DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | Jun. 13, 2016 | Nov. 27, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | May 29, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --05-29 | ||
Entity Central Index Key | 40,704 | ||
Trading Symbol | GIS | ||
Entity Registrant Name | GENERAL MILLS INC | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 597,020,906 | ||
Entity Public Float | $ 34,654.2 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
CONSOLIDATED STATEMENTS OF EARNINGS | |||
Net sales | $ 16,563.1 | $ 17,630.3 | $ 17,909.6 |
Cost of sales | 10,733.6 | 11,681.1 | 11,539.8 |
Selling, general, and administrative expenses | 3,118.9 | 3,328 | 3,474.3 |
Divestitures (gain) | (148.2) | 0 | (65.5) |
Restructuring, impairment, and other exit costs | 151.4 | 543.9 | 3.6 |
Operating profit | 2,707.4 | 2,077.3 | 2,957.4 |
Interest, net | 303.8 | 315.4 | 302.4 |
Earnings before income taxes and after-tax earnings from joint ventures | 2,403.6 | 1,761.9 | 2,655 |
Income taxes | 755.2 | 586.8 | 883.3 |
After-tax earnings from joint ventures | 88.4 | 84.3 | 89.6 |
Net earnings, including earnings attributable to redeemable and noncontrolling interests | 1,736.8 | 1,259.4 | 1,861.3 |
Net earnings attributable to redeemable and noncontrolling interests | 39.4 | 38.1 | 36.9 |
Net earnings attributable to General Mills | $ 1,697.4 | $ 1,221.3 | $ 1,824.4 |
Earnings per share - basic | $ 2.83 | $ 2.02 | $ 2.9 |
Earnings per share - diluted | 2.77 | 1.97 | 2.83 |
Dividends per share | $ 1.78 | $ 1.67 | $ 1.55 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Statement of Other Comprehensive Income [Abstract] | |||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 1,736.8 | $ 1,259.4 | $ 1,861.3 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation | (108.7) | (957.9) | (11.3) |
Net actuarial income (loss) | (325.9) | (358.4) | 206 |
Other fair value changes: | |||
Securities | 0.1 | 0.8 | 0.3 |
Hedge derivatives | 16 | 4.1 | 5 |
Reclassification to earnings: | |||
Hedge derivatives | (9.5) | 4.9 | (4.6) |
Amortization of losses and prior service costs | 128.6 | 105.1 | 107.6 |
Other comprehensive income (loss), net of tax | (299.4) | (1,201.4) | 303 |
Total comprehensive income | 1,437.4 | 58 | 2,164.3 |
Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 41.5 | (192.9) | 94.9 |
Comprehensive income attributable to General Mills | $ 1,395.9 | $ 250.9 | $ 2,069.4 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 763.7 | $ 334.2 |
Receivables | 1,360.8 | 1,386.7 |
Inventories | 1,413.7 | 1,540.9 |
Prepaid expenses and other current assets | 399 | 423.8 |
Total current assets | 3,937.2 | 3,685.6 |
Land, buildings, and equipment | 3,743.6 | 3,783.3 |
Goodwill | 8,741.2 | 8,874.9 |
Other intangible assets | 4,538.6 | 4,677 |
Other assets | 751.7 | 811.2 |
Total assets | 21,712.3 | 21,832 |
Current liabilities: | ||
Accounts payable | 2,046.5 | 1,684 |
Current portion of long-term debt | 1,103.4 | 1,000.4 |
Notes payable | 269.8 | 615.8 |
Other current liabilities | 1,595 | 1,589.9 |
Total current liabilities | 5,014.7 | 4,890.1 |
Long-term debt | 7,057.7 | 7,575.3 |
Deferred income taxes | 1,399.6 | 1,450.2 |
Other liabilities | 2,087.6 | 1,744.8 |
Total liabilities | 15,559.6 | 15,660.4 |
Redeemable interest value | 845.6 | 778.9 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,177 | 1,296.7 |
Retained earnings | 12,616.5 | 11,990.8 |
Common stock in treasury, at cost | (6,326.6) | (6,055.6) |
Accumulated other comprehensive loss | (2,612.2) | (2,310.7) |
Total stockholders' equity | 4,930.2 | 4,996.7 |
Noncontrolling interests | 376.9 | 396 |
Total equity | 5,307.1 | 5,392.7 |
Total liabilities and equity | $ 21,712.3 | $ 21,832 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Paranthetical) - $ / shares shares in Millions | May 29, 2016 | May 31, 2015 | May 25, 2014 |
Stockholders' equity: | |||
Common stock, shares issued | 754.6 | 754.6 | |
Common stock, par value | $ 0.1 | $ 0.1 | $ 0.1 |
Common stock in treasury, shares | 157.8 | 155.9 |
CONSOLIDATED STATEMENTS OF TOTA
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Redeemable Interest [Member] |
Beginning Balance, Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at May. 26, 2013 | $ 7,128.5 | $ 75.5 | $ 1,166.6 | $ (3,687.2) | $ 10,702.6 | $ (1,585.3) | $ 456.3 | |
Beginning Balance, Common Stock, Shares, Issued at May. 26, 2013 | 754.6 | |||||||
Beginning Balance, Treasury Stock, Shares at May. 26, 2013 | (113.8) | |||||||
Beginning Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 26, 2013 | $ 967.5 | |||||||
Total comprehensive income (loss) | 2,094.3 | 1,824.4 | 245 | 24.9 | ||||
Total comprehensive income (loss) attributable to redeemable interests | 70 | |||||||
Cash dividends declared | (739.8) | (739.8) | ||||||
Shares purchased, value | $ (1,745.3) | 30 | $ (1,775.3) | |||||
Shares purchased, shares | (35.6) | (35.6) | ||||||
Stock compensation plans, value (includes income tax benefits) | $ 256.9 | 13.8 | $ 243.1 | |||||
Stock compensation plans, shares (includes income tax benefits) | 7.1 | |||||||
Unearned compensation related to restricted stock unit awards | (91.3) | (91.3) | ||||||
Earned compensation | 108.5 | 108.5 | ||||||
(Increase) decrease in redemption value of redeemable interest | 4.2 | 4.2 | (4.2) | |||||
Distributions to redeemable and noncontrolling interest holders | (28.2) | (28.2) | (49.2) | |||||
Ending Balance, Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at May. 25, 2014 | 7,005.4 | $ 75.5 | 1,231.8 | $ (5,219.4) | 11,787.2 | (1,340.3) | 470.6 | |
Ending Balance, Common Stock, Shares, Issued at May. 25, 2014 | 754.6 | |||||||
Ending Balance, Treasury Stock, Shares at May. 25, 2014 | (142.3) | |||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 25, 2014 | 984.1 | |||||||
Total comprehensive income (loss) | 180.9 | 1,221.3 | (970.4) | (70) | ||||
Total comprehensive income (loss) attributable to redeemable interests | (122.9) | |||||||
Cash dividends declared | (1,017.7) | (1,017.7) | ||||||
Shares purchased, value | $ (1,161.9) | $ (1,161.9) | ||||||
Shares purchased, shares | (22.3) | (22.3) | ||||||
Stock compensation plans, value (includes income tax benefits) | $ 287.6 | (38.1) | $ 325.7 | |||||
Stock compensation plans, shares (includes income tax benefits) | 8.7 | |||||||
Unearned compensation related to restricted stock unit awards | (80.8) | (80.8) | ||||||
Earned compensation | 111.1 | 111.1 | ||||||
(Increase) decrease in redemption value of redeemable interest | 83.2 | 83.2 | (83.2) | |||||
Addition of noncontrolling interest | 20.7 | 20.7 | ||||||
Acquisition of interest in subsidiary | (9.9) | (10.5) | 0.6 | |||||
Distributions to redeemable and noncontrolling interest holders | (25.9) | (25.9) | 0.9 | |||||
Ending Balance, Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at May. 31, 2015 | $ 5,392.7 | $ 75.5 | 1,296.7 | $ (6,055.6) | 11,990.8 | (2,310.7) | 396 | |
Ending Balance, Common Stock, Shares, Issued at May. 31, 2015 | 754.6 | 754.6 | ||||||
Ending Balance, Treasury Stock, Shares at May. 31, 2015 | 155.9 | (155.9) | ||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 31, 2015 | $ 778.9 | 778.9 | ||||||
Total comprehensive income (loss) | 1,407.1 | 1,697.4 | (301.5) | 11.2 | ||||
Total comprehensive income (loss) attributable to redeemable interests | 30.3 | |||||||
Cash dividends declared | (1,071.7) | (1,071.7) | ||||||
Shares purchased, value | $ (606.7) | $ (606.7) | ||||||
Shares purchased, shares | (10.7) | (10.7) | ||||||
Stock compensation plans, value (includes income tax benefits) | $ 289.4 | (46.3) | $ 335.7 | |||||
Stock compensation plans, shares (includes income tax benefits) | 8.8 | |||||||
Unearned compensation related to restricted stock unit awards | (63.3) | (63.3) | ||||||
Earned compensation | 84.8 | 84.8 | ||||||
(Increase) decrease in redemption value of redeemable interest | (91.5) | (91.5) | 91.5 | |||||
Acquisition of interest in subsidiary | (4.5) | (3.4) | (1.1) | |||||
Distributions to redeemable and noncontrolling interest holders | (29.2) | (29.2) | (55.1) | |||||
Ending Balance, Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at May. 29, 2016 | $ 5,307.1 | $ 75.5 | $ 1,177 | $ (6,326.6) | $ 12,616.5 | $ (2,612.2) | $ 376.9 | |
Ending Balance, Common Stock, Shares, Issued at May. 29, 2016 | 754.6 | 754.6 | ||||||
Ending Balance, Treasury Stock, Shares at May. 29, 2016 | 157.8 | (157.8) | ||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 29, 2016 | $ 845.6 | $ 845.6 |
CONSOLIDATED STATEMENTS OF TOT7
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Parenthetical) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST | |||
Par Value Common Stock | $ 0.1 | $ 0.1 | $ 0.1 |
Shares Authorized | 1,000 | 1,000 | 1,000 |
Cash dividends declared per share | $ 1.78 | $ 1.67 | $ 1.17 |
Stock compensation plans, income tax benefits | $ 94.1 | $ 74.6 | $ 69.3 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Cash Flows - Operating Activities | |||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 1,736.8 | $ 1,259.4 | $ 1,861.3 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 608.1 | 588.3 | 585.4 |
After-tax earnings from joint ventures | (88.4) | (84.3) | (89.6) |
Distributions of earnings from joint ventures | 75.1 | 72.6 | 90.5 |
Stock-based compensation | 89.8 | 106.4 | 108.5 |
Deferred income taxes | 120.6 | 25.3 | 172.5 |
Tax benefit on exercised options | (94.1) | (74.6) | (69.3) |
Pension and other postretirement benefit plan contributions | (47.8) | (49.5) | (49.7) |
Pension and other postretirement benefit plan costs | 118.1 | 91.3 | 124.1 |
Divestitures (gain), net | (148.2) | 0 | (65.5) |
Restructuring, impairment, and other exit costs | 107.2 | 531.1 | (18.8) |
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures | 258.2 | 214.7 | (32.2) |
Other, net | (105.6) | (137.9) | (76.2) |
Net cash provided by operating activities | 2,629.8 | 2,542.8 | 2,541 |
Cash Flows - Investing Activities | |||
Purchases of land, buildings, and equipment | (729.3) | (712.4) | (663.5) |
Acquisitions, net of cash acquired | (84) | (822.3) | 0 |
Investment in affilates, net proceeds | 63.9 | ||
Investment in affilates, net payments | (102.4) | (54.9) | |
Proceeds from disposal of land, buildings, and equipment | 4.4 | 11 | 6.6 |
Proceeds from divestitures | 828.5 | 0 | 121.6 |
Exchangeable note | 21.1 | 27.9 | 29.3 |
Other, net | (11.2) | (4) | (0.9) |
Net cash provided (used) by investing activities | 93.4 | (1,602.2) | (561.8) |
Cash Flows - Financing Activities | |||
Change in notes payable | (323.8) | (509.8) | 572.9 |
Issuance of long-term debt | 542.5 | 2,253.2 | 1,673 |
Payment of long-term debt | (1,000.4) | (1,145.8) | (1,444.8) |
Proceeds from common stock issued on exercised options | 171.9 | 163.7 | 108.1 |
Tax benefit on exercised options | 94.1 | 74.6 | 69.3 |
Purchases of common stock for treasury | (606.7) | (1,161.9) | (1,745.3) |
Dividends paid | (1,071.7) | (1,017.7) | (983.3) |
Addition of noncontrolling interest | 0 | 0 | 17.6 |
Distributions to noncontrolling and redeemable interest holders | (84.3) | (25) | (77.4) |
Other, net | (7.2) | (16.1) | (14.2) |
Net cash used by financing activities | (2,285.6) | (1,384.8) | (1,824.1) |
Effect of exchange rate changes on cash and cash equivalents | (8.1) | (88.9) | (29.2) |
Increase (decrease) in cash and cash equivalents | 429.5 | (533.1) | 125.9 |
Cash and cash equivalents - beginning of year | 334.2 | 867.3 | 741.4 |
Cash and cash equivalents - end of year | 763.7 | 334.2 | 867.3 |
Cash Flow from Changes in Current Assets and Liabilities, excluding effects of acquisitions and divestitures: | |||
Receivables | (6.9) | 6.8 | (41) |
Inventories | (146.1) | (24.2) | (88.3) |
Prepaid expenses and other current assets | (0.1) | (50.5) | 10.5 |
Accounts payable | 318.7 | 145.8 | 191.5 |
Other current liabilities | 92.6 | 136.8 | (104.9) |
Changes in current assets and liabilities | $ 258.2 | $ 214.7 | $ (32.2) |
BASIS OF PRESENTATION AND RECLA
BASIS OF PRESENTATION AND RECLASSIFICATIONS | 12 Months Ended |
May 29, 2016 | |
BASIS OF PRESENTATION AND RECLASSIFICATIONS [Abstract] | |
BASIS OF PRESENTATION AND RECLASSIFICATIONS | NOTE 1 . BASIS OF PRESENTATION AND RECLASSIFICATIONS Basis of Presentation Our Consolidated Financial Statements include the accounts of General Mills, Inc. and all subsidiaries in which we have a controlling financial interest. Intercompany transactions and accounts , including any noncontrolling and redeemable interests’ share o f those transactions, are eliminated in consolidation. Our fiscal year ends on the last Sunday in May. Fiscal years 2016 and 2014 consisted of 52 weeks, while fiscal year 2015 consisted of 53 weeks. Change in Reporting Period As part of a long-term pla n to conform the fiscal year ends of all our operations, in fiscal 2016 we changed the reporting period of Yoplait SAS and Yoplait Marques SNC within our International segment and Annie’s, Inc. (Annie’s) within our U.S. Retail segment from an April fiscal year-end to a May fiscal year-end to match our fiscal calendar. Accordingly, in fiscal 2016 , our results included 13 months of results from the affected operations . The impact of these changes was not material to our consolidated results of operations. Our General Mills Brasil Alimentos Ltda (Yoki) and India businesses remain on an April fiscal year end. Certain reclassifications to our previously reported financial information have been made to conform to th e current period presentation. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
May 29, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents We consider all investments purchased with an original maturity of three months or less to be cash equivalents. Inventories All inventories in the United States other than grain a re valued at the lower of cost, using the last-in, first-out (LIFO) method, or market. Grain inventories and all related cash contracts and derivatives are valued at market with all net changes in value recorded in earnings currently. Inventories outside of the United States are generally valued at the lower of cost, using the first-in, first-out (FIFO) method, or market. Shipping costs associated with the distribution of finished product to our customers are recorded as cost of sales, and are recognized when the related finished product is shipped to and accepted by the customer. Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. Buildings and equipment, including capitalized interest and internal engineering costs, are recorded at cost and depreciated over estimated useful lives, primarily using the straight-line method. Ordinary maintenance an d repairs are charged to cost of sales. Buildings are u sually depreciated over 40 years, and equipment, furniture, and software are usually depreciated over 3 to 10 years. Fully depreciated assets are retained in buildings and equipment until disposa l. When an item is sold or retired, the accounts are relieved of its cost and r elated accumulated depreciation and the resulting gains and losses, if any, are recognized in earnings. As of May 29, 2016 , assets held for sale were insignificant. Long-lived asse ts are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss would be based on the excess o f the carrying amount of the asset group over its fair value. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. Goodwill and Other Intangible Assets Goodwill is not subject to amortization and is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. In fiscal 2016, we changed the date of our annual goodwill and indefinite-lived intangible asset impairment assessment from the first day of the third quarter to the first day of the second quarter to more closely align with the timing of our annual long-range planning process. Impairment testing is performed for each of our reporting units. We compare the carrying value of a reporting unit, including goodwill, to the fair value of the unit. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit, which often requ ires allocation of shared or corporate items among reporting units. If the carrying amount of a reporting unit exceeds its fair value, we revalue all assets and liabilities of the reporting unit, excluding goodwill, to determine if the fair value of the ne t assets is greater than the net assets including goodwill. If the fair value of the net assets is less than the carrying amount of net assets including goodwill, impairment has occurred. Our estimates of fair value are determined based on a discounted cas h flow model. Growth rates for sales and profits are determined using inputs from our long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. We evaluate the useful live s of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenan ce expenditures, and the expected lives of other related groups of assets. Intangible assets that are deemed to have definite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Our indefinite-lived intangible assets, mainly intangible assets primarily associated with the Pillsbury , Totino’s , Progresso , Yoplait , Old El Paso , Yoki , Häagen-Dazs , and Annie’s brands, are also tested for impairment annually and whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs which included projected revenues from our long-range plan, assumed royalty rates that could be pa yable if we did not own the brands, and a discount rate. Our finite-lived intangible assets, primarily acquired franchise agreements and customer relationships, are reviewed for impairment whene ver events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the carrying amount of the asset. Assets generally have identifiable cash flows and are largely independent of other assets. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset over its fair value. Fair value is measured using a discounted cash flow model or other similar valuation model, as appropriate. Investments in Unconsolidated Joint Ventures Our investments in companies over which we have the ability to exercise significant influence are stated at cost plus our share of undistributed earnings or losses. We receive royalty income from certain joint ventures, incur various expenses (primarily research and development), and record the tax impact of certain joint venture operations that are structured as partnerships. In addition, we make advances to our joint ventures in the form of loans or capital i nvestments. We also sell certain raw materials, semi-finished goods, and finished goods to the joint ventures, generally at market prices. In addition, we assess our investments in our joint ventures if we have reason to believe an impairment may have occ urred including, but not limited to, as a results of ongoing operating losses, projected decreases in earnings, increases in the w eighted average cost of capital, or signi ficant business disruptions . The significant assumptions used to estimate fair value include r evenue growth and profitability, royalty rates, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. By their nature, these projections and assumptions are uncertain. If we were to determine the current fair value of our investment was less than the carrying value of the investment , then we would assess if the shortfall was of a temporary or permanent nature and write down the investment to its fair value if we conclude d the impairment is other than tempo rary. Redeemable Interest We have a 51 percent control ling interest in Yoplait SAS , a consolidated entity. Sodiaal International (Sodiaal) holds the remaining 49 pe rcent interest in Yoplait SAS. Sodiaal has the ability to put all or a portion of its redee mable interest to us at fair value once per year , up to three times before December 2024 . This put option requires us to classify Sodiaal’s interest as a redeemable interest outside of equity on our Consolidated Balance Sheets for as long as the put is exercisable by Sodiaal. When the put is no longer exercisable, the redeemable interest will be reclassified to noncontrolling interests on our Consolidated Balance Sheets. We adjust the value of the redeemable interest through ad ditional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value . During the second quarter of fiscal 201 6 , we adjusted the redeemable interest’s redemption value based o n a discounted cash flow model. The significant assumptions used to estimate the redemption value include projected revenue growth and profitability from our long-range plan, capital spending, depreciation, taxes, foreign currency exchange rates, and a dis count rate. Revenue Recognition We recognize sales revenue when the shipment is accepted by our customer. Sales include shipping and handling charges billed to the customer and are reported net of consumer coupon redemption, trade promotion and other costs, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, and other excise taxes are not recognized in revenue. Coupons are recorded when distributed, based on estimated redemption rates. Trade promot ions are recorded based on estimated participation and performance levels for offered programs at the time of sale. We generally do not allow a right of return. However, on a limited case-by-case basis with prior approval, we may allow customers to return product. In limited circumstances, product returned in saleable condition is resold to other customers or outlets. Receivables from customers generally do not bear interest. Terms and collection patterns vary around the world and by channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowan ce when we deem the amount is uncollectible. Environmental Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. Liabilities for anticipated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or our commitment to a plan of action. Advertising Production Costs We expense the production costs of advert ising the first time that the advertising takes place. Research and Development All expenditures for research and development (R&D) are charged against earnings in the period incurred. R&D includes expenditures for new product and manufacturing process i nnovation, and the annual expenditures are comprised primarily of internal salari es, wages, consulting, and supplies attributable to R&D activities. Other costs include depreciation and maintenance of research facilities, including assets at facilities tha t are engaged in pilot plant activities. Foreign Currency Translation For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates. Incom e statement accounts are translated using the average exchan ge rates prevailing during the period . Translation adjustments are reflected within accumula ted other comprehensive loss (AOCI) in stockholders’ equity. Gains and losses from foreign currency tran sactions are included in net earnings for the period , except for gains and losses on investments in subsidiaries for which settlement is not planned for the foreseeable future and foreign exchange gains and losses on instruments designated as net investmen t hedges. These gains and losses are recorded in AOCI . Derivative Instruments All d erivatives are recognized on our Consolidated Balance Sheets at fair value based on quoted market prices or our estimate of their fair value, and are recorded in either cu rrent or noncurrent assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on whether the instrument is designated and effective as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in AOCI are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedged transaction ceases to exist, any associated amounts repo rted in AOCI are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. Stock-based Compensation We generally measure compensation expense for grants of restricted stock units using the value of a shar e of our stock on the date of grant. We estimate the value of stoc k option grants using a Black- Scholes valuation model. Stock -based compensation is recognized straight line over the vesting period. Our stock -based compensation expense is recorded in selli ng, general and administrative ( SG&A ) expenses and cost of sales in our Consolidated Statements of Earnings and allocated to each reportable segment in our segment results. Certain equity-based compensation plans contain provisions that accelerate vesting of awards upon retirement, termination, or death of eligible employees and directors. We consider a stock-based award to be vested when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the related compensation cost is generally recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. We report the benefits of tax deductions in excess of recognized compensation cost as a financing cash flow, thereby reducing net operating cash flows and increasing net financing cash flows. Defined Benefit Pension, Other Postretirement Benefit , and Postemployment Benefit Plans We sponsor several domestic and foreign defined benefit plans to provide pension, health care, and other welfare benefits to retired employees. Under certain circumstances, we also provide accruable benefits to former or inactive employees in the United State s , Canada , and Mexico and members of our Board of Directors, including severance and certain other benefits payable upon death. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not v est or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We recognize the underfunded or overfunded status of a defined benefit pension plan as an asset or liability and recognize changes in the funded status in the year in which the changes occur through AOCI . Use of Estimates Preparing our Consolidated Finan cial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the d ate of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for promotional expenditures, valuation of long-lived assets, intangible assets, redeemable interest, sto ck-based compensation, income taxes, and defined benefit pension, other p ostretirement benefit and postemployment benefit plans . Actual results could differ from our estimates. Other New Accounting Standards In the first quarter of fiscal 2015, we adopted new accounting requirements on the financial statement presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward exists. The adoption of this guidance did not have an impact on our results of operations or financial position. In the second quarter of fiscal 2015, we adopted new accounting requirements for share-based payment awards issued based upon specific perfor mance targets. The adoption of this guidance did not have a material impact on our results of operations or financial position. In the first quarter of fiscal 2016, we adopted new accounting requirements for the classification of debt issuance costs pr esented in the balance sheet as a direct reduction from the carrying amount of the debt liability. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our fi nancial position. In the fourth quarter of fiscal 2016, we adopted new accounting requirements for the presentation of deferred tax assets and liabilities, requiring noncurrent classification for all deferred tax assets and liabilities on the statement of financial position. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. |
ACQUISITION AND DIVESTITURES
ACQUISITION AND DIVESTITURES | 12 Months Ended |
May 29, 2016 | |
ACQUISTION AND DIVESTITURES [Abstract] | |
ACQUISITION AND DIVESTITURES | NOTE 3. ACQUISITION AND DIVESTITURE S During the fourth quarter of fiscal 2016, we sold our General Mills de Venezuela CA subsidiary to a third party and exited our business in Venezuela. As a result of this transaction, we recorded a pre-tax loss of $37.6 million. In addition, we sold our General Mills Argentina S.A. foodservice business in Argentina to a third party and recorded a pre-tax loss of $14.8 million. During the second quarter of fiscal 2016, we sold our North American Green Giant product lines for $822.7 million in cash, and we recorded a pre-tax gain of $199.1 million. We received net cash proceeds of $788.0 million after transaction related costs. After the divestiture , we retained a brand intangible asset on our Consolidated Balance Sheets of $30.1 million related to our continued use of the Green Giant brand in certain markets outside of North America. During the second quarter of fiscal 2015, we acquired Annie’s , a publicly traded food company headquartered in Berkeley, Califo rnia, for an aggregate purchase price of $821.2 million, which we funded by issuing debt. We consolidated Annie’s into our Consolidated Balance Sheets and recorded goodwill of $589.8 million, an indefinite lived intangible asset for the Annie’s brand of $2 44.5 million, and a finite lived customer relationship asset of $23.9 million. The pro forma effects of this acquisition were not material. |
RESTRUCTURING, IMPAIRMENT, AND
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS | 12 Months Ended |
May 29, 2016 | |
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS [Abstract] | |
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS | NOTE 4. RESTRUCTURING , IMPAIRMENT, AND OTHER EXIT COSTS INTANGIBLE ASSET IMPAIRMENT In fiscal 2015, we recorded a $260.0 million charge related to the impairment of our Green Giant brand intangible asset in restructuring, impairment, and other exit costs. See Note 6 for additional information. RESTRUCTURING INITIATIVES We view our restructuring activities as actions that help us meet our long-term growth targets. Activities we undertake must meet internal rate of return and net present value t argets. Each restructuring action normally takes one to two years to complete. At completion (or as each major stage is completed in the case of multi-year programs), the project begins to deliver cash savings and/or reduced depreciation. These activities result in various restructuring costs, including asset write-offs, exit charges including severance, contract termination fees, and decommissioning and other costs. Accelerated depreciation associated with restructured assets, as used in the context of our disclosures regarding restructuring activity, refers to the increase in depreciation expense caused by shortening the useful life or updating the salvage value of depreciable fixed assets to coincide with the end of production under an approved restructur ing plan. Any impairment of the asset is recognized immediately in the period the plan is approved. We are currently pursuing several multi-year restructuring initiatives designed to increase our efficiency and focus our business behind our key growth str ategies. Charges recorded in fiscal 2016 and 2015 related to these initiatives were as follows: Fiscal 2016 Fiscal 2015 In Millions Severance Asset Write-offs Pension Related Accelerated Depreciation Other Total Severance Asset Write-offs Pension Related Accelerated Depreciation Other Total Project Compass $ 45.4 $ - $ 1.4 $ - $ 7.9 $ 54.7 $ - $ - $ - $ - $ - $ - Project Catalyst (8.7) 1.2 - - - (7.5) 121.5 12.3 6.6 - 8.0 148.4 Project Century 30.9 30.7 19.1 76.5 25.4 182.6 44.3 42.3 31.2 53.1 10.9 181.8 Combination of certain operational facilities - - - - - - 13.0 0.7 - - 0.2 13.9 Charges associated with restructuring actions previously announced - - - - - - (0.6) - - - - (0.6) Total $ 67.6 $ 31.9 $ 20.5 $ 76.5 $ 33.3 $ 229.8 $ 178.2 $ 55.3 $ 37.8 $ 53.1 $ 19.1 $ 343.5 In the first quarter of fiscal 2016, we approved Project Compass, a restructuring plan designed to enable our International segment to accelerate long-term growth through increased organizational effectiveness and reduced administrative expense. In connection with this project, we expect to eliminate approximately 725 t o 775 positions . We expect to incur approximately $60 million of net expenses relating to this action of which approximately $60 million will be cash. We recorded $54.7 million of restructuring charges relating to this action in fiscal 2016. We expect this action to be completed by the end of fiscal 2017. Project Century (Century) began in fiscal 2015 as a review of our North American manufacturing and distribution network to streamline operations and identify potential capacity reductions. In the second quarter of fiscal 2016, we broadened the scope of Project Century to identify opportunities to streamline our supply chain outside of North America. As part of the expanded project, we approved a restructuring plan to close manufacturing facilities in our International segment supply chain located in Berwick, United Kingdom and East Tamaki, New Zealand. These actions affe ct ed approximately 285 positions. We expect to incur total restructur ing charges of approximately $41 million relating to these act ions, of which approximately $20 million will be cash. We recorded $30.0 million of restructuring charges relating to these actions in fiscal 2016. We expect these actions to be completed by the end of fiscal 2018. As part of Century, in the first quarte r of fiscal 2016, we approved a restructuring plan to close our West Chicago, Illinois cereal and dry dinner manufacturing plant in our U.S. Retail segment supply chain. This action will affect approximately 500 positions, and we expect to incur approximat ely $117 million of net expenses relating to this action, of which approximately $53 million will be cash. We recorded $79.2 million of restructuring charges relating to this action in fiscal 2016. We expect this action to be completed by the end of fiscal 2019. As part of Century, in the first quarter of fiscal 2016, we approved a restructuring plan to close our Joplin, Missouri snacks plant in our U.S. Retail segment supply chain. This action affected approximately 120 positions , and we incurred $6.3 mi llion of net expenses relating to this action, of which less than $1 million was cash. We recorded $6.3 million of restructuring charges relating to this action in fiscal 2016. This action was completed in fiscal 2016. As part of Century, in the third qu arter of fiscal 2015, we approved a restructuring plan to reduce our refrigerated dough capacity and exit our Midland, Ontario, Canada and New Albany, Indiana facilities, which support our U.S. Retail, International, and Convenience Stores and Foodservice supply chains. The Midland action will affect approximately 100 positions, and we expect to incur approximately $23 million of net expenses relating to this action, of which approximately $16 million will be cash. We recorded $2.7 million of restructuring charges relating to this action in fiscal 2016. We recorded $6.5 million of restructuring charges relating to this action in fiscal 2015. The New Albany action will affect approximately 400 positions, and we e xpect to incur approximately $82 million of net expenses relating to this action of which approximately $40 million will be cash. We recorded $17.1 million of restructuring charges relating to this action in fiscal 2016 and $51.3 million in fiscal 2015. We expect these actions to be completed by the en d of fiscal 2018. As part of Century, in the second quarter of fiscal 2015, we approved a restructuring plan to consolidate yogurt manufacturing capacity and exit our Methuen, Massachusetts facility in our U. S. Retail segment and Convenience Stores and F oodservice segment supply chains. This action affected approximately 175 positions. We e xpect to incur approximately $58 million of net expenses relating to this a ction of which approximately $12 million will be cash. We recorded $15.6 million of restructu ring charges relating to this action in fiscal 2016 and $43.6 million in fiscal 2015. This action was largely completed in fiscal 2016. As part of Century, in the second quarter of fiscal 2015, we approved a restructuring plan to eliminate excess cereal and dry mix capacity and exit our Lodi, California facility in our U.S. Retail supply chain. This action affected approximately 430 positions. We incur red $93.8 million of net expenses relating to this action of which $20 million was cash. We recorded $30. 6 million of restructuring charges relating to this action in fiscal 2016 and $63.2 million in fiscal 2015. This action was completed in fiscal 2016. In addition to the actions taken at certain facilities described above, we incurred $1.1 million of rest ructuring charges in fiscal 2016, relating to Century, and $17.2 million in fiscal 2015, of which $6 million was cash. During the second quarter of fiscal 2015, we approved Project Catalyst, a restructuring plan to increase organizational effectiveness a nd reduce overhead expense. In connection with this project, we eliminated approxima tely 750 positions primarily in the United States. We incurred $140.9 million of net expenses relating to these actions of which $118 million will be cash. In fiscal 2016, we reduced the estimate of charges related to this action by $7.5 million. We recorded $148.4 million of restructuring charges relating to this action in fiscal 2015. These actions were largely completed in fiscal 2015. During the first quarter of fis cal 2015, we approved a plan to combine certain Yoplait and General Mills operational facilities within our International segment to increase efficiencies and reduce costs. This action will affect approximately 240 positions. We expect to incur approximate ly $15 million of net expenses relating to this action of which approximately $12 million will be cash. We recorded $13.9 million of restructuring charges relating to this action in fiscal 2015. We expect this action to be completed in fiscal 2017. In fi scal 2014, we recorded $3.6 million of restructuring charges related to a productivity and cost savings plan approved in the fourth quarter of fiscal 2012. These restructuring actions were completed in fiscal 2014. In fiscal 2016, we paid $122 .6 million in cash relating to restructuring initiatives. In fiscal 2015, we paid $63.6 million in cash relating to restructuring initiatives. In fiscal 2014, we paid $22.4 million in cash related to restructuring actions. In addition to restructuring charges, we ex pect to incur approximately $109 million of additional project-related costs, which will be recorded in cost of sales, all of which will be cash. We recorded project-related costs in cost of sales of $57.5 million in fiscal 2016 and $13.2 million in fiscal 2015. In addition, we paid $54.5 million in cash in fiscal 2016 and $9.7 million in fiscal 2015 for project-related costs. Restructuring cha r ges and project-related costs are classified in our Consolidated Statements of Earnings as follows: Fiscal In Millions 2016 2015 2014 Cost of sales $ 78.4 $ 59.6 $ - Restructuring, impairment, and other exit costs 151.4 283.9 3.6 Total restructuring charges 229.8 343.5 3.6 Project-related costs classified in cost of sales $ 57.5 $ 13.2 $ - The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows: In Millions Severance Contract Termination Other Exit Costs Total Reserve balance as of May 26, 2013 $ 19.5 $ - $ - $ 19.5 2014 charges, including foreign currency translation 6.4 - - 6.4 Utilized in 2014 (22.4) - - (22.4) Reserve balance as of May 25, 2014 3.5 - - 3.5 2015 charges, including foreign currency translation 176.4 0.6 8.1 185.1 Utilized in 2015 (61.3) - (6.5) (67.8) Reserve balance as of May 31, 2015 118.6 0.6 1.6 120.8 2016 charges, including foreign currency translation 64.3 1.6 4.3 70.2 Utilized in 2016 (109.3) (0.7) (4.4) (114.4) Reserve balance as of May 29, 2016 $ 73.6 $ 1.5 $ 1.5 $ 76.6 The charges recognized in the roll forward of our reserves for restructuring and other exit costs do not include items charged directly to expense (e.g., asset impairment charges, the gain or loss on the sale of restructured assets, and the write-off of spare parts) and other periodic exit costs recognized as incurred, as those items are not reflected in our restructuring and other exit cost reserves on our Consolidated Balance Sheets. |
INVESTMENTS IN UNCONSOLIDATED J
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
May 29, 2016 | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | NOTE 5. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES We have a 50 percent equity interest in Cereal Partners Worldwide (CPW), which manufactures and markets ready-to-eat cereal products in more than 130 countries outside the United States and Canada. CPW also markets cereal bars in several European countries and manufactures private label cereals for customers in the United Kingdom. We have guaranteed a portion of CPW’s debt and its pension obligation in the United Kingdom. We also have a 50 percent equity interest in Häagen-Dazs Japan, Inc. (HDJ). T his joint venture manufactures and markets Häagen-Dazs ice cream products and frozen novelties . Results from our CPW and HDJ joint ventures are reported for the 12 months ended March 31. Joint venture related balance sheet activity follows: In Millions May 29, 2016 May 31, 2015 Cumulative investments $ 518.9 $ 530.6 Goodwill and other intangibles 469.2 465.1 Aggregate advances included in cumulative investments 300.3 390.3 Joint venture earnings and cash flow activity follows: Fiscal Year In Millions 2016 2015 2014 Sales to joint ventures $ 10.5 $ 11.6 $ 12.1 Net advances (repayments) (63.9) 102.4 54.9 Dividends received 75.1 72.6 90.5 Summary combined financial information for the joint ventures on a 100 percent basis follows: Fiscal Year In Millions 2016 2015 2014 Net sales: CPW $ 1,674.8 $ 1,894.5 $ 2,107.9 HDJ 369.4 370.2 386.9 Total net sales 2,044.2 2,264.7 2,494.8 Gross margin 867.6 925.4 1,030.3 Earnings before income taxes 234.8 220.9 219.1 Earnings after income taxes 186.7 170.7 168.8 In Millions May 29, 2016 May 31, 2015 Current assets $ 814.1 $ 800.1 Noncurrent assets 959.9 962.1 Current liabilities 1,457.3 1,484.8 Noncurrent liabilities 81.7 118.2 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
May 29, 2016 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 6 . GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets are as follows: In Millions May 29, 2016 May 31, 2015 Goodwill $ 8,741.2 $ 8,874.9 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 4,147.5 4,262.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 536.9 544.0 Less accumulated amortization (145.8) (129.1) Intangible assets subject to amortization 391.1 414.9 Other intangible assets 4,538.6 4,677.0 Total $ 13,279.8 $ 13,551.9 Based on the carrying value of finite-lived intangible assets as of May 29 , 201 6 , amortization expense for each of the next five fiscal years is estimated to be approximately $28 million . The changes in the carrying amount of goodwill for fiscal 2014 , 2015 , and 2016 are as follows: In Millions U.S. Retail International Convenience Stores and Foodservice Joint Ventures Total Balance as of May 26, 2013 $ 5,841.4 $ 1,387.0 $ 921.1 $ 472.7 $ 8,622.2 Divestiture (12.2) - - - (12.2) Other activity, primarily foreign currency translation - 15.0 - 25.5 40.5 Balance as of May 25, 2014 5,829.2 1,402.0 921.1 498.2 8,650.5 Acquisition 589.8 - - - 589.8 Other activity, primarily foreign currency translation - (268.7) - (96.7) (365.4) Balance as of May 31, 2015 6,419.0 1,133.3 921.1 401.5 8,874.9 Acquisitions 54.1 29.4 - - 83.5 Divestitures (180.2) (6.2) - - (186.4) Other activity, primarily foreign currency translation - (35.5) - 4.7 (30.8) Balance as of May 29, 2016 $ 6,292.9 $ 1,121.0 $ 921.1 $ 406.2 $ 8,741.2 In fiscal 2015, we reorganized certain reporting units within our U.S. Retail operating segment. Our chief operating decision maker continues to assess performance and make decisions about resources to be allocated to our segments at the U.S. Retail, International, and Convenience Stores and Foodservice operating segment level. We performed our fiscal 2016 impairment assessment as of the first day of the second quarter of fiscal 2016 , and determined there was no impair ment of goodwill for any of our reporting units as their related fair values were substantially in excess of their carrying values. The changes in the carrying amount of other intangible assets for fiscal 2014 , 2015 , and 2016 are as follows: In Millions U.S. Retail International Joint Ventures Total Balance as of May 26, 2013 $ 3,312.4 $ 1,638.2 $ 64.5 $ 5,015.1 Other activity, primarily foreign currency translation (4.9) 3.6 0.5 (0.8) Balance as of May 25, 2014 3,307.5 1,641.8 65.0 5,014.3 Acquisition 268.4 - - 268.4 Impairment charge (260.0) - - (260.0) Other activity, primarily foreign currency translation (4.0) (340.3) (1.4) (345.7) Balance as of May 31, 2015 3,311.9 1,301.5 63.6 4,677.0 Acquisitions 23.1 7.0 - 30.1 Divestiture (119.6) - - (119.6) Other activity, primarily amortization and foreign currency translation (3.7) (44.6) (0.6) (48.9) Balance as of May 29, 2016 $ 3,211.7 $ 1,263.9 $ 63.0 $ 4,538.6 As of our fiscal 2016 assessment date, there was no impairment of any of our indefinite-lived intangible assets as their related fair values were substantially in excess of the carrying values, except for the Mountain High and Uncle Toby’s brand assets. T he excess fair value above the carrying value of these brand assets is as follows: Excess Fair Value Carrying Above Carrying In Millions Value Value Mountain High $35.4 20 % Uncle Toby's $52.2 11 % Our strategies for fiscal 2017 and fiscal 2018 will focus on growth investments on our brands and platforms with the strongest profitable growth potential. As a result, select brands in our U.S. Retail segment could experience reduced future sales projections for these brands. We performed a sensitivity analysis for certain brand intangible assets and determined that , while not impaired as of May 29, 2016, the Progresso and Food Should Taste Good brands had risk of decreasing coverage if we proceed with these str ategies . We will continue to monitor these businesses. In fiscal 2015, we made a strategic decision to re direct certain resources supporting our Green Giant business in our U . S . Retail segment to other businesses within the segment. Therefore , future sal es and profit ability projections in our long- range plan for this business declined. As a result of this triggering event, we performed an interim impairment assessment of the Green Giant brand intangible asset as of May 31, 2015 , and determined that the f air value of the brand a sset no longer exceeded the carrying value of the asset. Significant assumptions used in that asses sment included our updated long- range cash flow projections for the Green Giant business, an updated royalty rate, a weighted-average cost of capital, and a tax rate. We recorded a $260 .0 million impairment charge in restructuring, impairment, and other exit costs in fiscal 2015 related to this asset. |
FINANCIAL INSTRUMENTS, RISK MAN
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES | 12 Months Ended |
May 29, 2016 | |
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract] | |
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES | NOTE 7 . FINANCIAL INSTRUMENTS, RISK MAN A GEMENT ACTIVITIES, AND FAIR VALUES FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents, receivables, accounts payable, other current liabilities, and notes payable approximate fair value. Marketable securities are carried at fair value. As of May 29, 2016 and May 31, 2015 , a comparison of cost and market values of our marketable debt and equity securities is as follows: Cost Fair Value Gross Gains Gross Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 2016 2015 Available for sale: Debt securities $ 165.7 $ 2.6 $ 165.8 $ 2.6 $ 0.1 $ - $ - $ - Equity securities 1.8 1.8 8.4 8.3 6.6 6.5 - - Total $ 167.5 $ 4.4 $ 174.2 $ 10.9 $ 6.7 $ 6.5 $ - $ - There were no realized gains or losses from sales of available-for-sale marketable securities. Gains and losses are determined by specific identification. Classification of marketable securities as current or noncurrent is dependent upon our intended holding period, and/or the security’s maturity date. The aggregate unrealized gains and losses on available-for-sale securities, net of tax effects, are classified in AOCI within stockholders’ equity. Scheduled maturities of our marketable securities are as follows: Available for Sale In Millions Cost Fair Value Under 1 year (current) $ 165.7 $ 165.8 Equity securities 1.8 8.4 Total $ 167.5 $ 174.2 As of May 29, 2016, cash and cash equivalents totaling $7.5 million were pledged as collateral for derivative contracts. As of May 29, 2016 , $9.1 million of certain accounts receivable wer e pledged as collateral against a foreign uncommitted line of credit. The fair value and carrying amounts of long-term debt, including the current portion, were $ 8,629.0 million and $ 8,161.1 million, respectively, as of May 29, 2016 . The fair value of long-term debt was estimated using market qu otations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments. Long-term debt is a Level 2 liability in the fair value hierarchy. RISK MANAGEMENT ACTIVITIES As a part of our ongoing operations, we are exposed to market risks su ch as changes in interest and foreign cu rrency exchange rates and commodity and equity prices . To manage these risks, we may enter into various derivative transactions (e.g., futures, options, and swaps) pursuant to our established policies. COMMODITY PRICE RISK Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options and swaps. We offset our exposures based on current and projected market conditio ns and generally seek to acquire the inputs at as close to our planned cost as possible. We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded currently in cost of sales in our Consolidated Statements of Earnings. Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future pri ce of commodities purchased for use in our supply chain. Accordingly, for purposes of measuring segment operating performance these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the e xposure we are managing affects earnings. At that time we reclassify the gain or loss from unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the derivative without experiencing any r esulting mark-to-market volatility, which remains in unallocated corporate items. Unallocated corporate items for fiscal 2016 , 2015 and 2014 included: Fiscal Year In Millions 2016 2015 2014 Net loss on mark-to-market valuation of commodity positions $ (69.1) $ (163.7) $ (4.9) Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit 127.9 84.4 51.2 Net mark-to-market revaluation of certain grain inventories 4.0 (10.4) 2.2 Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 62.8 $ (89.7) $ 48.5 As of May 29, 2016 , the net notional value of c ommodity derivatives was $295.4 million, of which $189.1 million related to agricultural inputs and $106.3 million related to energy inputs . These contracts relate to inputs that generally will be utilized within the next 12 months. INTEREST RATE RISK We are exposed to interest rate volatility with regard to future issuances of fixed-rate debt, and existing and future issuances of floating-rate debt. Primary exposures include U.S. Treasury rates, LIBOR, Euribor, and commercial paper rates in the United States and Europe. We use interest rate swaps, forward-starting interest rate swaps, and treasury locks to hedge our exposure to interest rate changes, to reduce the volatility of our financing costs, and to achieve a desired proportio n of fixed rate versus floating-rate debt, based on current and projected market conditions. Generally under these swaps, we agree with a counterparty to exchange the difference between fixed-rate and floating-rate interest amounts based on an agreed upon notional principal amount. Floating Interest Rate Exposures — Floating-to-fixed interest rate swaps are accounted for as cash flow hedges, as are all hedges of forecasted issuances of debt. Effectiveness is assessed based on either the perfectly effective hypothetical derivative method or changes in the present value of interest payments on the underlying debt. Effective gains and losses deferred to AOCI are reclassified into earnings over the life of the associated debt. Ineffective gains and losses are recorded as net interest. The amount of hedge ineffectiveness was less than $1 million in each of fiscal 2016 , 2015 , and 2014 . Fixed Interest Rate Exposures — Fixed-to-floating interest rate swaps are accounted for as fair value hedges with effectiveness assessed based on chan ges in the fair value of the underlying debt and derivatives, using incremental borrowing rates currently available on loans with similar terms and maturities. Ineffective gains and losses on these derivatives and the underlying hedged items are recorded a s net interest. The amount of hedge ineffectiveness was less than $1 million in fiscal 2016 , an $1.6 million gain in fiscal 2015 , and less than $1 million in fiscal 2014 . In fiscal 2016, in advance of planned debt financing, we entered into $400.0 mi llion of treasury locks with an average fixed rate of 2.1 percent due February 15, 2017. In advance of planned debt financing, we entered into €600.0 million of forward starting swaps with an average fixed rate of 0.5 percent. All of these forward starti ng swaps were cash settled for $6.5 million in fiscal 2015, coincident with the issuance of our €500 million 8-year fixed-rate notes and €400 million 12-year fixed-rate notes. In fiscal 2015, we entered into swaps to convert $500.0 million of 1.4 percent fixed-rate notes due October 20, 2017, and $500.0 million of 2.2 percent fixed-rate notes due October 21, 2019, to floating rates. In advance of planned debt financing, we entered into $250.0 million of treasury locks with an average fixed rate of 1.99 pe rcent. All of these treasury locks were cash settled for $17.9 million in fiscal 2014, coincident with the issuance of our $500.0 million 10-year fixed-rate notes. As of May 29, 2016, the pre-tax amount of cash-settled interest rate hedge gain or loss rem aining in AOCI, which will be reclassified to earnings over the remaining term of the related underlying debt, follows: In Millions Gain/(Loss) 5.7% notes due February 15, 2017 (1.6) 5.65% notes due February 15, 2019 1.4 3.15% notes due December 15, 2021 (54.9) 1.0% notes due April 27, 2023 (1.7) 3.65% notes due February 15, 2024 13.8 1.5% notes due April 27, 2027 (3.6) 5.4% notes due June 15, 2040 (13.4) 4.15% notes due February 15, 2043 10.5 Net pre-tax hedge loss in AOCI $ (49.5) The following table summarizes the notional amounts and weighted-average interest rates of our interest rate derivatives. Average floating rates are based on rates as of the end of the reporting period. In Millions May 29, 2016 May 31, 2015 Pay-floating swaps - notional amount $ 1,000.0 $ 1,250.0 Average receive rate 1.8 % 1.6 % Average pay rate 1.1 % 0.7 % The swap contracts mature as follows: In Millions Pay Floating 2018 $ 500.0 2020 $ 500.0 Total $ 1,000.0 The following table s reconcile the net fair values of assets and liabilities subject to offsetting arran gements that are recorded in our C onsolidated B alance S heets to the net fair values that could be reported in our Consolidated B alance S heets: May 29, 2016 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $4.4 $- $4.4 $(3.9) $- $0.5 $(22.2) $- $(22.2) $3.9 $7.5 $(10.8) Interest rate contracts 8.5 - 8.5 - - 8.5 (3.0) - (3.0) - - (3.0) Foreign exchange contracts 25.4 - 25.4 (8.7) - 16.7 (13.7) - (13.7) 8.7 - (5.0) Equity contracts 2.4 - 2.4 - - 2.4 - - - - - - Total $40.7 $- $40.7 $(12.6) $- $28.1 $(38.9) $- $(38.9) $12.6 $7.5 $(18.8) (a) Includes related collateral offset in our Consolidated Balance Sheets. (b ) N et fair value as recorded in our C onsolidated B alance S heets. (c ) Fair value of assets t hat could be reported net in our C onsolidated B alance S heets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. May 31, 2015 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $10.1 $- $10.1 $(1.3) $- $8.8 $(59.4) $- $(59.4) $1.3 $40.1 $(18.0) Interest rate contracts 4.0 - 4.0 - - 4.0 - - - - - - Foreign exchange contracts 25.9 - 25.9 (12.5) - 13.4 (65.3) - (65.3) 12.5 - (52.8) Total $40.0 $- $40.0 $(13.8) $- $26.2 $(124.7) $- $(124.7) $13.8 $40.1 $(70.8) (a ) Includes related collateral offset in our C onsolidated B alance S heets. (b ) N et fair value as recorded in our C onsolidated B alance S heets. (c ) Fair value of assets t hat could be reported net in our C onsolidated B alance S heets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. FOREIGN EXCHANGE RISK Foreign currency fluctuations affect our net investments in foreign subsidiaries and foreign currency cash flows related to third party purchases, intercompany loans, product shipments, and foreign-denominated debt. We are also exposed to the translation of foreign currency earnings to the U.S. dollar. Our principal exposures are to the Australian dollar, Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, euro, Japanese yen, Mexican peso, and Swiss franc. We primarily use foreign currency forward contracts to selectively hedge our foreign currency cash flow exposures. We also generally swap our foreign-denominated commercial paper borrowings and nonfunctional currency intercompany loans back to U.S. dollars or the functional currency of the entity with foreign exchange exposure. The gains or losses on these derivatives offset the foreign currency revaluation gains or losses recorded in earnings on the associated borrowings. We generally do not hedge more tha n 18 months in advance. As of May 29, 2016 , the net notional value of foreign exchange derivatives was $ 997.7 million. The amount of hedge ineffectiveness was less than $1 million in each of fiscal 2016 , 2015 , and 2014 . We also have many net investments in foreign subsidiaries that are denominated in euros. We previously hedged a portion of these net investments by issuing euro-denominated commercial paper and foreign exchange forward contracts. In fiscal 2016, we entered into a net investment hedge for a portion of our net investment in foreign operations denominated in euros by issuing € 500.0 million of euro-denominated bonds. In fiscal 2015, we entered into a net investment hedge for a portion of our net investment in foreign operations denominated in euros by issuing € 900.0 million of euro-denominated bonds. In fiscal 2014, we entered into a net investment hedge for a portion of our net investment in foreign operations denominated in euros by iss uing €500. 0 million of euro-denominated bonds. As of May 29, 2016 , we had deferred net foreign currency transaction los s es of $ 20.1 million in AOCI associated with hedging activity. Venezuela is a highly inflationary economy and as such , we remeasured the value of the assets and liabilities of our former Venezuelan subsidiary based on the exchange rate at which we expected to remit dividends in U.S. dollars from the SIMADI market. In fiscal 2015, we recorded a n $8 million foreign exchang e loss. In the fourth quarter of fiscal 2016, we sold our General Mills de Venezuela CA subsidiary to a third party and exited our business in Venezuela. EQUITY INSTRUMENTS Equity price movements affect our compensation expense as certain investments ma de by our employees in our deferred compensation plan are revalued . We use equity swaps to manage this risk. As of May 29, 2016 , the net notional amount of our equity swaps was $113. 5 million . These swap contracts mature in fiscal 201 7 . FAIR VALUE MEASUREMENTS AND FINANCIAL STATEMENT PRESENTATION The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of May 29, 2016 and May 31, 2015 , were as follows: May 29, 2016 May 29, 2016 Fair Values of Assets Fair Values of Liabilities In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 7.7 $ - $ 7.7 $ - $ (3.0) $ - $ (3.0) Foreign exchange contracts (c) (d) - 12.2 - 12.2 - (12.2) - (12.2) Total - 19.9 - 19.9 - (15.2) - (15.2) Derivatives not designated as hedging instruments: Foreign exchange contracts (c) (d) - 13.2 - 13.2 - (1.5) - (1.5) Commodity contracts (c) (e) 2.6 1.7 - 4.3 (0.6) (21.6) - (22.2) Grain contracts (c) (e) - 1.8 - 1.8 - (5.5) - (5.5) Total 2.6 16.7 - 19.3 (0.6) (28.6) - (29.2) Other assets and liabilities reported at fair value: Marketable investments (a) (f) 8.4 165.8 - 174.2 - - - - Long-lived assets (g) - 26.0 - 26.0 - - - - Total 8.4 191.8 - 200.2 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 11.0 $ 228.4 $ - $ 239.4 $ (0.6) $ (43.8) $ - $ (44.4) (a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and rece ntly reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $11.4 million in non-cash impairment charges in fiscal 2016 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $28.2 million and were associated with the restructuring actions described in Note 4. May 31, 2015 May 31, 2015 Fair Values of Assets Fair Values of Liabilities In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 4.0 $ - $ 4.0 $ - $ - $ - $ - Foreign exchange contracts (c) (d) - 25.5 - 25.5 - (23.3) - (23.3) Total - 29.5 - 29.5 - (23.3) - (23.3) Derivatives not designated as hedging instruments: Foreign exchange contracts (c) (d) - 0.4 - 0.4 - (42.0) - (42.0) Commodity contracts (c) (e) 7.2 2.9 - 10.1 - (59.4) - (59.4) Grain contracts (c) (e) - 3.3 - 3.3 - (7.8) - (7.8) Total 7.2 6.6 - 13.8 - (109.2) - (109.2) Other assets and liabilities reported at fair value: Marketable investments (a) (f) 8.3 2.6 - 10.9 - - - - Long-lived assets (g) - 37.8 - 37.8 - - - - Indefinite-lived intangible assets (h) - - 154.3 154.3 - - - - Total 8.3 40.4 154.3 203.0 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 15.5 $ 76.5 $ 154.3 $ 246.3 $ - $ (132.5) $ - $ (132.5) (a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other cu rrent assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recentl y reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $30.3 million in non-cash impairment charges in fiscal 2015 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $68.1 million and were associated with the restructuring actions described in Note 4. (h) We recorded a $260.0 million non-cash impairment charge in fiscal 2015 to write down our Green Giant brand asset to its fair value of $154.3 million. This asset had a carrying value of $414.3 million. See Note 6 for additional information. We did not significantly change our valuation techniques from p rior periods. Information related to our cash flow hedges, fair value hedges, and other derivatives not designated as hedging instruments for the fiscal years ended May 29, 2016 and May 31, 2015 , follows: Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other comprehensive income (OCI) (a) $ (2.6) $ (5.9) $ 21.2 $ 13.3 $ - $ - $ - $ - $ 18.6 $ 7.4 Amount of net gain (loss) reclassified from AOCI into earnings (a) (b) (10.6) (10.6) 22.1 5.0 - - - - 11.5 (5.6) Amount of net gain (loss) recognized in earnings (c) (0.1) (0.6) (0.7) 0.1 - - - - (0.8) (0.5) Derivatives in Fair Value Hedging Relationships: Amount of net gain recognized in earnings (d) 0.1 1.6 - - - - - - 0.1 1.6 Derivatives in Net Investment Hedging Relationships: Amount of loss recognized in OCI (a) - - (0.2) (6.9) - - - - (0.2) (6.9) Derivatives Not Designated as Hedging Instruments: Amount of net gain (loss) recognized in earnings (d) - - 1.1 (54.3) (4.5) 9.6 (56.1) (163.7) (59.5) (208.4) (a) Effective portion. (b) Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Gain (loss) recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness. (d) Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS As of May 29, 2016, the after-tax amounts of unrealized gains and losses in AOCI related to hedge derivatives follows: In Millions After-Tax Gain/(Loss) Unrealized losses from interest rate cash flow hedges $ (31.3) Unrealized gains from foreign currency cash flow hedges 5.8 After-tax loss in AOCI related to hedge derivatives $ (25.5) The net amount of pre- tax gains and losses in AOCI as of May 29, 2016 , that we expect to be reclassified into net earnings within the next 12 months is $ 1.2 million of loss . CREDIT-RISK-RELATED CONTINGENT FEATURES Certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rating agencies. If our debt were to fall below investment grade, the counterparties to the derivative instruments could request full collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent feature s that were in a liability position on May 29, 2016 , was $ 21.9 million . We have posted $ 7.5 million of collateral under these contracts. If the credit- risk-related contingent features underlying these agreements had been triggered on May 29, 2016 , we would have been required to post $ 14.4 million of collateral to counterparties. CONCENTRATIONS OF CREDIT AND COUNTERPARTY CREDIT RISK During fiscal 2016, customer concentration was as follows: Percent of total Consolidated U.S. Retail International Convenience Stores and Foodservice Wal-mart (a): Net sales 20% 30% 5% 8% Accounts receivable 26% 4% 8% Five largest customers: Net sales 53% 22% 45% (a ) Includes Wal-Mart Stores, Inc. and its affiliates. No customer other than Wal-Mart accounted for 10 percent or more of our consolidated net sales. We enter into interest rate, foreign exchange, and certain commodity and equity derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and, by policy, limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties; however, we have not incurred a material loss. We also enter into commodity fut ures transactions through various regulated exchanges. The amount of loss due to the credit risk of the counterparties, should the counterparties fail to perform according to the terms of the contracts, is $ 14.8 million against which we do not hold collateral . Under the terms of our swap agreements, some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk. Collateral assets are either c ash or U.S. Treasury instruments and are held in a trust account that we may access if the counterparty defaults . We offer certain suppliers access to a third party service that allows them to view our scheduled payments online. The third party service al so allows suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party. We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third party, or an y financial institutions concerning this service. All of our accounts payable remain as obligations to our suppliers as stated in our supplier agreements. As of May 29, 2016 , $537.0 million of our total accounts payable is payable to suppliers who utilize this third party service. |
DEBT
DEBT | 12 Months Ended |
May 29, 2016 | |
DEBT [Abstract] | |
DEBT | NOTE 8. DEBT Notes Payable The components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows: May 29, 2016 May 31, 2015 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ - - % $ 432.0 0.3 % Financial institutions 269.8 8.6 183.8 9.5 Total $ 269.8 8.6 % $ 615.8 3.0 % T o ensure availability of funds, we maintain bank credit lines sufficient to cover our outstanding notes payable . Commercial paper is a continuing source of short-term financing. We have commercial paper programs available to us in the United States and Europe. We also have uncommitted and asset-backed credit lines that support our foreign operations. The following table details the fee-paid committed and uncommitted credit lines we had available as of May 29, 2016 : In Billions Facility Amount Borrowed Amount Credit facility expiring: May 2021 $ 2.7 $ - June 2019 0.2 0.1 Total committed credit facilities 2.9 0.1 Uncommitted credit facilities 0.4 0.1 Total committed and uncommitted credit facilities $ 3.3 $ 0.2 In fiscal 2016 , we entered into a $2.7 billion fee-paid committed credit facility that is scheduled to expire in May 2021. Concurrent with the execution of this credit facility, we terminated our $1.7 billion and $1.0 billion credit facilities. In fiscal 2015 , our subsidiary, Yoplait S.A.S. , entered into a €200.0 million fee-paid committed credit facility that is scheduled to expire in June 2019. The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were in compliance with all credit facility covenants as of May 29, 2016 . Long-Term Debt In January 2016, we issued €500.0 million principal amount of floating-rate notes due January 15, 2020. Interest on the note s are payable quarterly in arrears. The notes are not generally redeemable prior to maturity. These notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to repay a portion of our maturing long-term debt. In January 2016, we repaid $250 million of 0.875 percent fixed-rate notes and $750 million of floating-rate no tes. In April 2015, we issued €500.0 million principal amount of 1.0 percent fixed-rate notes due April 27, 2023 and €400.0 million principal amount of 1.5 percent fixed-rate notes due April 27, 2027. Interest on the notes is payable annually in arrears. The notes may be redeemed in whole, or in part, at our option at any time at the applicable redemption price. These notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used for general corpora te purposes and to reduce our commercial paper borrowings. In March 2015, we repaid $750.0 million of 5.2 percent notes. In October 2014, we issued $500.0 million aggregate principal amount of 1.4 percent fixed-rate notes due October 20, 2017 and $500.0 million aggregate principal amount of 2.2 percent fixed-rate notes due October 21, 2019. Interest on the notes is payable semi-annually in arrears. The notes may be redeemed in whole, or in part, at our option at any time at the applicable redemption price . The notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to fund our acquisition of Annie's and for general corporate purposes. In June 2014, our subsidiary, Yoplait S.A.S., issued €200. 0 million principal amount of 2.2 percent fixed-rate senior notes due June 24, 2021 in a private placement offering. Interest on the notes is payable semi-annually in arrears. The notes may be redeeme d in whole, or in part, at our subsidiary’s o ption at an y time at the applicable redemption price . The notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to refinance existing debt. In June 2014, we repaid €2 9 0.0 million of floating-rate note s. A summary of our long-term debt is as follows: In Millions May 29, 2016 May 31, 2015 5.65% notes due February 15, 2019 $ 1,150.0 $ 1,150.0 5.7% notes due February 15, 2017 1,000.0 1,000.0 3.15% notes due December 15, 2021 1,000.0 1,000.0 Euro-denominated 2.1% notes due November 16, 2020 555.8 549.4 Euro-denominated 1.0% notes due April 27, 2023 555.8 549.4 Floating-rate euro-denominated notes due January 15, 2020 555.8 - 1.4% notes due October 20, 2017 500.0 500.0 5.4% notes due June 15, 2040 500.0 500.0 4.15% notes due February 15, 2043 500.0 500.0 3.65% notes due February 15, 2024 500.0 500.0 2.2% notes due October 21, 2019 500.0 500.0 Floating-rate notes due January 29, 2016 - 500.0 Euro-denominated 1.5% notes due April 27, 2027 444.6 439.5 0.875% notes due January 29, 2016 - 250.0 Floating-rate notes due January 28, 2016 - 250.0 Euro-denominated 2.2% notes due June 24, 2021 221.0 219.7 Medium-term notes, 0.02% to 6.44%, due fiscal 2017 or later 204.2 204.2 Other, including debt issuance costs and capital leases (26.1) (36.5) 8,161.1 8,575.7 Less amount due within one year (1,103.4) (1,000.4) Total long-term debt $ 7,057.7 $ 7,575.3 Principal payments due on long-term debt in the next five years based on stated contractual maturities, our intent to redeem, or put rights of certain note holders are $ 1,103.4 million in fiscal 2017 , $ 604.7 million in fiscal 2018 , $ 1,150.4 million in fiscal 2019 , $ 1,056.0 million in fiscal 2020 , and $ 555.9 million in fiscal 2021 . Certain of our long-term debt agreements contain restrictive covenants. As of May 29, 2016 , we were in compliance with all of these covenants. As of May 29, 2016 , the $ 49.5 million pre-tax loss recorded in AOCI associated with our previously designated interest rate swaps will be reclassified to net interest over the remaining lives of the hedged transactions. The amount expected to be reclassified from AOCI to net interest in fiscal 2017 is a $ 10.0 million pre-tax loss . |
REDEEMABLE AND NONCONTROLLING I
REDEEMABLE AND NONCONTROLLING INTERESTS | 12 Months Ended |
May 29, 2016 | |
REDEEMABLE AND NONCONTROLLING INTERESTS [Abstract] | |
REDEEMABLE AND NONCONTROLLING INTERESTS | NOTE 9. REDEEMABLE AND NONCONTROLLING INTERESTS Our principal redeemable and noncontrolling interests relate to our Yoplait SAS, Yoplait Marques SNC, Liberté Marques Sà rl, and General Mills Cereals, LLC (GMC) subsidiaries. In addition, we have six foreign subsidiaries that have noncontrolling interests totaling $7. 0 million as of May 29, 2016 . We have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques S à rl . Sodiaal holds the remaining interests in each of the entities. On the acquisition date, we recorded the $ 904.4 million fair value of Sodiaal’s 49 percent euro-denomi nated interest in Yoplait SAS as a redee mable interest on our Consolidated Balance S heets. Sodiaal has the ability to p ut all or a portion of its redeemable interest to us at fair value once per year , up to three times before December 2024 . We adjust the value of the redeemable interest through add itional paid-in capital on our Consolidated Balance S heets quarterly to the redeemable interest’s redemption value, which approximate s its fair value . Yoplait SAS pays dividends annually if it meets certain financial metrics set forth in its shareholders agreement. As of May 29, 2016 , the redemption value of the euro-denominated redee mable interest was $ 845.6 million. On the acquisition dates, we recorded the $281.4 million fair value of Sodiaal’s 50 percent euro-denominated interest in Yoplait Marques SNC and 50 percent Canadian dollar-denominated interest in L iberté Marques S à rl as noncontrolling interests on our Consolidated Balance Sheets. Yoplait Marques SNC earns a royalty stream through a licensing agreement with Yoplait SAS for the rights to Yoplait and related trademarks. Liberté Marques S à rl earns a royalty stream through licensing agreements with certain Yoplait group companies for the rights to Liberté and related trademarks. These entities pay dividends annually based on their available cash as of their fiscal year end. During fiscal 2016 , we paid $ 7 4.5 million of dividends to Sodiaal under the terms of the Yoplait SAS and Yoplait Marques SNC shareholder agreements. A subsidiary of Yoplait SAS has entered into an exclusive milk supply agreement for its European operations with Sodiaal at market-dete rmined prices through July 1, 2021. Net purchases totaled $ 321.0 million for fiscal 2016 and $271.3 million for fiscal 2015. The holder of the GMC Class A Interests receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder’s capital account balance established in the most recent mark-to-market valuation ( currently $251.5 million). On June 1, 2015, the floating preferred return rate on GMC’s Class A interests was reset to the sum of three-month LIBOR plus 125 basis points. The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Interest holder or through a remarketing auction . For financial reporting purposes, the assets, liab ilities, results of operations, and cash flows of our non-wholly owned subsidiaries are included in our Consolidated Financial Statements. The third-party investor’s share of the net earnings of these subsidiaries is reflected in net earnings attributable to redeemable and noncontrolling interests in our Consolidated Statements of Earnings. Our noncontrolling interests contain restrictive covenants. As of May 29, 2016 , we were in compliance with all of these covenants. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
May 29, 2016 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 10. STOCKHOLDERS’ EQUITY Cumulative preference stock of 5.0 million shares, without par value, is authorized but unissued. On May 6, 2014 , our Board of Directors authorized the repurchase of up to 100 million shares of our common stock. Purchases under the authorization can be made in the open market or in privately negotiated transactions, including the use of call options and other derivative instruments, Rule 10b5-1 trading plans, and accelerated repurchase programs. The authorization has no specified termination date. Share repurchases were as follows: Fiscal Year In Millions 2016 2015 2014 Shares of common stock 10.7 22.3 35.6 Aggregate purchase price $606.7 $1,161.9 $1,774.4 The following table provides details of total comprehensive income: Fiscal 2016 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,697.4 $ 8.4 $ 31.0 Other comprehensive income (loss): Foreign currency translation $ (107.6) $ - (107.6) 2.8 (3.9) Net actuarial loss (514.2) 188.3 (325.9) - - Other fair value changes: Securities 0.2 (0.1) 0.1 - - Hedge derivatives 16.5 (2.2) 14.3 - 1.7 Reclassification to earnings: Hedge derivatives (a) (13.5) 2.5 (11.0) - 1.5 Amortization of losses and prior service costs (b) 206.8 (78.2) 128.6 - - Other comprehensive income (loss) (411.8) 110.3 (301.5) 2.8 (0.7) Total comprehensive income $ 1,395.9 $ 11.2 $ 30.3 (a ) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense. Fiscal 2015 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,221.3 $ 8.2 $ 29.9 Other comprehensive income (loss): Foreign currency translation $ (727.9) $ - (727.9) (78.2) (151.8) Net actuarial income (561.1) 202.7 (358.4) - - Other fair value changes: Securities 1.3 (0.5) 0.8 - - Hedge derivatives 13.6 (4.8) 8.8 - (4.7) Reclassification to earnings: Hedge derivatives (a) 0.7 0.5 1.2 - 3.7 Amortization of losses and prior service costs (b) 170.2 (65.1) 105.1 - - Other comprehensive income (loss) (1,103.2) 132.8 (970.4) (78.2) (152.8) Total comprehensive income (loss) $ 250.9 $ (70.0) $ (122.9) (a ) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense. Fiscal 2014 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,824.4 $ 5.8 $ 31.1 Other comprehensive income (loss): Foreign currency translation $ (71.8) $ - (71.8) 19.1 41.4 Net actuarial income 327.2 (121.2) 206.0 - - Other fair value changes: Securities 0.5 (0.2) 0.3 - - Hedge derivatives 14.4 (7.0) 7.4 - (2.4) Reclassification to earnings: Hedge derivatives (a) (4.7) 0.2 (4.5) - (0.1) Amortization of losses and prior service costs (b) 172.7 (65.1) 107.6 - - Other comprehensive income 438.3 (193.3) 245.0 19.1 38.9 Total comprehensive income $ 2,069.4 $ 24.9 $ 70.0 (a ) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense. In fiscal 2016 , 2015 , and 2014 , e xcept for reclassifications to earnings, changes in other comprehensive income (loss) were primarily non-cash items. Accumulated other comprehensive loss balances, net of tax effects, were as follows: In Millions May 29, 2016 May 31, 2015 Foreign currency translation adjustments $ (644.2) $ (536.6) Unrealized gain (loss) from: Securities 3.8 3.7 Hedge derivatives (25.5) (28.8) Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,958.2) (1,756.1) Prior service credits 11.9 7.1 Accumulated other comprehensive loss $ (2,612.2) $ (2,310.7) |
STOCK PLANS
STOCK PLANS | 12 Months Ended |
May 29, 2016 | |
STOCK PLANS [Abstract] | |
STOCK PLANS | NOTE 11 . STOCK PLANS We use broad-based stock plans to help ensure that management’s interests are aligned with those of our s hareholders . As of May 29, 2016 , a total of 24.3 million shares were available for grant in the form of stock options, restricted stock, restricted stock units, and shares of unrestricted stock under the 2011 Stock Compensation Plan (2011 Plan) and the 2011 Compensation Plan for Non-Employee Directors. The 2011 Plan a lso provides for the issuance of cash-settled share-based units, stock appreciation rights, and performance-based stock awards. Stock-based awards now outstanding include some granted under the 2005, 2006, 2007, and 2009 stock plans, under which no further awards may be granted. The stock plans provide for potential accelerated vesting of awards upon retirement, termination, or death of eligible employees and directors. Stock Options The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows: Fiscal Year 2016 2015 2014 Estimated fair values of stock options granted $7.24 $7.22 $6.03 Assumptions: Risk-free interest rate 2.4 % 2.6 % 2.6 % Expected term 8.5 years 8.5 years 9.0 years Expected volatility 17.6 % 17.5 % 17.4 % Dividend yield 3.2 % 3.1 % 3.1 % We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volat ility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatili ty. Our expected term represents the period of time that options granted are expected to be outstanding based on historical data to estimate option exercises and employee terminations within the valuation model. Separate groups of employees have similar historical exercise behavior and therefore were aggregated into a single pool for valuation purposes. The weighted-average expected term for all employee groups is presented in the table above. The risk-free interest rate for periods during the expected te rm of the options is based on the U.S. Treasury zero-coupon yield curve in effect at the time of grant. Any corporate income tax benefit realized upon exercise or vesting of an award in excess of that previously recognized in earnings (referred to as a wi ndfall tax benefit) is presented in our Consolidated Statements of Cash Flows as a financing cash flow. Realized windfall tax benefits are credited to additional paid-in capital within our Consolidated Balance Sheets. Realized shortfall tax benefits (amou nts which are less than that previously recognized in earnings) are first offset against the cumulative balance of windfall tax benefits, if any, and then charged directly to income tax expense, potentially resulting in volatility in our consolidated effec tive income tax rate. We calculated a cumulative memo balance of windfall tax benefits for the purpose of accounting for future shortfall tax benefits. Options may be priced at 100 percent or more of the fair market value on the date of grant, and general ly vest four years after the date of grant. Options generally expire within 10 years and one month after the date of grant. Information on stock option activity follows: Options Exercisable (Thousands) Weighted-Average Exercise Price Per Share Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Balance as of May 26, 2013 29,290.3 27.69 47,672.1 30.22 Granted 2,789.8 48.33 Exercised (6,181.3) 24.78 Forfeited or expired (111.6) 38.74 Balance as of May 25, 2014 29,452.8 28.37 44,169.0 32.10 Granted 2,253.1 53.70 Exercised (7,297.2) 26.68 Forfeited or expired (47.7) 43.73 Balance as of May 31, 2015 26,991.5 30.44 39,077.2 34.35 Granted 1,930.2 55.72 Exercised (8,471.0) 28.49 Forfeited or expired (134.8) 48.16 Balance as of May 29, 2016 22,385.1 $ 32.38 32,401.6 $ 37.09 Stock-based compensation expense related to stock option awards was $ 14.8 million in fiscal 2016 , $ 18.1 million in fiscal 2015 , and $ 18.2 million in fiscal 2014 . Compensation expense related to stock-based payments recognized in our Consolidated Statements of Earnings includes amounts recognized in restructuring, impairment, and other exit costs for fiscal 2016 and 2015. Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows: Fiscal Year In Millions 2016 2015 2014 Net cash proceeds $ 171.9 $ 163.7 $ 108.1 Intrinsic value of options exercised $ 268.4 $ 201.9 $ 166.6 Restricted Stock, Restricted Stock Units, and Performance Share Units Stock and units settled in stock subject to a restricted period and a purchase price, if any (as determined by the Compensation Committee of the Board of Directors), may be granted to key employees under the 2011 Plan. Restricted stock and restricted stock units generally vest and become unrestricted four years after the date of grant. Performance share units are earned based on our future achievement of three-year goals for average org anic net sales growth and cumulative free cash flow. Performance share units are settled in common stock and are generally subject to a three year performance and vesting period. The sale or transfer of these awards is restricted during the vesting period. Participants holding restricted stock, but not restricted stock units or performance share units, are entitled to vote on matters submitted to holders of common stock for a vote. These awards accumulate dividends from the date of grant, but participants o nly receive payment if the awards vest. Information on restricted stock unit and performance share units activity follows: Equity Classified Liability Classified Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Non-vested as of May 31, 2015 6,235.6 $ 46.44 237.0 $ 44.84 Granted 1,287.7 56.01 63.8 55.82 Vested (2,119.9) 46.65 (69.5) 40.55 Forfeited, expired, or reclassified (303.0) 49.45 (19.9) 51.45 Non-vested as of May 29, 2016 5,100.4 $ 48.60 211.4 $ 48.37 Fiscal Year 2016 2015 2014 Number of units granted (thousands) 1,351.5 1,708.2 2,144.1 Weighted average price per unit $ 56.00 $ 53.45 $ 48.49 The total grant-date fair value of restricted stock unit awards that vested during fiscal 2016 was $ 101.8 million and $ 133.7 million vested during fiscal 2015 . As of May 29, 2016 , unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $ 93.9 million. This expense will be recognized over 18 months, on average. Stock-based compensation expense related to restricted stock units and performance share units was $ 76.8 million for fiscal 2016 , $ 96.6 million for fiscal 2015 , and $ 107.0 million for fiscal 2014 . Compensation expense related to stock-based pa yments recognized in our Consolidated Statements of Earnings includes amounts recognized in restructuring, impairment, and other exit costs for fiscal 2016 and 2015. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
May 29, 2016 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | NOTE 12 . EARNINGS PER SHARE Basic and diluted EPS were calculated using the following: Fiscal Year In Millions, Except per Share Data 2016 2015 2014 Net earnings attributable to General Mills $ 1,697.4 $ 1,221.3 $ 1,824.4 Average number of common shares - basic EPS 598.9 603.3 628.6 Incremental share effect from: (a) Stock options 9.8 11.3 12.3 Restricted stock units, performance share units, and other 3.2 4.2 4.8 Average number of common shares - diluted EPS 611.9 618.8 645.7 Earnings per share - basic $ 2.83 $ 2.02 $ 2.90 Earnings per share - diluted $ 2.77 $ 1.97 $ 2.83 (a) Increme ntal shares from stock options , restricted stock units , and performance share units are computed by the treasury stock method. Stock options , restricted stock units , and performance share units excluded from our computation of diluted EPS because they were not dilutive were as follows: Fiscal Year In Millions 2016 2015 2014 Anti-dilutive stock options, restricted stock units, and performance share units 1.1 2.1 1.7 |
RETIREMENT BENEFITS AND POSTEMP
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS | 12 Months Ended |
May 29, 2016 | |
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS [Abstract] | |
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS | NOTE 13 . RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS Defined Benefit Pension Plans We have defined benefit pension plans covering many employees in the United States, Canada, France, and the United Kingdom . Benefits for salaried employees are based on length of service and final average compensation. Benefits for hourly employees include various monthly amounts for each year of credited service. Our funding policy is consistent with the requirements of appl icable laws. We made no voluntary contributions to our principal U.S. plans in fiscal 2016, 2015 and 2014. We do not expect to be required to make any contributions in fiscal 201 7 . Our principal domestic retirement plan covering salaried employees has a pr ovision that any excess pension assets would be allocated to active participants if the plan is terminated within five years of a change in control. All salaried employees hired on or after June 1, 2013 are eligible for a retirement program that does not include a defined benefit pension plan. Other Postretirement Benefit Plans We also sponsor plans that provide heal th care benefits to many of our retirees in the United States, Canada, and Brazil. The United States salaried health care benefit plan is contributory, with retiree contributions based on years of service. We make decisions to fund related trusts for certain employees and retirees on an annual basis. We made $24.0 million in voluntary contributions to th ese plans in fiscal 2016 and $24.0 million in voluntary contributions to these plans in fiscal 2015. Health Care Cost Trend Rates Assumed health care cost trends are as follows: Fiscal Year 2016 2015 Health care cost trend rate for next year 7.3% and 7.5% 6.5% and 7.3% Rate to which the cost trend rate is assumed to decline (ultimate rate) 5.0% 5.0% Year that the rate reaches the ultimate trend rate 2024 2025 We review our health care cost trend rates annually. Our review is based on data we collect about our health care claims experience and information provided by our actuaries. This information includes recent plan experience, plan design, overall industry experience and projections, and assumptions used by other similar organizations. Our initial health care cost trend rate is adjusted as necessary to remain consistent with this review, recent experiences, and short-term expectations. Our initial health care cost trend rate assumption is 7. 5 percent fo r retirees age 65 and over and 7.3 percent for retirees under age 65 at the end of fiscal 2016 . Rates are graded down annually until the ultimate trend rate of 5.0 percent is reached in 2024 for all retirees. The trend rates are applicable for calculations only if the retirees’ benefits increase as a result of health care inflation. The ultimate trend rate is adjusted annually, as necessary, to approximate the current economic view on t he rate of long-term inflation plus an appropriate health care cost premium. Assumed trend rates for health care costs have an important effect on the amounts reported for the other postretirement benefit plans. A one percentage point change in the health care cost trend rate would have the following effects: In Millions One Percentage Point Increase One Percentage Point Decrease Effect on the aggregate of the service and interest cost components in fiscal 2017 $ 3.1 $ (2.7) Effect on the other postretirement accumulated benefit obligation as of May 29, 2016 71.2 (63.8) The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (collectively , the Act ) was signed into law in March 2010. The Act codifies health care reforms with staggered effective dates from 2010 to 2018 . Estimates of the future impacts of several of the Act’s provisions are incorporated into our postretirement benefit liabilit y. Postemployment Benefit Plans Under certain circumstances, we also provide accruable benefits to former or inactive employees in the United States, Canada, and Mexico, and members of our Board of Directors, including severance and certain other benefits payable upon death. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We use our fiscal year end as the measurement date for our defined benefit pension and other postretirement benefit plans. Summarized financial information about defined benefit pension, other postretirement benefit , and postemployment benefit plans is presented below: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 Change in Plan Assets: Fair value at beginning of year $ 5,758.5 $ 5,611.8 $ 582.8 $ 517.3 Actual return on assets 36.3 373.6 (0.1) 44.0 Employer contributions 23.7 24.1 24.1 24.1 Plan participant contributions 5.7 10.3 14.1 13.6 Benefits payments (277.5) (244.9) (18.5) (16.2) Foreign currency (6.8) (16.4) - - Fair value at end of year $ 5,539.9 $ 5,758.5 $ 602.4 $ 582.8 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 6,252.1 $ 5,618.0 $ 1,079.6 $ 1,074.8 $ 146.6 $ 145.3 Service cost 134.6 137.0 19.0 22.4 7.6 7.5 Interest cost 267.8 249.2 44.1 46.9 3.9 4.3 Plan amendment 0.9 1.9 - (42.4) 1.1 - Curtailment/other 7.1 19.9 0.5 3.4 10.7 9.5 Plan participant contributions 5.7 10.3 14.1 13.6 - - Medicare Part D reimbursements - - 3.5 3.2 - - Actuarial loss (gain) 65.2 479.7 (64.5) 23.5 11.2 (0.4) Benefits payments (278.0) (245.5) (66.4) (62.8) (16.9) (19.1) Foreign currency (6.9) (18.4) (1.0) (3.0) (0.1) (0.5) Projected benefit obligation at end of year $ 6,448.5 $ 6,252.1 $ 1,028.9 $ 1,079.6 $ 164.1 $ 146.6 Plan assets less than benefit obligation as of fiscal year end $ (908.6) $ (493.6) $ (426.5) $ (496.8) $ (164.1) $ (146.6) Assumed mortality rates of plan participants are a critical estimate in measuring the expected payments a participant will receive over their lifetime and the amount of expense we recognize. On October 27, 2014, the Society of Actuaries published RP-2014 Mortality Tables and Mortality Improvement Scale MP-2014, which both reflect improved longevity. We adopted the change to th e mortality assumptions to remeasure our defined benefit pension plans and other postretirement benefit plans obl igations which increased the total of these obligations by $436.7 million in fiscal 2015. The accumulated benefit obligation for all defined benefit pension plans was $ 5,950.7 million as of May 29, 2016 , and $ 5,750.4 mi llion as of May 31, 2015 . Amounts recognized in AOCI as of May 29, 2016 and May 31, 2015 , are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 2016 2015 Net actuarial loss $ (1,886.0) $ (1,674.9) $ (57.6) $ (72.2) $ (14.6) $ (9.0) $ (1,958.2) $ (1,756.1) Prior service (costs) credits (6.8) (13.8) 19.9 23.8 (1.2) (2.9) 11.9 7.1 Amounts recorded in accumulated other comprehensive loss $ (1,892.8) $ (1,688.7) $ (37.7) $ (48.4) $ (15.8) $ (11.9) $ (1,946.3) $ (1,749.0) Plans with accumulated benefit obligations in excess of plan assets are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 Projected benefit obligation $ 5,490.3 $ 512.3 $ - $ - $ 4.8 $ - Accumulated benefit obligation 4,998.3 440.6 1,024.7 1,074.8 159.3 143.5 Plan assets at fair value 4,498.5 - 602.4 582.8 - - Components of net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2014 2016 2015 2014 2016 2015 2014 Service cost $ 134.6 $ 137.0 $ 133.0 $ 19.0 $ 22.4 $ 22.7 $ 7.6 $ 7.5 $ 7.7 Interest cost 267.8 249.2 239.5 44.1 46.9 50.5 3.9 4.3 4.1 Expected return on plan assets (496.9) (476.4) (455.6) (46.2) (40.2) (34.6) - - - Amortization of losses 189.8 141.7 151.0 6.6 4.9 15.4 0.7 0.7 0.6 Amortization of prior service costs (credits) 4.7 7.4 5.6 (5.4) (1.6) (3.4) 2.5 2.4 2.4 Other adjustments 5.0 15.1 - 2.3 3.3 - 10.7 9.5 3.7 Settlement or curtailment losses 13.1 18.0 - (1.0) 1.3 (2.9) - - - Net expense $ 118.1 $ 92.0 $ 73.5 $ 19.4 $ 37.0 $ 47.7 $ 25.4 $ 24.4 $ 18.5 We expect to recognize the following amounts in net periodic benefit expense in fiscal 2017 : In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Amortization of losses $190.3 $2.5 $1.8 Amortization of prior service costs (credits) 2.5 (5.4) 0.6 Assumptions Weight ed-average assumptions used to determine fiscal year-end benefit obligations are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2016 2015 2016 2015 2016 2015 Discount rate 4.19 % 4.38 % 3.97 % 4.20 % 2.94 % 3.55 % Rate of salary increases 4.28 4.09 - - 4.35 4.36 Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rate 4.38 % 4.54 % 4.54 % 4.20 % 4.51 % 4.52 % 3.55 % 3.82 % 3.70 % Rate of salary increases 4.31 4.44 4.44 - - - 4.36 4.44 4.44 Expected long-term rate of return on plan assets 8.53 8.53 8.53 8.14 8.13 8.11 - - - Discount Rates Our discount rate assumptions are determined annually as of the last day of our fiscal year for our defined benefit pension, other postretirement, and postemployment benefit plan obligations. We also use the same discount rates to determine defined benefit pension, other postretirement, and postemployment benefit plan income and expense for the following fiscal year. We work with our outside actuaries to determine the timing and amount of expected future cash outflows to plan participants and, using the Aa Above Median corporate bond yield, to develop a forward interest rate curve, including a margin to that index based on our credit risk. This forward interest rate curve is applied to our expected future cash outflows to determine our discount rate assumptions. Fair Value of Plan Assets The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy at May 29, 2016 and May 31, 2015 , by asset category were as follows: May 29, 2016 May 31, 2015 In Millions Level 1 Level 2 Level 3 Total Assets Level 1 Level 2 Level 3 Total Assets Fair value measurement of pension plan assets: Equity (a) $ 1,543.7 $ 943.7 $ 458.0 $ 2,945.4 $ 1,634.4 $ 1,010.3 $ 542.9 $ 3,187.6 Fixed income (b) 903.8 745.8 - 1,649.6 486.3 1,158.5 - 1,644.8 Real asset investments (c) 193.6 160.8 395.0 749.4 124.3 116.7 498.1 739.1 Other investments (d) - - 0.4 0.4 - - 0.4 0.4 Cash and accruals 195.1 - - 195.1 186.6 - - 186.6 Total fair value measurement of pension plan assets $ 2,836.2 $ 1,850.3 $ 853.4 $ 5,539.9 $ 2,431.6 $ 2,285.5 $ 1,041.4 $ 5,758.5 Fair value measurement of postretirement benefit plan assets: Equity (a) $ 128.9 $ 124.1 $ 23.4 $ 276.4 $ 134.0 $ 120.6 $ 23.7 $ 278.3 Fixed income (b) 18.0 83.4 - 101.4 14.0 73.7 - 87.7 Real asset investments (c) - 30.6 13.8 44.4 0.2 25.7 16.6 42.5 Other investments (d) - 171.3 - 171.3 - 168.9 - 168.9 Cash and accruals 8.9 - - 8.9 5.4 - - 5.4 Fair value measurement of postretirement benefit plan assets $ 155.8 $ 409.4 $ 37.2 $ 602.4 $ 153.6 $ 388.9 $ 40.3 $ 582.8 (a) Primarily publicly traded common stock and private equity partnerships for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges; and commingled funds, privately held securities, and private equity partnerships valued at unit values or net asset value s provided by the investment managers, which are based on the fair value of the underlying investments. Various methods are used to determine fair values and may include the cost of the investment, most recent financing, and expected cash flows. For some o f these investments, realization of the estimated fair value is dependent upon transactions between willing sellers and buyers. (b) Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and managing duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed inco me commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (c) Publicly traded common stock and limited partnerships in the energy and real estate sectors for purposes o f total return. Investments include: energy and real estate securities generally valued at closing prices from national exchanges; and commingled funds, private securities, and limited partnerships valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. (d) Global balanced fund of equity, fixed income, and real estate securities for purposes of meeting Canadian pension plan asset allocation policies, and insur ance and annuity contracts to provide a stable stream of income for retirees and to fund postretirement medical benefits. Fair values are derived from unit values provided by the investment managers, which are generally based on the fair value of the under lying investments and contract fair values from the providers. The following table is a roll forward of the Level 3 investments of our pension and postretirement benefit plan s’ assets during the year s ended May 29, 2016 and May 31, 2015 : Fiscal 2016 In Millions Balance as of May 31, 2015 Net Transfers Out Net Purchases, Sales Issuances, and Settlements Net Gain (Loss) Balance as of May 29, 2016 Pension benefit plan assets: Equity $ 542.9 $ - $ (92.6) $ 7.7 $ 458.0 Real asset investments 498.1 - (72.8) (30.3) 395.0 Other investments 0.4 - - - 0.4 Fair value activity of level 3 pension plan assets $ 1,041.4 $ - $ (165.4) $ (22.6) $ 853.4 Postretirement benefit plan assets: Equity $ 23.7 $ - $ (1.2) $ 0.9 $ 23.4 Real asset investments 16.6 - (1.8) (1.0) 13.8 Fair value activity of level 3 postretirement benefit plan assets $ 40.3 $ - $ (3.0) $ (0.1) $ 37.2 Fiscal 2015 In Millions Balance as of May 25, 2014 Net Transfers Out Net Purchases, Sales Issuances, and Settlements Net Gain (Loss) Balance as of May 31, 2015 Pension benefit plan assets: Equity $ 568.2 $ - $ (61.0) $ 35.7 $ 542.9 Real asset investments 602.9 - (18.2) (86.6) 498.1 Other investments 0.3 - 0.2 (0.1) 0.4 Fair value activity of level 3 pension plan assets $ 1,171.4 $ - $ (79.0) $ (51.0) $ 1,041.4 Postretirement benefit plan assets: Equity $ 21.1 $ - $ 0.3 $ 2.3 $ 23.7 Real asset investments 17.9 - 0.5 (1.8) 16.6 Fair value activity of level 3 postretirement benefit plan assets $ 39.0 $ - $ 0.8 $ 0.5 $ 40.3 The net change in level 3 assets attributable to unrealized losses at May 29, 2016 , was $108.2 million for our pension plan assets and $3.2 million for our postretirement benefit plan assets. Expected Rate of Return on Plan Assets Our expected rate of return on plan assets is determined by our asset allocation, our historical long-term investment performance, our estimate of future long-term returns by asset class (using input from our actuaries, investment services, and investment managers), and long-term inflation assumptions. We review this assumption annually for each plan, however, our annual investment performance for one particular year does not, by itself, significantly influence our evaluation. Weighted-average asset allocations for the past two fiscal years for our defined benefit pension and other postretirement benefit plans are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2016 2015 2016 2015 Asset category: United States equities 30.5 % 28.9 % 37.2 % 38.7 % International equities 19.0 18.4 23.4 24.1 Private equities 8.3 9.5 3.9 4.1 Fixed income 28.6 30.3 29.4 26.3 Real assets 13.6 12.9 6.1 6.8 Total 100.0 % 100.0 % 100.0 % 100.0 % The investment objective for our defined benefit pension and other postretirement benefit plans is to secure the benefit obligations to participants at a reasonable cost to us. Our goal is to optimize the long-term return on plan assets at a moderate level of risk. The defined benefit pension plan and other postretirement benefit plan portfolios are broadly diversified across asset classes. Within asset classes, the portfolios are further diversified across investment styles and investment organizations. For the defined benefit pension plans, the long-term investment policy allocation is: 25 percent to equities in the United States; 15 percent to international equities; 10 percent to private equities; 35 percent to fixed income; and 15 percent to real assets (real estate, energy, and timber). For other postretirement benefit plans, the long-term investment policy allocations are: 30 percent to equities in the United States; 20 percent to international equities; 10 percent to private equities; 30 percent to fixed income; and 10 percent to real assets (real estate, energy, and timber). The actual allocations to these asset classes may vary tactically around the long-term policy allocations based on relative market valuation s. Contributions and Future Benefit Payments We do not expect to be required to make contributions to our defined benefit pension , other postretirem ent benefit , and postemployment benefit plans in fiscal 2017 . Actual fiscal 2017 contributions could exceed our current projections, as influenced by our decision to undertake discretionary funding of our benefit trusts and future changes in regulatory requirements. Estimated benefit payments, which reflect expected future service, as appropriate, are expe c ted to be paid from fiscal 2017 to 2026 as follows: In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Medicare Subsidy Receipts Postemployment Benefit Plans 2017 $ 277.7 $ 61.3 $ 4.8 $ 22.1 2018 287.9 65.5 5.2 20.6 2019 297.1 67.1 5.6 19.2 2020 306.8 68.3 5.2 17.8 2021 316.4 69.2 4.2 17.0 2022-2026 1,731.5 355.2 23.2 75.6 Defined Contribution Plans The General Mills Savings Plan is a defined contribution plan that covers domestic salaried , hourly, nonunion, and certain union employees. This plan is a 401(k) savings plan that includes a number of investment funds, including a Company stock fund and an Employee Stock Ownership Plan (ESOP). We sponsor another money purchase plan for certain domestic hourly employees with net assets of $ 21.0 million as of May 29, 2016 , and $ 21.9 million as of May 31, 2015 . We also sponsor defined contribution plans in many of our foreign locations. Our total recognized expense related to defined contribution plans was $ 61.2 million in fiscal 2016 , $ 44.0 million in fiscal 2015 , and $ 44.8 million in fiscal 2014 . We match a percentage of employee contributions to the General Mills Savings Plan. The Company match is directed to inv estment options of the participant’s choosing. The number of shares of our common stock allocated to participants in the ESOP was 6.9 million as of May 29, 2016 , and 7.5 million as of May 31, 2015 . The ESOP’s only assets are our common stock and temporary cash balances. The Company stock fund and the ESOP collectively held $ 711.5 million and $ 655.6 million of Compa ny common stock as of May 29, 2016 and May 31, 2015 , respectively . |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
May 29, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 14 . INCOME TAXES The components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon are as follows: Fiscal Year In Millions 2016 2015 2014 Earnings before income taxes and after-tax earnings from joint ventures: United States $ 1,941.4 $ 1,338.6 $ 2,181.4 Foreign 462.2 423.3 473.6 Total earnings before income taxes and after-tax earnings from joint ventures $ 2,403.6 $ 1,761.9 $ 2,655.0 Income taxes: Currently payable: Federal $ 489.8 $ 392.7 $ 526.7 State and local 30.8 29.3 37.8 Foreign 114.0 139.5 146.3 Total current 634.6 561.5 710.8 Deferred: Federal 123.0 70.3 159.1 State and local (6.9) (8.7) 21.3 Foreign 4.5 (36.3) (7.9) Total deferred 120.6 25.3 172.5 Total income taxes $ 755.2 $ 586.8 $ 883.3 The following table reconciles the United States statutory income tax rate with our effective income tax rate: Fiscal Year 2016 2015 2014 United States statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal tax benefits 0.7 0.7 1.4 Foreign rate differences (2.2) (3.1) (0.1) Repatriation of foreign earnings - 4.5 - Non-deductible goodwill 2.6 - - Domestic manufacturing deduction (2.0) (2.9) (2.3) Other, net (a) (2.7) (0.9) (0.7) Effective income tax rate 31.4 % 33.3 % 33.3 % (a ) Fiscal 2016 includes 0.6 percent tax benefit related to the divestiture of our business in Venezuela . See Note 3 for additional information. The tax effects of temporary differences that give rise to deferred tax assets and li abilities are as follows: In Millions May 29, 2016 May 31, 2015 Accrued liabilities $ 89.9 $ 98.0 Compensation and employee benefits 491.5 536.2 Unrealized hedges - 0.8 Pension 322.0 169.0 Tax credit carryforwards 4.5 5.6 Stock, partnership, and miscellaneous investments 353.6 384.1 Capital losses 14.5 6.1 Net operating losses 97.9 89.3 Other 84.1 74.5 Gross deferred tax assets 1,458.0 1,363.6 Valuation allowance 227.0 215.4 Net deferred tax assets 1,231.0 1,148.2 Brands 1,311.7 1,346.3 Fixed assets 476.3 446.5 Intangible assets 221.8 208.4 Tax lease transactions 48.0 50.8 Inventories 53.0 59.7 Stock, partnership, and miscellaneous investments 476.0 472.5 Unrealized hedges 22.6 - Other 21.2 14.2 Gross deferred tax liabilities 2,630.6 2,598.4 Net deferred tax liability $ 1,399.6 $ 1,450.2 We have established a valuation allowance against certain of the categories of deferred tax assets described above as current evidence does not suggest we will realize sufficient taxable income of the appropriate character (e.g., ordinary income versus capital gain income) within the carryforward period to allow us to realize these deferred tax benefits. Of t he total valuation allowance of $ 227.0 million, the majority relates to a deferred tax asset for losses recorded as part of the Pillsbury acquisition in the amount of $ 167.9 million, $44.1 million relates to various state and foreign loss carryforwards , and $13.0 million relates to various foreign capital loss carryforwards . As of May 29, 2016, we bel ieve it is more-likely-than-not that the remainder of our deferred tax assets are realizable. We have $ 113.1 million of tax loss carryforwards. Of this amount, $ 100.5 million is foreign loss carryforwards . T he carryforward periods are as follows: $ 72.6 million do not expire; $4.7 million expire in fiscal 2017 and 2018; and $23.2 million expire in fiscal 2019 and beyond. The remaining $12.6 million are state operating loss carryforward s, the majority of whic h expire after fiscal 2024 . We have not recognized a deferred tax liability for unremitted earnings of approximately $ 2.0 billion from our foreign operations because our subsidiaries have invested or will invest the undistributed e ar nings indefinitely, or the earnings will be remitted in a tax- neutral transaction. It is not practicable for us to determine the amount of unrecognized deferred tax liabilities on these indefinitely reinvested earnings. Deferred taxes are recorded for ea rnings of our foreign operations when we determine that such earnings are no longer indefinitely reinvested. In fiscal 2015, we approved a one-time repatriation of $60 6.1 million of historical foreign earnings to reduce the economic cost of funding restruc turing initiatives and the acquisition of Annie’s . We recorded a discrete tax charge of $78.6 million in fiscal 2015 related to this action. We have previously asserted that our historical foreign earnings are permanently reinvested and will only be repatr iated in a tax-neutral manner, and this one-time repatriation does not change this on-going assertion. We are subject to federal income taxes in the United States as well as various state, local, and foreign jurisdictions. A number of years may elapse before an uncertain tax position is audited and finally resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our liabilities for income taxes reflect the most likely outcome. We adjust these liabilities, as well as the related interest, in light of changing fac ts and circumstances. Settlement of any particular position would usually require the use of cash. The number of years with open tax audits varies depending on the tax jurisdiction. Our major taxing jurisdictions include the United States (federal and sta te) and Canada. Various tax examinations by United States state taxing authorities could be conducted for any open tax year, which vary by jurisdiction, but are generally from 3 to 5 years. The Internal Revenue Service (IRS) is currently auditing our federal tax returns for fiscal 2013 and 2014. Several state and foreign examinations are currently in progress. We do not expect these examinations to result in a material impact on our results of operations or financial position. During fiscal 201 4 , the IRS concluded its field examination of our federal tax returns for fiscal 20 11 and 201 2 . The audit closure and related adjustments did no t have a material impact on our results of operations or financial position. As of May 29, 2016 , we have effectively settled all issues with the IRS for fiscal years 20 12 and prior. We apply a more-likely-than-not threshold to the recognition and derecognition of uncertain tax positions. Accordingly , we recognize the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect earnings in th e pe rio d of such change. The following table sets forth changes in our total gross unrecognized tax benefit liabilities, excluding accrued interest, for fiscal 2016 and fiscal 2015 . Approximately $ 79 million of this total in fiscal 2016 represents the amount that, if recognized, would affect our effective income tax rate in future periods. This amount differs from the gross unrecognized tax benefits presented in the table because certain of the liabilities below would impact deferred taxes if recog nized. We also would record a decrease in U.S. federal income taxes upon recognitio n of the state tax benefits included therein. Fiscal Year In Millions 2016 2015 Balance, beginning of year $ 161.1 $ 150.9 Tax positions related to current year: Additions 31.6 34.8 Tax positions related to prior years: Additions 23.9 17.4 Reductions (25.7) (21.8) Settlements (4.0) (12.0) Lapses in statutes of limitations (10.4) (8.2) Balance, end of year $ 176.5 $ 161.1 As of May 29, 2016 , we expect to pay approximately $14.7 million of unrecognized tax benefit liabilities and accrued interest within the next 12 months. We are not able to reasonably estimate the timing of future cash flows beyond 12 months due to uncertainties in the timing of tax audit outcomes. The remaining amount of our unrecognized tax liability was classified in other liabilities. We report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense. For fiscal 2016 , we recognized a net benefit of $ 2.7 million of tax-related net interest and penalties, and had $ 32.1 million of accrued interest and penalties as of May 29, 2016 . For fiscal 2015 , we rec ognized a net benefit of $0.2 million of tax-related net interest and penalties, and had $35.2 million of accrued interest and penalties as of May 31, 2015 . |
LEASES, OTHER COMMITMENTS, AND
LEASES, OTHER COMMITMENTS, AND CONTINGENCIES | 12 Months Ended |
May 29, 2016 | |
LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract] | |
LEASES, OTHER COMMITMENTS, AND CONTINGENCIES | NOTE 15. LEASES, OTHER COMMITMENTS, AND CONTINGENCIES The Company’s leases are generally for warehouse space and equipment. Rent expense under all operating leases from continuing operations was $ 189.1 million , $193.5 million, and $189.0 million in fiscal 2016, 2015, and 2014, respectively . Some operating leases require payment of property taxes, insurance, and maintenance costs in addition to the rent payments. Contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant. Noncancelable future lease commitments are: In Millions Operating Leases Capital Leases 2017 $ 107.9 $ 0.9 2018 83.5 0.7 2019 67.2 0.6 2020 49.6 0.3 2021 39.6 0.1 After 2021 49.8 0.1 Total noncancelable future lease commitments $ 397.6 $ 2.7 Less: interest (0.2) Present value of obligations under capital leases $ 2.5 These future lease commitments will be partially offset by estimated future sublease receipts of approximately $ 1 million. Depreciation on capital leases is recorded as depreciation expense in our results of operations. As of May 29, 2016 , we have issued guarantees and comfort letters of $ 383.2 million for the debt and other obligations of consolidated s ubsidiaries, and guarantees and comfort letters of $ 239.1 million for the debt and other obligations of non-consolidated affiliates, mainly CPW. In addition, off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases, which totaled $ 397.6 million as of May 29, 2016 . |
BUSINESS SEGMENT AND GEOGRAPHIC
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION | 12 Months Ended |
May 29, 2016 | |
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | |
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION | NOTE 16. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION We operate in the consumer foods industry. We have three operating segments by type of customer and geographic region as follows: U.S. Retail , 60.4 percent of our fiscal 2016 consolidated net sales; International, 28.0 percent of our fiscal 2016 consolidated net sales; and Convenience Stores and Foodservice, 11.6 percent of our fiscal 2016 consolidated net sales. In fiscal 2015, we changed how we assess operating segment performance to exclude the asset and liability remeasurement impact from hyperinflationary economies. This impact is now included in unallocated corporate items. All periods presen ted have been changed to conform to this presentation. In fiscal 2015, we realigned certain operating units within our U.S. Retail operating segment. We also changed the name of our Yoplait operating unit to Yogurt and our Big G operating unit to Cereal. Frozen Foods transitio ned into Meals and Baking Products. Small Planet Foods transitioned into Snacks, Cereal, and Meals. The Yogurt operating unit was unchanged. We revised the amounts previously reported in the net sales and net sales percentage change by operating unit withi n our U.S. Retail segment to conform to the new operating unit structure. These realignments had no effect on previously reported consolidated net sales, operating segments’ net sales, operating profit, segment operating profit, net earnings attributable t o General Mills, or EPS . In addition, results from the acquired Annie’s business are included in the Meals and Snacks operating units. Our chief operating decision maker continues to assess performance and make decisions about resources to be allocated to our segments at the U.S. Retail, International, and Convenience Stores and Foodservice operating segment level. Our U.S. Retail segment reflects business with a wide variety of grocery stores, mass merchandisers, membership s tores, natural food chains, drug, dollar and discount chains , and e-commerce grocery providers operating throughout the United States. Our product categories i n this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide variety of organic products including meal kits, granola bars, and cereal. Our International segment consists of retail and foodservice businesses outside of the United States. Our product categories include ready-to-eat cereals, shelf stable and frozen vegetables, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza snacks, refrigerated yogurt, grain and fruit snacks, and super-premium ice cream and frozen desserts. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our International se gment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from export activities and franchise fees a re reported in the region or country where the end customer is located. In our Convenience Stores and Foodservice segment our major product categories are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, convenience stores, vending, and supermarket bakeries. Substantially all of this segment’s operations are located i n the United States. Operating profit for these segments excludes unallocated corporate items, gain on divestitures, and restructuring, impairment, and other exit costs. Unallocated corporate items include corporate overhead expenses, variances to planned domestic employee benefits and incentives, contributions to the General Mills Foundation, asset and liability remeasurement impact of hyperinflationary economies, restructuring initiative project-related costs, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment. Our operating s egment results were as follows: Fiscal Year In Millions 2016 2015 2014 Net sales: U.S. Retail $ 10,007.1 $ 10,507.0 $ 10,604.9 International 4,632.2 5,128.2 5,385.9 Convenience Stores and Foodservice 1,923.8 1,995.1 1,918.8 Total $ 16,563.1 $ 17,630.3 $ 17,909.6 Operating profit: U.S. Retail $ 2,179.0 $ 2,159.3 $ 2,311.5 International 441.6 522.6 535.1 Convenience Stores and Foodservice 378.9 353.1 307.3 Total segment operating profit 2,999.5 3,035.0 3,153.9 Unallocated corporate items 288.9 413.8 258.4 Divestitures (gain) (148.2) - (65.5) Restructuring, impairment, and other exit costs 151.4 543.9 3.6 Operating profit $ 2,707.4 $ 2,077.3 $ 2,957.4 Net sales by class of similar products were as follows : Fiscal Year In Millions 2016 2015 2014 Snacks $ 3,297.2 $ 3,392.0 $ 3,232.5 Convenient meals 2,779.0 2,810.3 2,844.2 Yogurt 2,760.9 2,938.3 2,964.7 Cereal 2,731.5 2,771.3 2,860.1 Dough 1,820.0 1,877.0 1,890.2 Baking mixes and ingredients 1,704.3 1,867.7 1,996.4 Super-premium ice cream 731.2 769.5 756.6 Vegetables 532.3 937.3 1,014.7 Other 206.7 266.9 350.2 Total $ 16,563.1 $ 17,630.3 $ 17,909.6 The following table provides financial information by geographic area: Fiscal Year In Millions 2016 2015 2014 Net sales: United States $ 11,930.9 $ 12,501.8 $ 12,523.0 Non-United States 4,632.2 5,128.5 5,386.6 Total $ 16,563.1 $ 17,630.3 $ 17,909.6 In Millions May 29, 2016 May 31, 2015 Cash and cash equivalents: United States $ 118.5 $ 22.9 Non-United States 645.2 311.3 Total $ 763.7 $ 334.2 In Millions May 29, 2016 May 31, 2015 Land, buildings, and equipment: United States $ 2,755.1 $ 2,727.5 Non-United States 988.5 1,055.8 Total $ 3,743.6 $ 3,783.3 |
SUPPLEMENTAL INFORMATION
SUPPLEMENTAL INFORMATION | 12 Months Ended |
May 29, 2016 | |
SUPPLEMENTAL INFORMATION [Abstract] | |
SUPPLEMENTAL INFORMATION | NOTE 17 . SUPPLEMENTAL INFORMATION The components of certain Consolidated Balance Sheet accounts are as follows: In Millions May 29, 2016 May 31, 2015 Receivables: Customers $ 1,390.4 $ 1,412.0 Less allowance for doubtful accounts (29.6) (25.3) Total $ 1,360.8 $ 1,386.7 In Millions May 29, 2016 May 31, 2015 Inventories: Raw materials and packaging $ 397.3 $ 390.8 Finished goods 1,163.1 1,268.6 Grain 72.6 95.7 Excess of FIFO over LIFO cost (a) (219.3) (214.2) Total $ 1,413.7 $ 1,540.9 (a) Inventories of $841.0 million as of May 29, 2016 , and $867.5 million as of May 31, 2015 , were valued at LIFO. During fiscal 2015, LIFO inventory layers were reduced. Results of operations were not materially affected by these liquidations of LIFO inventory. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for th e LIFO valuation method. In Millions May 29, 2016 May 31, 2015 Prepaid expenses and other current assets: Other receivables $ 159.3 $ 148.8 Prepaid expenses 177.9 169.3 Derivative receivables, primarily commodity-related 44.6 80.9 Grain contracts 1.8 3.3 Miscellaneous 15.4 21.5 Total $ 399.0 $ 423.8 In Millions May 29, 2016 May 31, 2015 Land, buildings, and equipment: Land $ 92.9 $ 96.0 Buildings 2,236.0 2,272.7 Buildings under capital lease 0.3 0.3 Equipment 5,945.6 6,091.1 Equipment under capital lease 3.0 9.8 Capitalized software 523.0 499.0 Construction in progress 702.7 622.2 Total land, buildings, and equipment 9,503.5 9,591.1 Less accumulated depreciation (5,759.9) (5,807.8) Total $ 3,743.6 $ 3,783.3 In Millions May 29, 2016 May 31, 2015 Other assets: Investments in and advances to joint ventures $ 518.9 $ 530.6 Pension assets 90.9 138.2 Exchangeable note with related party 12.7 30.7 Life insurance 26.3 26.6 Miscellaneous 102.9 85.1 Total $ 751.7 $ 811.2 In Millions May 29, 2016 May 31, 2015 Other current liabilities: Accrued trade and consumer promotions $ 563.7 $ 564.7 Accrued payroll 386.4 361.8 Dividends payable 23.8 27.9 Accrued taxes 110.5 20.7 Accrued interest, including interest rate swaps 90.4 91.8 Grain contracts 5.5 7.8 Restructuring and other exit costs reserve 76.6 120.8 Derivative payable 35.6 122.9 Miscellaneous 302.5 271.5 Total $ 1,595.0 $ 1,589.9 In Millions May 29, 2016 May 31, 2015 Other noncurrent liabilities: Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans $ 1,755.0 $ 1,451.4 Accrued taxes 204.0 202.5 Miscellaneous 128.6 90.9 Total $ 2,087.6 $ 1,744.8 Certain Consolidated Statements of Earnings amounts are as follows: Fiscal Year In Millions 2016 2015 2014 Depreciation and amortization $ 608.1 $ 588.3 $ 585.4 Research and development expense 222.1 229.4 243.6 Advertising and media expense (including production and communication costs) 754.4 823.1 869.5 The components of interest, net are as follows: Fiscal Year Expense (Income), in Millions 2016 2015 2014 Interest expense $ 319.6 $ 335.5 $ 323.4 Capitalized interest (7.7) (6.9) (4.9) Interest income (8.1) (13.2) (16.1) Interest, net $ 303.8 $ 315.4 $ 302.4 Certain Consolidated Statements of Cash Flows amounts are as follows: Fiscal Year In Millions 2016 2015 2014 Cash interest payments $ 292.0 $ 305.3 $ 288.3 Cash paid for income taxes 533.8 562.6 757.2 |
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
May 29, 2016 | |
QUARTERLY DATA (UNAUDITED) [Abstract] | |
QUARTERLY DATA (UNAUDITED) | NOTE 18 . QUARTERLY DATA (UNAUDITED) Summarized quarterly data for fiscal 2016 and fiscal 2015 follows: In Millions, Except Per Share Amounts First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 4,207.9 $ 4,268.4 $ 4,424.9 $ 4,712.2 $ 4,002.4 $ 4,350.9 $ 3,927.9 $ 4,298.8 Gross margin 1,554.6 1,438.7 1,540.6 1,619.1 1,357.5 1,375.9 1,376.8 1,515.5 Net earnings attributable to General Mills 426.6 345.2 529.5 346.1 361.7 343.2 379.6 186.8 EPS: Basic $ 0.71 $ 0.56 $ 0.88 $ 0.58 $ 0.61 $ 0.57 $ 0.63 $ 0.31 Diluted $ 0.69 $ 0.55 $ 0.87 $ 0.56 $ 0.59 $ 0.56 $ 0.62 $ 0.30 Dividends per share $ 0.44 $ 0.41 $ 0.44 $ 0.41 $ 0.44 $ 0.41 $ 0.46 $ 0.44 Market price of common stock: High $ 59.55 $ 55.56 $ 59.23 $ 53.82 $ 60.14 $ 55.11 $ 65.36 $ 57.14 Low $ 54.36 $ 50.15 $ 55.41 $ 48.86 $ 54.12 $ 51.13 $ 58.85 $ 51.70 During the fourth quarter of fiscal 2016, we sold our General Mills de Venezuela CA subsidiary to a third party and exited our business in Venezuela. As a result of this transaction, we recorded a pre-tax loss of $37.6 million. In addition, we sold our General Mills Argentina S.A. foodservice business in Argentina to a third party and recorded a pre-tax loss of $14.8 million. The effective tax rate for the fourth quarter of fiscal 2016 was 19.2 percent, primarily driven by tax credits and the impact of t he divestiture of our business in Venezuela. During the fourth quarter of fiscal 2015, we made a strategic decision to re direct certain resources supporting our Green Giant business in our U . S . R etail segment to other businesses within the segment. Theref ore , w e recorded a $260 million impairment charge in the fourth quarte r of fiscal 2015 related to the Green Giant brand intangible asset. See Note 6 for additional information. During the fourth quarter of fiscal 2015, we approved a one-time repatriation of $606.1 million of foreign earnings and recorded a discrete income tax charge of $78 .6 million. |
SCHEDULE II - VALUATION OF QUAL
SCHEDULE II - VALUATION OF QUALIFYING ACCOUNTS | 12 Months Ended |
May 29, 2016 | |
SCHEDULE II - Valuation of Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION OF QUALIFYING ACCOUNTS | General Mills, Inc. and Subsidiaries Schedule II - Valuation of Qualifying Accounts Fiscal Year In Millions 2016 2015 2014 Allowance for doubtful accounts: Balance at beginning of year $ 25.3 $ 21.0 $ 19.9 Additions charged to expense 21.4 19.8 12.5 Bad debt write-offs (17.5) (12.5) (11.6) Other adjustments and reclassifications 0.4 (3.0) 0.2 Balance at end of year $ 29.6 $ 25.3 $ 21.0 Valuation allowance for deferred tax assets: Balance at beginning of year $ 215.4 $ 221.6 $ 232.8 Additions charged to expense (1.5) 2.9 0.1 Adjustments due to acquisitions, translation of amounts, and other 13.1 (9.1) (11.3) Balance at end of year $ 227.0 $ 215.4 $ 221.6 Reserve for restructuring and other exit charges: Balance at beginning of year $ 120.8 $ 3.5 $ 19.5 Additions charged to expense, including translation amounts 70.2 185.1 6.4 Net amounts utilized for restructuring activities (114.4) (67.8) (22.4) Balance at end of year $ 76.6 $ 120.8 $ 3.5 Reserve for LIFO valuation: Balance at beginning of year $ 214.2 $ 216.9 $ 221.8 Increase (decrease) 5.1 (2.7) (4.9) Balance at end of year $ 219.3 $ 214.2 $ 216.9 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
May 29, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all investments purchased with an original maturity of three months or less to be cash equivalents. |
Inventories | Inventories All inventories in the United States other than grain a re valued at the lower of cost, using the last-in, first-out (LIFO) method, or market. Grain inventories and all related cash contracts and derivatives are valued at market with all net changes in value recorded in earnings currently. Inventories outside of the United States are generally valued at the lower of cost, using the first-in, first-out (FIFO) method, or market. Shipping costs associated with the distribution of finished product to our customers are recorded as cost of sales, and are recognized when the related finished product is shipped to and accepted by the customer. |
Land, Buildings, Equipment, and Depreciation | Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. Buildings and equipment, including capitalized interest and internal engineering costs, are recorded at cost and depreciated over estimated useful lives, primarily using the straight-line method. Ordinary maintenance an d repairs are charged to cost of sales. Buildings are u sually depreciated over 40 years, and equipment, furniture, and software are usually depreciated over 3 to 10 years. Fully depreciated assets are retained in buildings and equipment until disposa l. When an item is sold or retired, the accounts are relieved of its cost and r elated accumulated depreciation and the resulting gains and losses, if any, are recognized in earnings. As of May 29, 2016 , assets held for sale were insignificant. Long-lived asse ts are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss would be based on the excess o f the carrying amount of the asset group over its fair value. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is not subject to amortization and is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. In fiscal 2016, we changed the date of our annual goodwill and indefinite-lived intangible asset impairment assessment from the first day of the third quarter to the first day of the second quarter to more closely align with the timing of our annual long-range planning process. Impairment testing is performed for each of our reporting units. We compare the carrying value of a reporting unit, including goodwill, to the fair value of the unit. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit, which often requ ires allocation of shared or corporate items among reporting units. If the carrying amount of a reporting unit exceeds its fair value, we revalue all assets and liabilities of the reporting unit, excluding goodwill, to determine if the fair value of the ne t assets is greater than the net assets including goodwill. If the fair value of the net assets is less than the carrying amount of net assets including goodwill, impairment has occurred. Our estimates of fair value are determined based on a discounted cas h flow model. Growth rates for sales and profits are determined using inputs from our long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. We evaluate the useful live s of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenan ce expenditures, and the expected lives of other related groups of assets. Intangible assets that are deemed to have definite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Our indefinite-lived intangible assets, mainly intangible assets primarily associated with the Pillsbury , Totino’s , Progresso , Yoplait , Old El Paso , Yoki , Häagen-Dazs , and Annie’s brands, are also tested for impairment annually and whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs which included projected revenues from our long-range plan, assumed royalty rates that could be pa yable if we did not own the brands, and a discount rate. Our finite-lived intangible assets, primarily acquired franchise agreements and customer relationships, are reviewed for impairment whene ver events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the carrying amount of the asset. Assets generally have identifiable cash flows and are largely independent of other assets. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset over its fair value. Fair value is measured using a discounted cash flow model or other similar valuation model, as appropriate. |
Investments in Unconsolidated Joint Ventures and Redeemable Interest | Investments in Unconsolidated Joint Ventures Our investments in companies over which we have the ability to exercise significant influence are stated at cost plus our share of undistributed earnings or losses. We receive royalty income from certain joint ventures, incur various expenses (primarily research and development), and record the tax impact of certain joint venture operations that are structured as partnerships. In addition, we make advances to our joint ventures in the form of loans or capital i nvestments. We also sell certain raw materials, semi-finished goods, and finished goods to the joint ventures, generally at market prices. In addition, we assess our investments in our joint ventures if we have reason to believe an impairment may have occ urred including, but not limited to, as a results of ongoing operating losses, projected decreases in earnings, increases in the w eighted average cost of capital, or signi ficant business disruptions . The significant assumptions used to estimate fair value include r evenue growth and profitability, royalty rates, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. By their nature, these projections and assumptions are uncertain. If we were to determine the current fair value of our investment was less than the carrying value of the investment , then we would assess if the shortfall was of a temporary or permanent nature and write down the investment to its fair value if we conclude d the impairment is other than tempo rary. Redeemable Interest We have a 51 percent control ling interest in Yoplait SAS , a consolidated entity. Sodiaal International (Sodiaal) holds the remaining 49 pe rcent interest in Yoplait SAS. Sodiaal has the ability to put all or a portion of its redee mable interest to us at fair value once per year , up to three times before December 2024 . This put option requires us to classify Sodiaal’s interest as a redeemable interest outside of equity on our Consolidated Balance Sheets for as long as the put is exercisable by Sodiaal. When the put is no longer exercisable, the redeemable interest will be reclassified to noncontrolling interests on our Consolidated Balance Sheets. We adjust the value of the redeemable interest through ad ditional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value . During the second quarter of fiscal 201 6 , we adjusted the redeemable interest’s redemption value based o n a discounted cash flow model. The significant assumptions used to estimate the redemption value include projected revenue growth and profitability from our long-range plan, capital spending, depreciation, taxes, foreign currency exchange rates, and a dis count rate. |
Revenue Recognition | Revenue Recognition We recognize sales revenue when the shipment is accepted by our customer. Sales include shipping and handling charges billed to the customer and are reported net of consumer coupon redemption, trade promotion and other costs, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, and other excise taxes are not recognized in revenue. Coupons are recorded when distributed, based on estimated redemption rates. Trade promot ions are recorded based on estimated participation and performance levels for offered programs at the time of sale. We generally do not allow a right of return. However, on a limited case-by-case basis with prior approval, we may allow customers to return product. In limited circumstances, product returned in saleable condition is resold to other customers or outlets. Receivables from customers generally do not bear interest. Terms and collection patterns vary around the world and by channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowan ce when we deem the amount is uncollectible. |
Environmental | Environmental Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. Liabilities for anticipated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or our commitment to a plan of action. |
Advertising Production Costs | Advertising Production Costs We expense the production costs of advert ising the first time that the advertising takes place. |
Research and Development | Research and Development All expenditures for research and development (R&D) are charged against earnings in the period incurred. R&D includes expenditures for new product and manufacturing process i nnovation, and the annual expenditures are comprised primarily of internal salari es, wages, consulting, and supplies attributable to R&D activities. Other costs include depreciation and maintenance of research facilities, including assets at facilities tha t are engaged in pilot plant activities. |
Foreign Currency Translation | Foreign Currency Translation For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates. Incom e statement accounts are translated using the average exchan ge rates prevailing during the period . Translation adjustments are reflected within accumula ted other comprehensive loss (AOCI) in stockholders’ equity. Gains and losses from foreign currency tran sactions are included in net earnings for the period , except for gains and losses on investments in subsidiaries for which settlement is not planned for the foreseeable future and foreign exchange gains and losses on instruments designated as net investmen t hedges. These gains and losses are recorded in AOCI . |
Derivative Instruments | Derivative Instruments All d erivatives are recognized on our Consolidated Balance Sheets at fair value based on quoted market prices or our estimate of their fair value, and are recorded in either cu rrent or noncurrent assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on whether the instrument is designated and effective as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in AOCI are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedged transaction ceases to exist, any associated amounts repo rted in AOCI are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. |
Stock-based Compensation | Stock-based Compensation We generally measure compensation expense for grants of restricted stock units using the value of a shar e of our stock on the date of grant. We estimate the value of stoc k option grants using a Black- Scholes valuation model. Stock -based compensation is recognized straight line over the vesting period. Our stock -based compensation expense is recorded in selli ng, general and administrative ( SG&A ) expenses and cost of sales in our Consolidated Statements of Earnings and allocated to each reportable segment in our segment results. Certain equity-based compensation plans contain provisions that accelerate vesting of awards upon retirement, termination, or death of eligible employees and directors. We consider a stock-based award to be vested when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the related compensation cost is generally recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. We report the benefits of tax deductions in excess of recognized compensation cost as a financing cash flow, thereby reducing net operating cash flows and increasing net financing cash flows. |
Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans | Defined Benefit Pension, Other Postretirement Benefit , and Postemployment Benefit Plans We sponsor several domestic and foreign defined benefit plans to provide pension, health care, and other welfare benefits to retired employees. Under certain circumstances, we also provide accruable benefits to former or inactive employees in the United State s , Canada , and Mexico and members of our Board of Directors, including severance and certain other benefits payable upon death. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not v est or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We recognize the underfunded or overfunded status of a defined benefit pension plan as an asset or liability and recognize changes in the funded status in the year in which the changes occur through AOCI . |
Use of Estimates | Use of Estimates Preparing our Consolidated Finan cial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the d ate of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for promotional expenditures, valuation of long-lived assets, intangible assets, redeemable interest, sto ck-based compensation, income taxes, and defined benefit pension, other p ostretirement benefit and postemployment benefit plans . Actual results could differ from our estimates. |
Other New Accounting Standards | Other New Accounting Standards In the first quarter of fiscal 2015, we adopted new accounting requirements on the financial statement presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward exists. The adoption of this guidance did not have an impact on our results of operations or financial position. In the second quarter of fiscal 2015, we adopted new accounting requirements for share-based payment awards issued based upon specific perfor mance targets. The adoption of this guidance did not have a material impact on our results of operations or financial position. In the first quarter of fiscal 2016, we adopted new accounting requirements for the classification of debt issuance costs pr esented in the balance sheet as a direct reduction from the carrying amount of the debt liability. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our fi nancial position. In the fourth quarter of fiscal 2016, we adopted new accounting requirements for the presentation of deferred tax assets and liabilities, requiring noncurrent classification for all deferred tax assets and liabilities on the statement of financial position. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. |
Restructuring, Impairment, an29
Restructuring, Impairment, and Other Exit Costs (Tables) | 12 Months Ended |
May 29, 2016 | |
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS [Abstract] | |
Schedule of Restructuring, Impairment, and Other Exit Costs [Table Text Block] | Fiscal 2016 Fiscal 2015 In Millions Severance Asset Write-offs Pension Related Accelerated Depreciation Other Total Severance Asset Write-offs Pension Related Accelerated Depreciation Other Total Project Compass $ 45.4 $ - $ 1.4 $ - $ 7.9 $ 54.7 $ - $ - $ - $ - $ - $ - Project Catalyst (8.7) 1.2 - - - (7.5) 121.5 12.3 6.6 - 8.0 148.4 Project Century 30.9 30.7 19.1 76.5 25.4 182.6 44.3 42.3 31.2 53.1 10.9 181.8 Combination of certain operational facilities - - - - - - 13.0 0.7 - - 0.2 13.9 Charges associated with restructuring actions previously announced - - - - - - (0.6) - - - - (0.6) Total $ 67.6 $ 31.9 $ 20.5 $ 76.5 $ 33.3 $ 229.8 $ 178.2 $ 55.3 $ 37.8 $ 53.1 $ 19.1 $ 343.5 |
Schedule of Restructuring Charges and Project-Related Costs Classification [Table Text Block] | Fiscal In Millions 2016 2015 2014 Cost of sales $ 78.4 $ 59.6 $ - Restructuring, impairment, and other exit costs 151.4 283.9 3.6 Total restructuring charges 229.8 343.5 3.6 Project-related costs classified in cost of sales $ 57.5 $ 13.2 $ - |
Rollforward of Restructuring and Other Exit Cost Reserves [Table Text Block] | In Millions Severance Contract Termination Other Exit Costs Total Reserve balance as of May 26, 2013 $ 19.5 $ - $ - $ 19.5 2014 charges, including foreign currency translation 6.4 - - 6.4 Utilized in 2014 (22.4) - - (22.4) Reserve balance as of May 25, 2014 3.5 - - 3.5 2015 charges, including foreign currency translation 176.4 0.6 8.1 185.1 Utilized in 2015 (61.3) - (6.5) (67.8) Reserve balance as of May 31, 2015 118.6 0.6 1.6 120.8 2016 charges, including foreign currency translation 64.3 1.6 4.3 70.2 Utilized in 2016 (109.3) (0.7) (4.4) (114.4) Reserve balance as of May 29, 2016 $ 73.6 $ 1.5 $ 1.5 $ 76.6 |
Investments in Unconsolidated30
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
May 29, 2016 | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES [Abstract] | |
Joint Venture Related Financial Statement Activity [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Cumulative investments $ 518.9 $ 530.6 Goodwill and other intangibles 469.2 465.1 Aggregate advances included in cumulative investments 300.3 390.3 Fiscal Year In Millions 2016 2015 2014 Sales to joint ventures $ 10.5 $ 11.6 $ 12.1 Net advances (repayments) (63.9) 102.4 54.9 Dividends received 75.1 72.6 90.5 |
Summarized Joint Venture Income Statement on 100% Basis [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Net sales: CPW $ 1,674.8 $ 1,894.5 $ 2,107.9 HDJ 369.4 370.2 386.9 Total net sales 2,044.2 2,264.7 2,494.8 Gross margin 867.6 925.4 1,030.3 Earnings before income taxes 234.8 220.9 219.1 Earnings after income taxes 186.7 170.7 168.8 |
Summarized Joint Venture Balance Sheet on 100% Basis [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Current assets $ 814.1 $ 800.1 Noncurrent assets 959.9 962.1 Current liabilities 1,457.3 1,484.8 Noncurrent liabilities 81.7 118.2 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
May 29, 2016 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Components of goodwill and other intangible assets [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Goodwill $ 8,741.2 $ 8,874.9 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 4,147.5 4,262.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 536.9 544.0 Less accumulated amortization (145.8) (129.1) Intangible assets subject to amortization 391.1 414.9 Other intangible assets 4,538.6 4,677.0 Total $ 13,279.8 $ 13,551.9 |
Changes in the carrying amount of goodwill [Table Text Block] | In Millions U.S. Retail International Convenience Stores and Foodservice Joint Ventures Total Balance as of May 26, 2013 $ 5,841.4 $ 1,387.0 $ 921.1 $ 472.7 $ 8,622.2 Divestiture (12.2) - - - (12.2) Other activity, primarily foreign currency translation - 15.0 - 25.5 40.5 Balance as of May 25, 2014 5,829.2 1,402.0 921.1 498.2 8,650.5 Acquisition 589.8 - - - 589.8 Other activity, primarily foreign currency translation - (268.7) - (96.7) (365.4) Balance as of May 31, 2015 6,419.0 1,133.3 921.1 401.5 8,874.9 Acquisitions 54.1 29.4 - - 83.5 Divestitures (180.2) (6.2) - - (186.4) Other activity, primarily foreign currency translation - (35.5) - 4.7 (30.8) Balance as of May 29, 2016 $ 6,292.9 $ 1,121.0 $ 921.1 $ 406.2 $ 8,741.2 |
Changes in the carrying amount of other intangible assets [Table Text Block] | In Millions U.S. Retail International Joint Ventures Total Balance as of May 26, 2013 $ 3,312.4 $ 1,638.2 $ 64.5 $ 5,015.1 Other activity, primarily foreign currency translation (4.9) 3.6 0.5 (0.8) Balance as of May 25, 2014 3,307.5 1,641.8 65.0 5,014.3 Acquisition 268.4 - - 268.4 Impairment charge (260.0) - - (260.0) Other activity, primarily foreign currency translation (4.0) (340.3) (1.4) (345.7) Balance as of May 31, 2015 3,311.9 1,301.5 63.6 4,677.0 Acquisitions 23.1 7.0 - 30.1 Divestiture (119.6) - - (119.6) Other activity, primarily amortization and foreign currency translation (3.7) (44.6) (0.6) (48.9) Balance as of May 29, 2016 $ 3,211.7 $ 1,263.9 $ 63.0 $ 4,538.6 |
Schedule of at-risk brand intangibles [Table Text Block] | As of our fiscal 2016 assessment date, there was no impairment of any of our indefinite-lived intangible assets as their related fair values were substantially in excess of the carrying values, except for the Mountain High and Uncle Toby’s brand assets. T he excess fair value above the carrying value of these brand assets is as follows: Excess Fair Value Carrying Above Carrying In Millions Value Value Mountain High $35.4 20 % Uncle Toby's $52.2 11 % |
Financial Instruments, Risk M32
Financial Instruments, Risk Management Activities, and Fair Values (Tables) | 12 Months Ended |
May 29, 2016 | |
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract] | |
Schedule of Marketable Debt and Equity Securities and Maturities [Table Text Block] | Cost Fair Value Gross Gains Gross Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 2016 2015 Available for sale: Debt securities $ 165.7 $ 2.6 $ 165.8 $ 2.6 $ 0.1 $ - $ - $ - Equity securities 1.8 1.8 8.4 8.3 6.6 6.5 - - Total $ 167.5 $ 4.4 $ 174.2 $ 10.9 $ 6.7 $ 6.5 $ - $ - Scheduled maturities of our marketable securities are as follows: Available for Sale In Millions Cost Fair Value Under 1 year (current) $ 165.7 $ 165.8 Equity securities 1.8 8.4 Total $ 167.5 $ 174.2 |
Schedule of Unallocated Corporate items [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Net loss on mark-to-market valuation of commodity positions $ (69.1) $ (163.7) $ (4.9) Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit 127.9 84.4 51.2 Net mark-to-market revaluation of certain grain inventories 4.0 (10.4) 2.2 Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 62.8 $ (89.7) $ 48.5 |
Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI [Table Text Block] | In Millions Gain/(Loss) 5.7% notes due February 15, 2017 (1.6) 5.65% notes due February 15, 2019 1.4 3.15% notes due December 15, 2021 (54.9) 1.0% notes due April 27, 2023 (1.7) 3.65% notes due February 15, 2024 13.8 1.5% notes due April 27, 2027 (3.6) 5.4% notes due June 15, 2040 (13.4) 4.15% notes due February 15, 2043 10.5 Net pre-tax hedge loss in AOCI $ (49.5) |
Schedule of Interest Rate Swaps [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Pay-floating swaps - notional amount $ 1,000.0 $ 1,250.0 Average receive rate 1.8 % 1.6 % Average pay rate 1.1 % 0.7 % |
Schedule of Swap Contract Maturities [Table Text Block] | In Millions Pay Floating 2018 $ 500.0 2020 $ 500.0 Total $ 1,000.0 |
Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements [Table Text Block] | May 29, 2016 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $4.4 $- $4.4 $(3.9) $- $0.5 $(22.2) $- $(22.2) $3.9 $7.5 $(10.8) Interest rate contracts 8.5 - 8.5 - - 8.5 (3.0) - (3.0) - - (3.0) Foreign exchange contracts 25.4 - 25.4 (8.7) - 16.7 (13.7) - (13.7) 8.7 - (5.0) Equity contracts 2.4 - 2.4 - - 2.4 - - - - - - Total $40.7 $- $40.7 $(12.6) $- $28.1 $(38.9) $- $(38.9) $12.6 $7.5 $(18.8) (a) Includes related collateral offset in our Consolidated Balance Sheets. (b ) N et fair value as recorded in our C onsolidated B alance S heets. (c ) Fair value of assets t hat could be reported net in our C onsolidated B alance S heets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. May 31, 2015 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $10.1 $- $10.1 $(1.3) $- $8.8 $(59.4) $- $(59.4) $1.3 $40.1 $(18.0) Interest rate contracts 4.0 - 4.0 - - 4.0 - - - - - - Foreign exchange contracts 25.9 - 25.9 (12.5) - 13.4 (65.3) - (65.3) 12.5 - (52.8) Total $40.0 $- $40.0 $(13.8) $- $26.2 $(124.7) $- $(124.7) $13.8 $40.1 $(70.8) (a ) Includes related collateral offset in our C onsolidated B alance S heets. (b ) N et fair value as recorded in our C onsolidated B alance S heets. (c ) Fair value of assets t hat could be reported net in our C onsolidated B alance S heets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements [Table Text Block] | May 29, 2016 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $4.4 $- $4.4 $(3.9) $- $0.5 $(22.2) $- $(22.2) $3.9 $7.5 $(10.8) Interest rate contracts 8.5 - 8.5 - - 8.5 (3.0) - (3.0) - - (3.0) Foreign exchange contracts 25.4 - 25.4 (8.7) - 16.7 (13.7) - (13.7) 8.7 - (5.0) Equity contracts 2.4 - 2.4 - - 2.4 - - - - - - Total $40.7 $- $40.7 $(12.6) $- $28.1 $(38.9) $- $(38.9) $12.6 $7.5 $(18.8) (a) Includes related collateral offset in our Consolidated Balance Sheets. (b ) N et fair value as recorded in our C onsolidated B alance S heets. (c ) Fair value of assets t hat could be reported net in our C onsolidated B alance S heets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. May 31, 2015 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $10.1 $- $10.1 $(1.3) $- $8.8 $(59.4) $- $(59.4) $1.3 $40.1 $(18.0) Interest rate contracts 4.0 - 4.0 - - 4.0 - - - - - - Foreign exchange contracts 25.9 - 25.9 (12.5) - 13.4 (65.3) - (65.3) 12.5 - (52.8) Total $40.0 $- $40.0 $(13.8) $- $26.2 $(124.7) $- $(124.7) $13.8 $40.1 $(70.8) (a ) Includes related collateral offset in our C onsolidated B alance S heets. (b ) N et fair value as recorded in our C onsolidated B alance S heets. (c ) Fair value of assets t hat could be reported net in our C onsolidated B alance S heets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
Schedule of Fair Value Measurement Inputs [Table Text Block] | May 29, 2016 May 29, 2016 Fair Values of Assets Fair Values of Liabilities In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 7.7 $ - $ 7.7 $ - $ (3.0) $ - $ (3.0) Foreign exchange contracts (c) (d) - 12.2 - 12.2 - (12.2) - (12.2) Total - 19.9 - 19.9 - (15.2) - (15.2) Derivatives not designated as hedging instruments: Foreign exchange contracts (c) (d) - 13.2 - 13.2 - (1.5) - (1.5) Commodity contracts (c) (e) 2.6 1.7 - 4.3 (0.6) (21.6) - (22.2) Grain contracts (c) (e) - 1.8 - 1.8 - (5.5) - (5.5) Total 2.6 16.7 - 19.3 (0.6) (28.6) - (29.2) Other assets and liabilities reported at fair value: Marketable investments (a) (f) 8.4 165.8 - 174.2 - - - - Long-lived assets (g) - 26.0 - 26.0 - - - - Total 8.4 191.8 - 200.2 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 11.0 $ 228.4 $ - $ 239.4 $ (0.6) $ (43.8) $ - $ (44.4) (a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and rece ntly reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $11.4 million in non-cash impairment charges in fiscal 2016 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $28.2 million and were associated with the restructuring actions described in Note 4. May 31, 2015 May 31, 2015 Fair Values of Assets Fair Values of Liabilities In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 4.0 $ - $ 4.0 $ - $ - $ - $ - Foreign exchange contracts (c) (d) - 25.5 - 25.5 - (23.3) - (23.3) Total - 29.5 - 29.5 - (23.3) - (23.3) Derivatives not designated as hedging instruments: Foreign exchange contracts (c) (d) - 0.4 - 0.4 - (42.0) - (42.0) Commodity contracts (c) (e) 7.2 2.9 - 10.1 - (59.4) - (59.4) Grain contracts (c) (e) - 3.3 - 3.3 - (7.8) - (7.8) Total 7.2 6.6 - 13.8 - (109.2) - (109.2) Other assets and liabilities reported at fair value: Marketable investments (a) (f) 8.3 2.6 - 10.9 - - - - Long-lived assets (g) - 37.8 - 37.8 - - - - Indefinite-lived intangible assets (h) - - 154.3 154.3 - - - - Total 8.3 40.4 154.3 203.0 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 15.5 $ 76.5 $ 154.3 $ 246.3 $ - $ (132.5) $ - $ (132.5) (a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other cu rrent assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recentl y reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $30.3 million in non-cash impairment charges in fiscal 2015 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $68.1 million and were associated with the restructuring actions described in Note 4. (h) We recorded a $260.0 million non-cash impairment charge in fiscal 2015 to write down our Green Giant brand asset to its fair value of $154.3 million. This asset had a carrying value of $414.3 million. See Note 6 for additional information. |
Schedule of Gains and Losses on Hedges [Table Text Block] | Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other comprehensive income (OCI) (a) $ (2.6) $ (5.9) $ 21.2 $ 13.3 $ - $ - $ - $ - $ 18.6 $ 7.4 Amount of net gain (loss) reclassified from AOCI into earnings (a) (b) (10.6) (10.6) 22.1 5.0 - - - - 11.5 (5.6) Amount of net gain (loss) recognized in earnings (c) (0.1) (0.6) (0.7) 0.1 - - - - (0.8) (0.5) Derivatives in Fair Value Hedging Relationships: Amount of net gain recognized in earnings (d) 0.1 1.6 - - - - - - 0.1 1.6 Derivatives in Net Investment Hedging Relationships: Amount of loss recognized in OCI (a) - - (0.2) (6.9) - - - - (0.2) (6.9) Derivatives Not Designated as Hedging Instruments: Amount of net gain (loss) recognized in earnings (d) - - 1.1 (54.3) (4.5) 9.6 (56.1) (163.7) (59.5) (208.4) (a) Effective portion. (b) Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Gain (loss) recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness. (d) Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. |
Schedule of After-tax Amounts of Cash Flow Hedges in AOCI [Table Text Block] | In Millions After-Tax Gain/(Loss) Unrealized losses from interest rate cash flow hedges $ (31.3) Unrealized gains from foreign currency cash flow hedges 5.8 After-tax loss in AOCI related to hedge derivatives $ (25.5) |
Customer Concentractions [Table Text Block] | During fiscal 2016, customer concentration was as follows: Percent of total Consolidated U.S. Retail International Convenience Stores and Foodservice Wal-mart (a): Net sales 20% 30% 5% 8% Accounts receivable 26% 4% 8% Five largest customers: Net sales 53% 22% 45% |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
May 29, 2016 | |
DEBT [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | May 29, 2016 May 31, 2015 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ - - % $ 432.0 0.3 % Financial institutions 269.8 8.6 183.8 9.5 Total $ 269.8 8.6 % $ 615.8 3.0 % |
Schedule of Fee-Paid Committed and Uncommitted Credit Lines [Table Text Block] | In Billions Facility Amount Borrowed Amount Credit facility expiring: May 2021 $ 2.7 $ - June 2019 0.2 0.1 Total committed credit facilities 2.9 0.1 Uncommitted credit facilities 0.4 0.1 Total committed and uncommitted credit facilities $ 3.3 $ 0.2 |
Schedule of Long-term Debt Instruments [Table Text Block] | In Millions May 29, 2016 May 31, 2015 5.65% notes due February 15, 2019 $ 1,150.0 $ 1,150.0 5.7% notes due February 15, 2017 1,000.0 1,000.0 3.15% notes due December 15, 2021 1,000.0 1,000.0 Euro-denominated 2.1% notes due November 16, 2020 555.8 549.4 Euro-denominated 1.0% notes due April 27, 2023 555.8 549.4 Floating-rate euro-denominated notes due January 15, 2020 555.8 - 1.4% notes due October 20, 2017 500.0 500.0 5.4% notes due June 15, 2040 500.0 500.0 4.15% notes due February 15, 2043 500.0 500.0 3.65% notes due February 15, 2024 500.0 500.0 2.2% notes due October 21, 2019 500.0 500.0 Floating-rate notes due January 29, 2016 - 500.0 Euro-denominated 1.5% notes due April 27, 2027 444.6 439.5 0.875% notes due January 29, 2016 - 250.0 Floating-rate notes due January 28, 2016 - 250.0 Euro-denominated 2.2% notes due June 24, 2021 221.0 219.7 Medium-term notes, 0.02% to 6.44%, due fiscal 2017 or later 204.2 204.2 Other, including debt issuance costs and capital leases (26.1) (36.5) 8,161.1 8,575.7 Less amount due within one year (1,103.4) (1,000.4) Total long-term debt $ 7,057.7 $ 7,575.3 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
May 29, 2016 | |
STOCKHOLDERS' EQUITY [Abstract] | |
Share Repurchases [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Shares of common stock 10.7 22.3 35.6 Aggregate purchase price $606.7 $1,161.9 $1,774.4 |
Schedule of Total Comprehensive Income [Table Text Block] | Fiscal 2016 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,697.4 $ 8.4 $ 31.0 Other comprehensive income (loss): Foreign currency translation $ (107.6) $ - (107.6) 2.8 (3.9) Net actuarial loss (514.2) 188.3 (325.9) - - Other fair value changes: Securities 0.2 (0.1) 0.1 - - Hedge derivatives 16.5 (2.2) 14.3 - 1.7 Reclassification to earnings: Hedge derivatives (a) (13.5) 2.5 (11.0) - 1.5 Amortization of losses and prior service costs (b) 206.8 (78.2) 128.6 - - Other comprehensive income (loss) (411.8) 110.3 (301.5) 2.8 (0.7) Total comprehensive income $ 1,395.9 $ 11.2 $ 30.3 (a ) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense. Fiscal 2015 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,221.3 $ 8.2 $ 29.9 Other comprehensive income (loss): Foreign currency translation $ (727.9) $ - (727.9) (78.2) (151.8) Net actuarial income (561.1) 202.7 (358.4) - - Other fair value changes: Securities 1.3 (0.5) 0.8 - - Hedge derivatives 13.6 (4.8) 8.8 - (4.7) Reclassification to earnings: Hedge derivatives (a) 0.7 0.5 1.2 - 3.7 Amortization of losses and prior service costs (b) 170.2 (65.1) 105.1 - - Other comprehensive income (loss) (1,103.2) 132.8 (970.4) (78.2) (152.8) Total comprehensive income (loss) $ 250.9 $ (70.0) $ (122.9) (a ) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense. Fiscal 2014 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,824.4 $ 5.8 $ 31.1 Other comprehensive income (loss): Foreign currency translation $ (71.8) $ - (71.8) 19.1 41.4 Net actuarial income 327.2 (121.2) 206.0 - - Other fair value changes: Securities 0.5 (0.2) 0.3 - - Hedge derivatives 14.4 (7.0) 7.4 - (2.4) Reclassification to earnings: Hedge derivatives (a) (4.7) 0.2 (4.5) - (0.1) Amortization of losses and prior service costs (b) 172.7 (65.1) 107.6 - - Other comprehensive income 438.3 (193.3) 245.0 19.1 38.9 Total comprehensive income $ 2,069.4 $ 24.9 $ 70.0 (a ) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Foreign currency translation adjustments $ (644.2) $ (536.6) Unrealized gain (loss) from: Securities 3.8 3.7 Hedge derivatives (25.5) (28.8) Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,958.2) (1,756.1) Prior service credits 11.9 7.1 Accumulated other comprehensive loss $ (2,612.2) $ (2,310.7) |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
May 29, 2016 | |
STOCK PLANS [Abstract] | |
Estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] | Fiscal Year 2016 2015 2014 Estimated fair values of stock options granted $7.24 $7.22 $6.03 Assumptions: Risk-free interest rate 2.4 % 2.6 % 2.6 % Expected term 8.5 years 8.5 years 9.0 years Expected volatility 17.6 % 17.5 % 17.4 % Dividend yield 3.2 % 3.1 % 3.1 % |
Information on stock option activity [Table Text Block] | Options Exercisable (Thousands) Weighted-Average Exercise Price Per Share Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Balance as of May 26, 2013 29,290.3 27.69 47,672.1 30.22 Granted 2,789.8 48.33 Exercised (6,181.3) 24.78 Forfeited or expired (111.6) 38.74 Balance as of May 25, 2014 29,452.8 28.37 44,169.0 32.10 Granted 2,253.1 53.70 Exercised (7,297.2) 26.68 Forfeited or expired (47.7) 43.73 Balance as of May 31, 2015 26,991.5 30.44 39,077.2 34.35 Granted 1,930.2 55.72 Exercised (8,471.0) 28.49 Forfeited or expired (134.8) 48.16 Balance as of May 29, 2016 22,385.1 $ 32.38 32,401.6 $ 37.09 |
Net cash proceeds and intrinsic value of options exercised [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Net cash proceeds $ 171.9 $ 163.7 $ 108.1 Intrinsic value of options exercised $ 268.4 $ 201.9 $ 166.6 |
Information on restricted stock unit and performance share units activity [Table Text Block] | Equity Classified Liability Classified Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Non-vested as of May 31, 2015 6,235.6 $ 46.44 237.0 $ 44.84 Granted 1,287.7 56.01 63.8 55.82 Vested (2,119.9) 46.65 (69.5) 40.55 Forfeited, expired, or reclassified (303.0) 49.45 (19.9) 51.45 Non-vested as of May 29, 2016 5,100.4 $ 48.60 211.4 $ 48.37 Fiscal Year 2016 2015 2014 Number of units granted (thousands) 1,351.5 1,708.2 2,144.1 Weighted average price per unit $ 56.00 $ 53.45 $ 48.49 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
May 29, 2016 | |
EARNINGS PER SHARE [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year In Millions, Except per Share Data 2016 2015 2014 Net earnings attributable to General Mills $ 1,697.4 $ 1,221.3 $ 1,824.4 Average number of common shares - basic EPS 598.9 603.3 628.6 Incremental share effect from: (a) Stock options 9.8 11.3 12.3 Restricted stock units, performance share units, and other 3.2 4.2 4.8 Average number of common shares - diluted EPS 611.9 618.8 645.7 Earnings per share - basic $ 2.83 $ 2.02 $ 2.90 Earnings per share - diluted $ 2.77 $ 1.97 $ 2.83 (a) Increme ntal shares from stock options , restricted stock units , and performance share units are computed by the treasury stock method. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Anti-dilutive stock options, restricted stock units, and performance share units 1.1 2.1 1.7 |
Retirement Benefits and Poste37
Retirement Benefits and Postemployment Benefits (Tables) | 12 Months Ended |
May 29, 2016 | |
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS [Abstract] | |
Health Care Cost Trend Rates [Table Text Block] | Fiscal Year 2016 2015 Health care cost trend rate for next year 7.3% and 7.5% 6.5% and 7.3% Rate to which the cost trend rate is assumed to decline (ultimate rate) 5.0% 5.0% Year that the rate reaches the ultimate trend rate 2024 2025 |
Effect of One Percentage Point Change in Health Care Cost Trend Rate [Table Text Block] | In Millions One Percentage Point Increase One Percentage Point Decrease Effect on the aggregate of the service and interest cost components in fiscal 2017 $ 3.1 $ (2.7) Effect on the other postretirement accumulated benefit obligation as of May 29, 2016 71.2 (63.8) |
Summarized Financial Information [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 Change in Plan Assets: Fair value at beginning of year $ 5,758.5 $ 5,611.8 $ 582.8 $ 517.3 Actual return on assets 36.3 373.6 (0.1) 44.0 Employer contributions 23.7 24.1 24.1 24.1 Plan participant contributions 5.7 10.3 14.1 13.6 Benefits payments (277.5) (244.9) (18.5) (16.2) Foreign currency (6.8) (16.4) - - Fair value at end of year $ 5,539.9 $ 5,758.5 $ 602.4 $ 582.8 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 6,252.1 $ 5,618.0 $ 1,079.6 $ 1,074.8 $ 146.6 $ 145.3 Service cost 134.6 137.0 19.0 22.4 7.6 7.5 Interest cost 267.8 249.2 44.1 46.9 3.9 4.3 Plan amendment 0.9 1.9 - (42.4) 1.1 - Curtailment/other 7.1 19.9 0.5 3.4 10.7 9.5 Plan participant contributions 5.7 10.3 14.1 13.6 - - Medicare Part D reimbursements - - 3.5 3.2 - - Actuarial loss (gain) 65.2 479.7 (64.5) 23.5 11.2 (0.4) Benefits payments (278.0) (245.5) (66.4) (62.8) (16.9) (19.1) Foreign currency (6.9) (18.4) (1.0) (3.0) (0.1) (0.5) Projected benefit obligation at end of year $ 6,448.5 $ 6,252.1 $ 1,028.9 $ 1,079.6 $ 164.1 $ 146.6 Plan assets less than benefit obligation as of fiscal year end $ (908.6) $ (493.6) $ (426.5) $ (496.8) $ (164.1) $ (146.6) |
Amounts Recognized in AOCI [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 2016 2015 Net actuarial loss $ (1,886.0) $ (1,674.9) $ (57.6) $ (72.2) $ (14.6) $ (9.0) $ (1,958.2) $ (1,756.1) Prior service (costs) credits (6.8) (13.8) 19.9 23.8 (1.2) (2.9) 11.9 7.1 Amounts recorded in accumulated other comprehensive loss $ (1,892.8) $ (1,688.7) $ (37.7) $ (48.4) $ (15.8) $ (11.9) $ (1,946.3) $ (1,749.0) |
Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2016 2015 2016 2015 Projected benefit obligation $ 5,490.3 $ 512.3 $ - $ - $ 4.8 $ - Accumulated benefit obligation 4,998.3 440.6 1,024.7 1,074.8 159.3 143.5 Plan assets at fair value 4,498.5 - 602.4 582.8 - - |
Components of Net Periodic Benefit Expense [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2016 2015 2014 2016 2015 2014 2016 2015 2014 Service cost $ 134.6 $ 137.0 $ 133.0 $ 19.0 $ 22.4 $ 22.7 $ 7.6 $ 7.5 $ 7.7 Interest cost 267.8 249.2 239.5 44.1 46.9 50.5 3.9 4.3 4.1 Expected return on plan assets (496.9) (476.4) (455.6) (46.2) (40.2) (34.6) - - - Amortization of losses 189.8 141.7 151.0 6.6 4.9 15.4 0.7 0.7 0.6 Amortization of prior service costs (credits) 4.7 7.4 5.6 (5.4) (1.6) (3.4) 2.5 2.4 2.4 Other adjustments 5.0 15.1 - 2.3 3.3 - 10.7 9.5 3.7 Settlement or curtailment losses 13.1 18.0 - (1.0) 1.3 (2.9) - - - Net expense $ 118.1 $ 92.0 $ 73.5 $ 19.4 $ 37.0 $ 47.7 $ 25.4 $ 24.4 $ 18.5 |
Amounts Expected to be Recognized Over Next Fiscal Year [Table Text Block] | In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Amortization of losses $190.3 $2.5 $1.8 Amortization of prior service costs (credits) 2.5 (5.4) 0.6 |
Weighted-Average Assumptions [Table Text Block] | Weight ed-average assumptions used to determine fiscal year-end benefit obligations are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2016 2015 2016 2015 2016 2015 Discount rate 4.19 % 4.38 % 3.97 % 4.20 % 2.94 % 3.55 % Rate of salary increases 4.28 4.09 - - 4.35 4.36 Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rate 4.38 % 4.54 % 4.54 % 4.20 % 4.51 % 4.52 % 3.55 % 3.82 % 3.70 % Rate of salary increases 4.31 4.44 4.44 - - - 4.36 4.44 4.44 Expected long-term rate of return on plan assets 8.53 8.53 8.53 8.14 8.13 8.11 - - - |
Schedule of Allocation of Plan Assets, Including Fair Value Hierarchy Levels and Weighted-Average Target Asset Allocations [Table Text Block] | The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy at May 29, 2016 and May 31, 2015 , by asset category were as follows: May 29, 2016 May 31, 2015 In Millions Level 1 Level 2 Level 3 Total Assets Level 1 Level 2 Level 3 Total Assets Fair value measurement of pension plan assets: Equity (a) $ 1,543.7 $ 943.7 $ 458.0 $ 2,945.4 $ 1,634.4 $ 1,010.3 $ 542.9 $ 3,187.6 Fixed income (b) 903.8 745.8 - 1,649.6 486.3 1,158.5 - 1,644.8 Real asset investments (c) 193.6 160.8 395.0 749.4 124.3 116.7 498.1 739.1 Other investments (d) - - 0.4 0.4 - - 0.4 0.4 Cash and accruals 195.1 - - 195.1 186.6 - - 186.6 Total fair value measurement of pension plan assets $ 2,836.2 $ 1,850.3 $ 853.4 $ 5,539.9 $ 2,431.6 $ 2,285.5 $ 1,041.4 $ 5,758.5 Fair value measurement of postretirement benefit plan assets: Equity (a) $ 128.9 $ 124.1 $ 23.4 $ 276.4 $ 134.0 $ 120.6 $ 23.7 $ 278.3 Fixed income (b) 18.0 83.4 - 101.4 14.0 73.7 - 87.7 Real asset investments (c) - 30.6 13.8 44.4 0.2 25.7 16.6 42.5 Other investments (d) - 171.3 - 171.3 - 168.9 - 168.9 Cash and accruals 8.9 - - 8.9 5.4 - - 5.4 Fair value measurement of postretirement benefit plan assets $ 155.8 $ 409.4 $ 37.2 $ 602.4 $ 153.6 $ 388.9 $ 40.3 $ 582.8 (a) Primarily publicly traded common stock and private equity partnerships for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges; and commingled funds, privately held securities, and private equity partnerships valued at unit values or net asset value s provided by the investment managers, which are based on the fair value of the underlying investments. Various methods are used to determine fair values and may include the cost of the investment, most recent financing, and expected cash flows. For some o f these investments, realization of the estimated fair value is dependent upon transactions between willing sellers and buyers. (b) Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and managing duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed inco me commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (c) Publicly traded common stock and limited partnerships in the energy and real estate sectors for purposes o f total return. Investments include: energy and real estate securities generally valued at closing prices from national exchanges; and commingled funds, private securities, and limited partnerships valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. (d) Global balanced fund of equity, fixed income, and real estate securities for purposes of meeting Canadian pension plan asset allocation policies, and insur ance and annuity contracts to provide a stable stream of income for retirees and to fund postretirement medical benefits. Fair values are derived from unit values provided by the investment managers, which are generally based on the fair value of the under lying investments and contract fair values from the providers. Weighted-average asset allocations for the past two fiscal years for our defined benefit pension and other postretirement benefit plans are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2016 2015 2016 2015 Asset category: United States equities 30.5 % 28.9 % 37.2 % 38.7 % International equities 19.0 18.4 23.4 24.1 Private equities 8.3 9.5 3.9 4.1 Fixed income 28.6 30.3 29.4 26.3 Real assets 13.6 12.9 6.1 6.8 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Rollforward of Level 3 Investments of Pension and Postretirement Benefit Plans' Assets [Table Text Block] | Fiscal 2016 In Millions Balance as of May 31, 2015 Net Transfers Out Net Purchases, Sales Issuances, and Settlements Net Gain (Loss) Balance as of May 29, 2016 Pension benefit plan assets: Equity $ 542.9 $ - $ (92.6) $ 7.7 $ 458.0 Real asset investments 498.1 - (72.8) (30.3) 395.0 Other investments 0.4 - - - 0.4 Fair value activity of level 3 pension plan assets $ 1,041.4 $ - $ (165.4) $ (22.6) $ 853.4 Postretirement benefit plan assets: Equity $ 23.7 $ - $ (1.2) $ 0.9 $ 23.4 Real asset investments 16.6 - (1.8) (1.0) 13.8 Fair value activity of level 3 postretirement benefit plan assets $ 40.3 $ - $ (3.0) $ (0.1) $ 37.2 Fiscal 2015 In Millions Balance as of May 25, 2014 Net Transfers Out Net Purchases, Sales Issuances, and Settlements Net Gain (Loss) Balance as of May 31, 2015 Pension benefit plan assets: Equity $ 568.2 $ - $ (61.0) $ 35.7 $ 542.9 Real asset investments 602.9 - (18.2) (86.6) 498.1 Other investments 0.3 - 0.2 (0.1) 0.4 Fair value activity of level 3 pension plan assets $ 1,171.4 $ - $ (79.0) $ (51.0) $ 1,041.4 Postretirement benefit plan assets: Equity $ 21.1 $ - $ 0.3 $ 2.3 $ 23.7 Real asset investments 17.9 - 0.5 (1.8) 16.6 Fair value activity of level 3 postretirement benefit plan assets $ 39.0 $ - $ 0.8 $ 0.5 $ 40.3 |
Estimated Benefit Payments [Table Text Block] | In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Medicare Subsidy Receipts Postemployment Benefit Plans 2017 $ 277.7 $ 61.3 $ 4.8 $ 22.1 2018 287.9 65.5 5.2 20.6 2019 297.1 67.1 5.6 19.2 2020 306.8 68.3 5.2 17.8 2021 316.4 69.2 4.2 17.0 2022-2026 1,731.5 355.2 23.2 75.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May 29, 2016 | |
INCOME TAXES [Abstract] | |
Components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Earnings before income taxes and after-tax earnings from joint ventures: United States $ 1,941.4 $ 1,338.6 $ 2,181.4 Foreign 462.2 423.3 473.6 Total earnings before income taxes and after-tax earnings from joint ventures $ 2,403.6 $ 1,761.9 $ 2,655.0 Income taxes: Currently payable: Federal $ 489.8 $ 392.7 $ 526.7 State and local 30.8 29.3 37.8 Foreign 114.0 139.5 146.3 Total current 634.6 561.5 710.8 Deferred: Federal 123.0 70.3 159.1 State and local (6.9) (8.7) 21.3 Foreign 4.5 (36.3) (7.9) Total deferred 120.6 25.3 172.5 Total income taxes $ 755.2 $ 586.8 $ 883.3 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year 2016 2015 2014 United States statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal tax benefits 0.7 0.7 1.4 Foreign rate differences (2.2) (3.1) (0.1) Repatriation of foreign earnings - 4.5 - Non-deductible goodwill 2.6 - - Domestic manufacturing deduction (2.0) (2.9) (2.3) Other, net (a) (2.7) (0.9) (0.7) Effective income tax rate 31.4 % 33.3 % 33.3 % (a ) Fiscal 2016 includes 0.6 percent tax benefit related to the divestiture of our business in Venezuela . See Note 3 for additional information. |
Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Accrued liabilities $ 89.9 $ 98.0 Compensation and employee benefits 491.5 536.2 Unrealized hedges - 0.8 Pension 322.0 169.0 Tax credit carryforwards 4.5 5.6 Stock, partnership, and miscellaneous investments 353.6 384.1 Capital losses 14.5 6.1 Net operating losses 97.9 89.3 Other 84.1 74.5 Gross deferred tax assets 1,458.0 1,363.6 Valuation allowance 227.0 215.4 Net deferred tax assets 1,231.0 1,148.2 Brands 1,311.7 1,346.3 Fixed assets 476.3 446.5 Intangible assets 221.8 208.4 Tax lease transactions 48.0 50.8 Inventories 53.0 59.7 Stock, partnership, and miscellaneous investments 476.0 472.5 Unrealized hedges 22.6 - Other 21.2 14.2 Gross deferred tax liabilities 2,630.6 2,598.4 Net deferred tax liability $ 1,399.6 $ 1,450.2 |
Schedule of Changes in Total Gross Unrecognized Tax Benefit Liabilities [Table Text Block] | Fiscal Year In Millions 2016 2015 Balance, beginning of year $ 161.1 $ 150.9 Tax positions related to current year: Additions 31.6 34.8 Tax positions related to prior years: Additions 23.9 17.4 Reductions (25.7) (21.8) Settlements (4.0) (12.0) Lapses in statutes of limitations (10.4) (8.2) Balance, end of year $ 176.5 $ 161.1 |
Leases, Other Commitments, an39
Leases, Other Commitments, and Contingencies (Tables) | 12 Months Ended |
May 29, 2016 | |
LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract] | |
Noncancelable Future Lease Commitments [Table Text Block] | In Millions Operating Leases Capital Leases 2017 $ 107.9 $ 0.9 2018 83.5 0.7 2019 67.2 0.6 2020 49.6 0.3 2021 39.6 0.1 After 2021 49.8 0.1 Total noncancelable future lease commitments $ 397.6 $ 2.7 Less: interest (0.2) Present value of obligations under capital leases $ 2.5 |
Business Segment and Geograph40
Business Segment and Geographic Information (Tables) | 12 Months Ended |
May 29, 2016 | |
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | |
Operating Segment Results [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Net sales: U.S. Retail $ 10,007.1 $ 10,507.0 $ 10,604.9 International 4,632.2 5,128.2 5,385.9 Convenience Stores and Foodservice 1,923.8 1,995.1 1,918.8 Total $ 16,563.1 $ 17,630.3 $ 17,909.6 Operating profit: U.S. Retail $ 2,179.0 $ 2,159.3 $ 2,311.5 International 441.6 522.6 535.1 Convenience Stores and Foodservice 378.9 353.1 307.3 Total segment operating profit 2,999.5 3,035.0 3,153.9 Unallocated corporate items 288.9 413.8 258.4 Divestitures (gain) (148.2) - (65.5) Restructuring, impairment, and other exit costs 151.4 543.9 3.6 Operating profit $ 2,707.4 $ 2,077.3 $ 2,957.4 |
Net sales by class of similar products [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Snacks $ 3,297.2 $ 3,392.0 $ 3,232.5 Convenient meals 2,779.0 2,810.3 2,844.2 Yogurt 2,760.9 2,938.3 2,964.7 Cereal 2,731.5 2,771.3 2,860.1 Dough 1,820.0 1,877.0 1,890.2 Baking mixes and ingredients 1,704.3 1,867.7 1,996.4 Super-premium ice cream 731.2 769.5 756.6 Vegetables 532.3 937.3 1,014.7 Other 206.7 266.9 350.2 Total $ 16,563.1 $ 17,630.3 $ 17,909.6 |
Financial information by geographic area [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Net sales: United States $ 11,930.9 $ 12,501.8 $ 12,523.0 Non-United States 4,632.2 5,128.5 5,386.6 Total $ 16,563.1 $ 17,630.3 $ 17,909.6 In Millions May 29, 2016 May 31, 2015 Cash and cash equivalents: United States $ 118.5 $ 22.9 Non-United States 645.2 311.3 Total $ 763.7 $ 334.2 In Millions May 29, 2016 May 31, 2015 Land, buildings, and equipment: United States $ 2,755.1 $ 2,727.5 Non-United States 988.5 1,055.8 Total $ 3,743.6 $ 3,783.3 |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
May 29, 2016 | |
SUPPLEMENTAL INFORMATION [Abstract] | |
Components of receivables [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Receivables: Customers $ 1,390.4 $ 1,412.0 Less allowance for doubtful accounts (29.6) (25.3) Total $ 1,360.8 $ 1,386.7 |
Components of inventories [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Inventories: Raw materials and packaging $ 397.3 $ 390.8 Finished goods 1,163.1 1,268.6 Grain 72.6 95.7 Excess of FIFO over LIFO cost (a) (219.3) (214.2) Total $ 1,413.7 $ 1,540.9 (a) Inventories of $841.0 million as of May 29, 2016 , and $867.5 million as of May 31, 2015 , were valued at LIFO. |
Components of prepaid expenses and other current assets [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Prepaid expenses and other current assets: Other receivables $ 159.3 $ 148.8 Prepaid expenses 177.9 169.3 Derivative receivables, primarily commodity-related 44.6 80.9 Grain contracts 1.8 3.3 Miscellaneous 15.4 21.5 Total $ 399.0 $ 423.8 |
Components of land, buildings and equipment [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Land, buildings, and equipment: Land $ 92.9 $ 96.0 Buildings 2,236.0 2,272.7 Buildings under capital lease 0.3 0.3 Equipment 5,945.6 6,091.1 Equipment under capital lease 3.0 9.8 Capitalized software 523.0 499.0 Construction in progress 702.7 622.2 Total land, buildings, and equipment 9,503.5 9,591.1 Less accumulated depreciation (5,759.9) (5,807.8) Total $ 3,743.6 $ 3,783.3 |
Components of other assets [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Other assets: Investments in and advances to joint ventures $ 518.9 $ 530.6 Pension assets 90.9 138.2 Exchangeable note with related party 12.7 30.7 Life insurance 26.3 26.6 Miscellaneous 102.9 85.1 Total $ 751.7 $ 811.2 |
Components of other current liabilities [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Other current liabilities: Accrued trade and consumer promotions $ 563.7 $ 564.7 Accrued payroll 386.4 361.8 Dividends payable 23.8 27.9 Accrued taxes 110.5 20.7 Accrued interest, including interest rate swaps 90.4 91.8 Grain contracts 5.5 7.8 Restructuring and other exit costs reserve 76.6 120.8 Derivative payable 35.6 122.9 Miscellaneous 302.5 271.5 Total $ 1,595.0 $ 1,589.9 |
Components of other noncurrent liabilities [Table Text Block] | In Millions May 29, 2016 May 31, 2015 Other noncurrent liabilities: Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans $ 1,755.0 $ 1,451.4 Accrued taxes 204.0 202.5 Miscellaneous 128.6 90.9 Total $ 2,087.6 $ 1,744.8 |
Consolidated statements of earnings amounts [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Depreciation and amortization $ 608.1 $ 588.3 $ 585.4 Research and development expense 222.1 229.4 243.6 Advertising and media expense (including production and communication costs) 754.4 823.1 869.5 |
Components of interest, net [Table Text Block] | Fiscal Year Expense (Income), in Millions 2016 2015 2014 Interest expense $ 319.6 $ 335.5 $ 323.4 Capitalized interest (7.7) (6.9) (4.9) Interest income (8.1) (13.2) (16.1) Interest, net $ 303.8 $ 315.4 $ 302.4 |
Consolidated statements of cash flows supplemental disclosures [Table Text Block] | Fiscal Year In Millions 2016 2015 2014 Cash interest payments $ 292.0 $ 305.3 $ 288.3 Cash paid for income taxes 533.8 562.6 757.2 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
May 29, 2016 | |
QUARTERLY DATA (UNAUDITED) [Abstract] | |
Summarized quarterly data [Table Text Block] | In Millions, Except Per Share Amounts First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 4,207.9 $ 4,268.4 $ 4,424.9 $ 4,712.2 $ 4,002.4 $ 4,350.9 $ 3,927.9 $ 4,298.8 Gross margin 1,554.6 1,438.7 1,540.6 1,619.1 1,357.5 1,375.9 1,376.8 1,515.5 Net earnings attributable to General Mills 426.6 345.2 529.5 346.1 361.7 343.2 379.6 186.8 EPS: Basic $ 0.71 $ 0.56 $ 0.88 $ 0.58 $ 0.61 $ 0.57 $ 0.63 $ 0.31 Diluted $ 0.69 $ 0.55 $ 0.87 $ 0.56 $ 0.59 $ 0.56 $ 0.62 $ 0.30 Dividends per share $ 0.44 $ 0.41 $ 0.44 $ 0.41 $ 0.44 $ 0.41 $ 0.46 $ 0.44 Market price of common stock: High $ 59.55 $ 55.56 $ 59.23 $ 53.82 $ 60.14 $ 55.11 $ 65.36 $ 57.14 Low $ 54.36 $ 50.15 $ 55.41 $ 48.86 $ 54.12 $ 51.13 $ 58.85 $ 51.70 |
Basis of Presentation and Rec43
Basis of Presentation and Reclassifications (Details) | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Annual Reporting Period | 364 days | 371 days | 364 days |
Yoplait SAS [Member] | International [Member] | |||
Annual Reporting Period | 13 months | ||
Yoplait Marques SNC [Member] | International [Member] | |||
Annual Reporting Period | 13 months | ||
Annie's, Inc [Member] | U S Retail [Member] | |||
Annual Reporting Period | 13 months |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
May 29, 2016 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets Useful Life | 4 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets Useful Life | 30 years |
General Mills [Member] | Yoplait SAS [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership interest percentage in consolidated subsidiary | 51.00% |
Sodiaal International Redeemable Interest [Member] | |
Noncontrolling Interest [Line Items] | |
Redeemable interest terms | Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. |
Sodiaal International Redeemable Interest [Member] | Yoplait SAS [Member] | |
Noncontrolling Interest [Line Items] | |
Redeemable interest percentage | 49.00% |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment Useful Life | 40 years |
Equipment, Furniture and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment Useful Life | 3 years |
Equipment, Furniture and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment Useful Life | 10 years |
Acquisition and Divestitures (D
Acquisition and Divestitures (Divestitures) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 29, 2016 | Nov. 29, 2015 | May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Divestitures [Line Items] | |||||
Proceeds from divestitures | $ 828.5 | $ 0 | $ 121.6 | ||
Pre-tax gain (loss) on sale of business | 148.2 | 0 | $ 65.5 | ||
Brand asset retained | $ 4,147.5 | $ 4,147.5 | $ 4,262.1 | ||
Green Giant Brand [Member] | International [Member] | |||||
Divestitures [Line Items] | |||||
Brand asset retained | $ 30.1 | ||||
Sale of North American Green Giant Product Lines [Member] | |||||
Divestitures [Line Items] | |||||
Proceeds from divestitures | 822.7 | ||||
Pre-tax gain (loss) on sale of business | 199.1 | ||||
Net cash proceeds | $ 788 | ||||
General Mills de Venezuela CA Subsidiary [Member] | |||||
Divestitures [Line Items] | |||||
Pre-tax gain (loss) on sale of business | (37.6) | ||||
General Mills Argentina S.A. Foodservice Business [Member] | |||||
Divestitures [Line Items] | |||||
Pre-tax gain (loss) on sale of business | $ (14.8) |
Acquisition and Divestitures (A
Acquisition and Divestitures (Acquisition) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Nov. 23, 2014 | May 29, 2016 | May 31, 2015 | |
Business Acquisition [Line Items] | |||
Goodwill, Acquired During Period | $ 83.5 | $ 589.8 | |
Indefinite-lived Intangible Assets Acquired | $ 30.1 | $ 268.4 | |
Business Acquisition, Annie's Inc [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate purchase price | $ 821.2 | ||
Goodwill, Acquired During Period | 589.8 | ||
Business Acquisition, Annie's Inc [Member] | Annie's Brand [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets Acquired | 244.5 | ||
Business Acquisition, Annie's Inc [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 23.9 |
Restructuring, Impairment, an47
Restructuring, Impairment, and Other Exit Costs (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 31, 2015USD ($) | May 29, 2016USD ($)positions | May 31, 2015USD ($) | May 25, 2014USD ($) | |
Restructuring and Related Cost [Line Items] | ||||
Non-cash impairment charge of indefinite-lived intangible assets | $ 0 | $ 260 | ||
Net restructuring charges | 229.8 | 343.5 | $ 3.6 | |
Cash payments for restructuring | 122.6 | 63.6 | $ 22.4 | |
Payments for other project related costs | 54.5 | 9.7 | ||
Expected additional project-related costs | 109 | |||
US [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Non-cash impairment charge of indefinite-lived intangible assets | 260 | |||
International [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Non-cash impairment charge of indefinite-lived intangible assets | 0 | |||
Q1 2016 Project Compass [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Net restructuring charges | $ 54.7 | 0 | ||
Q1 2016 Project Compass [Member] | International [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Aug. 30, 2015 | |||
Restructuring action completion date | May 28, 2017 | |||
Expected net expense of restructuring action | $ 60 | |||
Expected cash payments for restructuring | 60 | |||
Net restructuring charges | $ 54.7 | |||
Q1 2016 Project Compass [Member] | International [Member] | Minimum [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Number of positions affected | positions | 725 | |||
Q1 2016 Project Compass [Member] | International [Member] | Maximum [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Number of positions affected | positions | 775 | |||
Q2 2015 Project Century [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | May 31, 2015 | |||
Net restructuring charges | $ 182.6 | 181.8 | ||
Q2 2016 Project Century, Exit Berwick and East Tamaki Facilities [Member] | International [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Nov. 29, 2015 | |||
Restructuring action completion date | May 27, 2018 | |||
Number of positions affected | positions | 285 | |||
Expected net expense of restructuring action | $ 41 | |||
Expected cash payments for restructuring | 20 | |||
Cash payments for restructuring | $ 30 | |||
Q1 2016 Project Century, Exit West Chicago Facility [Member] | US [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Aug. 30, 2015 | |||
Restructuring action completion date | May 26, 2019 | |||
Number of positions affected | positions | 500 | |||
Expected net expense of restructuring action | $ 117 | |||
Expected cash payments for restructuring | 53 | |||
Net restructuring charges | $ 79.2 | |||
Q1 2016 Project Century, Exit Joplin Facility [Member] | US [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Aug. 30, 2015 | |||
Restructuring action completion date | May 29, 2016 | |||
Number of positions affected | positions | 120 | |||
Expected net expense of restructuring action | $ 6.3 | |||
Net restructuring charges | 6.3 | |||
Q1 2016 Project Century, Exit Joplin Facility [Member] | US [Member] | Maximum [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Expected cash payments for restructuring | $ 1 | |||
Q3 2015 Project Century, Exit Midland Facility [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Feb. 22, 2015 | |||
Restructuring action completion date | May 27, 2018 | |||
Number of positions affected | positions | 100 | |||
Expected net expense of restructuring action | $ 23 | |||
Expected cash payments for restructuring | 16 | |||
Net restructuring charges | $ 2.7 | 6.5 | ||
Q3 2015 Project Century, Exit New Albany Facility [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Feb. 22, 2015 | |||
Restructuring action completion date | May 27, 2018 | |||
Number of positions affected | positions | 400 | |||
Expected net expense of restructuring action | $ 82 | |||
Expected cash payments for restructuring | 40 | |||
Net restructuring charges | $ 17.1 | 51.3 | ||
Q2 2015 Project Century, Exit Methuen Facility [Member] | U.S. Retail and Convenience Stores and Foodservice Segment [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Nov. 23, 2014 | |||
Restructuring action completion date | May 29, 2016 | |||
Number of positions affected | positions | 175 | |||
Expected net expense of restructuring action | $ 58 | |||
Expected cash payments for restructuring | 12 | |||
Net restructuring charges | $ 15.6 | 43.6 | ||
Q2 2015 Project Century, Exit Lodi Facility [Member] | US [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Nov. 23, 2014 | |||
Restructuring action completion date | May 29, 2016 | |||
Number of positions affected | positions | 430 | |||
Expected net expense of restructuring action | $ 93.8 | |||
Expected cash payments for restructuring | 20 | |||
Net restructuring charges | 30.6 | 63.2 | ||
Project Century, Miscellaneous Costs [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Net restructuring charges | 1.1 | 17.2 | ||
Cash payments for restructuring | 6 | |||
Q2 2015 Project Catalyst [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Net restructuring charges | 148.4 | |||
Reduction in estimated restructuring charges | $ 7.5 | |||
Q2 2015 Project Catalyst [Member] | US [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Nov. 23, 2014 | |||
Restructuring action completion date | May 31, 2015 | |||
Number of positions affected | positions | 750 | |||
Expected net expense of restructuring action | $ 140.9 | |||
Expected cash payments for restructuring | 118 | |||
Net restructuring charges | 148.4 | |||
Reduction in estimated restructuring charges | 7.5 | |||
Q1 2015 Combination of Certain Yoplait and General Mills Operational Facilities [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Net restructuring charges | $ 0 | 13.9 | ||
Q1 2015 Combination of Certain Yoplait and General Mills Operational Facilities [Member] | International [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Aug. 30, 2014 | |||
Restructuring action completion date | May 28, 2017 | |||
Number of positions affected | positions | 240 | |||
Expected net expense of restructuring action | $ 15 | |||
Expected cash payments for restructuring | 12 | |||
Net restructuring charges | 13.9 | |||
Charges Associated with Restructuring Actions Previously Announced [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | May 27, 2012 | |||
Restructuring action completion date | May 25, 2014 | |||
Net restructuring charges | $ 0 | $ 3.6 | ||
Reduction in estimated restructuring charges | 0.6 | |||
Green Giant Brand [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Non-cash impairment charge of indefinite-lived intangible assets | 260 | |||
Green Giant Brand [Member] | US [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Non-cash impairment charge of indefinite-lived intangible assets | $ 260 | $ 260 |
Restructuring, Impairment, an48
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring initiatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Restructuring and Related Cost [Line Items] | |||
Severance | $ 67.6 | $ 178.2 | |
Asset Write-offs | 31.9 | 55.3 | |
Pension Related | 20.5 | 37.8 | |
Accelerated Depreciation | 76.5 | 53.1 | |
Other | 33.3 | 19.1 | |
Total restructuring charges | 229.8 | 343.5 | $ 3.6 |
Project Compass [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Severance | 45.4 | 0 | |
Asset Write-offs | 0 | 0 | |
Pension Related | 1.4 | 0 | |
Accelerated Depreciation | 0 | 0 | |
Other | 7.9 | 0 | |
Total restructuring charges | 54.7 | 0 | |
Project Catalyst [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Severance | 121.5 | ||
Severance Reversal | (8.7) | ||
Asset Write-offs | 1.2 | 12.3 | |
Pension Related | 0 | 6.6 | |
Accelerated Depreciation | 0 | 0 | |
Other | 0 | 8 | |
Total restructuring charges | 148.4 | ||
Restructuring charges reversal | (7.5) | ||
Project Century [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Severance | 30.9 | 44.3 | |
Asset Write-offs | 30.7 | 42.3 | |
Pension Related | 19.1 | 31.2 | |
Accelerated Depreciation | 76.5 | 53.1 | |
Other | 25.4 | 10.9 | |
Total restructuring charges | 182.6 | 181.8 | |
Combination of Certain Operational Facilities [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Severance | 0 | 13 | |
Asset Write-offs | 0 | 0.7 | |
Pension Related | 0 | 0 | |
Accelerated Depreciation | 0 | 0 | |
Other | 0 | 0.2 | |
Total restructuring charges | 0 | 13.9 | |
Charges Associated with Restructuring Actions Previously Announced [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Severance | 0 | ||
Severance Reversal | (0.6) | ||
Asset Write-offs | 0 | 0 | |
Pension Related | 0 | 0 | |
Accelerated Depreciation | 0 | 0 | |
Other | 0 | 0 | |
Total restructuring charges | $ 0 | $ 3.6 | |
Restructuring charges reversal | $ (0.6) |
Restructuring, Impairment, an49
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges classification) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Restructuring and Related Cost [Line Items] | |||
Restructuring, impairment, and other exit costs | $ 229.8 | $ 343.5 | $ 3.6 |
Project-related costs classified in cost of sales | 57.5 | 13.2 | 0 |
Cost of Sales [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring, impairment, and other exit costs | 78.4 | 59.6 | 0 |
Restructuring Charges [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring, impairment, and other exit costs | $ 151.4 | $ 283.9 | $ 3.6 |
Restructuring, Impairment, an50
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring and other exit cost reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | $ 120.8 | $ 3.5 | $ 19.5 |
Restructuring charges paid out of reserve, including foreign currency translation | 70.2 | 185.1 | 6.4 |
Restructuring reserve utilized | (114.4) | (67.8) | (22.4) |
Reserve ending balance | 76.6 | 120.8 | 3.5 |
Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 118.6 | 3.5 | 19.5 |
Restructuring charges paid out of reserve, including foreign currency translation | 64.3 | 176.4 | 6.4 |
Restructuring reserve utilized | (109.3) | (61.3) | (22.4) |
Reserve ending balance | 73.6 | 118.6 | 3.5 |
Contract Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 0.6 | 0 | 0 |
Restructuring charges paid out of reserve, including foreign currency translation | 1.6 | 0.6 | 0 |
Restructuring reserve utilized | (0.7) | 0 | 0 |
Reserve ending balance | 1.5 | 0.6 | 0 |
Other Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 1.6 | 0 | 0 |
Restructuring charges paid out of reserve, including foreign currency translation | 4.3 | 8.1 | 0 |
Restructuring reserve utilized | (4.4) | (6.5) | 0 |
Reserve ending balance | $ 1.5 | $ 1.6 | $ 0 |
Investments in Unconsolidated51
Investments in Unconsolidated Joint Ventures (Narrative) (Details) - country | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Annual reporting period ended March 31 | 364 days | 371 days | 364 days |
Cereal Partners Worldwide [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50.00% | ||
Annual reporting period ended March 31 | 12 months | ||
Cereal Partners Worldwide [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of countries in which entity operates | 130 | ||
Haagen Dazs Japan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50.00% | ||
Annual reporting period ended March 31 | 12 months |
Investments in Unconsolidated52
Investments in Unconsolidated Joint Ventures (Schedule of joint venture related balance sheet activity) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Goodwill and other intangibles | $ 13,279.8 | $ 13,551.9 |
Corporate Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cumulative investments | 518.9 | 530.6 |
Goodwill and other intangibles | 469.2 | 465.1 |
Aggregate advances included in cumulative investments | $ 300.3 | $ 390.3 |
Investments in Unconsolidated53
Investments in Unconsolidated Joint Ventures (Schedule of joint venture earnings and cash flow activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Dividends received | $ 75.1 | $ 72.6 | $ 90.5 |
Corporate Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales to joint ventures | 10.5 | 11.6 | 12.1 |
Net advances (repayments) | (63.9) | 102.4 | 54.9 |
Dividends received | $ 75.1 | $ 72.6 | $ 90.5 |
Investments in Unconsolidated54
Investments in Unconsolidated Joint Ventures (Schedule of combined financial information for the joint ventures on a 100% basis) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 2,044.2 | $ 2,264.7 | $ 2,494.8 |
Gross margin | 867.6 | 925.4 | 1,030.3 |
Earnings before income taxes | 234.8 | 220.9 | 219.1 |
Earnings after income taxes | 186.7 | 170.7 | 168.8 |
Current assets | 814.1 | 800.1 | |
Noncurrent assets | 959.9 | 962.1 | |
Current liabilities | 1,457.3 | 1,484.8 | |
Noncurrent liabilities | 81.7 | 118.2 | |
Cereal Partners Worldwide [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | 1,674.8 | 1,894.5 | 2,107.9 |
Haagen Dazs Japan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 369.4 | $ 370.2 | $ 386.9 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 29, 2016 | May 31, 2015 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||
Future amortization expense, year one | $ 28 | |
Future amortization expense, year two | 28 | |
Future amortization expense, year three | 28 | |
Future amortization expense, year four | 28 | |
Future amortization expense, year five | 28 | |
Goodwill impairment | 0 | |
Indefinite-lived intangible assets impairment | $ 0 | $ 260 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets (Schedule of goodwill and other intangible assets) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 | May 25, 2014 | May 26, 2013 |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||
Goodwill | $ 8,741.2 | $ 8,874.9 | $ 8,650.5 | $ 8,622.2 |
Intangible assets not subject to amortization: | ||||
Brands and other indefinite-lived intangibles | 4,147.5 | 4,262.1 | ||
Intangible assets subject to amortization: | ||||
Franchise agreements, customer relationships and other finite-lived intangibles | 536.9 | 544 | ||
Less accumulated amortization | (145.8) | (129.1) | ||
Intangible assets subject to amortization | 391.1 | 414.9 | ||
Other intangible assets | 4,538.6 | 4,677 | $ 5,014.3 | $ 5,015.1 |
Total goodwill and intangible assets | $ 13,279.8 | $ 13,551.9 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Goodwill [Line Items] | |||
Beginning balance | $ 8,874.9 | $ 8,650.5 | $ 8,622.2 |
Acquisitions | 83.5 | 589.8 | |
Divestitures | (186.4) | (12.2) | |
Other activity, primarily foreign currency translation | (30.8) | (365.4) | 40.5 |
Ending balance | 8,741.2 | 8,874.9 | 8,650.5 |
U S Retail [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 6,419 | 5,829.2 | 5,841.4 |
Acquisitions | 54.1 | 589.8 | |
Divestitures | (180.2) | (12.2) | |
Other activity, primarily foreign currency translation | 0 | 0 | 0 |
Ending balance | 6,292.9 | 6,419 | 5,829.2 |
International [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 1,133.3 | 1,402 | 1,387 |
Acquisitions | 29.4 | 0 | |
Divestitures | (6.2) | 0 | |
Other activity, primarily foreign currency translation | (35.5) | (268.7) | 15 |
Ending balance | 1,121 | 1,133.3 | 1,402 |
Convenience Stores and Foodservice [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 921.1 | 921.1 | 921.1 |
Acquisitions | 0 | 0 | |
Divestitures | 0 | 0 | |
Other activity, primarily foreign currency translation | 0 | 0 | 0 |
Ending balance | 921.1 | 921.1 | 921.1 |
Joint Ventures [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 401.5 | 498.2 | 472.7 |
Acquisitions | 0 | 0 | |
Divestitures | 0 | 0 | |
Other activity, primarily foreign currency translation | 4.7 | (96.7) | 25.5 |
Ending balance | $ 406.2 | $ 401.5 | $ 498.2 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of other intangible assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 31, 2015 | May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Beginning balance - carrying value | $ 4,677 | $ 5,014.3 | $ 5,015.1 | |
Acquisitions | 30.1 | 268.4 | ||
Divestiture | (119.6) | |||
Impairment charge | 0 | (260) | ||
Other activity, primarily foreign currency translation | (48.9) | (345.7) | (0.8) | |
Ending balance - carrying value | $ 4,677 | 4,538.6 | 4,677 | 5,014.3 |
Green Giant [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Impairment charge | (260) | |||
U S Retail [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Beginning balance - carrying value | 3,311.9 | 3,307.5 | 3,312.4 | |
Acquisitions | 23.1 | 268.4 | ||
Divestiture | (119.6) | |||
Impairment charge | (260) | |||
Other activity, primarily foreign currency translation | (3.7) | (4) | (4.9) | |
Ending balance - carrying value | 3,311.9 | 3,211.7 | 3,311.9 | 3,307.5 |
U S Retail [Member] | Green Giant [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Impairment charge | (260) | (260) | ||
International [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Beginning balance - carrying value | 1,301.5 | 1,641.8 | 1,638.2 | |
Acquisitions | 7 | 0 | ||
Divestiture | 0 | |||
Impairment charge | 0 | |||
Other activity, primarily foreign currency translation | (44.6) | (340.3) | 3.6 | |
Ending balance - carrying value | 1,301.5 | 1,263.9 | 1,301.5 | 1,641.8 |
Joint Ventures [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Beginning balance - carrying value | 63.6 | 65 | 64.5 | |
Acquisitions | 0 | 0 | ||
Divestiture | 0 | |||
Impairment charge | 0 | |||
Other activity, primarily foreign currency translation | (0.6) | (1.4) | 0.5 | |
Ending balance - carrying value | $ 63.6 | $ 63 | $ 63.6 | $ 65 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Schedule of at-risk brand intangible assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
May 29, 2016 | May 31, 2015 | May 25, 2014 | May 26, 2013 | |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Book value of indefinite-lived intangible assets | $ 4,538.6 | $ 4,677 | $ 5,014.3 | $ 5,015.1 |
Mountain High [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Book value of indefinite-lived intangible assets | $ 35.4 | |||
Excess Fair Value Above Carrying Value, Percentage | 20.00% | |||
Uncle Toby's [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Book value of indefinite-lived intangible assets | $ 52.2 | |||
Excess Fair Value Above Carrying Value, Percentage | 11.00% |
Financial Instruments, Risk M60
Financial Instruments, Risk Management Activities, and Fair Values (Narrative) (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016EUR (€) | Apr. 30, 2015EUR (€) | Oct. 31, 2014USD ($) | May 29, 2016EUR (€) | May 29, 2016USD ($) | May 31, 2015EUR (€) | May 31, 2015USD ($) | May 25, 2014EUR (€) | May 25, 2014USD ($) | May 31, 2015USD ($) | ||
Financial Instruments Owned At Fair Value [Abstract] | |||||||||||
Cash and cash equivalents pledged as collateral | [1] | $ 7.5 | $ 40.1 | ||||||||
Accounts receivable pledged as collateral | 9.1 | ||||||||||
Derivative [Line Items] | |||||||||||
Long-term debt, carrying value | 8,161.1 | 8,575.7 | |||||||||
Issuance of long-term debt | $ 542.5 | $ 2,253.2 | $ 1,673 | ||||||||
Gain (Loss) on Interest Rate Fair Value Hedge Ineffectiveness | 1.6 | ||||||||||
Foreign Exchange Risk [Abstract] | |||||||||||
Maximum Length of Time, Foreign Currency Cash Flow Hedge | 18 months | 18 months | |||||||||
Deferred Net Foreign Currency Transaction Gains (Losses) AfterTax Accumulated Other Comprehensive Income | $ (20.1) | ||||||||||
Accounts payable to suppliers who utilize third party service | 537 | ||||||||||
Amounts Recorded in Accumulated Other Comprehensive Loss [Abstract] | |||||||||||
Net Pre-tax Gains (Losses) in AOCI Expected to be Reclassified into Net Earnings within the Next 12 Months | (1.2) | ||||||||||
Credit Risk Related Contingent Features [Abstract] | |||||||||||
Aggregate fair value of derivative instruments in liability position | 21.9 | ||||||||||
Aggregate fair value of collateral already posted | 7.5 | ||||||||||
Additional collateral required to be posted under specific circumstances | 14.4 | ||||||||||
Counterparty Credit Risk [Abstract] | |||||||||||
Concentration Risk Credit Risk Financial Instrument Maximum Exposure | 14.8 | ||||||||||
Maximum [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | (1) | (1) | 1 | ||||||||
Gain (Loss) on Interest Rate Fair Value Hedge Ineffectiveness | 1 | 1 | |||||||||
Foreign Exchange Risk [Abstract] | |||||||||||
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | (1) | 1 | $ (1) | ||||||||
Venezuela [Member] | |||||||||||
Foreign Exchange Risk [Abstract] | |||||||||||
Foreign exchange gain (loss) from remeasurement | $ (8) | ||||||||||
Euro-Denominated Bonds Issued Fourth Quarter Fiscal 2015 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Issuance of long-term debt | € | € 900 | ||||||||||
Euro-denominated 1.0% Notes Due April 27, 2023 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Long-term debt, carrying value | $ 555.8 | 549.4 | |||||||||
Derivative, Maturity Date | Apr. 27, 2023 | Apr. 27, 2023 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||||||||
Debt Instrument Term | 8 years | 8 years | |||||||||
Debt Instrument, Maturity Date | Apr. 27, 2023 | Apr. 27, 2023 | |||||||||
Issuance of long-term debt | € | € 500 | € 500 | |||||||||
Euro-denominated 1.5% Notes Due April 27, 2027 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Long-term debt, carrying value | $ 444.6 | 439.5 | |||||||||
Derivative, Maturity Date | Feb. 27, 2027 | Feb. 27, 2027 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||||||
Debt Instrument Term | 12 years | 12 years | |||||||||
Debt Instrument, Maturity Date | Apr. 27, 2027 | Apr. 27, 2027 | |||||||||
Issuance of long-term debt | € | € 400 | € 400 | |||||||||
1.4% Notes Due October 20, 2017 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Long-term debt, carrying value | $ 500 | $ 500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | 1.40% | 1.40% | ||||||||
Debt Instrument, Maturity Date | Oct. 20, 2017 | Oct. 20, 2017 | Oct. 20, 2017 | Oct. 20, 2017 | |||||||
Face Amount | $ 500 | ||||||||||
Issuance of long-term debt | $ 500 | ||||||||||
2.2% Notes Due October 21, 2019 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Long-term debt, carrying value | $ 500 | $ 500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | 2.20% | 2.20% | ||||||||
Debt Instrument, Maturity Date | Oct. 21, 2019 | Oct. 21, 2019 | Oct. 21, 2019 | Oct. 21, 2019 | |||||||
Face Amount | $ 500 | ||||||||||
Issuance of long-term debt | $ 500 | ||||||||||
3.65% Notes Due February 15, 2024 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Long-term debt, carrying value | $ 500 | 500 | |||||||||
Derivative, Maturity Date | Feb. 15, 2024 | Feb. 15, 2024 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | ||||||||||
Debt Instrument Term | 10 years | 10 years | |||||||||
Debt Instrument, Maturity Date | Feb. 15, 2024 | Feb. 15, 2024 | |||||||||
Issuance of long-term debt | $ 500 | ||||||||||
Floating-Rate Euro-denominated Notes Due January 15, 2020 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Long-term debt, carrying value | $ 555.8 | ||||||||||
Debt Instrument, Maturity Date | Jan. 15, 2020 | Jan. 15, 2020 | |||||||||
Issuance of long-term debt | € | € 500 | € 500 | |||||||||
2.1% Euro-Denominated Bonds Due November 16, 2020 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Long-term debt, carrying value | $ 555.8 | $ 549.4 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | ||||||||||
Debt Instrument, Maturity Date | Nov. 16, 2020 | Nov. 16, 2020 | |||||||||
Issuance of long-term debt | € | € 500 | ||||||||||
Forward Starting Swaps [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | € | € 600 | ||||||||||
Derivative, Average Fixed Interest Rate | 0.50% | 0.50% | |||||||||
Pre-tax amount of cash-settled interest rate hedge gain (loss) remaining in AOCI | $ 6.5 | ||||||||||
Commodity Contracts [Member] | |||||||||||
Financial Instruments Owned At Fair Value [Abstract] | |||||||||||
Cash and cash equivalents pledged as collateral | [1] | $ 7.5 | $ 40.1 | ||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | $ 295.4 | ||||||||||
Commodity Price Risk [Abstract] | |||||||||||
Derivative Contacts Inputs, Average Period of Utilization | 12 months | 12 months | |||||||||
Agricultural Related Derivative [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | $ 189.1 | ||||||||||
Energy Related Derivative [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | 106.3 | ||||||||||
Interest Rate Contracts [Member] | |||||||||||
Financial Instruments Owned At Fair Value [Abstract] | |||||||||||
Cash and cash equivalents pledged as collateral | [1] | 0 | 0 | ||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | $ 1,000 | $ 1,250 | |||||||||
Derivative, Average Fixed Interest Rate | 1.80% | 1.60% | 1.60% | ||||||||
Treasury Lock [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | $ 400 | $ 250 | |||||||||
Derivative, Average Fixed Interest Rate | 2.10% | 1.99% | |||||||||
Derivative, Maturity Date | Feb. 15, 2017 | Feb. 15, 2017 | |||||||||
Pre-tax amount of cash-settled interest rate hedge gain (loss) remaining in AOCI | $ 17.9 | ||||||||||
Foreign Exchange Contracts [Member] | |||||||||||
Financial Instruments Owned At Fair Value [Abstract] | |||||||||||
Cash and cash equivalents pledged as collateral | [1] | $ 0 | $ 0 | ||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | 997.7 | ||||||||||
Equity Swap [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | $ 113.5 | ||||||||||
Derivative, Maturity Date | May 28, 2017 | May 28, 2017 | |||||||||
Level 2 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Long-term debt, fair value | $ 8,629 | ||||||||||
[1] | Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
Financial Instruments, Risk M61
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of available for sale securities) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | $ 167.5 | $ 4.4 |
Fair Value | 174.2 | 10.9 |
Gross Gain | 6.7 | 6.5 |
Gross Loss | 0 | 0 |
Debt Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 165.7 | 2.6 |
Fair Value | 165.8 | 2.6 |
Gross Gain | 0.1 | 0 |
Gross Loss | 0 | 0 |
Equity Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 1.8 | 1.8 |
Fair Value | 8.4 | 8.3 |
Gross Gain | 6.6 | 6.5 |
Gross Loss | $ 0 | $ 0 |
Financial Instruments, Risk M62
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of maturities of available for sale securities) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | $ 167.5 | $ 4.4 |
Fair Value | 174.2 | 10.9 |
Debt Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 165.7 | 2.6 |
Fair Value | 165.8 | 2.6 |
Debt Securities [Member] | Available-for-Sale Securities Debt Maturities Within One Year [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 165.7 | |
Fair Value | 165.8 | |
Equity Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 1.8 | 1.8 |
Fair Value | $ 8.4 | $ 8.3 |
Financial Instruments, Risk M63
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Commodity Price Risk [Abstract] | |||
Net gain (loss) on mark-to-market valuation of commodity positions | $ (69.1) | $ (163.7) | $ (4.9) |
Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit | 127.9 | 84.4 | 51.2 |
Net mark-to-market revaluation of certain grain inventories | 4 | (10.4) | 2.2 |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 62.8 | $ (89.7) | $ 48.5 |
Financial Instruments, Risk M64
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of interest rate hedge in AOCI) (Details) $ in Millions | 12 Months Ended |
May 29, 2016USD ($) | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (49.5) |
5.7% Notes Due February 15, 2017 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (1.6) |
Derivative, Maturity Date | Feb. 15, 2017 |
Debt Instrument, Interest Rate, Stated Percentage | 5.70% |
5.65% Notes Due February 15, 2019 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ 1.4 |
Derivative, Maturity Date | Feb. 15, 2019 |
Debt Instrument, Interest Rate, Stated Percentage | 5.65% |
3.15% Notes Due December 15, 2021 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (54.9) |
Derivative, Maturity Date | Dec. 15, 2021 |
Debt Instrument, Interest Rate, Stated Percentage | 3.15% |
Euro-denominated 1.0% Notes Due April 27, 2023 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (1.7) |
Derivative, Maturity Date | Apr. 27, 2023 |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% |
3.65% Notes Due February 15, 2024 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ 13.8 |
Derivative, Maturity Date | Feb. 15, 2024 |
Debt Instrument, Interest Rate, Stated Percentage | 3.65% |
Euro-denominated 1.5% Notes Due April 27, 2027 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (3.6) |
Derivative, Maturity Date | Feb. 27, 2027 |
Debt Instrument, Interest Rate, Stated Percentage | 1.50% |
5.4% Notes Due June 15, 2040 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (13.4) |
Derivative, Maturity Date | Jun. 15, 2040 |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% |
4.15% Notes Due February 15, 2043 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ 10.5 |
Derivative, Maturity Date | Feb. 15, 2043 |
Debt Instrument, Interest Rate, Stated Percentage | 4.15% |
Financial Instruments, Risk M65
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of interest rate derivatives) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,000 | $ 1,250 |
Average Receive Rate | 1.80% | 1.60% |
Average Pay Rate | 1.10% | 0.70% |
Swap Contract Maturities, Year Two | $ 500 | |
Swap Contract Maturities, Year Four | 500 | |
Swap Contract Maturities, Total | $ 1,000 |
Financial Instruments, Risk M66
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of offsetting assets and liabilities) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 | |
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | $ 40.7 | $ 40 | |
Gross Liabilities Offset in the Balance Sheet | [1] | 0 | 0 |
Net Amounts of Assets | [2] | 40.7 | 40 |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | (12.6) | (13.8) |
Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | 0 |
Net Amount | [4] | 28.1 | 26.2 |
Offsetting Liabilities [Line Items] | |||
Gross Amounts of Recognized Liabilities | (38.9) | (124.7) | |
Gross Assets Offset in the Balance Sheet | [1] | 0 | 0 |
Net Amounts of Liabilities | [2] | (38.9) | (124.7) |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 12.6 | 13.8 |
Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 7.5 | 40.1 |
Net Amount | [5] | (18.8) | (70.8) |
Commodity Contracts [Member] | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 4.4 | 10.1 | |
Gross Liabilities Offset in the Balance Sheet | [1] | 0 | 0 |
Net Amounts of Assets | [2] | 4.4 | 10.1 |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | (3.9) | (1.3) |
Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | 0 |
Net Amount | [4] | 0.5 | 8.8 |
Offsetting Liabilities [Line Items] | |||
Gross Amounts of Recognized Liabilities | (22.2) | (59.4) | |
Gross Assets Offset in the Balance Sheet | [1] | 0 | 0 |
Net Amounts of Liabilities | [2] | (22.2) | (59.4) |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 3.9 | 1.3 |
Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 7.5 | 40.1 |
Net Amount | [5] | (10.8) | (18) |
Interest Rate Contracts [Member] | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 8.5 | 4 | |
Gross Liabilities Offset in the Balance Sheet | [1] | 0 | 0 |
Net Amounts of Assets | [2] | 8.5 | 4 |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | 0 |
Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | 0 |
Net Amount | [4] | 8.5 | 4 |
Offsetting Liabilities [Line Items] | |||
Gross Amounts of Recognized Liabilities | (3) | 0 | |
Gross Assets Offset in the Balance Sheet | [1] | 0 | 0 |
Net Amounts of Liabilities | [2] | (3) | 0 |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | 0 |
Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | 0 |
Net Amount | [5] | (3) | 0 |
Foreign Exchange Contracts [Member] | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 25.4 | 25.9 | |
Gross Liabilities Offset in the Balance Sheet | [1] | 0 | 0 |
Net Amounts of Assets | [2] | 25.4 | 25.9 |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | (8.7) | (12.5) |
Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | 0 |
Net Amount | [4] | 16.7 | 13.4 |
Offsetting Liabilities [Line Items] | |||
Gross Amounts of Recognized Liabilities | (13.7) | (65.3) | |
Gross Assets Offset in the Balance Sheet | [1] | 0 | 0 |
Net Amounts of Liabilities | [2] | (13.7) | (65.3) |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 8.7 | 12.5 |
Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | 0 |
Net Amount | [5] | (5) | $ (52.8) |
Equity Contracts [Member] | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 2.4 | ||
Gross Liabilities Offset in the Balance Sheet | [1] | 0 | |
Net Amounts of Assets | [2] | 2.4 | |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | |
Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | |
Net Amount | [4] | 2.4 | |
Offsetting Liabilities [Line Items] | |||
Gross Amounts of Recognized Liabilities | 0 | ||
Gross Assets Offset in the Balance Sheet | [1] | 0 | |
Net Amounts of Liabilities | [2] | 0 | |
Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | |
Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 0 | |
Net Amount | [5] | $ 0 | |
[1] | Includes related collateral offset in our Consolidated Balance Sheets. | ||
[2] | N et fair value as recorded in our C onsolidated B alance S heets. | ||
[3] | Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. | ||
[4] | Fair value of assets t hat could be reported net in our C onsolidated B alance S heets. | ||
[5] | Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. |
Financial Instruments, Risk M67
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of fair value measurement inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
May 29, 2016 | May 31, 2015 | May 25, 2014 | May 26, 2013 | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | $ 40.7 | $ 40 | |||||
Other Assets, Fair Value Disclosure | 200.2 | 203 | |||||
Total Assets, Fair Value Disclosure | 239.4 | 246.3 | |||||
Derivative Liability, Fair Value | (38.9) | (124.7) | |||||
Other Liabilities, Fair Value Disclosure | 0 | 0 | |||||
Total Liabilities, Fair Value Disclosure | (44.4) | (132.5) | |||||
Book value of long-lived assets | 3,743.6 | 3,783.3 | |||||
Proceeds from sale of long-lived assets | 4.4 | 11 | $ 6.6 | ||||
Non-cash impairment charge of indefinite-lived intangible assets | 0 | 260 | |||||
Book value of indefinite-lived intangible assets | 4,538.6 | 4,677 | $ 5,014.3 | $ 5,015.1 | |||
Long-Lived Assets [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 26 | [1] | 37.8 | [2] | |||
Other Liabilities, Fair Value Disclosure | 0 | [1] | 0 | [2] | |||
Non-cash impairment charge of long-lived assets | 11.4 | 30.3 | |||||
Book value of long-lived assets | 28.2 | 68.1 | |||||
Indefinite-lived Intangible Asset [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | [3] | 154.3 | |||||
Other Liabilities, Fair Value Disclosure | [3] | 0 | |||||
Green Giant [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Non-cash impairment charge of indefinite-lived intangible assets | 260 | ||||||
Green Giant [Member] | Indefinite-lived Intangible Asset [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 154.3 | ||||||
Non-cash impairment charge of long-lived assets | 260 | ||||||
Book value of indefinite-lived intangible assets | 414.3 | ||||||
Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 19.9 | 29.5 | |||||
Derivative Liability, Fair Value | (15.2) | (23.3) | |||||
Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 19.3 | 13.8 | |||||
Derivative Liability, Fair Value | (29.2) | (109.2) | |||||
Level 1 [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 8.4 | 8.3 | |||||
Total Assets, Fair Value Disclosure | 11 | 15.5 | |||||
Other Liabilities, Fair Value Disclosure | 0 | 0 | |||||
Total Liabilities, Fair Value Disclosure | (0.6) | 0 | |||||
Level 1 [Member] | Long-Lived Assets [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 0 | [1] | 0 | [2] | |||
Other Liabilities, Fair Value Disclosure | 0 | [1] | 0 | [2] | |||
Level 1 [Member] | Indefinite-lived Intangible Asset [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | [3] | 0 | |||||
Other Liabilities, Fair Value Disclosure | [3] | 0 | |||||
Level 1 [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | 0 | |||||
Derivative Liability, Fair Value | 0 | 0 | |||||
Level 1 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 2.6 | 7.2 | |||||
Derivative Liability, Fair Value | (0.6) | 0 | |||||
Level 2 [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 191.8 | 40.4 | |||||
Total Assets, Fair Value Disclosure | 228.4 | 76.5 | |||||
Other Liabilities, Fair Value Disclosure | 0 | 0 | |||||
Total Liabilities, Fair Value Disclosure | (43.8) | (132.5) | |||||
Level 2 [Member] | Long-Lived Assets [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 26 | [1] | 37.8 | [2] | |||
Other Liabilities, Fair Value Disclosure | 0 | [1] | 0 | [2] | |||
Level 2 [Member] | Indefinite-lived Intangible Asset [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | [3] | 0 | |||||
Other Liabilities, Fair Value Disclosure | [3] | 0 | |||||
Level 2 [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 19.9 | 29.5 | |||||
Derivative Liability, Fair Value | (15.2) | (23.3) | |||||
Level 2 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 16.7 | 6.6 | |||||
Derivative Liability, Fair Value | (28.6) | (109.2) | |||||
Level 3 [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 0 | 154.3 | |||||
Total Assets, Fair Value Disclosure | 0 | 154.3 | |||||
Other Liabilities, Fair Value Disclosure | 0 | 0 | |||||
Total Liabilities, Fair Value Disclosure | 0 | 0 | |||||
Level 3 [Member] | Long-Lived Assets [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 0 | [1] | 0 | [2] | |||
Other Liabilities, Fair Value Disclosure | 0 | [1] | 0 | [2] | |||
Level 3 [Member] | Indefinite-lived Intangible Asset [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | [3] | 154.3 | |||||
Other Liabilities, Fair Value Disclosure | [3] | 0 | |||||
Level 3 [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | 0 | |||||
Derivative Liability, Fair Value | 0 | 0 | |||||
Level 3 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | 0 | |||||
Derivative Liability, Fair Value | 0 | 0 | |||||
Marketable Investments [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 174.2 | [4],[5] | 10.9 | [6],[7] | |||
Other Liabilities, Fair Value Disclosure | 0 | [4],[5] | 0 | [6],[7] | |||
Marketable Investments [Member] | Level 1 [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 8.4 | [4],[5] | 8.3 | [6],[7] | |||
Other Liabilities, Fair Value Disclosure | 0 | [4],[5] | 0 | [6],[7] | |||
Marketable Investments [Member] | Level 2 [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 165.8 | [4],[5] | 2.6 | [6],[7] | |||
Other Liabilities, Fair Value Disclosure | 0 | [4],[5] | 0 | [6],[7] | |||
Marketable Investments [Member] | Level 3 [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Other Assets, Fair Value Disclosure | 0 | [4],[5] | 0 | [6],[7] | |||
Other Liabilities, Fair Value Disclosure | 0 | [4],[5] | 0 | [6],[7] | |||
Interest Rate Contracts [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 8.5 | 4 | |||||
Derivative Liability, Fair Value | (3) | 0 | |||||
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 7.7 | [5],[8] | 4 | [7],[9] | |||
Derivative Liability, Fair Value | (3) | [5],[8] | 0 | [7],[9] | |||
Interest Rate Contracts [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | [5],[8] | 0 | [7],[9] | |||
Derivative Liability, Fair Value | 0 | [5],[8] | 0 | [7],[9] | |||
Interest Rate Contracts [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 7.7 | [5],[8] | 4 | [7],[9] | |||
Derivative Liability, Fair Value | (3) | [5],[8] | 0 | [7],[9] | |||
Interest Rate Contracts [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | [5],[8] | 0 | [7],[9] | |||
Derivative Liability, Fair Value | 0 | [5],[8] | 0 | [7],[9] | |||
Foreign Exchange Contracts [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 25.4 | 25.9 | |||||
Derivative Liability, Fair Value | (13.7) | (65.3) | |||||
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 12.2 | [10],[11] | 25.5 | [12],[13] | |||
Derivative Liability, Fair Value | (12.2) | [10],[11] | (23.3) | [12],[13] | |||
Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 13.2 | [10],[11] | 0.4 | [12],[13] | |||
Derivative Liability, Fair Value | (1.5) | [10],[11] | (42) | [12],[13] | |||
Foreign Exchange Contracts [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | [10],[11] | 0 | [12],[13] | |||
Derivative Liability, Fair Value | 0 | [10],[11] | 0 | [12],[13] | |||
Foreign Exchange Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | [10],[11] | 0 | [12],[13] | |||
Derivative Liability, Fair Value | 0 | [10],[11] | 0 | [12],[13] | |||
Foreign Exchange Contracts [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 12.2 | [10],[11] | 25.5 | [12],[13] | |||
Derivative Liability, Fair Value | (12.2) | [10],[11] | (23.3) | [12],[13] | |||
Foreign Exchange Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 13.2 | [10],[11] | 0.4 | [12],[13] | |||
Derivative Liability, Fair Value | (1.5) | [10],[11] | (42) | [12],[13] | |||
Foreign Exchange Contracts [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | [10],[11] | 0 | [12],[13] | |||
Derivative Liability, Fair Value | 0 | [10],[11] | 0 | [12],[13] | |||
Foreign Exchange Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | [10],[11] | 0 | [12],[13] | |||
Derivative Liability, Fair Value | 0 | [10],[11] | 0 | [12],[13] | |||
Equity Contracts [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 2.4 | ||||||
Derivative Liability, Fair Value | 0 | ||||||
Commodity Contracts [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 4.4 | 10.1 | |||||
Derivative Liability, Fair Value | (22.2) | (59.4) | |||||
Commodity Contracts [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 4.3 | [11],[14] | 10.1 | [13],[15] | |||
Derivative Liability, Fair Value | (22.2) | [11],[14] | (59.4) | [13],[15] | |||
Commodity Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 2.6 | [11],[14] | 7.2 | [13],[15] | |||
Derivative Liability, Fair Value | (0.6) | [11],[14] | 0 | [13],[15] | |||
Commodity Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 1.7 | [11],[14] | 2.9 | [13],[15] | |||
Derivative Liability, Fair Value | (21.6) | [11],[14] | (59.4) | [13],[15] | |||
Commodity Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | [11],[14] | 0 | [13],[15] | |||
Derivative Liability, Fair Value | 0 | [11],[14] | 0 | [13],[15] | |||
Grain Contracts [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 1.8 | [11],[14] | 3.3 | [13],[15] | |||
Derivative Liability, Fair Value | (5.5) | [11],[14] | (7.8) | [13],[15] | |||
Grain Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | [11],[14] | 0 | [13],[15] | |||
Derivative Liability, Fair Value | 0 | [11],[14] | 0 | [13],[15] | |||
Grain Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 1.8 | [11],[14] | 3.3 | [13],[15] | |||
Derivative Liability, Fair Value | (5.5) | [11],[14] | (7.8) | [13],[15] | |||
Grain Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Derivative Asset, Fair Value | 0 | [11],[14] | 0 | [13],[15] | |||
Derivative Liability, Fair Value | $ 0 | [11],[14] | $ 0 | [13],[15] | |||
[1] | We recorded $11.4Â million in non-cash impairment charges in fiscal 2016 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $28.2 million and were associated with the restructuring actions described in Note 4. | ||||||
[2] | We recorded $30.3 million in non-cash impairment charges in fiscal 2015 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $68.1 million and were associated with the restructuring actions described in Note 4. | ||||||
[3] | We recorded a $260.0 million non-cash impairment charge in fiscal 2015 to write down our Green Giant brand asset to its fair value of $154.3 million. This asset had a carrying value of $414.3 million. See Note 6 for additional information. | ||||||
[4] | Based on prices of common stock and bond matrix pricing. | ||||||
[5] | These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. | ||||||
[6] | Based on prices of common stock and bond matrix pricing. | ||||||
[7] | These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. | ||||||
[8] | Based on LIBOR and swap rates. | ||||||
[9] | Based on LIBOR and swap rates. | ||||||
[10] | Based on observable market transactions of spot currency rates and forward currency prices. | ||||||
[11] | These contracts are recorded as prepaid expenses and other current assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. | ||||||
[12] | Based on observable market transactions of spot currency rates and forward currency prices. | ||||||
[13] | These contracts are recorded as prepaid expenses and other cu rrent assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. | ||||||
[14] | Based on prices of futures exchanges and rece ntly reported transactions in the marketplace. | ||||||
[15] | Based on prices of futures exchanges and recentl y reported transactions in the marketplace. |
Financial Instruments, Risk M68
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of gains and losses on hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | ||
Cash Flow Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | $ 18.6 | $ 7.4 |
Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 11.5 | (5.6) |
Amount of net gain (loss) recognized in earnings | [3] | (0.8) | (0.5) |
Fair Value Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | 0.1 | 1.6 |
Net Investment Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | (0.2) | (6.9) |
Not Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | (59.5) | (208.4) |
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | (2.6) | (5.9) |
Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | (10.6) | (10.6) |
Amount of net gain (loss) recognized in earnings | [3] | (0.1) | (0.6) |
Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | 0.1 | 1.6 |
Interest Rate Contracts [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0 | 0 |
Interest Rate Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | 0 | 0 |
Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 21.2 | 13.3 |
Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 22.1 | 5 |
Amount of net gain (loss) recognized in earnings | [3] | (0.7) | 0.1 |
Foreign Exchange Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | 0 | 0 |
Foreign Exchange Contracts [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | (0.2) | (6.9) |
Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | 1.1 | (54.3) |
Equity Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0 | 0 |
Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 0 | 0 |
Amount of net gain (loss) recognized in earnings | [3] | 0 | 0 |
Equity Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | 0 | 0 |
Equity Contracts [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0 | 0 |
Equity Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | (4.5) | 9.6 |
Commodity Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0 | 0 |
Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 0 | 0 |
Amount of net gain (loss) recognized in earnings | [3] | 0 | 0 |
Commodity Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | 0 | 0 |
Commodity Contracts [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0 | 0 |
Commodity Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of net gain (loss) recognized in earnings | [4] | $ (56.1) | $ (163.7) |
[1] | Effective portion. | ||
[2] | Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. | ||
[3] | Gain (loss) recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness. | ||
[4] | Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. |
Financial Instruments, Risk M69
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of cashflow hedge in AOCI) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | $ (25.5) | $ (28.8) |
Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | (31.3) | |
Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | $ 5.8 |
Financial Instruments, Risk M70
Financial Instruments, Risk Management Activities, and Fair Values (Concentrations narrative) (Details) | 12 Months Ended | |
May 29, 2016 | ||
Net Sales [Member] | Wal-Mart [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 20.00% | [1] |
Net Sales [Member] | Wal-Mart [Member] | United States [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 30.00% | [1] |
Net Sales [Member] | Wal-Mart [Member] | International [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 5.00% | [1] |
Net Sales [Member] | Wal-Mart [Member] | Convenience Stores and Foodservice Segment [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 8.00% | [1] |
Net Sales [Member] | Five Largest Customers [Member] | United States [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 53.00% | |
Net Sales [Member] | Five Largest Customers [Member] | International [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 22.00% | |
Net Sales [Member] | Five Largest Customers [Member] | Convenience Stores and Foodservice Segment [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 45.00% | |
Receivables [Member] | Wal-Mart [Member] | United States [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 26.00% | [1] |
Receivables [Member] | Wal-Mart [Member] | International [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 4.00% | [1] |
Receivables [Member] | Wal-Mart [Member] | Convenience Stores and Foodservice Segment [Member] | ||
Product Information [Line Items] | ||
Concentration Risk Percentage | 8.00% | [1] |
[1] | Includes Wal-Mart Stores, Inc. and its affiliates. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016EUR (€) | Jan. 31, 2016USD ($) | Apr. 30, 2015EUR (€) | Mar. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Jun. 30, 2014EUR (€) | May 29, 2016EUR (€) | May 29, 2016USD ($) | May 31, 2015EUR (€) | May 31, 2015USD ($) | May 25, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | $ 542.5 | $ 2,253.2 | $ 1,673 | ||||||||
Repayment of long-term debt | 1,000.4 | $ 1,145.8 | $ 1,444.8 | ||||||||
Pre-tax hedge gain (loss) in AOCI | (49.5) | ||||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (10) | ||||||||||
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months | 1,103.4 | ||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 604.7 | ||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 1,150.4 | ||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 1,056 | ||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | $ 555.9 | ||||||||||
Floating-Rate Euro-denominated Notes Due January 15, 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 500 | € 500 | |||||||||
Maturity date | Jan. 15, 2020 | Jan. 15, 2020 | |||||||||
0.875% Notes Due January 29, 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Jan. 29, 2016 | Jan. 29, 2016 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.875% | 0.875% | 0.875% | 0.875% | |||||||
Repayment of long-term debt | $ 250 | ||||||||||
Floating-Rate Notes Due January 28, 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Jan. 28, 2016 | Jan. 28, 2016 | |||||||||
Repayment of long-term debt | $ 750 | ||||||||||
Euro-denominated 1.0% Notes Due April 27, 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 500 | € 500 | |||||||||
Maturity date | Apr. 27, 2023 | Apr. 27, 2023 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||||||||
Pre-tax hedge gain (loss) in AOCI | $ (1.7) | ||||||||||
Euro-denominated 1.5% Notes Due April 27, 2027 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 400 | € 400 | |||||||||
Maturity date | Apr. 27, 2027 | Apr. 27, 2027 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||||||
Pre-tax hedge gain (loss) in AOCI | $ (3.6) | ||||||||||
5.2% Notes Due March 17, 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||||||||||
Repayment of long-term debt | $ 750 | ||||||||||
1.4% Notes Due October 20, 2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | $ 500 | ||||||||||
Maturity date | Oct. 20, 2017 | Oct. 20, 2017 | Oct. 20, 2017 | Oct. 20, 2017 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | 1.40% | 1.40% | ||||||||
2.2% Notes Due October 21, 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | $ 500 | ||||||||||
Maturity date | Oct. 21, 2019 | Oct. 21, 2019 | Oct. 21, 2019 | Oct. 21, 2019 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | 2.20% | 2.20% | ||||||||
Euro-denominated 2.2% Senior Unsecured Notes Due June 24, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Jun. 24, 2021 | Jun. 24, 2021 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | ||||||||||
Euro-denominated 2.2% Senior Unsecured Notes Due June 24, 2021 [Member] | Yoplait SAS [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 200 | ||||||||||
Maturity date | Jun. 24, 2021 | Jun. 24, 2021 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | ||||||||||
Floating-Rate Notes Due December 2014 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | € | € 290 | ||||||||||
Long-term Debt Agreements Containing Restrictive Covenants [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Covenant compliance | As of May 29, 2016, we were in compliance with all of these covenants. | As of May 29, 2016, we were in compliance with all of these covenants. |
Debt (Schedule of short-term de
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Short-term Debt [Line Items] | ||
Notes payable | $ 269.8 | $ 615.8 |
Weighted Average Interest Rate | 8.60% | 3.00% |
Commercial Paper [Member] | US [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 0 | $ 432 |
Weighted Average Interest Rate | 0.00% | 0.30% |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 269.8 | $ 183.8 |
Weighted Average Interest Rate | 8.60% | 9.50% |
Debt (Schedule of credit facili
Debt (Schedule of credit facilities) (Details) € in Millions, $ in Billions | 12 Months Ended | |
May 29, 2016EUR (€) | May 29, 2016USD ($) | |
Line of Credit Facility [Line Items] | ||
Facility Amount | $ 3.3 | |
Borrowed Amount | 0.2 | |
Committed Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Facility Amount | 2.9 | |
Borrowed Amount | $ 0.1 | |
Minimum fixed charge coverage ratio | 2.5 | 2.5 |
Compliance with credit facility covenants | We were in compliance with all credit facility covenants as of May 29, 2016. | |
Line of Credit Expiring May 2021 [Member] | ||
Line of Credit Facility [Line Items] | ||
Facility Amount | $ 2.7 | |
Borrowed Amount | 0 | |
Expiration date of credit facility | May 31, 2021 | |
Line of Credit Expiring June 2019 [Member] | ||
Line of Credit Facility [Line Items] | ||
Facility Amount | 0.2 | |
Borrowed Amount | 0.1 | |
Expiration date of credit facility | Jun. 30, 2019 | |
Line of Credit Expiring June 2019 [Member] | Yoplait SAS [Member] | ||
Line of Credit Facility [Line Items] | ||
Facility Amount | € | € 200 | |
Expiration date of credit facility | Jun. 30, 2019 | |
Line of Credit Expiring April 2017 [Member] | ||
Line of Credit Facility [Line Items] | ||
Facility Amount | 1.7 | |
Line of Credit Expiring May 2019 [Member] | ||
Line of Credit Facility [Line Items] | ||
Facility Amount | 1 | |
Uncommitted Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Facility Amount | 0.4 | |
Borrowed Amount | $ 0.1 |
Debt (Schedule of long-term deb
Debt (Schedule of long-term debt) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | Jan. 31, 2016 | |
Debt Instrument [Line Items] | |||
Long-term debt, including current portion | $ 8,161.1 | $ 8,575.7 | |
Other, including debt issuance costs and capital leases | (26.1) | (36.5) | |
Current portion of long-term debt | (1,103.4) | (1,000.4) | |
Total long-term debt | $ 7,057.7 | 7,575.3 | |
5.65% Notes Due February 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | ||
Maturity date | Feb. 15, 2019 | ||
Long-term debt, including current portion | $ 1,150 | 1,150 | |
5.7% Notes Due February 15, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ||
Maturity date | Feb. 15, 2017 | ||
Long-term debt, including current portion | $ 1,000 | 1,000 | |
3.15% Notes Due December 15, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||
Maturity date | Dec. 15, 2021 | ||
Long-term debt, including current portion | $ 1,000 | 1,000 | |
Euro-denominated 2.1% Notes Due November 16, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | ||
Maturity date | Nov. 16, 2020 | ||
Long-term debt, including current portion | $ 555.8 | 549.4 | |
Euro-denominated 1.0% Notes Due April 27, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||
Maturity date | Apr. 27, 2023 | ||
Long-term debt, including current portion | $ 555.8 | $ 549.4 | |
Floating-Rate Euro-denominated Notes Due January 15, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jan. 15, 2020 | ||
Long-term debt, including current portion | $ 555.8 | ||
1.4% Notes Due October 20, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | 1.40% | |
Maturity date | Oct. 20, 2017 | Oct. 20, 2017 | |
Long-term debt, including current portion | $ 500 | $ 500 | |
5.4% Notes Due June 15, 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ||
Maturity date | Jun. 15, 2040 | ||
Long-term debt, including current portion | $ 500 | 500 | |
4.15% Notes Due February 15, 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | ||
Maturity date | Feb. 15, 2043 | ||
Long-term debt, including current portion | $ 500 | 500 | |
3.65% Notes Due February 15, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | ||
Maturity date | Feb. 15, 2024 | ||
Long-term debt, including current portion | $ 500 | $ 500 | |
2.2% Notes Due October 21, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | 2.20% | |
Maturity date | Oct. 21, 2019 | Oct. 21, 2019 | |
Long-term debt, including current portion | $ 500 | $ 500 | |
Floating Rate Notes Due January 29, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jan. 29, 2016 | ||
Long-term debt, including current portion | $ 500 | ||
Euro-denominated 1.5% Notes Due April 27, 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||
Maturity date | Apr. 27, 2027 | ||
Long-term debt, including current portion | $ 444.6 | $ 439.5 | |
0.875% Notes Due January 29, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.875% | 0.875% | |
Maturity date | Jan. 29, 2016 | ||
Long-term debt, including current portion | $ 250 | ||
Floating-Rate Notes Due January 28, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jan. 28, 2016 | ||
Long-term debt, including current portion | $ 250 | ||
Euro-denominated 2.2% Senior Unsecured Notes Due June 24, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | ||
Maturity date | Jun. 24, 2021 | ||
Long-term debt, including current portion | $ 221 | 219.7 | |
Medium-term Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.02% | ||
Debt Instrument, Interest Rate Stated Percentage Rate Range, Maximum | 6.44% | ||
Long-term debt, including current portion | $ 204.2 | $ 204.2 |
Redeemable and Noncontrolling75
Redeemable and Noncontrolling Interests (Details) $ in Millions | 12 Months Ended | ||||
May 29, 2016USD ($)subsidiaries | May 31, 2015USD ($) | May 25, 2014USD ($) | May 26, 2013USD ($) | Jul. 01, 2011USD ($) | |
REDEEMABLE AND NONCONTROLLING INTERESTS [Abstract] | |||||
Number of other noncontrolling interests | subsidiaries | 6 | ||||
Other noncontrolling interests | $ 7 | ||||
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | 845.6 | $ 778.9 | |||
Noncontrolling interests | 376.9 | 396 | |||
Dividends paid under the terms of shareholder agreements | $ 84.3 | 25 | $ 77.4 | ||
Noncontrolling interests covenant compliancee | Our noncontrolling interests contain restrictive covenants. As of May 29, 2016, we were in compliance with all of these covenants. | ||||
Yoplait SAS Subsidiary [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net purchases from related party | $ 321 | 271.3 | |||
General Mills Cereals Llc [Member] | Preferred Class A [Member] | Third Party Interest Holder [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest holders capital account, General Mills Cereals, LLC | $ 251.5 | ||||
Preferred distributions, variable rate | three-month LIBOR | ||||
Preferred distributions, basis spread on variable rate | 1.25% | ||||
Preferred return rate adjustment period | 3 years | ||||
General Mills [Member] | Yoplait SAS [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage in consolidated subsidiary | 51.00% | ||||
General Mills [Member] | Yoplait Marques SNC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage in consolidated subsidiary | 50.00% | ||||
General Mills [Member] | Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage in consolidated subsidiary | 50.00% | ||||
Sodiaal International Redeemable Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | $ 845.6 | $ 778.9 | $ 984.1 | $ 967.5 | |
Redeemable interest terms | Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. | ||||
Dividends paid under the terms of shareholder agreements | $ 74.5 | ||||
Sodiaal International Redeemable Interest [Member] | Yoplait SAS [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | $ 845.6 | $ 904.4 | |||
Redeemable interest percentage | 49.00% | ||||
Sodiaal SAS Noncontrolling Interest [Member] | Yoplait Marques SNC and Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interests | $ 281.4 | ||||
Sodiaal SAS Noncontrolling Interest [Member] | Yoplait Marques SNC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage held by noncontrolling owners | 50.00% | ||||
Sodiaal SAS Noncontrolling Interest [Member] | Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage held by noncontrolling owners | 50.00% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Preferred Stock, Shares Authorized | 5 | ||
Number of shares of common stock authorized for repurchase | 100 | ||
Shares purchased | 10.7 | 22.3 | 35.6 |
Fair value of treasury stock acquired | $ 606.7 | $ 1,161.9 | $ 1,774.4 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of total comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Feb. 22, 2015 | Nov. 23, 2014 | Aug. 24, 2014 | May 29, 2016 | May 31, 2015 | May 25, 2014 | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation | $ (108.7) | $ (957.9) | $ (11.3) | |||||||||||
Net actuarial income (loss) | (325.9) | (358.4) | 206 | |||||||||||
Other fair value changes: | ||||||||||||||
Securities | 0.1 | 0.8 | 0.3 | |||||||||||
Hedge derivatives | 16 | 4.1 | 5 | |||||||||||
Reclassification to earnings: | ||||||||||||||
Hedge derivatives | (9.5) | 4.9 | (4.6) | |||||||||||
Amortization of losses and prior service costs | 128.6 | 105.1 | 107.6 | |||||||||||
Other comprehensive income (loss), net of tax | (299.4) | (1,201.4) | 303 | |||||||||||
Comprehensive Income: | ||||||||||||||
Net earnings attributable to General Mills | $ 379.6 | $ 361.7 | $ 529.5 | $ 426.6 | $ 186.8 | $ 343.2 | $ 346.1 | $ 345.2 | 1,697.4 | 1,221.3 | 1,824.4 | |||
Net earnings attributable to redeemable and noncontrolling interests | 39.4 | 38.1 | 36.9 | |||||||||||
Total comprehensive income (loss) attributable to General Mills | 1,395.9 | 250.9 | 2,069.4 | |||||||||||
General Mills [Member] | ||||||||||||||
Other comprehensive income (loss), before tax: | ||||||||||||||
Foreign currency translation | (107.6) | (727.9) | (71.8) | |||||||||||
Net actuarial income (loss) | (514.2) | (561.1) | 327.2 | |||||||||||
Other fair value chages: | ||||||||||||||
Securities | 0.2 | 1.3 | 0.5 | |||||||||||
Hedge derivaties | 16.5 | 13.6 | 14.4 | |||||||||||
Reclassification to earnings: | ||||||||||||||
Hedge derivatives | (13.5) | [1] | 0.7 | [2] | (4.7) | [3] | ||||||||
Amortization of losses and prior service costs | 206.8 | [4] | 170.2 | [5] | 172.7 | [6] | ||||||||
Other comprehensive income (loss), before tax | (411.8) | (1,103.2) | 438.3 | |||||||||||
Other comprehensive income (loss), tax: | ||||||||||||||
Foreign currency translation | 0 | 0 | 0 | |||||||||||
Net actuarial income (loss) | 188.3 | 202.7 | (121.2) | |||||||||||
Other fair value changes: | ||||||||||||||
Securities | (0.1) | (0.5) | (0.2) | |||||||||||
Hedge derivatives | (2.2) | (4.8) | (7) | |||||||||||
Reclassification to earnings: | ||||||||||||||
Hedge derivatives | 2.5 | [1] | 0.5 | [2] | 0.2 | [3] | ||||||||
Amortization of losses and prior service costs | (78.2) | [4] | (65.1) | [5] | (65.1) | [6] | ||||||||
Other comprehensive income (loss), tax | 110.3 | 132.8 | (193.3) | |||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation | (107.6) | (727.9) | (71.8) | |||||||||||
Net actuarial income (loss) | (325.9) | (358.4) | 206 | |||||||||||
Other fair value changes: | ||||||||||||||
Securities | 0.1 | 0.8 | 0.3 | |||||||||||
Hedge derivatives | 14.3 | 8.8 | 7.4 | |||||||||||
Reclassification to earnings: | ||||||||||||||
Hedge derivatives | (11) | [1] | 1.2 | [2] | (4.5) | [3] | ||||||||
Amortization of losses and prior service costs | 128.6 | [4] | 105.1 | [5] | 107.6 | [6] | ||||||||
Other comprehensive income (loss), net of tax | (301.5) | (970.4) | 245 | |||||||||||
Comprehensive Income: | ||||||||||||||
Net earnings attributable to General Mills | 1,697.4 | 1,221.3 | 1,824.4 | |||||||||||
Total comprehensive income (loss) attributable to General Mills | 1,395.9 | 250.9 | 2,069.4 | |||||||||||
Noncontrolling Interest [Member] | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation | 2.8 | (78.2) | 19.1 | |||||||||||
Net actuarial income (loss) | 0 | 0 | 0 | |||||||||||
Other fair value changes: | ||||||||||||||
Securities | 0 | 0 | 0 | |||||||||||
Hedge derivatives | 0 | 0 | 0 | |||||||||||
Reclassification to earnings: | ||||||||||||||
Hedge derivatives | 0 | [1] | 0 | [2] | 0 | [3] | ||||||||
Amortization of losses and prior service costs | 0 | [4] | 0 | [5] | 0 | [6] | ||||||||
Other comprehensive income (loss), net of tax | 2.8 | (78.2) | 19.1 | |||||||||||
Comprehensive Income: | ||||||||||||||
Net earnings attributable to redeemable and noncontrolling interests | 8.4 | 8.2 | 5.8 | |||||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | 11.2 | (70) | 24.9 | |||||||||||
Redeemable Interest [Member] | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation | (3.9) | (151.8) | 41.4 | |||||||||||
Net actuarial income (loss) | 0 | 0 | 0 | |||||||||||
Other fair value changes: | ||||||||||||||
Securities | 0 | 0 | 0 | |||||||||||
Hedge derivatives | 1.7 | (4.7) | (2.4) | |||||||||||
Reclassification to earnings: | ||||||||||||||
Hedge derivatives | 1.5 | [1] | 3.7 | [2] | (0.1) | [3] | ||||||||
Amortization of losses and prior service costs | 0 | [4] | 0 | [5] | 0 | [6] | ||||||||
Other comprehensive income (loss), net of tax | (0.7) | (152.8) | 38.9 | |||||||||||
Comprehensive Income: | ||||||||||||||
Net earnings attributable to redeemable and noncontrolling interests | 31 | 29.9 | 31.1 | |||||||||||
Total comprehensive income (loss) attributable to redeemable interests | $ 30.3 | $ (122.9) | $ 70 | |||||||||||
[1] | Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. | |||||||||||||
[2] | Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. | |||||||||||||
[3] | Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. | |||||||||||||
[4] | Loss reclassified from AOCI into earnings is reported in SG&A expense. | |||||||||||||
[5] | Loss reclassified from AOCI into earnings is reported in SG&A expense. | |||||||||||||
[6] | Loss reclassified from AOCI into earnings is reported in SG&A expense. |
Stockholders' Equity (Schedul78
Stockholders' Equity (Schedule of accumulated other comprehensive loss balances, net of taxes) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
Foreign currency translation adjustments | $ (644.2) | $ (536.6) |
Unrealized gain (loss) from: | ||
Securities | 3.8 | 3.7 |
Hedge derivatives | (25.5) | (28.8) |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial gain (loss) | (1,958.2) | (1,756.1) |
Prior service (costs) credits | 11.9 | 7.1 |
Accumulated other comprehensive loss | $ (2,612.2) | $ (2,310.7) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant under stock compensation plan | 24.3 | ||
Fair Value Assumptions Method Used | We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Unrecognized compensation expense related to non-vested stock options and restricted stock units | $ 93.9 | ||
Unrecognized compensation expense on non-vested awards, weighted average period of recognition | 1 year 6 months | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum option pricing percentage of market price | 100.00% | ||
Award vesting period | 4 years | ||
Expiration period | 10 years 1 month | ||
Compensation expense related to stock-based payments | $ 14.8 | $ 18.1 | $ 18.2 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Compensation expense related to stock-based payments | $ 76.8 | 96.6 | $ 107 |
Total grant-date fair value of restricted stock units that vested in period | $ 101.8 | $ 133.7 | |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years |
Stock Plans (Schedule of estima
Stock Plans (Schedule of estimated fair value of stock options granted and assumptions used for Black-Scholes option-pricing model) (Details) - $ / shares | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
STOCK PLANS [Abstract] | |||
Estimated fair values of stock options granted | $ 7.24 | $ 7.22 | $ 6.03 |
Assumptions: | |||
Risk-free interest rate | 2.40% | 2.60% | 2.60% |
Expected term | 8 years 6 months | 8 years 6 months | 9 years |
Expected volatility | 17.60% | 17.50% | 17.40% |
Dividend yield | 3.20% | 3.10% | 3.10% |
Stock Plans (Schedule of inform
Stock Plans (Schedule of information on stock option activity) (Details) - $ / shares | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Options (Thousands) [Abstract] | |||
Balance Outstanding Beginning Balance | 39,077,200 | 44,169,000 | 47,672,100 |
Granted | 1,930,200 | 2,253,100 | 2,789,800 |
Exercised | (8,471,000) | (7,297,200) | (6,181,300) |
Forfeited or expired | (134,800) | (47,700) | (111,600) |
Balance Outstanding Ending Balance | 32,401,600 | 39,077,200 | 44,169,000 |
Balance Exercisable Beginning Balance | 26,991,500 | 29,452,800 | 29,290,300 |
Balance Exercisable Ending Balance | 22,385,100 | 26,991,500 | 29,452,800 |
Weighted Average Exercise Price [Abstract] | |||
Balance Outstanding Beginning Balance | $ 34.35 | $ 32.1 | $ 30.22 |
Granted | 55.72 | 53.7 | 48.33 |
Exercised | 28.49 | 26.68 | 24.78 |
Forfeited or expired | 48.16 | 43.73 | 38.74 |
Balance Outstanding Ending Balance | 37.09 | 34.35 | 32.1 |
Balance Exercisable Beginning Balance | 30.44 | 28.37 | 27.69 |
Balance Exercisable Ending Balance | $ 32.38 | $ 30.44 | $ 28.37 |
Stock Plans (Schedule of net ca
Stock Plans (Schedule of net cash proceeds from exercise of stock options less shares used for withholding taxes and & intrinsic value of options exercised) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
STOCK PLANS [Abstract] | |||
Net cash proceeds | $ 171.9 | $ 163.7 | $ 108.1 |
Intrinsic value of options exercised | $ 268.4 | $ 201.9 | $ 166.6 |
Stock Plans (Schedule of info83
Stock Plans (Schedule of information on restricted stock unit and cash-settled share-based units activity) (Details) - $ / shares | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Share Settled Units (Thousands) [Abstract] | |||
Granted | 1,351,500 | 1,708,200 | 2,144,100 |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Granted | $ 56 | $ 53.45 | $ 48.49 |
Equity Classified [Member] | |||
Share Settled Units (Thousands) [Abstract] | |||
Non-vested Beginning Balance | 6,235,600 | ||
Granted | 1,287,700 | ||
Vested | (2,119,900) | ||
Forfeited, expired, or reclassified | (303,000) | ||
Non-vested Ending Balance | 5,100,400 | 6,235,600 | |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 46.44 | ||
Granted | 56.01 | ||
Vested | 46.65 | ||
Forfeited, expired, or reclassified | 49.45 | ||
Non-vested Ending Balance | $ 48.6 | $ 46.44 | |
Liability Classified Share Settled [Member] | |||
Share Settled Units (Thousands) [Abstract] | |||
Non-vested Beginning Balance | 237,000 | ||
Granted | 63,800 | ||
Vested | (69,500) | ||
Forfeited, expired, or reclassified | (19,900) | ||
Non-vested Ending Balance | 211,400 | 237,000 | |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 44.84 | ||
Granted | 55.82 | ||
Vested | 40.55 | ||
Forfeited, expired, or reclassified | 51.45 | ||
Non-vested Ending Balance | $ 48.37 | $ 44.84 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of earnings per share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Feb. 22, 2015 | Nov. 23, 2014 | Aug. 24, 2014 | May 29, 2016 | May 31, 2015 | May 25, 2014 | ||
EARNINGS PER SHARE [Abstract] | ||||||||||||
Net earnings attributable to General Mills | $ 379.6 | $ 361.7 | $ 529.5 | $ 426.6 | $ 186.8 | $ 343.2 | $ 346.1 | $ 345.2 | $ 1,697.4 | $ 1,221.3 | $ 1,824.4 | |
Average number of common shares - basic EPS | 598.9 | 603.3 | 628.6 | |||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||
Average number of common shares - diluted EPS | 611.9 | 618.8 | 645.7 | |||||||||
Earnings per share - basic | $ 0.63 | $ 0.61 | $ 0.88 | $ 0.71 | $ 0.31 | $ 0.57 | $ 0.58 | $ 0.56 | $ 2.83 | $ 2.02 | $ 2.9 | |
Earnings per share - diluted | $ 0.62 | $ 0.59 | $ 0.87 | $ 0.69 | $ 0.3 | $ 0.56 | $ 0.56 | $ 0.55 | $ 2.77 | $ 1.97 | $ 2.83 | |
Other Disclosures [Abstract] | ||||||||||||
Anti-dilutive stock options, restricted stock units, and performance share units | 1.1 | 2.1 | 1.7 | |||||||||
Stock options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Incremental share effect | [1] | 9.8 | 11.3 | 12.3 | ||||||||
Restricted stock units, performance shares units, and other [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Incremental share effect | [1] | 3.2 | 4.2 | 4.8 | ||||||||
[1] | Increme ntal shares from stock options , restricted stock units , and performance share units are computed by the treasury stock method. |
Retirement Benefits and Poste85
Retirement Benefits and Postemployment Benefits (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Defined Benefit Plan, Information About Plan Assets | |||
Increase in benefit plan obligation due to adoption of rates in RP-2014 MortalityTables | $ 436.7 | ||
Accumulated Benefit Obligation | $ 5,950.7 | 5,750.4 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Net assets of money purchase plan | 21 | 21.9 | |
Recognized expense | $ 61.2 | $ 44 | $ 44.8 |
General Mills Savings Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
ESOP number of allocated shares | 6.9 | 7.5 | |
Common stock held by ESOP and company stock fund | $ 711.5 | $ 655.6 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 23.7 | 24.1 | |
Defined Benefit Pension Plans [Member] | United States Equity Securities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 25.00% | ||
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 15.00% | ||
Defined Benefit Pension Plans [Member] | Private Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 10.00% | ||
Defined Benefit Pension Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 35.00% | ||
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 15.00% | ||
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 0 | 0 | $ 0 |
Defined Benefit Plan, Information About Plan Assets | |||
Retirement Plan Provision Termination Period | 5 years | ||
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 24.1 | $ 24.1 | |
Other Postretirement Benefit Plans [Member] | United States Equity Securities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 30.00% | ||
Other Postretirement Benefit Plans [Member] | International Equity Securities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 20.00% | ||
Other Postretirement Benefit Plans [Member] | Private Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 10.00% | ||
Other Postretirement Benefit Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 30.00% | ||
Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 10.00% |
Retirement Benefits and Poste86
Retirement Benefits and Postemployment Benefits (Schedule of assumed health care trend costs) (Details) | 12 Months Ended | |
May 29, 2016 | May 31, 2015 | |
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Rate to which the cost trend rate is assumed to decline (ultimate rate) | 5.00% | 5.00% |
Year that Rate Reaches Ultimate Trend Rate | 2,024 | 2,025 |
Under Age 65 [Member] | ||
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate for next year | 7.30% | 6.50% |
Over Age 65 [Member] | ||
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate for next year | 7.50% | 7.30% |
Retirement Benefits and Poste87
Retirement Benefits and Postemployment Benefits (Schedule of one percentage point change in the health care trend rate) (Details) $ in Millions | 12 Months Ended |
May 29, 2016USD ($) | |
Defined Benefit Plan Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates [Abstract] | |
Effect of one percentage point increase on the aggregate of the service and interest cost components next year | $ 3.1 |
Effect of one percentage point increase on the other postretirement accumulated benefit obligation as of current year end | 71.2 |
Effect of one percentage point decrease on the aggregate of the service and interest cost components next year | (2.7) |
Effect of one percentage point decrease on the other postretirement accumulated benefit obligation as of current year end | $ (63.8) |
Retirement Benefits and Poste88
Retirement Benefits and Postemployment Benefits (Schedule of summarized financial information about benefit plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
Fair value at beginning of year | $ 5,758.5 | $ 5,611.8 | |
Actual return on assets | 36.3 | 373.6 | |
Employer contributions | 23.7 | 24.1 | |
Plan participant contributions | 5.7 | 10.3 | |
Benefits payments | (277.5) | (244.9) | |
Foreign currency | (6.8) | (16.4) | |
Fair value at end of year | 5,539.9 | 5,758.5 | $ 5,611.8 |
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 6,252.1 | 5,618 | |
Service cost | 134.6 | 137 | 133 |
Interest cost | 267.8 | 249.2 | 239.5 |
Plan amendment | 0.9 | 1.9 | |
Curtailment/other | 7.1 | 19.9 | |
Plan participant contributions | 5.7 | 10.3 | |
Medicare Part D reimbursements | 0 | 0 | |
Actuarial loss (gain) | 65.2 | 479.7 | |
Benefits payments | (278) | (245.5) | |
Foreign currency | (6.9) | (18.4) | |
Projected benefit obligation at end of year | 6,448.5 | 6,252.1 | 5,618 |
Plan assets less than benefit obligation as of fiscal year end | (908.6) | (493.6) | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
Fair value at beginning of year | 582.8 | 517.3 | |
Actual return on assets | (0.1) | 44 | |
Employer contributions | 24.1 | 24.1 | |
Plan participant contributions | 14.1 | 13.6 | |
Benefits payments | (18.5) | (16.2) | |
Foreign currency | 0 | 0 | |
Fair value at end of year | 602.4 | 582.8 | 517.3 |
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 1,079.6 | 1,074.8 | |
Service cost | 19 | 22.4 | 22.7 |
Interest cost | 44.1 | 46.9 | 50.5 |
Plan amendment | 0 | (42.4) | |
Curtailment/other | 0.5 | 3.4 | |
Plan participant contributions | 14.1 | 13.6 | |
Medicare Part D reimbursements | 3.5 | 3.2 | |
Actuarial loss (gain) | (64.5) | 23.5 | |
Benefits payments | (66.4) | (62.8) | |
Foreign currency | (1) | (3) | |
Projected benefit obligation at end of year | 1,028.9 | 1,079.6 | 1,074.8 |
Plan assets less than benefit obligation as of fiscal year end | (426.5) | (496.8) | |
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
Plan participant contributions | 0 | 0 | |
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 146.6 | 145.3 | |
Service cost | 7.6 | 7.5 | 7.7 |
Interest cost | 3.9 | 4.3 | 4.1 |
Plan amendment | 1.1 | 0 | |
Curtailment/other | 10.7 | 9.5 | |
Plan participant contributions | 0 | 0 | |
Medicare Part D reimbursements | 0 | 0 | |
Actuarial loss (gain) | 11.2 | (0.4) | |
Benefits payments | (16.9) | (19.1) | |
Foreign currency | (0.1) | (0.5) | |
Projected benefit obligation at end of year | 164.1 | 146.6 | $ 145.3 |
Plan assets less than benefit obligation as of fiscal year end | $ (164.1) | $ (146.6) |
Retirement Benefits and Poste89
Retirement Benefits and Postemployment Benefits (Schedule of amounts recognized in AOCI) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | $ (1,958.2) | $ (1,756.1) |
Prior service (costs) credits | 11.9 | 7.1 |
Amounts recorded in accumulated other comprehensive loss | (1,946.3) | (1,749) |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | (1,886) | (1,674.9) |
Prior service (costs) credits | (6.8) | (13.8) |
Amounts recorded in accumulated other comprehensive loss | (1,892.8) | (1,688.7) |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | (57.6) | (72.2) |
Prior service (costs) credits | 19.9 | 23.8 |
Amounts recorded in accumulated other comprehensive loss | (37.7) | (48.4) |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | (14.6) | (9) |
Prior service (costs) credits | (1.2) | (2.9) |
Amounts recorded in accumulated other comprehensive loss | $ (15.8) | $ (11.9) |
Retirement Benefits and Poste90
Retirement Benefits and Postemployment Benefits (Schedule of plans with accumulated benefit obiligations in excess of plan assets) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 5,490.3 | $ 512.3 |
Accumulated benefit obligation | 4,998.3 | 440.6 |
Plan assets at fair value | 4,498.5 | 0 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | 0 | 0 |
Accumulated benefit obligation | 1,024.7 | 1,074.8 |
Plan assets at fair value | 602.4 | 582.8 |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | 4.8 | 0 |
Accumulated benefit obligation | 159.3 | 143.5 |
Plan assets at fair value | $ 0 | $ 0 |
Retirement Benefits and Poste91
Retirement Benefits and Postemployment Benefits (Schedule of components of net periodic benefit expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Defined Benefit Pension Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 134.6 | $ 137 | $ 133 |
Interest cost | 267.8 | 249.2 | 239.5 |
Expected return on plan assets | (496.9) | (476.4) | (455.6) |
Amortization of losses | 189.8 | 141.7 | 151 |
Amortization of prior service costs (credits) | 4.7 | 7.4 | 5.6 |
Other adjustments | 5 | 15.1 | 0 |
Settlement or curtailment losses | 13.1 | 18 | 0 |
Net (income) expense | 118.1 | 92 | 73.5 |
Other Postretirement Benefit Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 19 | 22.4 | 22.7 |
Interest cost | 44.1 | 46.9 | 50.5 |
Expected return on plan assets | (46.2) | (40.2) | (34.6) |
Amortization of losses | 6.6 | 4.9 | 15.4 |
Amortization of prior service costs (credits) | (5.4) | (1.6) | (3.4) |
Other adjustments | 2.3 | 3.3 | 0 |
Settlement or curtailment losses | (1) | 1.3 | (2.9) |
Net (income) expense | 19.4 | 37 | 47.7 |
Postemployment Benefit Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 7.6 | 7.5 | 7.7 |
Interest cost | 3.9 | 4.3 | 4.1 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of losses | 0.7 | 0.7 | 0.6 |
Amortization of prior service costs (credits) | 2.5 | 2.4 | 2.4 |
Other adjustments | 10.7 | 9.5 | 3.7 |
Settlement or curtailment losses | 0 | 0 | 0 |
Net (income) expense | $ 25.4 | $ 24.4 | $ 18.5 |
Retirement Benefits and Poste92
Retirement Benefits and Postemployment Benefits (Schedule of amounts expected to be recognized in net periodic expense next year) (Details) $ in Millions | 12 Months Ended |
May 29, 2016USD ($) | |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year [Abstract] | |
Amortization of losses | $ 190.3 |
Amortization of prior service costs (credits) | 2.5 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year [Abstract] | |
Amortization of losses | 2.5 |
Amortization of prior service costs (credits) | (5.4) |
Postemployment Benefit Plans [Member] | |
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year [Abstract] | |
Amortization of losses | 1.8 |
Amortization of prior service costs (credits) | $ 0.6 |
Retirement Benefits and Poste93
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine benefit obligations) (Details) | May 29, 2016 | May 31, 2015 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.19% | 4.38% |
Rate of salary increases | 4.28% | 4.09% |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.97% | 4.20% |
Rate of salary increases | 0.00% | 0.00% |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 2.94% | 3.55% |
Rate of salary increases | 4.35% | 4.36% |
Retirement Benefits and Poste94
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine net periodic expense) (Details) | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | |||
Discount rate | 4.38% | 4.54% | 4.54% |
Rate of salary increases | 4.31% | 4.44% | 4.44% |
Expected long-term rate of return on plan assets. | 8.53% | 8.53% | 8.53% |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | |||
Discount rate | 4.20% | 4.51% | 4.52% |
Rate of salary increases | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on plan assets. | 8.14% | 8.13% | 8.11% |
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | |||
Discount rate | 3.55% | 3.82% | 3.70% |
Rate of salary increases | 4.36% | 4.44% | 4.44% |
Expected long-term rate of return on plan assets. | 0.00% | 0.00% | 0.00% |
Retirement Benefits and Poste95
Retirement Benefits and Postemployment Benefits (Schedule of fair values of benefit plan assets and their respective levels in fair value heirarchy) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 | May 25, 2014 | |||
Defined Benefit Pension Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | $ 5,539.9 | $ 5,758.5 | $ 5,611.8 | |||
Defined Benefit Pension Plans [Member] | Equity [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [1] | 2,945.4 | 3,187.6 | |||
Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [2] | 1,649.6 | 1,644.8 | |||
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [3] | 749.4 | 739.1 | |||
Defined Benefit Pension Plans [Member] | Other Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0.4 | 0.4 | |||
Defined Benefit Pension Plans [Member] | Cash and accruals [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 195.1 | 186.6 | ||||
Defined Benefit Pension Plans [Member] | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 2,836.2 | 2,431.6 | ||||
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Equity [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [1] | 1,543.7 | 1,634.4 | |||
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Fixed income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [2] | 903.8 | 486.3 | |||
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Real asset investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [3] | 193.6 | 124.3 | |||
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Other Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0 | 0 | |||
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Cash and accruals [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 195.1 | 186.6 | ||||
Defined Benefit Pension Plans [Member] | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 1,850.3 | 2,285.5 | ||||
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Equity [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [1] | 943.7 | 1,010.3 | |||
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Fixed income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [2] | 745.8 | 1,158.5 | |||
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Real asset investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [3] | 160.8 | 116.7 | |||
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Other Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0 | 0 | |||
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Cash and accruals [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 | ||||
Defined Benefit Pension Plans [Member] | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 853.4 | 1,041.4 | 1,171.4 | |||
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Equity [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 458 | [1] | 542.9 | [1] | 568.2 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Fixed income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [2] | 0 | 0 | |||
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Real asset investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 395 | [3] | 498.1 | [3] | 602.9 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Other Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 0.4 | [4] | 0.4 | [4] | 0.3 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Cash and accruals [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 | ||||
Other Postretirement Benefit Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 602.4 | 582.8 | 517.3 | |||
Other Postretirement Benefit Plans [Member] | Equity [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [1] | 276.4 | 278.3 | |||
Other Postretirement Benefit Plans [Member] | Fixed income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [2] | 101.4 | 87.7 | |||
Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [3] | 44.4 | 42.5 | |||
Other Postretirement Benefit Plans [Member] | Other Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [4] | 171.3 | 168.9 | |||
Other Postretirement Benefit Plans [Member] | Cash and accruals [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 8.9 | 5.4 | ||||
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 155.8 | 153.6 | ||||
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Equity [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [1] | 128.9 | 134 | |||
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Fixed income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [2] | 18 | 14 | |||
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Real asset investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [3] | 0 | 0.2 | |||
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Other Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0 | 0 | |||
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Cash and accruals [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 8.9 | 5.4 | ||||
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 409.4 | 388.9 | ||||
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Equity [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [1] | 124.1 | 120.6 | |||
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Fixed income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [2] | 83.4 | 73.7 | |||
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Real asset investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [3] | 30.6 | 25.7 | |||
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Other Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [4] | 171.3 | 168.9 | |||
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Cash and accruals [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 0 | 0 | ||||
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 37.2 | 40.3 | 39 | |||
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Equity [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 23.4 | [1] | 23.7 | [1] | 21.1 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Fixed income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [2] | 0 | 0 | |||
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Real asset investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | 13.8 | [3] | 16.6 | [3] | $ 17.9 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Other Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0 | 0 | |||
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Cash and accruals [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan Fair Value Of Plan Assets | $ 0 | $ 0 | ||||
[1] | Primarily publicly traded common stock and private equity partnerships for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges; and commingled funds, privately held securities, and private equity partnerships valued at unit values or net asset value s provided by the investment managers, which are based on the fair value of the underlying investments. Various methods are used to determine fair values and may include the cost of the investment, most recent financing, and expected cash flows. For some o f these investments, realization of the estimated fair value is dependent upon transactions between willing sellers and buyers. | |||||
[2] | Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and managing duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed inco me commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. | |||||
[3] | Publicly traded common stock and limited partnerships in the energy and real estate sectors for purposes o f total return. Investments include: energy and real estate securities generally valued at closing prices from national exchanges; and commingled funds, private securities, and limited partnerships valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. | |||||
[4] | Global balanced fund of equity, fixed income, and real estate securities for purposes of meeting Canadian pension plan asset allocation policies, and insur ance and annuity contracts to provide a stable stream of income for retirees and to fund postretirement medical benefits. Fair values are derived from unit values provided by the investment managers, which are generally based on the fair value of the under lying investments and contract fair values from the providers. |
Retirement Benefits and Poste96
Retirement Benefits and Postemployment Benefits (Schedule of level 3 investments of benefit plan assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
May 29, 2016 | May 31, 2015 | |||
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | $ 5,758.5 | $ 5,611.8 | ||
Fair value at end of year | 5,539.9 | 5,758.5 | ||
Defined Benefit Pension Plans [Member] | Equity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | [1] | 3,187.6 | ||
Fair value at end of year | [1] | 2,945.4 | 3,187.6 | |
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | [2] | 739.1 | ||
Fair value at end of year | [2] | 749.4 | 739.1 | |
Defined Benefit Pension Plans [Member] | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | [3] | 0.4 | ||
Fair value at end of year | [3] | 0.4 | 0.4 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | 1,041.4 | 1,171.4 | ||
Net Transfers Out | 0 | 0 | ||
Net Purchases, Sales Issuances, and Settlements | (165.4) | (79) | ||
Net Gain (Loss) | (22.6) | (51) | ||
Fair value at end of year | 853.4 | 1,041.4 | ||
Net change in level 3 assets attributable to unrealized gains (losses) | (108.2) | |||
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Equity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | 542.9 | [1] | 568.2 | |
Net Transfers Out | 0 | 0 | ||
Net Purchases, Sales Issuances, and Settlements | (92.6) | (61) | ||
Net Gain (Loss) | 7.7 | 35.7 | ||
Fair value at end of year | [1] | 458 | 542.9 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Real asset investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | 498.1 | [2] | 602.9 | |
Net Transfers Out | 0 | 0 | ||
Net Purchases, Sales Issuances, and Settlements | (72.8) | (18.2) | ||
Net Gain (Loss) | (30.3) | (86.6) | ||
Fair value at end of year | [2] | 395 | 498.1 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | 0.4 | [3] | 0.3 | |
Net Transfers Out | 0 | 0 | ||
Net Purchases, Sales Issuances, and Settlements | 0 | 0.2 | ||
Net Gain (Loss) | 0 | (0.1) | ||
Fair value at end of year | [3] | 0.4 | 0.4 | |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | 582.8 | 517.3 | ||
Fair value at end of year | 602.4 | 582.8 | ||
Other Postretirement Benefit Plans [Member] | Equity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | [1] | 278.3 | ||
Fair value at end of year | [1] | 276.4 | 278.3 | |
Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | [2] | 42.5 | ||
Fair value at end of year | [2] | 44.4 | 42.5 | |
Other Postretirement Benefit Plans [Member] | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | [3] | 168.9 | ||
Fair value at end of year | [3] | 171.3 | 168.9 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | 40.3 | 39 | ||
Net Transfers Out | 0 | 0 | ||
Net Purchases, Sales Issuances, and Settlements | (3) | 0.8 | ||
Net Gain (Loss) | (0.1) | 0.5 | ||
Fair value at end of year | 37.2 | 40.3 | ||
Net change in level 3 assets attributable to unrealized gains (losses) | (3.2) | |||
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Equity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | 23.7 | [1] | 21.1 | |
Net Transfers Out | 0 | 0 | ||
Net Purchases, Sales Issuances, and Settlements | (1.2) | 0.3 | ||
Net Gain (Loss) | 0.9 | 2.3 | ||
Fair value at end of year | [1] | 23.4 | 23.7 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Real asset investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | 16.6 | [2] | 17.9 | |
Net Transfers Out | 0 | 0 | ||
Net Purchases, Sales Issuances, and Settlements | (1.8) | 0.5 | ||
Net Gain (Loss) | (1) | (1.8) | ||
Fair value at end of year | [2] | 13.8 | 16.6 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value at beginning of year | [3] | 0 | ||
Fair value at end of year | [3] | $ 0 | $ 0 | |
[1] | Primarily publicly traded common stock and private equity partnerships for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges; and commingled funds, privately held securities, and private equity partnerships valued at unit values or net asset value s provided by the investment managers, which are based on the fair value of the underlying investments. Various methods are used to determine fair values and may include the cost of the investment, most recent financing, and expected cash flows. For some o f these investments, realization of the estimated fair value is dependent upon transactions between willing sellers and buyers. | |||
[2] | Publicly traded common stock and limited partnerships in the energy and real estate sectors for purposes o f total return. Investments include: energy and real estate securities generally valued at closing prices from national exchanges; and commingled funds, private securities, and limited partnerships valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. | |||
[3] | Global balanced fund of equity, fixed income, and real estate securities for purposes of meeting Canadian pension plan asset allocation policies, and insur ance and annuity contracts to provide a stable stream of income for retirees and to fund postretirement medical benefits. Fair values are derived from unit values provided by the investment managers, which are generally based on the fair value of the under lying investments and contract fair values from the providers. |
Retirement Benefits and Poste97
Retirement Benefits and Postemployment Benefits (Schedule of asset allocations for benefit plans) (Details) | May 29, 2016 | May 31, 2015 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 100.00% | 100.00% |
Defined Benefit Pension Plans [Member] | United States Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 30.50% | 28.90% |
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 19.00% | 18.40% |
Defined Benefit Pension Plans [Member] | Private Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 8.30% | 9.50% |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 28.60% | 30.30% |
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 13.60% | 12.90% |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 100.00% | 100.00% |
Other Postretirement Benefit Plans [Member] | United States Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 37.20% | 38.70% |
Other Postretirement Benefit Plans [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 23.40% | 24.10% |
Other Postretirement Benefit Plans [Member] | Private Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 3.90% | 4.10% |
Other Postretirement Benefit Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 29.40% | 26.30% |
Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 6.10% | 6.80% |
Retirement Benefits and Poste98
Retirement Benefits and Postemployment Benefits (Schedule of estimated benefit payments) (Details) $ in Millions | May 29, 2016USD ($) |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Medicare Subsidy Receipts, Next Twelve Months | $ 4.8 |
Medicare Subsidy Receipts, Year Two | 5.2 |
Medicare Subsidy Receipts, Year Three | 5.6 |
Medicare Subsidy Receipts, Year Four | 5.2 |
Medicare Subsidy Receipts, Year Five | 4.2 |
Medicare Subsidy Receipts, Five Fiscal Years Thereafter | 23.2 |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 277.7 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 287.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 297.1 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 306.8 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 316.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 1,731.5 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 61.3 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 65.5 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 67.1 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 68.3 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 69.2 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 355.2 |
Postemployment Benefit Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 22.1 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 20.6 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 19.2 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 17.8 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 17 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 75.6 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
May 31, 2015 | May 29, 2016 | May 31, 2015 | |
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | $ 215.4 | $ 227 | $ 215.4 |
Valuation allowance related to deferred tax asset for losses recorded as part of Pillsbury acquisition | 167.9 | ||
Valuation allowance related to various state and foreign loss carryforwards | 44.1 | ||
Tax loss carryforwards | 113.1 | ||
Unremitted foreign earnings | 2,000 | ||
Foreign earnings repatriated | 606.1 | 606.1 | |
Discrete income tax charge related to foreign earnings repatriated | 78.6 | 78.6 | |
Unrecognized tax benefits that would affect effective tax rate | 79 | ||
Unrecognized tax benefits and accrued interest expected to be paid within the next 12 months | 14.7 | ||
Tax-related net interest and penalties benefits recognized | 2.7 | 0.2 | |
Tax-related net interest and penalties accrued | $ 35.2 | $ 32.1 | $ 35.2 |
Minimum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Number of open tax years for certain U.S. tax jurisdictions | 3 years | ||
Maximum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Number of open tax years for certain U.S. tax jurisdictions | 5 years | ||
Foreign [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax loss carryforwards | $ 100.5 | ||
Foreign [Member] | No Expiration Date [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax loss carryforwards | 72.6 | ||
Foreign [Member] | Expiration Dates in Year One and Two [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax loss carryforwards | 4.7 | ||
Foreign [Member] | Expiration Dates in Year Three and Beyond [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax loss carryforwards | 23.2 | ||
State [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax loss carryforwards | 12.6 | ||
Capital Loss Carryforward [Member] | Foreign [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | $ 13 |
Income Taxes (Schedule of earni
Income Taxes (Schedule of earnings before income taxes and after-tax earnings from joint ventures and corresponding income taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Earnings before income taxes and after-tax earnings from joint ventures: | |||
United States | $ 1,941.4 | $ 1,338.6 | $ 2,181.4 |
Foreign | 462.2 | 423.3 | 473.6 |
Earnings before income taxes and after-tax earnings from joint ventures | 2,403.6 | 1,761.9 | 2,655 |
Income taxes currently payable: | |||
Federal | 489.8 | 392.7 | 526.7 |
State and local | 30.8 | 29.3 | 37.8 |
Foreign | 114 | 139.5 | 146.3 |
Total current | 634.6 | 561.5 | 710.8 |
Income taxes deferred: | |||
Federal | 123 | 70.3 | 159.1 |
State and local | (6.9) | (8.7) | 21.3 |
Foreign | 4.5 | (36.3) | (7.9) |
Total deferred | 120.6 | 25.3 | 172.5 |
Total income taxes | $ 755.2 | $ 586.8 | $ 883.3 |
Income Taxes (Schedule of the r
Income Taxes (Schedule of the reconcilation of the effective income tax rate) (Details) | 3 Months Ended | 12 Months Ended | |||
May 29, 2016 | May 29, 2016 | May 31, 2015 | May 25, 2014 | ||
Effective Income Tax Rate Reconciliation [Abstract] | |||||
United States statutory rate | 35.00% | 35.00% | 35.00% | ||
State and local income taxes, net of federal tax benefits | 0.70% | 0.70% | 1.40% | ||
Foreign rate differences | (2.20%) | (3.10%) | (0.10%) | ||
Repatriation on foreign earnings | 0.00% | 4.50% | 0.00% | ||
Non-deductible goodwill | 2.60% | 0.00% | 0.00% | ||
Domestic manufacturing deduction | (2.00%) | (2.90%) | (2.30%) | ||
Other, net | (2.70%) | [1] | (0.90%) | (0.70%) | |
Effective income tax rate | 19.20% | 31.40% | 33.30% | 33.30% | |
General Mills de Venezuela CA Subsidiary [Member] | |||||
Divestitures [Line Items] | |||||
Effective income tax rate reconciliation, tax benefit related to divestiture | (0.60%) | ||||
[1] | Fiscal 2016 includes 0.6 percent tax benefit related to the divestiture of our business in Venezuela . See Note 3 for additional information. |
Income Taxes (Schedule of defer
Income Taxes (Schedule of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 |
Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Abstract] | ||
Accrued liabilities | $ 89.9 | $ 98 |
Compensation and employee benefits | 491.5 | 536.2 |
Unrealized hedges | 0 | 0.8 |
Pension | 322 | 169 |
Tax credit carryforwards | 4.5 | 5.6 |
Stock, partnership, and miscellaneous investments | 353.6 | 384.1 |
Capital losses | 14.5 | 6.1 |
Net operating losses | 97.9 | 89.3 |
Other | 84.1 | 74.5 |
Gross deferred tax assets | 1,458 | 1,363.6 |
Valuation allowance | 227 | 215.4 |
Net deferred tax assets | 1,231 | 1,148.2 |
Brands | 1,311.7 | 1,346.3 |
Fixed assets | 476.3 | 446.5 |
Intangible assets | 221.8 | 208.4 |
Tax lease transactions | 48 | 50.8 |
Inventories | 53 | 59.7 |
Stock, partnership, and miscellaneous investments | 476 | 472.5 |
Unrealized hedges | 22.6 | 0 |
Other | 21.2 | 14.2 |
Gross deferred tax liabilities | 2,630.6 | 2,598.4 |
Net deferred tax liability | $ 1,399.6 | $ 1,450.2 |
Income Taxes (Schedule of chang
Income Taxes (Schedule of changes in total gross unrecognized tax benefit liabilities, excluding accrued interest) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 29, 2016 | May 31, 2015 | |
Income Tax Uncertainties [Abstract] | ||
Balance, beginning of year | $ 161.1 | $ 150.9 |
Current year additions | 31.6 | 34.8 |
Prior years additions | 23.9 | 17.4 |
Prior years reductions | (25.7) | (21.8) |
Prior years settlements | (4) | (12) |
Lapses in statutes of limitations | (10.4) | (8.2) |
Balance, end of year | $ 176.5 | $ 161.1 |
Leases, Other Commitments, a104
Leases, Other Commitments, and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract] | |||
Operating leases, rent expense, net | $ 189.1 | $ 193.5 | $ 189 |
Future sublease receipts | 1 | ||
Future payments due under noncancelable operating leases | 397.6 | ||
Financial Guarantee [Member] | Consolidated Subsidiaries [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations and comfort letters | 383.2 | ||
Financial Guarantee [Member] | Non-consolidated Affiliates [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations and comfort letters | $ 239.1 |
Leases, Other Commitments, a105
Leases, Other Commitments, and Contingencies (Schedule of noncancelable future lease commitments) (Details) $ in Millions | May 29, 2016USD ($) |
Operating lease future commitments | |
Due within one year | $ 107.9 |
Due within second year | 83.5 |
Due within third year | 67.2 |
Due within fourth year | 49.6 |
Due within fifth year | 39.6 |
Due after fifth year | 49.8 |
Total noncancelable future lease commitments | 397.6 |
Capital lease future commitments | |
Due within one year | 0.9 |
Due within second year | 0.7 |
Due within third year | 0.6 |
Due within fourth year | 0.3 |
Due within fifth year | 0.1 |
Due after fifth year | 0.1 |
Total noncancelable future lease commitments | 2.7 |
Less: interest | (0.2) |
Present value of obligations under capital leases | $ 2.5 |
Business Segment and Geograp106
Business Segment and Geographic Information (Narrative) (Details) | 12 Months Ended |
May 29, 2016segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
U S Retail [Member] | |
Segment Reporting Information [Line Items] | |
Segment percentage of total consolidated net sales | 60.40% |
International [Member] | |
Segment Reporting Information [Line Items] | |
Segment percentage of total consolidated net sales | 28.00% |
Convenience Stores and Foodservice [Member] | |
Segment Reporting Information [Line Items] | |
Segment percentage of total consolidated net sales | 11.60% |
Business Segment Information (S
Business Segment Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Feb. 22, 2015 | Nov. 23, 2014 | Aug. 24, 2014 | May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 3,927.9 | $ 4,002.4 | $ 4,424.9 | $ 4,207.9 | $ 4,298.8 | $ 4,350.9 | $ 4,712.2 | $ 4,268.4 | $ 16,563.1 | $ 17,630.3 | $ 17,909.6 |
Operating profit | 2,707.4 | 2,077.3 | 2,957.4 | ||||||||
Divestitures (gain) | (148.2) | 0 | (65.5) | ||||||||
Restructuring, impairment, and other exit costs | 151.4 | 543.9 | 3.6 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 16,563.1 | 17,630.3 | 17,909.6 | ||||||||
Operating profit | 2,999.5 | 3,035 | 3,153.9 | ||||||||
Unallocated Corporate Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | 288.9 | 413.8 | 258.4 | ||||||||
Significant Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Divestitures (gain) | (148.2) | 0 | (65.5) | ||||||||
Restructuring, impairment, and other exit costs | 151.4 | 543.9 | 3.6 | ||||||||
United States [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 10,007.1 | 10,507 | 10,604.9 | ||||||||
Operating profit | 2,179 | 2,159.3 | 2,311.5 | ||||||||
International [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,632.2 | 5,128.2 | 5,385.9 | ||||||||
Operating profit | 441.6 | 522.6 | 535.1 | ||||||||
Convenience Stores and Foodservice Segment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,923.8 | 1,995.1 | 1,918.8 | ||||||||
Operating profit | $ 378.9 | $ 353.1 | $ 307.3 |
Business Segment Information108
Business Segment Information (Schedule of net sales by class of similar products) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Feb. 22, 2015 | Nov. 23, 2014 | Aug. 24, 2014 | May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Product Information [Line Items] | |||||||||||
Net sales | $ 3,927.9 | $ 4,002.4 | $ 4,424.9 | $ 4,207.9 | $ 4,298.8 | $ 4,350.9 | $ 4,712.2 | $ 4,268.4 | $ 16,563.1 | $ 17,630.3 | $ 17,909.6 |
Snacks [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 3,297.2 | 3,392 | 3,232.5 | ||||||||
Convenient Meals [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,779 | 2,810.3 | 2,844.2 | ||||||||
Yogurt [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,760.9 | 2,938.3 | 2,964.7 | ||||||||
Cereal [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,731.5 | 2,771.3 | 2,860.1 | ||||||||
Dough [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,820 | 1,877 | 1,890.2 | ||||||||
Baking Mixes and Ingredients [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,704.3 | 1,867.7 | 1,996.4 | ||||||||
Super-premium Ice Cream [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 731.2 | 769.5 | 756.6 | ||||||||
Vegetables [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 532.3 | 937.3 | 1,014.7 | ||||||||
Other Products [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | $ 206.7 | $ 266.9 | $ 350.2 |
Business Segment Information109
Business Segment Information (Schedule of financial information by geographic area) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Feb. 22, 2015 | Nov. 23, 2014 | Aug. 24, 2014 | May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 3,927.9 | $ 4,002.4 | $ 4,424.9 | $ 4,207.9 | $ 4,298.8 | $ 4,350.9 | $ 4,712.2 | $ 4,268.4 | $ 16,563.1 | $ 17,630.3 | $ 17,909.6 |
Cash and cash equivalents | 763.7 | 334.2 | 763.7 | 334.2 | |||||||
Land, buildings, and equipment | 3,743.6 | 3,783.3 | 3,743.6 | 3,783.3 | |||||||
U S Retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 11,930.9 | 12,501.8 | 12,523 | ||||||||
Cash and cash equivalents | 118.5 | 22.9 | 118.5 | 22.9 | |||||||
Land, buildings, and equipment | 2,755.1 | 2,727.5 | 2,755.1 | 2,727.5 | |||||||
Non-United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,632.2 | 5,128.5 | $ 5,386.6 | ||||||||
Cash and cash equivalents | 645.2 | 311.3 | 645.2 | 311.3 | |||||||
Land, buildings, and equipment | $ 988.5 | $ 1,055.8 | $ 988.5 | $ 1,055.8 |
Supplemental Information (Sched
Supplemental Information (Schedule of certain Consolidated Balance Sheet accounts) (Details) - USD ($) $ in Millions | May 29, 2016 | May 31, 2015 | May 25, 2014 | May 26, 2013 | |
Receivables [Abstract] | |||||
Customers | $ 1,390.4 | $ 1,412 | |||
Less allowance for doubtful accounts | (29.6) | (25.3) | |||
Total | 1,360.8 | 1,386.7 | |||
Inventories [Abstract] | |||||
Raw materials and packaging | 397.3 | 390.8 | |||
Finished goods | 1,163.1 | 1,268.6 | |||
Grain | 72.6 | 95.7 | |||
Excess of FIFO over LIFO cost | [1] | (219.3) | (214.2) | ||
Total | 1,413.7 | 1,540.9 | |||
LIFO Inventory Amount | 841 | 867.5 | |||
Prepaid Expenses and Other Current Assets [Abstract] | |||||
Other receivables | 159.3 | 148.8 | |||
Prepaid expenses | 177.9 | 169.3 | |||
Derivative receivables, primarily commodity-related | 44.6 | 80.9 | |||
Grain contracts | 1.8 | 3.3 | |||
Miscellaneous | 15.4 | 21.5 | |||
Total | 399 | 423.8 | |||
Land, Buildings and Equipment [Abstract] | |||||
Land | 92.9 | 96 | |||
Buildings | 2,236 | 2,272.7 | |||
Equipment | 5,945.6 | 6,091.1 | |||
Capitalized software | 523 | 499 | |||
Construction in progress | 702.7 | 622.2 | |||
Total land, buildings, and equipment | 9,503.5 | 9,591.1 | |||
Less accumulated depreciation | (5,759.9) | (5,807.8) | |||
Total | 3,743.6 | 3,783.3 | |||
Other Assets [Abstract] | |||||
Investments in and advances to joint ventures | 518.9 | 530.6 | |||
Pension assets | 90.9 | 138.2 | |||
Exchangeable note with related party | 12.7 | 30.7 | |||
Life insurance | 26.3 | 26.6 | |||
Miscellaneous | 102.9 | 85.1 | |||
Total | 751.7 | 811.2 | |||
Other Current Liabilities [Abstract] | |||||
Accrued trade and consumer promotions | 563.7 | 564.7 | |||
Accrued payroll | 386.4 | 361.8 | |||
Dividends payable | 23.8 | 27.9 | |||
Accrued taxes | 110.5 | 20.7 | |||
Accrued interest, including interest rate swaps | 90.4 | 91.8 | |||
Grains contracts | 5.5 | 7.8 | |||
Restructuring and other exit costs reserve | 76.6 | 120.8 | $ 3.5 | $ 19.5 | |
Derivative payable | 35.6 | 122.9 | |||
Miscellaneous | 302.5 | 271.5 | |||
Total | 1,595 | 1,589.9 | |||
Other Noncurrent Liabilities [Abstract] | |||||
Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans | 1,755 | 1,451.4 | |||
Accrued taxes | 204 | 202.5 | |||
Miscellaneous | 128.6 | 90.9 | |||
Total | 2,087.6 | 1,744.8 | |||
Buildings [Member] | |||||
Land, Buildings and Equipment [Abstract] | |||||
Capital leased assets | 0.3 | 0.3 | |||
Equipment [Member] | |||||
Land, Buildings and Equipment [Abstract] | |||||
Capital leased assets | $ 3 | $ 9.8 | |||
[1] | Inventories of $841.0 million as of May 29, 2016 , and $867.5 million as of May 31, 2015 , were valued at LIFO. During fiscal 2015, LIFO inventory layers were reduced. Results of operations were not materially affected by these liquidations of LIFO inventory. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for th e LIFO valuation method. |
Supplemental Information (Sc111
Supplemental Information (Schedule of certain Consolidated Statement of Earnings amounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
SUPPLEMENTAL INFORMATION [Abstract] | |||
Depreciation and amortization | $ 608.1 | $ 588.3 | $ 585.4 |
Research and development expense | 222.1 | 229.4 | 243.6 |
Advertising and media expense (including production and communication costs) | $ 754.4 | $ 823.1 | $ 869.5 |
Supplemental Information (Sc112
Supplemental Information (Schedule of the components of interest, net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
SUPPLEMENTAL INFORMATION [Abstract] | |||
Interest expense | $ 319.6 | $ 335.5 | $ 323.4 |
Capitalized interest | (7.7) | (6.9) | (4.9) |
Interest income | (8.1) | (13.2) | (16.1) |
Interest, net | $ 303.8 | $ 315.4 | $ 302.4 |
Supplemental Information (Sc113
Supplemental Information (Schedule of certain Consolidated Statement of Cash Flows amounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
SUPPLEMENTAL INFORMATION [Abstract] | |||
Cash interest payments | $ 292 | $ 305.3 | $ 288.3 |
Cash paid for income taxes | $ 533.8 | $ 562.6 | $ 757.2 |
Quarterly Data (Unaudited) (Nar
Quarterly Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 29, 2016 | May 31, 2015 | May 29, 2016 | May 31, 2015 | May 25, 2014 | |
QUARTERLY DATA (UNAUDITED) [Abstract] | |||||
Effective income tax rate | 19.20% | 31.40% | 33.30% | 33.30% | |
Divestitures [Line Items] | |||||
Pre-tax gain (loss) on sale of business | $ 148.2 | $ 0 | $ 65.5 | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
Indefinite-lived intangible assets impairment | $ 0 | 260 | |||
Foreign earnings repatriated | $ 606.1 | 606.1 | |||
Discrete income tax charge related to foreign earnings repatriated | 78.6 | 78.6 | |||
General Mills de Venezuela CA Subsidiary [Member] | |||||
Divestitures [Line Items] | |||||
Pre-tax gain (loss) on sale of business | $ (37.6) | ||||
General Mills Argentina S.A. Foodservice Business [Member] | |||||
Divestitures [Line Items] | |||||
Pre-tax gain (loss) on sale of business | $ (14.8) | ||||
Green Giant [Member] | |||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
Indefinite-lived intangible assets impairment | 260 | ||||
United States [Member] | |||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
Indefinite-lived intangible assets impairment | 260 | ||||
United States [Member] | Green Giant [Member] | |||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
Indefinite-lived intangible assets impairment | $ 260 | $ 260 |
Quarterly Data (Unaudited) (Sch
Quarterly Data (Unaudited) (Schedule of summarized quarterly data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Feb. 22, 2015 | Nov. 23, 2014 | Aug. 24, 2014 | May 29, 2016 | May 31, 2015 | May 25, 2014 | |
QUARTERLY DATA (UNAUDITED) [Abstract] | |||||||||||
Net sales | $ 3,927.9 | $ 4,002.4 | $ 4,424.9 | $ 4,207.9 | $ 4,298.8 | $ 4,350.9 | $ 4,712.2 | $ 4,268.4 | $ 16,563.1 | $ 17,630.3 | $ 17,909.6 |
Gross Margin | 1,376.8 | 1,357.5 | 1,540.6 | 1,554.6 | 1,515.5 | 1,375.9 | 1,619.1 | 1,438.7 | |||
Net earnings attributable to General Mills | $ 379.6 | $ 361.7 | $ 529.5 | $ 426.6 | $ 186.8 | $ 343.2 | $ 346.1 | $ 345.2 | $ 1,697.4 | $ 1,221.3 | $ 1,824.4 |
Earnings per share - basic | $ 0.63 | $ 0.61 | $ 0.88 | $ 0.71 | $ 0.31 | $ 0.57 | $ 0.58 | $ 0.56 | $ 2.83 | $ 2.02 | $ 2.9 |
Earnings per share - diluted | 0.62 | 0.59 | 0.87 | 0.69 | 0.3 | 0.56 | 0.56 | 0.55 | 2.77 | 1.97 | 2.83 |
Dividends per share | 0.46 | 0.44 | 0.44 | 0.44 | 0.44 | 0.41 | 0.41 | 0.41 | 1.78 | 1.67 | $ 1.55 |
Market Price of Common Stock, High | 65.36 | 60.14 | 59.23 | 59.55 | 57.14 | 55.11 | 53.82 | 55.56 | 65.36 | 57.14 | |
Market Price of Common Stock, Low | $ 58.85 | $ 54.12 | $ 55.41 | $ 54.36 | $ 51.7 | $ 51.13 | $ 48.86 | $ 50.15 | $ 58.85 | $ 51.7 |
Schedule II - Valuation of Q116
Schedule II - Valuation of Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2016 | May 31, 2015 | May 25, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 25.3 | $ 21 | $ 19.9 |
Additions charged to expense, including translation amounts | 21.4 | 19.8 | 12.5 |
Deductions | (17.5) | (12.5) | (11.6) |
Adjustments | 0.4 | (3) | 0.2 |
Balance at end of year | 29.6 | 25.3 | 21 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 215.4 | 221.6 | 232.8 |
Additions charged to expense, including translation amounts | 2.9 | 0.1 | |
Deductions | (1.5) | ||
Adjustments | 13.1 | (9.1) | (11.3) |
Balance at end of year | 227 | 215.4 | 221.6 |
Reserve for Restructuring and Other Exit Costs [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 120.8 | 3.5 | 19.5 |
Additions charged to expense, including translation amounts | 70.2 | 185.1 | 6.4 |
Deductions | (114.4) | (67.8) | (22.4) |
Balance at end of year | 76.6 | 120.8 | 3.5 |
Reserve for LIFO Valuation [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 214.2 | 216.9 | 221.8 |
Increase (Decrease) | 5.1 | (2.7) | (4.9) |
Balance at end of year | $ 219.3 | $ 214.2 | $ 216.9 |