodity management in a very
volatile wheat market.
Capital and Other Items
- Corporate expense was $58 million for
the quarter and $124 million in the year-ago period.
Current-quarter amounts include $7 million of net hedging benefit,
and prior-year amounts include $18 million of expense from other
items impacting comparability. Excluding these amounts, Corporate
expense was $66 million for the current quarter and $106 million in
the year-ago period; the decrease largely reflects lower incentive
compensation expense, and, to a lesser extent, other benefits from
ongoing cost reduction efforts.
- Net interest expense was $55 million in
the current quarter, compared with $39 million in the year-ago
period. The increase is due primarily to a former debtor’s
repayment in full of the payment-in-kind notes receivable related
to the divestiture of the Trading & Merchandising operations,
and thus the company no longer receives interest income from those
notes. Prior-year amounts included $22 million of income from those
notes.
- The company repurchased approximately
$138 million, or approximately 6 million shares, of its common
stock during the quarter. The company has approximately $125
million remaining on its existing share repurchase
authorization.
- Equity method investment earnings were
$9 million in the current quarter and $4 million in the year-ago
period.
- The effective tax rate for continuing
operations for the quarter was approximately 33%.
- For the quarter, capital expenditures
from continuing operations for property, plant, and equipment were
$119 million, compared with $123 million in the year-ago period.
Depreciation and amortization expense from continuing operations
was approximately $97 million for the quarter; this compares with a
total of $85 million in the year-ago period.
- Dividends for the quarter totaled $98
million versus $89 million for the year-ago period, reflecting an
increase in the dividend rate earlier this fiscal year, which was
partially offset by the impact of fewer shares outstanding.
- The company settled its property and
business interruption claims related to the June 2009 Garner, N.C.,
event. In connection with this settlement, the company recorded a
pretax gain of approximately $105 million in the fourth quarter,
which has been classified as an item impacting comparability in the
Consumer Foods results.
- During the quarter, the company sold
its frozen handheld operations, which generated approximately $50
million in net sales in fiscal 2011. The results of those
operations, which were not material, have been reclassified to
discontinued operations for all periods presented.
- Subsequent to quarter end, the company
purchased the Marie Callender’s brand trademarks from Marie
Callender Pie Shops, Inc., for approximately $58 million.
Outlook
The company expects fiscal 2012 EPS, adjusted for items
impacting comparability, to grow at a low- to mid-single-digit rate
over the comparable fiscal 2011 diluted EPS base of $1.75. The
outlook reflects pricing actions under way in both segments and the
expected benefit of productivity programs, along with an estimated
7-8% inflation in the Consumer Foods segment and increased pension
expense. Given the timing of inflation and pricing, the company
expects the fiscal 2012 EPS growth to be concentrated in the second
half of the fiscal year, and for the fiscal 2012 first quarter EPS
to be below the comparable $0.34 earned in the first quarter of
fiscal 2011.
The company’s long-term EPS growth target remains 6-8% annually,
adjusted for items impacting comparability.
Major Items Impacting Fourth-quarter Fiscal 2011 EPS
Comparability
Included in the $0.62 diluted EPS from continuing operations for
the fourth quarter of fiscal 2011 (EPS amounts rounded and after
tax):
- Approximately $0.16 per diluted share
of gain, or $105 million pretax, resulting from an insurance
settlement related to the Garner, N.C., event that occurred in
2009. This is classified as a reduction of selling, general, and
administrative (SG&A) expense within the Consumer Foods
segment.
- Restructuring charges of approximately
$0.02 per share, or $11 million pretax, classified as $9 million of
cost of goods sold and $2 million of SG&A within the Consumer
Foods segment. These charges relate to the company’s decision to
move manufacturing activities for efficiency purposes, as well as
other plans to optimize manufacturing and distribution
networks.
- Approximately $0.01 per diluted share
of net benefit, or $7 million pretax, related to the mark-to-market
impact of derivatives used to hedge input costs, temporarily
classified in unallocated Corporate expense. These amounts will
later be reclassified to the operating segments when underlying
hedged items are expensed in cost of goods sold.
Included in the $0.27 diluted EPS from continuing operations for
the fourth quarter of fiscal 2010 (EPS amounts rounded and after
tax):
- Approximately $0.05 per diluted share
of restructuring expense resulting primarily from the company’s
decision to move manufacturing activities in Garner, N.C., to Troy,
Ohio, as well as the company’s decision to move administrative
functions in Edina, Minn., to Naperville, Ill. Pretax costs of $39
million are classified as $3 million of cost of goods sold and $32
million of SG&A expense within the Consumer Foods segment, and
$4 million of SG&A expense classified within unallocated
Corporate expense.
- Approximately $0.05 per diluted share
of impairment charges in the Consumer Foods segment resulting from
an updated assessment of manufacturing strategies and the related
impact on an existing facility. The $33 million of pretax
impairment charge is classified as SG&A.
- Approximately $0.02 per diluted share
of expense, or $14 million of pretax transaction-related costs
associated with securing federal tax benefits related to the Delhi,
La., sweet potato project.
- Approximately $0.01 per diluted share
of net income tax benefits resulting in a lower-than-planned
effective income tax rate.
- NOTE: Gilroy Foods & Flavors’
dehydrated vegetable operations generated approximately $0.01 of
EPS in the fourth quarter of fiscal 2010. Given the divestiture of
those operations, the $0.01 of EPS is classified as discontinued
operations. While not included in EPS from continuing operations,
the $0.01 is included in the comparable EPS base for fiscal 2010
because those earnings were included in guidance for that
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 1-877-627-6590 and
1-719-325-4756, 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 1850452. 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, including the impact of inflation; the
impact of the 2009 accident at the Garner, N.C., manufacturing
facility, including the ultimate costs incurred versus the amounts
received under insurance policies; the effectiveness of its product
pricing, including the ability of the company to timely increase
prices; 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.
Q4 FY11 & Q4 FY10 Diluted
EPS from Continuing Operations - Reconciliation for Regulation G
Purposes Q4 FY11
Q4 FY10
PercentChange
Diluted EPS from continuing operations $ 0.62
$ 0.27 130 % Items impacting
comparability: Expense related to restructuring charges 0.02
0.05 (Benefit) related to unallocated mark-to-market impact of
derivatives (0.01 ) - (Benefit) related to receipt of insurance
proceeds from Garner, N.C., accident (0.16 ) - Expense related to
asset impairment charges - 0.05 Expense related to tax credit
transaction related to Delhi, LA sweet potato facility - 0.02
(Benefit) of lower-than-planned effective income tax rate -
(0.01 )
Diluted EPS from continuing
operations, adjusted for items impacting comparability $
0.47 $ 0.38 24 %
Diluted EPS from Gilroy Foods &
Flavors operations, reclassified to discontinued operations inQ4
FY10, but part of the company's FY10 EPS guidance
- 0.01
Diluted EPS adjusted
for items impacting comparability $ 0.47
$ 0.39 21 % Consumer
Foods Segment Operating Profit - Reconciliation for Regulation G
Purposes Below is a reconciliation of segment operating profit
adjusted for items impacting comparability.
(Dollars in
millions)
Percent
Q4 FY11 Q4 FY10
Change
Consumer Foods Segment Operating Profit $ 367
$ 226 63 % Expense related to
restructuring charges 11 36 (Benefit) related to receipt of
insurance proceeds from Garner, N.C., accident (105 ) - Expense
related to asset impairment charges - 33
Consumer Foods Segment Adjusted Operating
Profit $ 273 $ 295
-7 % FY11 EPS - Reconciliation for
Regulation G Purposes Below is a reconciliation of diluted
earnings per share adjusted for items impacting comparability.
TotalFY11
Diluted EPS from continuing operations $ 1.90
Items impacting comparability:
Expense related to restructuring
charges
0.08 (Benefit) related to unallocated mark-to-market impact of
derivatives (0.05 ) (Benefit) related to receipt of insurance
proceeds from Garner, N.C., accident (0.15 ) (Benefit) of gain on
early repayment of Trading & Merchandising divestiture-related
PIK note (0.04 ) Rounding 0.01
Diluted EPS
adjusted for items impacting comparability $
1.75 Q1 FY11 Diluted EPS from Continuing
Operations - Reconciliation for Regulation G Purposes Below is
a reconciliation of diluted earnings per share adjusted for items
impacting comparability.
Q1 FY11 Diluted EPS from
continuing operations $ 0.32 Items impacting
comparability: Expense related to Garner, N.C., and Edina,
Minn., restructuring charges 0.01 Net expense related to
unallocated mark-to-market impact of derivatives 0.01
Diluted EPS adjusted for items impacting comparability
$ 0.34 ConAgra Foods, Inc.
Segment Operating Results (in millions) (unaudited)
FOURTH QUARTER 13 Weeks Ended 13 Weeks Ended
May 29, 2011
May 30, 2010 Percent Change
SALES
Consumer Foods $ 2,026.9 $ 2,014.9 0.6 % Commercial Foods
1,183.1 1,032.6 14.6 % Total 3,210.0
3,047.5 5.3 %
OPERATING
PROFIT
Consumer Foods $ 367.3 $ 225.8 62.7 % Commercial Foods 127.3
111.3 14.4 % Total operating profit for
segments 494.6 337.1 46.7 %
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 (58.4 ) (123.8 ) (52.8 )% Interest expense, net
(54.9 ) (38.8 ) 41.5 %
Income from continuing operations before
income taxes and equity method investment earnings
$ 381.3 $ 174.5 118.5 %
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) FULL FISCAL YEAR 52 Weeks Ended 52
Weeks Ended
May 29, 2011
May 30, 2010 Percent Change
SALES
Consumer Foods $ 8,002.0 $ 7,939.7 0.8 % Commercial Foods
4,301.1 4,075.2 5.5 % Total 12,303.1
12,014.9 2.4 %
OPERATING
PROFIT
Consumer Foods $ 1,144.3 $ 1,109.6 3.1 % Commercial Foods
504.6 538.6 (6.3 )% Total operating profit for
segments 1,648.9 1,648.2 -- %
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 (246.5 ) (406.4 ) (39.3 )% Interest expense, net
(177.5 ) (160.4 ) 10.7 %
Income from continuing operations before
income taxes and equity method investment earnings
$ 1,224.9 $ 1,081.4 13.3 %
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) FOURTH
QUARTER 13 Weeks Ended 13 Weeks Ended
May 29, 2011
May 30, 2010
PercentChange
Net sales $ 3,210.0 $ 3,047.5 5.3 % Costs and expenses: Cost of
goods sold 2,505.1 2,310.5 8.4 % Selling, general and
administrative expenses 268.7 523.7 (48.7 )% Interest expense, net
54.9 38.8 41.5 %
Income from continuing operations before
income taxes and equity method investment earnings
381.3 174.5 118.5 % Income tax expense 130.2 56.4 130.9 % Equity
method investment earnings 9.0 4.4
104.5 % Income from continuing operations 260.1 122.5 112.3 %
Loss from discontinued operations, net of tax (4.5 )
(32.3 ) (86.1 )% Net income $ 255.6 $ 90.2
183.4 %
Less: Net income (loss) attributable to
noncontrollinginterests
0.7 (0.4 ) N/A Net income attributable to
ConAgra Foods, Inc. $ 254.9 $ 90.6 181.3 %
Earnings per share – basic Income from continuing operations
$ 0.63 $ 0.28 125.0 % Loss from discontinued operations
(0.01 ) (0.08 ) (87.5 )% Net income attributable to ConAgra
Foods, Inc. $ 0.62 $ 0.20 210.0 % Weighted
average shares outstanding 411.4 444.0
(7.3 )% Earnings per share – diluted Income from
continuing operations $ 0.62 $ 0.27 129.6 % Loss from discontinued
operations (0.01 ) (0.07 ) (85.7 )% Net income
attributable to ConAgra Foods, Inc. $ 0.61 $ 0.20
205.0 %
Weighted average share and share
equivalents outstanding
416.9 449.4 (7.2 )% ConAgra
Foods, Inc. Consolidated Statements of
Earnings (in millions, except per share amounts) (unaudited) FULL
FISCAL YEAR 52 Weeks Ended 52 Weeks Ended
May 29, 2011
May 30, 2010
PercentChange
Net sales $ 12,303.1 $ 12,014.9 2.4 % Costs and expenses: Cost of
goods sold 9,389.6 8,953.7 4.9 % Selling, general and
administrative expenses 1,511.1 1,819.4 (16.9 )% Interest expense,
net 177.5 160.4 10.7 %
Income from continuing operations before
income taxes and equity method investment earnings
1,224.9 1,081.4 13.3 % Income tax expense 421.0 360.9 16.7 % Equity
method investment earnings 26.4 22.1
19.5 % Income from continuing operations 830.3 742.6 11.8 %
Loss from discontinued operations, net of tax (11.5 )
(19.3 ) (40.4 )% Net income $ 818.8 $ 723.3
13.2 %
Less: Net income (loss) attributable to
noncontrollinginterests
1.8 (2.5 ) N/A Net income attributable to
ConAgra Foods, Inc. $ 817.0 $ 725.8 12.6 %
Earnings per share – basic Income from continuing operations
$ 1.92 $ 1.68 14.3 % Loss from discontinued operations (0.02
) (0.05 ) (60.0 )% Net income attributable to ConAgra Foods,
Inc. $ 1.90 $ 1.63 16.6 % Weighted average
shares outstanding 429.7 443.6 (3.1 )%
Earnings per share – diluted Income from continuing
operations $ 1.90 $ 1.66 14.5 % Loss from discontinued operations
(0.02 ) (0.04 ) (50.0 )% Net income attributable to
ConAgra Foods, Inc. $ 1.88 $ 1.62 16.0 %
Weighted average share and share
equivalents outstanding
434.3 447.1 (2.9 )% ConAgra
Foods, Inc. Consolidated Balance Sheets (in millions)
(unaudited)
May 29, 2011
May 30, 2010
ASSETS Current assets Cash and cash equivalents
$ 972.4 $ 953.2 Receivables, less allowance for doubtful accounts
of $7.8 and $8.5 849.4 849.6 Inventories 1,803.4 1,597.9 Prepaid
expenses and other current assets 274.1 307.3 Current assets held
for sale
-
252.1 Total current assets
3,899.3
3,960.1
Property, plant and equipment, net 2,670.1 2,602.4 Goodwill
3,609.4 3,549.9 Brands, trademarks and other intangibles, net 936.3
874.8 Other assets 293.6 695.6 Noncurrent assets held for sale
-
55.2 $ 11,408.7 $ 11,738.0
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities
Notes payable $
-
$ 0.6 Current installments of long-term debt 363.5 260.2 Accounts
payable 1,083.7 919.1 Accrued payroll 124.1 263.9 Other accrued
liabilities 554.3 579.0 Current liabilities held for sale
-
13.4 Total current liabilities 2,125.6 2,036.2
Senior long-term debt, excluding current installments 2,674.4
3,030.5 Subordinated debt 195.9 195.9 Other noncurrent liabilities
1,704.3 1,541.3 Noncurrent liabilities held for sale
-
5.2 Total stockholders' equity 4,708.5 4,928.9
$ 11,408.7 $ 11,738.0
ConAgra Foods, Inc.
Condensed Consolidated Statements of Cash
Flows
(in millions)
(unaudited)
52 Weeks Ended 52 Weeks
Ended May 29, 2011 May 30,
2010 Cash flows from operating activities: Net income $
818.8 $ 723.3 Income from discontinued operations
(11.5 )
(19.4 ) Income from
continuing operations 830.3 742.7
Adjustments to reconcile income from
continuing operations to net cash flows from
operatingactivities:
Depreciation and amortization 360.9 324.1 Gain on sale of
businesses — (14.3 ) Asset impairment charges 19.8 64.4 Impairment
charges related to Garner accident — 31.5 Insurance recoveries
recognized related to Garner accident (109.4 ) (58.1 ) Receipts
from insurance carriers related to Garner accident 64.5 50.2
Distributions from affiliates greater (less) than current earnings
(13.1 ) 8.5 Share-based payments expense 44.8 55.8 Proceeds from
settlement of interest rate swap 31.5 — Non-cash interest income on
payment-in-kind notes — (67.9 ) Receipt of interest on
payment-in-kind notes earned in prior years 102.8 — Gain on
collection of payment-in-kind notes (25.0 ) — Contributions to
Company pension plans (129.4 ) (122.6 ) Other items (including
noncurrent deferred income taxes) 267.5 95.8
Change in operating assets and liabilities
excluding effects of business acquisitions anddispositions:
Accounts receivable 2.8 (90.1 ) Inventories (190.7 ) 199.6 Prepaid
expenses and other current assets 31.6 (20.0 ) Accounts payable
185.0 73.9 Accrued payroll (139.2 ) 96.9 Other accrued liabilities
5.3 59.6 Net cash flows
from operating activities—continuing operations 1,340.0 1,430.0 Net
cash flows from operating activities—discontinued operations
12.3 42.7 Net cash flows from
operating activities
1,352.3
1,472.7 Cash flows from investing activities:
Additions to property, plant and equipment (466.2 ) (482.3 )
Receipts from insurance carriers related to Garner accident 18.0
34.8 Sale of businesses — 21.7 Sale of property, plant and
equipment 18.9 88.4 Purchase of businesses and intangible assets
(149.1 ) (106.5 ) Proceeds from collection of payment-in-kind notes
412.5 91.9 Other items
— —
Net cash flows from investing activities—continuing operations
(165.9 ) (352.0 ) Net cash flows from investing
activities—discontinued operations
254.8
(3.3 ) Net cash flows from investing activities
88.9 (355.3 ) Cash flows
from financing activities: Repayment of long-term debt (294.3 )
(15.8 ) Repurchase of ConAgra Foods common shares (825.0 ) (100.0 )
Cash dividends paid (374.5 ) (346.7 ) Exercise of stock options and
issuance of other stock awards 59.7 54.7 Other items
2.1 3.9 Net cash flows from
financing activities—continuing operations
(1,432.0
) (403.9 ) Net cash flows from financing activities—discontinued
operations
(0.1 )
(0.6 )
Net cash flows from financing activities
(1,432.1
)
(404.5 ) Effect of exchange rate changes on
cash and cash equivalents 10.1 (2.9 ) Net change in cash and cash
equivalents 19.2 710.0 Discontinued operations cash activity
included above: Cash and cash equivalents at beginning of year
953.2 243.2 Cash and cash
equivalents at end of year
$ 972.4
$ 953.2
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