DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 6 Months Ended | |
Nov. 26, 2017 | Dec. 11, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Nov. 26, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --05-27 | |
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 | 569,043,789 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | |
CONSOLIDATED STATEMENTS OF EARNINGS [ABSTRACT] | ||||
Net sales | $ 4,198.7 | $ 4,112.1 | $ 7,967.9 | $ 8,020 |
Cost of sales | 2,755.7 | 2,592.6 | 5,214.8 | 5,083.6 |
Selling, general, and administrative expenses | 711.6 | 708.1 | 1,390.7 | 1,420.3 |
Divestiture loss | 0 | 13.5 | 0 | 13.5 |
Restructuring, impairment, and other exit costs | 1.6 | 29 | 6.8 | 87.9 |
Operating profit | 729.8 | 768.9 | 1,355.6 | 1,414.7 |
Interest, net | 74.9 | 75.5 | 147.3 | 149.4 |
Earnings before income taxes and after-tax earnings from joint ventures | 654.9 | 693.4 | 1,208.3 | 1,265.3 |
Income taxes | 234.9 | 227.4 | 403.4 | 404 |
After-tax earnings from joint ventures | 23.8 | 29.8 | 47.5 | 54 |
Net earnings, including earnings attributable to redeemable and noncontrolling interests | 443.8 | 495.8 | 852.4 | 915.3 |
Net earnings attributable to redeemable and noncontrolling interests | 13.3 | 14 | 17.2 | 24.5 |
Net earnings attributable to General Mills | $ 430.5 | $ 481.8 | $ 835.2 | $ 890.8 |
Earnings per share - basic | $ 0.75 | $ 0.82 | $ 1.46 | $ 1.5 |
Earnings per share - diluted | 0.74 | 0.8 | 1.43 | 1.47 |
Dividends per share | $ 0.49 | $ 0.48 | $ 0.98 | $ 0.96 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [ABSTRACT] | ||||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 443.8 | $ 495.8 | $ 852.4 | $ 915.3 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | (42) | (105.7) | 19.5 | (25.3) |
Other fair value changes: | ||||
Securities | 0.5 | (0.1) | 0.8 | 0.3 |
Hedge derivatives | (0.1) | 32.1 | (8.9) | 47.3 |
Reclassification to earnings: | ||||
Hedge derivatives | 0.8 | (7.8) | 0.6 | (10.6) |
Amortization of losses and prior service costs | 27.9 | 31.8 | 55.7 | 62.4 |
Other comprehensive income (loss), net of tax | (12.9) | (49.7) | 67.7 | 74.1 |
Total comprehensive income | 430.9 | 446.1 | 920.1 | 989.4 |
Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 12.8 | (43.5) | 84.8 | (36.7) |
Comprehensive income attributable to General Mills | $ 418.1 | $ 489.6 | $ 835.3 | $ 1,026.1 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Nov. 26, 2017 | May 28, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 962.1 | $ 766.1 |
Receivables | 1,510.5 | 1,430.1 |
Inventories | 1,516.5 | 1,483.6 |
Prepaid expenses and other current assets | 345 | 381.6 |
Total current assets | 4,334.1 | 4,061.4 |
Land, buildings, and equipment | 3,631.4 | 3,687.7 |
Goodwill | 8,828.3 | 8,747.2 |
Other intangible assets | 4,581.8 | 4,530.4 |
Other assets | 815.9 | 785.9 |
Total assets | 22,191.5 | 21,812.6 |
Current liabilities: | ||
Accounts payable | 2,467 | 2,119.8 |
Current portion of long-term debt | 200.5 | 604.7 |
Notes payable | 1,298 | 1,234.1 |
Other current liabilities | 1,384 | 1,372.2 |
Total current liabilities | 5,349.5 | 5,330.8 |
Long-term debt | 8,228.3 | 7,642.9 |
Deferred income taxes | 1,790.9 | 1,719.4 |
Other liabilities | 1,439.7 | 1,523.1 |
Total liabilities | 16,808.4 | 16,216.2 |
Redeemable interest | 793.4 | 910.9 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,243.3 | 1,120.9 |
Retained earnings | 13,408.9 | 13,138.9 |
Common stock in treasury, at cost | (8,252.6) | (7,762.9) |
Accumulated other comprehensive loss | (2,244.4) | (2,244.5) |
Total stockholders' equity | 4,230.7 | 4,327.9 |
Noncontrolling interests | 359 | 357.6 |
Total equity | 4,589.7 | 4,685.5 |
Total liabilities and equity | $ 22,191.5 | $ 21,812.6 |
CONSOLIDATED BALANCE SHEETS (U5
CONSOLIDATED BALANCE SHEETS (Unaudited) (Paranthetical) - $ / shares shares in Millions | Nov. 26, 2017 | May 28, 2017 | May 29, 2016 |
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 | 186 | 177.7 |
CONSOLIDATED STATEMENTS OF TOTA
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Issued Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Redeemable Interest [Member] |
Beginning balance, equity at May. 29, 2016 | $ 5,307.1 | $ 75.5 | $ 1,177 | $ (6,326.6) | $ 12,616.5 | $ (2,612.2) | $ 376.9 | |
Beginning balance, equity attributable to redeemable noncontrolling interest at May. 29, 2016 | $ 845.6 | |||||||
Beginning balance, common stock shares at May. 29, 2016 | 754.6 | |||||||
Beginning balance, treasury stock shares at May. 29, 2016 | (157.8) | |||||||
Total comprehensive income | 2,039 | 1,657.5 | 367.7 | 13.8 | ||||
Total comprehensive income (loss) attributable to redeemable interests | 17.2 | |||||||
Cash dividends declared | (1,135.1) | (1,135.1) | ||||||
Shares purchased, value | (1,651.5) | $ (1,651.5) | ||||||
Shares purchased, shares | (25.4) | |||||||
Stock compensation plans (includes income tax benefits), value | 218.8 | 3.6 | $ 215.2 | |||||
Stock compensation plans (includes income tax benefits), shares | 5.5 | |||||||
Unearned compensation related to restricted stock unit awards | (78.5) | (78.5) | ||||||
Earned compensation | 94.9 | 94.9 | ||||||
(Increase) decrease in redemption value of redeemable interest | (75.9) | (75.9) | 75.9 | |||||
Acquisition of interest in subsidiary | (0.1) | (0.2) | 0.1 | |||||
Distributions to noncontrolling and redeemable interest holders | (33.2) | (33.2) | (27.8) | |||||
Ending balance, equity at May. 28, 2017 | 4,685.5 | $ 75.5 | 1,120.9 | $ (7,762.9) | 13,138.9 | (2,244.5) | 357.6 | |
Ending balance, equity attributable to redeemable noncontrolling interest at May. 28, 2017 | $ 910.9 | 910.9 | ||||||
Ending balance, common stock shares at May. 28, 2017 | 754.6 | 754.6 | ||||||
Ending balance, treasury stock shares at May. 28, 2017 | (177.7) | (177.7) | ||||||
Total comprehensive income | $ 863.4 | 835.2 | 0.1 | 28.1 | ||||
Total comprehensive income (loss) attributable to redeemable interests | 56.7 | |||||||
Cash dividends declared | (565.2) | (565.2) | ||||||
Shares purchased, value | $ (600.5) | $ (600.5) | ||||||
Shares purchased, shares | (10.9) | (10.9) | ||||||
Stock compensation plans (includes income tax benefits), value | $ 90.2 | (20.6) | $ 110.8 | |||||
Stock compensation plans (includes income tax benefits), shares | 2.6 | |||||||
Unearned compensation related to restricted stock unit awards | (61.2) | (61.2) | ||||||
Earned compensation | 48.6 | 48.6 | ||||||
(Increase) decrease in redemption value of redeemable interest | 155.6 | 155.6 | (155.6) | |||||
Distributions to noncontrolling and redeemable interest holders | (26.7) | (26.7) | (18.6) | |||||
Ending balance, equity at Nov. 26, 2017 | 4,589.7 | $ 75.5 | $ 1,243.3 | $ (8,252.6) | $ 13,408.9 | $ (2,244.4) | $ 359 | |
Ending balance, equity attributable to redeemable noncontrolling interest at Nov. 26, 2017 | $ 793.4 | $ 793.4 | ||||||
Ending balance, common stock shares at Nov. 26, 2017 | 754.6 | 754.6 | ||||||
Ending balance, treasury stock shares at Nov. 26, 2017 | (186) | (186) |
CONSOLIDATED STATEMENTS OF TOT7
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) (Paranthetical) $ in Millions, shares in Billions | USD ($)$ / sharesshares |
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) (Parenthetical) [ABSTRACT] | |
Par Value Common Stock | $ 0.1 |
Common Stock, Shares Authorized | shares | 1 |
Cash dividends declared per share | $ 1.92 |
Stock compensation plans, income tax benefits | $ | $ 64.1 |
Par Value Common Stock | $ 0.1 |
Common Stock, Shares Authorized | shares | 1 |
Cash dividends declared per share | $ 0.98 |
Stock compensation plans, income tax benefits | $ | $ 20.2 |
Par Value Common Stock | $ 0.1 |
Common Stock, Shares Authorized | shares | 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 26, 2017 | Nov. 27, 2016 | |
Cash Flows - Operating Activities | ||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 852.4 | $ 915.3 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 290.8 | 301.1 |
After-tax earnings from joint ventures | (47.5) | (54) |
Distributions of earnings from joint ventures | 45.1 | 31.9 |
Stock-based compensation | 48.2 | 56.2 |
Deferred income taxes | 70.2 | 94.6 |
Pension and other postretirement benefit plan contributions | (12.6) | (22.6) |
Pension and other postretirement benefit plan costs | 2.4 | 17.9 |
Divestiture loss | 0 | 13.5 |
Restructuring, impairment, and other exit costs | (7.4) | 71 |
Changes in current assets and liabilities | 362.3 | (340.9) |
Other, net | (37.1) | (5.3) |
Net cash provided by operating activities | 1,566.8 | 1,078.7 |
Cash Flows - Investing Activities | ||
Purchases of land, buildings, and equipment | (260) | (318.3) |
Investments In affiliates, net | (7.4) | (7.7) |
Proceeds from disposal of land, buildings, and equipment | 0.6 | 0.4 |
Proceeds from divestiture | 0 | 17.5 |
Exchangeable note | 0 | 13 |
Other, net | (3.9) | 15.1 |
Net cash used by investing activities | (270.7) | (280) |
Cash Flows - Financing Activities | ||
Change in notes payable | 53.1 | 1,164.5 |
Issuance of long-term debt | 500 | 0 |
Payment of long-term debt | (500.1) | (0.1) |
Proceeds from common stock issued on exercised options | 50.6 | 77 |
Purchases of common stock for treasury | (600.5) | (1,349.9) |
Dividends paid | (565.2) | (575.5) |
Distributions to noncontrolling and redeemable interest holders | (45.3) | (4.6) |
Other, net | (23.6) | (31.4) |
Net cash used by financing activities | (1,131) | (720) |
Effect of exchange rate changes on cash and cash equivalents | 30.9 | (32.7) |
Increase in cash and cash equivalents | 196 | 46 |
Cash and cash equivalents - beginning of year | 766.1 | 763.7 |
Cash and cash equivalents - end of period | 962.1 | 809.7 |
Cash Flow from changes in current assets and liabilities: | ||
Receivables | (53.9) | (45.3) |
Inventories | (15.6) | (120.7) |
Prepaid expenses and other current assets | 42.3 | (2.3) |
Accounts payable | 377 | (19.9) |
Other current liabilities | 12.5 | (152.7) |
Changes in current assets and liabilities | $ 362.3 | $ (340.9) |
BACKGROUND
BACKGROUND | 6 Months Ended |
Nov. 26, 2017 | |
Background [Abstract] | |
Background | ( 1 ) Background The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions and any noncontrolling and redeemable interests’ share of those transactions. Operating results for the quarter ended November 26, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending May 27, 2018 . These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended May 28, 2017 . The accounting policies used in preparing these Consolidated Financial Statements are the same a s those described in Note 2 to the Consolidated Financial Statements in that Form 10-K with the exception of the new accounting requirements adopted in the first quarter of fiscal 2018 for stock-based payments and goodwill impairment testing . See Note 16 t o the Consolidated Financial Statements in Part I, Item 1 of this report for additional information. Certain terms used throughout this report are defined in the “Glossary” section below. In the second quarter of fiscal 2018, we recorded an adjustment rel ated to a prior year which increased income tax expense and total liabilities by $42.2 million in our Consolidated Financial Statements. We determined the adjustment to be immaterial to our estimated Consolidated Statements of Earnings for the fiscal ye ar ended May 27, 2018. |
DIVESTITURE
DIVESTITURE | 6 Months Ended |
Nov. 26, 2017 | |
Divestiture [Abstract] | |
Divestiture | ( 2 ) Divestiture During the second quarter of fiscal 2017, we sold our Martel, Ohio manufacturing facility in our Convenience Stores & Foodservice segment and simultaneously entered into a co-packing arrangement with the purchaser. We received $17.5 million in cash, and recorded a pre-tax loss of $13.5 million. |
RESTRUCTURING INITIATIVES
RESTRUCTURING INITIATIVES | 6 Months Ended |
Nov. 26, 2017 | |
Restructuring Initiatives [Abstract] | |
Restructuring Initiatives | ( 3 ) Restructuring Initiatives We are currently pursuing several multi-year restructuring initiatives designed to increase our efficiency and focus our business behind our key growth strategies. Charges related to these activities were as follows: Quarter Ended Quarter Ended Nov. 26, 2017 Nov. 27, 2016 In Millions Severance Asset Write-offs Accelerated Depreciation Other Total Severance Asset Write-offs Accelerated Depreciation Other Total Global reorganization $ 0.2 $ 0.5 $ - $ (0.1) $ 0.6 $ - $ - $ - $ - $ - Closure of Melbourne, Australia plant - - 0.6 2.2 2.8 11.3 - 0.7 - 12.0 Restructuring of certain international product lines - - - - - 4.1 2.2 (0.3) 0.9 6.9 Closure of Vineland, New Jersey plant (2.4) 8.8 - (7.7) (1.3) (0.1) - 7.0 0.1 7.0 Project Compass - - - - - - - - - - Project Century - 4.8 - (4.7) 0.1 0.2 5.0 5.4 5.3 15.9 Total $ (2.2) $ 14.1 $ 0.6 $ (10.3) $ 2.2 $ 15.5 $ 7.2 $ 12.8 $ 6.3 $ 41.8 Six-Month Period Ended Six-Month Period Ended Nov. 26, 2017 Nov. 27, 2016 In Millions Severance Asset Write-offs Accelerated Depreciation Other Total Severance Asset Write-offs Accelerated Depreciation Other Total Global reorganization $ 0.6 $ 0.6 $ - $ 0.2 $ 1.4 $ - $ - $ - $ - $ - Closure of Melbourne, Australia plant 0.6 - 2.1 2.2 4.9 11.3 - 0.7 - 12.0 Restructuring of certain international product lines - - - - - 6.4 35.8 (0.3) 1.4 43.3 Closure of Vineland, New Jersey plant (2.2) 8.9 10.6 (5.2) 12.1 12.3 - 14.0 1.6 27.9 Project Compass (0.2) - - - (0.2) - - 0.2 0.8 1.0 Project Century 0.1 5.7 - (4.3) 1.5 0.5 8.1 14.6 6.9 30.1 Total $ (1.1) $ 15.2 $ 12.7 $ (7.1) $ 19.7 $ 30.5 $ 43.9 $ 29.2 $ 10.7 $ 114.3 In the third quarter of fiscal 2017, we approved restructuring actions designed to better align our organizational structure with our strategic initiatives. This action will affect approximately 600 positions and we expect to incur approximately $7 6 million of net expenses relating to these actions, all of which will be cash. We recorded $ 0.6 million of restructuring charges in the second quarter of fiscal 2018 and $1.4 million in the six-month period ended November 26, 2017 relating to these acti ons. We expect these actions to be completed by the end of fiscal 2018. In the second quarter of fiscal 2017, we notified the employees and their representatives of our decision to close our pasta manufacturing facility in Melbourne , Australia in our Eur ope & Australia segment to improve our margin structure. This action will affect approximately 350 positions, and we expect to incur approximately $34 million of net expenses relating to this action, of which approximately $3 million will be cash. We rec orded $ 2.8 million of restructuring charges in the second quarter of fiscal 2018 and $ 4.9 million in the six-month period ended November 26, 2017 relating to this action. We recorded $12.0 million of restructuring charges in the second quarter of fisca l 2017 and $12.0 million in the six-month period ended November 27, 2016. We expect this action to be completed by the end of fiscal 2019. In the first quarter of fiscal 2017, we announced a plan to restructure certain product lines in our Asia & Latin Ame rica segment. To eliminate excess capacity, we closed our snacks manufacturing facility in Marília, Brazil and ceased production operations for meals and snacks at our facility in São Bernardo do Campo, Brazil. We also ceased production of certain underpe rforming snack products at our facility in Nanjing, China. These and other actions will affect approximately 420 positions in our Brazilian operations and appr oximately 440 positions in our g reater China operations. We expect to incur approximately $42 mil lion of net expenses related to these actions, most of which will be non-cash. There have been no restructuring charges in fi scal 2018 relating to these actions. We recorded $6.9 million of restructuring charges in the second quarter of fiscal 2017 and $43.3 million in the six-month period ended November 27, 2016. We expect these actions to be completed by the end of fiscal 2019. In the first quarter of fiscal 201 7, we approved a plan to close our Vineland, New Jersey facility to eliminate excess soup capacity in our North America Retail segment. This action affected 380 positions, and we expect to incur approximately $54 million of net expe nses relating to this ac tion, of which approximately $11 million will be cash. W e recorded a net gain of $1.3 million related primarily to the sale of assets in the second quarter of fiscal 2018 and $12.1 million of restructuring charges in the six-month period ended November 26, 2017 . We recorded $7.0 million of restructuring expenses in the second quarter of fiscal 2017 and $27.9 million in the six-month period ended November 27, 2016. We expect this action to be completed by the end of fiscal 2018. During the six-month period ended Nove mber 26, 2017, w e paid $27.1 million in cash relating to restructuring initiatives and $43.3 million in the six-month period ended November 27, 2016 . In addition to restructuring charges, we recorded $ 4.2 million of project-related costs in cost of sales in the second quarter of fiscal 2018 and $5.4 million in the six-month period ended November 26, 2017. We paid $5.0 million in cash in the six-month period ended November 26, 2017 for project-related costs. We expect to incur approximately $8 million of project-related costs in future periods related to our restructuring initiatives. Restructuring cha r ges and project-related costs are recorded in our Consolidated Statements of Earnings as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Cost of sales $ 0.6 $ 12.8 $ 12.9 $ 26.4 Restructuring, impairment, and other exit costs 1.6 29.0 6.8 87.9 Total restructuring charges 2.2 41.8 19.7 114.3 Project-related costs classified in cost of sales $ 4.2 $ 11.1 $ 5.4 $ 24.9 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 28, 2017 $ 81.8 $ 0.7 $ 2.5 $ 85.0 Fiscal 2018 charges, including foreign currency translation (2.0) 0.2 0.4 (1.4) Utilized in fiscal 2018 (35.5) (0.7) (0.8) (37.0) Reserve balance as of Nov. 26, 2017 $ 44.3 $ 0.2 $ 2.1 $ 46.6 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, accelerated depreciation, 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. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Nov. 26, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | ( 4 ) Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows: In Millions Nov. 26, 2017 May 28, 2017 Goodwill $ 8,828.3 $ 8,747.2 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 4,203.4 4,161.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 555.2 524.8 Less accumulated amortization (176.8) (155.5) Intangible assets subject to amortization, net 378.4 369.3 Other intangible assets 4,581.8 4,530.4 Total $ 13,410.1 $ 13,277.6 Based on the carrying value of finite-lived intangible assets as of November 26, 2017 , annual amortization expense for each of the next f ive fiscal years is estimated to be approximately $27 million. During the third quarter of fiscal 2017, we announced a new global organization structure to streamline our leadership, enhance global scale, and drive improved operational agility to maximize our growth capabilities. As a result of this global reorganization, we reassessed our operating segments as well as our rep orting units. Under our new organization structure, our chief operating decision maker assesses performance and makes decisions about resources to be allocated to our segments at the North America Retail, Convenience Stores & Foodservice, Europe & Austra lia, and Asia & Latin America operating segment level. See Note 15 for additional information on our operating segments. Our reporting units were unchanged with the exception of combining our former U.S. Meals and U.S. Baking reporting units into a single reporting unit. The changes in the carrying amount of goodwill during fiscal 2018 were as follows: In Millions North America Retail Convenience Stores & Foodservice Europe & Australia Asia & Latin America Joint Ventures Total Balance as of May 28, 2017 $ 6,406.5 $ 918.8 $ 700.8 $ 312.4 $ 408.7 $ 8,747.2 Other activity, primarily foreign currency translation 6.5 - 43.5 3.7 27.4 81.1 Balance as of Nov. 26, 2017 $ 6,413.0 $ 918.8 $ 744.3 $ 316.1 $ 436.1 $ 8,828.3 The changes in the carrying amount of other intangible assets during fisca l 2018 were as follows: In Millions Total Balance as of May 28, 2017 $ 4,530.4 Other activity, primarily foreign currency translation 51.4 Balance as of Nov. 26, 2017 $ 4,581.8 Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of fiscal 2018 and we determined there was no impairment of our intangible assets as their related fair values were substantially in excess of the carrying values, except for the Yoki and Progresso brand intangible assets and the Latin America reporting unit. The excess fair value as of the fiscal 2018 test date of the Yoki and Progresso brand intangible assets a nd the Latin America reporting unit is as follows: In Millions Carrying Value of Intangible Asset Excess Fair Value as of Fiscal 2018 Test Date Yoki $ 138.2 1% Progresso 462.1 6% Latin America $ 272.0 21% In addition, while having significant coverage as of our fiscal 2018 assessment date, the Food Should Taste Good and Green Giant brand intangible assets an d the U.S. Yogurt reporting unit ha d risk of decreasing coverage. We will continue to monitor these businesses for potential impairment. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Nov. 26, 2017 | |
Inventories [Abstract] | |
Inventories | ( 5 ) Inventories The components of inventories were as follows: In Millions Nov. 26, 2017 May 28, 2017 Raw materials and packaging $ 400.7 $ 395.4 Finished goods 1,211.6 1,224.3 Grain 118.9 73.0 Excess of FIFO over LIFO cost (214.7) (209.1) Total $ 1,516.5 $ 1,483.6 |
RISK MANAGEMENT ACTIVITIES
RISK MANAGEMENT ACTIVITIES | 6 Months Ended |
Nov. 26, 2017 | |
Risk Management Activities [Abstract] | |
Risk Management Activities | ( 6 ) Risk Management Activities 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 mana ge 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 conditions and genera lly 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 position s. 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 e ffective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of measuring segment operating performance, certain gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure 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 segmen ts to realize the economic effects of the derivative without experiencing the resulting mark-to-market volatility, which remains in unallocated corporate items. Unallocated corporate items for the quarters ended November 26, 2017 and November 27, 2016 included: Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Net gain (loss) on mark-to-market valuation of certain commodity positions $ (0.6) $ 3.0 $ (8.4) $ (15.9) Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit 2.5 14.4 6.1 23.7 Net mark-to-market revaluation of certain grain inventories 2.6 11.7 8.6 4.7 Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 4.5 $ 29.1 $ 6.3 $ 12.5 As of November 26, 2017 , the net notional value of commodity derivatives was $ 96.9 million, of which $ 36.6 million related to energy inputs and $ 60.3 million related to agricultural inputs. These contracts relate to inputs that generally will be utilized within the next 12 months. In advance of planned debt financing, in fiscal 2018, we entered into $500 .0 million of treasury locks due October 15, 2017 with an average fixed rate of 1.8 percent. A ll of these treasury locks were cash settled for $3.7 million during the second quarter of fiscal 2018, concurrent with the issuance of our $500.0 million 5-year fixed-rate notes. In advance of planned debt financing, during the third quarter of fiscal 20 16 and the first quarter of fiscal 2017, we entered into $400 .0 million and $100 .0 million, respectively, of treasury locks due February 15, 2017 with an average fixed rate of 2.0 percent. All of these treasury locks were cash settled for $17.2 million during the third quarter of fiscal 2017, concurrent with the issuance of our $750.0 million 10-year fixed-rate notes. The fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not material as of November 26, 2017 , and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy. We did not significantly change our valuation techniques from prior periods. We off er certain suppliers access to third party service s that allow them to view our scheduled payments online. The third party service s also allow 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 wit h the suppliers, the third parties , or any financ ial institutions conc erning these service s . All of our accounts payable remain as obligations to our su ppliers as stated in our supplier agreements. As of November 26, 2017 , $873.5 million of our total accounts payabl e were payable to suppliers who utilize these third party services. |
DEBT
DEBT | 6 Months Ended |
Nov. 26, 2017 | |
Debt [Abstract] | |
Debt | ( 7 ) Debt The components of notes payable were as follows: In Millions Nov. 26, 2017 May 28, 2017 U.S. commercial paper $ 997.7 $ 954.7 Financial institutions 300.3 279.4 Total $ 1,298.0 $ 1,234.1 To 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 i n the United States and Europe. We also have committed, 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 November 26, 2017 : In Billions Facility Amount Borrowed Amount Credit facility expiring: May 2022 $ 2.7 $ - June 2019 0.2 0.1 Total committed credit facilities 2.9 0.1 Uncommitted credit facilities 0.5 0.2 Total committed and uncommitted credit facilities $ 3.4 $ 0.3 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 November 26, 2017 . Long-Term Debt The fair values and carrying amounts of long-term debt, including the current portion, were $ 8,735.5 million and $ 8,428.8 million , respectively, as of November 26, 2017 . The fair value of long-term debt was estimated using market quotations 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. In October 2017, we issued $500.0 million principal amount of 2.6 percent fixed-rate notes du e October 12, 2022. Interest on the notes is payable semi-annually in arrears. We may redeem the notes in whole, or in part, at any time at the applicable redemption price. The notes are senior unsecured obligations that include a change of control repurch ase provision. The net proceeds, together with cash on hand, were used to repay $500.0 million of 1.4 percent fixed-rate notes. In March 2017, we issued €300.0 million principal amount of floating-rate notes due March 20, 2019. Interest on the notes is payable quarterly in arrears. T he 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 outstanding commercial paper. In February 201 7, we repaid $1.0 billion of 5.7 percent fixed-rate notes. In January 2017, we issued $750.0 million principal amount of 3.2 percent fixed-rate notes due February 10, 2027. Interest on the notes is payable semi-annually in arrears. We may redeem the note s in whole, or in part, 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 repay a portion of our maturing long-term debt. Certain of our long-term debt agreements contain restrictive covenants. As of November 26, 2017 , we were in compliance with all of these covenants. |
REDEEMABLE AND NONCONTROLLING I
REDEEMABLE AND NONCONTROLLING INTERESTS | 6 Months Ended |
Nov. 26, 2017 | |
Redeemable and Noncontrolling Interests [Abstract] | |
Redeemable and Noncontrolling Interests | ( 8 ) Redeemable and Noncontrolling Interests We have a 51 percent co ntrolling interest in Yoplait SAS and a 50 percent int erest in Yoplait Marques SNC and Liberté Marques Sàrl . Sodiaal International ( 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 redeemable interest on our Consolidated Balance Sheets. 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. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance She ets quarterly to the redeemable interest’s redemption value, which approximates its fair value. Yoplait SAS pays dividends annually if it meets certain financial metrics set forth in its shareholders’ agreement. As of November 26, 2017 , the redemption value of the euro-denominated redeemable interest was $ 793.4 million. A subsidiary of Yoplait SAS has an exclusive milk supply agreement for its European operations with Sodiaal through July 1, 2021. Net purchases totaled $ 112.3 million for th e six -month period ended November 26, 2017 and $86.2 million for the six -month period ended November 27, 2016 . On the acquisition dates, we recorded the $281.4 million fair value of Sodiaal’s 50 percent euro-denominated interest in Yoplait Mar ques SNC and 50 percent Canadian dollar-denominated interest in Liberté Marques Sàrl 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 Sàrl earns a royalty stream through licensing agreements with certain Yoplait group companies for the rights to Libe rté and related trademarks. These entities pay dividends annually based on their available cash as of their fiscal year end. The third-party holder of the Class A Interests in our General Mills Cereals, LLC (GMC) consolidated subsidiary 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 ). The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Intere st holder or through a remarketing auction. 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. Our noncontrolling interests contain restrictive covenants. As of November 26, 2017 , we were in compliance with all of these covenants. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Nov. 26, 2017 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | ( 9 ) Stockholders’ Equity The following tables provide details of total comprehensive income: Quarter Ended Quarter Ended Nov. 26, 2017 Nov. 27, 2016 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 430.5 $ 4.5 $ 8.8 $ 481.8 $ 6.0 $ 8.0 Other comprehensive income (loss): Foreign currency translation $ (43.3) $ - (43.3) 0.6 0.7 $ (49.6) $ - (49.6) (18.0) (38.1) Other fair value changes: Securities 0.9 (0.4) 0.5 - - (0.1) - (0.1) - - Hedge derivatives 3.5 (2.5) 1.0 - (1.1) 48.5 (16.0) 32.5 - (0.4) Reclassification to earnings: Hedge derivatives (a) 2.5 (1.0) 1.5 - (0.7) (7.0) 0.2 (6.8) - (1.0) Amortization of losses and prior service costs (b) 43.8 (15.9) 27.9 - - 51.4 (19.6) 31.8 - - Other comprehensive income (loss) $ 7.4 $ (19.8) (12.4) 0.6 (1.1) $ 43.2 $ (35.4) 7.8 (18.0) (39.5) Total comprehensive income (loss) $ 418.1 $ 5.1 $ 7.7 $ 489.6 $ (12.0) $ (31.5) (a) (Gain) loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (SG&A) expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses. Six-Month Period Ended Six-Month Period Ended Nov. 26, 2017 Nov. 27, 2016 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 835.2 $ 6.0 $ 11.2 $ 890.8 $ 7.8 $ 16.7 Other comprehensive income (loss): Foreign currency translation $ (48.6) $ - (48.6) 22.1 46.0 $ 37.0 $ - 37.0 (15.2) (47.1) Other fair value changes: Securities 1.3 (0.5) 0.8 - - 0.5 (0.2) 0.3 - - Hedge derivatives (12.2) 2.7 (9.5) - 0.6 58.7 (14.1) 44.6 - 2.7 Reclassification to earnings: Hedge derivatives (a) 3.3 (1.6) 1.7 - (1.1) (8.6) (0.4) (9.0) - (1.6) Amortization of losses and prior service costs (b) 87.6 (31.9) 55.7 - - 100.8 (38.4) 62.4 - - Other comprehensive income (loss) $ 31.4 $ (31.3) 0.1 22.1 45.5 $ 188.4 $ (53.1) 135.3 (15.2) (46.0) Total comprehensive income (loss) $ 835.3 $ 28.1 $ 56.7 $ 1,026.1 $ (7.4) $ (29.3) (a) (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. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses. Accumulated other comprehensive loss balances, net of tax effects, were as follows: In Millions Nov. 26, 2017 May 28, 2017 Foreign currency translation adjustments $ (673.3) $ (624.7) Unrealized gain (loss) from: Securities 5.4 4.6 Hedge derivatives (6.3) 1.5 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,588.8) (1,645.4) Prior service credits 18.6 19.5 Accumulated other comprehensive loss $ (2,244.4) $ (2,244.5) |
STOCK PLANS
STOCK PLANS | 6 Months Ended |
Nov. 26, 2017 | |
Stock Plans [Abstract] | |
Stock Plans | ( 10 ) Stock Plans We have various stock-based compensation programs under which awards, including stock options, restricted stock, restricted stock units, and performance awards, may be granted to employees and non-employee directors. These programs and related accounting are described in Note 11 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 28, 2017 , and Note 16 to the Consolidated Financial Statements in Part I, Item 1 of this report . Compensation expense related to stock-based payments recognized in the Consoli dated Statements of Earnings was as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Compensation expense related to stock-based payments $ 19.3 $ 18.6 $ 48.9 $ 57.6 Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings includes amounts recognized in restructuring, impairment, and other exit costs in fiscal 2017 and fiscal 2018. As of November 26, 2017 , unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $ 128.4 million. This expense will be recognized over 25 months, on average. Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised were as follows: Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Net cash proceeds $ 50.6 $ 77.0 Intrinsic value of options exercised $ 46.0 $ 131.9 We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and dividend yield. 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 stoc k 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 exp ected volatility. Our method of selecting the other valuation a ssumptions is explained in Note 11 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 28, 2017 . The estimated fair values of stock op tions granted and the assumptions used for the Black-Scholes option-pricing model were as follows: Six-Month Period Ended Nov. 26, 2017 Nov. 27, 2016 Estimated fair values of stock options granted $6.18 $8.80 Assumptions: Risk-free interest rate 2.2 % 1.7 % Expected term 8.2 years 8.5 years Expected volatility 15.8 % 17.8 % Dividend yield 3.6 % 2.9 % Information on stock option activity follows: Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 28, 2017 29,834.4 $ 40.47 Granted 2,816.7 55.52 Exercised (1,930.2) 31.13 Forfeited or expired (85.4) 58.11 Outstanding as of Nov. 26, 2017 30,635.5 $ 42.40 4.47 $ 384.7 Exercisable as of Nov. 26, 2017 21,551.0 $ 35.81 2.88 $ 384.7 Information on restricted stock and performance share unit 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 28, 2017 4,491.2 $ 56.08 123.3 $ 56.93 Granted 1,448.4 55.34 43.0 55.49 Vested (1,509.5) 49.80 (35.8) 49.36 Forfeited (330.0) 63.98 (8.2) 58.91 Non-vested as of Nov. 26, 2017 4,100.1 $ 57.49 122.3 $ 58.34 The total grant date fair value of restricted stock unit awards that vested during the period follows: Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Total grant date fair value $ 77.0 $ 59.6 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Nov. 26, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | ( 11 ) Earnings Per Share Basic and diluted earnings per share ( EPS ) were calculated using the following: Quarter Ended Six-Month Period Ended In Millions, Except per Share Data Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Net earnings attributable to General Mills $ 430.5 $ 481.8 $ 835.2 $ 890.8 Average number of common shares - basic EPS 571.3 588.8 574.0 594.4 Incremental share effect from: (a) Stock options 7.0 8.1 7.6 8.8 Restricted stock, restricted stock units, and other 2.0 2.8 2.0 2.8 Average number of common shares - diluted EPS 580.3 599.7 583.6 606.0 Earnings per share - basic $ 0.75 $ 0.82 $ 1.46 $ 1.50 Earnings per share - diluted $ 0.74 $ 0.80 $ 1.43 $ 1.47 Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Anti-dilutive stock options, restricted stock units, and performance share units 9.2 2.5 7.5 2.2 |
SHARE REPURCHASES
SHARE REPURCHASES | 6 Months Ended |
Nov. 26, 2017 | |
Shares Repurchases [Abstract] | |
Share Repurchases | ( 12 ) Share Repurchases Share repurchases were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Shares of common stock - 14.9 10.9 20.5 Aggregate purchase price $0.2 $950.2 $600.5 $1,349.9 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS | 6 Months Ended |
Nov. 26, 2017 | |
Statements of Cash Flows [Abstract] | |
Statements of Cash Flows | ( 13 ) Statements of Cash Flows Our Consolidated Statement s of Cash F low s include the following: Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Net cash interest payments $ 133.7 $ 141.9 Net income tax payments $ 333.0 $ 290.8 |
RETIREMENT AND POSTEMPLOYMENT B
RETIREMENT AND POSTEMPLOYMENT BENEFITS | 6 Months Ended |
Nov. 26, 2017 | |
Retirement and Postemployment Benefits [Abstract] | |
Retirement and Postemployment Benefits | ( 14 ) Retirement and Postemployment Benefits In fiscal 2017, we changed the method used to estimate the service and interest cost components of the net periodic benefit expense for our United States and most of our international defined benefit pension, other postretirement benefit, and postemployment benefit plans. We adopted a full yield curve approach to estimate service cost and interest cost by applying the specific spot rates along the yield curve used to determine the benefit obligation to the relevant projected cash flows. This method provides a more precise measurement of service and interest costs by correlating the timing of the plans’ liability cash flows to the corresponding rate on the yield curve. Components of net periodic benefit expense are as f ollows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Service cost $ 25.7 $ 30.0 $ 2.9 $ 3.1 $ 2.2 $ 2.2 Interest cost 54.5 54.1 7.6 7.9 0.5 0.7 Expected return on plan assets (120.1) (121.7) (13.1) (12.1) - - Amortization of losses 44.1 47.6 0.2 0.7 0.2 0.5 Amortization of prior service costs (credits) 0.5 0.6 (1.3) (1.3) 0.1 0.1 Other adjustments - 2.1 - 1.3 3.4 3.4 Settlement or curtailment losses - 2.9 - 0.7 - - Net expense (income) $ 4.7 $ 15.6 $ (3.7) $ 0.3 $ 6.4 $ 6.9 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Six-Month Period Ended Six-Month Period Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Service cost $ 51.4 $ 60.0 $ 5.8 $ 6.2 $ 4.3 $ 4.4 Interest cost 108.9 108.3 15.2 16.0 1.1 1.4 Expected return on plan assets (240.0) (243.5) (26.1) (24.2) - - Amortization of losses 88.2 95.0 0.4 1.3 0.4 0.9 Amortization of prior service costs (credits) 1.0 1.2 (2.7) (2.6) 0.3 0.3 Other adjustments - 2.1 - 1.3 6.8 6.8 Settlement or curtailment losses - 4.4 - 0.7 - - Net expense (income) $ 9.5 $ 27.5 $ (7.4) $ (1.3) $ 12.9 $ 13.8 |
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION | 6 Months Ended |
Nov. 26, 2017 | |
Business Segment Information [Abstract] | |
Business Segment Information | ( 15 ) Business Segment Information We operate in the consumer foods industry. In the third quarter of fiscal 2017, we announced a new global organization structure to streamline our leadership, enhance global scale, and drive improved operational agility to maximize our growth capabilities. This global reorganization required us to reevaluate our operating segments. Under our new organization structure, our chief operating decision maker assesses performance and makes decisions about resources to b e allocated to our operating segments as follows: North America Retail; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. We have restated our net sales by segment and segment operating profit to reflect our new operating seg ments. These segment changes had no effect on previously reported consolidated net sales, operating profit, net earnings attributable to General Mills, or earnings per share. Our North America Retail operating segment consists of our former U.S. Retail ope rating units and our Canada region. Within our North America Retail operating segment, our former U.S. Meals operating unit and U.S. Baking operating unit have been combined into one operating unit: U.S. Meals & Baking. The segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers. Our product categories in 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 refrigerated yogurt, nutrition bars, meal kits, salty snacks , ready-to-eat cereal, and grain snacks. Our Europe & Australia operating segment consists of our former Europe region. The segment reflects retail and foodservice businesses in the greater Europe and Australia regions. Our product categories include refrige rated yogurt, meal kits, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, grain snacks, and dessert and baking mixes. We also sell super-premium ice cream directly to consumers through owned retail shops. Revenues f rom franchise fees are reported in the region or country where the end customer is located. Our Convenience Stores & Foodservice operating segment was unchanged. Our major product categories in this segment are ready-to-eat cereals, snacks, refrigerated yo gurt, 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 fo odservice, convenience stores, vending, and supermarket bakeries in the United States. Our Asia & Latin America operating segment consists of our former Asia/Pacific and Latin America regions. The segment consists of retail and foodservice businesses in th e greater Asia and South America regions. Our product categories include super-premium ice cream and frozen desserts, refrigerated and frozen dough products, dessert and baking mixes, meal kits, salty and grain snacks, wellness beverages, and refrigerated yogurt. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our Asia & Latin America segment 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 are reported in the region or country where the end customer is located. Operating profit for these segments excludes unallocated corp orate items, gain or loss 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 t o the General Mills Foundation , 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 segment results were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Net sales: North America Retail $ 2,771.8 $ 2,748.8 $ 5,210.0 $ 5,305.8 Convenience Stores & Foodservice 512.2 487.5 959.3 933.8 Europe & Australia 466.7 435.1 958.6 913.5 Asia & Latin America 448.0 440.7 840.0 866.9 Total $ 4,198.7 $ 4,112.1 $ 7,967.9 $ 8,020.0 Operating profit: North America Retail $ 622.9 $ 651.0 $ 1,156.1 $ 1,279.2 Convenience Stores & Foodservice 106.5 109.1 191.3 201.8 Europe & Australia 26.9 41.3 57.5 85.2 Asia & Latin America 16.7 29.0 32.2 51.3 Total segment operating profit 773.0 830.4 1,437.1 1,617.5 Unallocated corporate items 41.6 19.0 74.7 101.4 Divestiture loss - 13.5 - 13.5 Restructuring, impairment, and other exit costs 1.6 29.0 6.8 87.9 Operating profit $ 729.8 $ 768.9 $ 1,355.6 $ 1,414.7 |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Nov. 26, 2017 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | ( 16 ) New Accounting Pronouncements In the first quarter of fiscal 2018, we adopted new requirements for the accounting and presentation of stock-based payments. The adoption of this guidance resulted in the prospective recognition of realized windfall and shortfall tax benefits related to the exercise or vesting of stock-based awards in our Consolidated Statements of Earnings instead of additional paid-in capital within our Consolidated Balance Sheets. We recognized a windfall tax benefit in i ncome tax expense in our Consolidated Statements of Earnings of $2.5 million in the second quarter of fiscal 2018 and $ 20.2 million in the six-month period ended November 26, 2017 . We retrospectively adopted the guidance related to reclas sification of realized windfall tax benefits in our Consolidated Statements of Cash Flows. This resulted in reclassification s of $ 20.2 million and $59.7 million of cash provided by financing activities to operating activities for the s ix- month periods ended November 26, 2017 and November 27, 2016 , respectively. Additionally, we retrospectively adopted the guidance related to reclassification of employee tax withholdings in our Consolidated Statements of Cash Flows. This resulted in reclass ifications of $21 .4 million and $31.4 million of cash used by operating activities to financing activities for the six-month periods ended November 26, 2017 and November 27, 2016 , r espectively. Stock-based compensation expense continues to reflect estimated forfeitures. In the first quar ter of fiscal 2018, we adopted new accounting requirements which permit reporting entities to measure a goodwill impairment loss by the amount by which a reporting unit’s carrying value exceeds the reporting unit’s fair value. Previously, goodwill impairme nt losses were required to be measured by determining the implied fair value of goodwill. Our annual goodwill impairment test was performed as of the first day of the second quarter of fiscal 2018 and the adoption of this guidance did not impact our results of operations or financial position. |
Restructuring Initiatives (Tabl
Restructuring Initiatives (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Restructuring Initiatives [Abstract] | |
Schedule of restructuring initiatives [Table Text Block] | Quarter Ended Quarter Ended Nov. 26, 2017 Nov. 27, 2016 In Millions Severance Asset Write-offs Accelerated Depreciation Other Total Severance Asset Write-offs Accelerated Depreciation Other Total Global reorganization $ 0.2 $ 0.5 $ - $ (0.1) $ 0.6 $ - $ - $ - $ - $ - Closure of Melbourne, Australia plant - - 0.6 2.2 2.8 11.3 - 0.7 - 12.0 Restructuring of certain international product lines - - - - - 4.1 2.2 (0.3) 0.9 6.9 Closure of Vineland, New Jersey plant (2.4) 8.8 - (7.7) (1.3) (0.1) - 7.0 0.1 7.0 Project Compass - - - - - - - - - - Project Century - 4.8 - (4.7) 0.1 0.2 5.0 5.4 5.3 15.9 Total $ (2.2) $ 14.1 $ 0.6 $ (10.3) $ 2.2 $ 15.5 $ 7.2 $ 12.8 $ 6.3 $ 41.8 Six-Month Period Ended Six-Month Period Ended Nov. 26, 2017 Nov. 27, 2016 In Millions Severance Asset Write-offs Accelerated Depreciation Other Total Severance Asset Write-offs Accelerated Depreciation Other Total Global reorganization $ 0.6 $ 0.6 $ - $ 0.2 $ 1.4 $ - $ - $ - $ - $ - Closure of Melbourne, Australia plant 0.6 - 2.1 2.2 4.9 11.3 - 0.7 - 12.0 Restructuring of certain international product lines - - - - - 6.4 35.8 (0.3) 1.4 43.3 Closure of Vineland, New Jersey plant (2.2) 8.9 10.6 (5.2) 12.1 12.3 - 14.0 1.6 27.9 Project Compass (0.2) - - - (0.2) - - 0.2 0.8 1.0 Project Century 0.1 5.7 - (4.3) 1.5 0.5 8.1 14.6 6.9 30.1 Total $ (1.1) $ 15.2 $ 12.7 $ (7.1) $ 19.7 $ 30.5 $ 43.9 $ 29.2 $ 10.7 $ 114.3 |
Schedule of restructuring charges and project-related costs presentation [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Cost of sales $ 0.6 $ 12.8 $ 12.9 $ 26.4 Restructuring, impairment, and other exit costs 1.6 29.0 6.8 87.9 Total restructuring charges 2.2 41.8 19.7 114.3 Project-related costs classified in cost of sales $ 4.2 $ 11.1 $ 5.4 $ 24.9 |
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 28, 2017 $ 81.8 $ 0.7 $ 2.5 $ 85.0 Fiscal 2018 charges, including foreign currency translation (2.0) 0.2 0.4 (1.4) Utilized in fiscal 2018 (35.5) (0.7) (0.8) (37.0) Reserve balance as of Nov. 26, 2017 $ 44.3 $ 0.2 $ 2.1 $ 46.6 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of components of goodwill and other intangible assets [Table Text Block] | In Millions Nov. 26, 2017 May 28, 2017 Goodwill $ 8,828.3 $ 8,747.2 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 4,203.4 4,161.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 555.2 524.8 Less accumulated amortization (176.8) (155.5) Intangible assets subject to amortization, net 378.4 369.3 Other intangible assets 4,581.8 4,530.4 Total $ 13,410.1 $ 13,277.6 |
Schedule of changes in the carrying amount of goodwill [Table Text Block] | In Millions North America Retail Convenience Stores & Foodservice Europe & Australia Asia & Latin America Joint Ventures Total Balance as of May 28, 2017 $ 6,406.5 $ 918.8 $ 700.8 $ 312.4 $ 408.7 $ 8,747.2 Other activity, primarily foreign currency translation 6.5 - 43.5 3.7 27.4 81.1 Balance as of Nov. 26, 2017 $ 6,413.0 $ 918.8 $ 744.3 $ 316.1 $ 436.1 $ 8,828.3 |
Schedule of changes in the carrying amount of other intangible assets [Table Text Block] | In Millions Total Balance as of May 28, 2017 $ 4,530.4 Other activity, primarily foreign currency translation 51.4 Balance as of Nov. 26, 2017 $ 4,581.8 |
Schedule of at-risk brand assets [Table Text Block] | In Millions Carrying Value of Intangible Asset Excess Fair Value as of Fiscal 2018 Test Date Yoki $ 138.2 1% Progresso 462.1 6% Latin America $ 272.0 21% |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Inventories [Abstract] | |
Schedule of components of inventories [Table Text Block] | In Millions Nov. 26, 2017 May 28, 2017 Raw materials and packaging $ 400.7 $ 395.4 Finished goods 1,211.6 1,224.3 Grain 118.9 73.0 Excess of FIFO over LIFO cost (214.7) (209.1) Total $ 1,516.5 $ 1,483.6 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Risk Management Activities [Abstract] | |
Schedule of unallocated corporate items [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Net gain (loss) on mark-to-market valuation of certain commodity positions $ (0.6) $ 3.0 $ (8.4) $ (15.9) Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit 2.5 14.4 6.1 23.7 Net mark-to-market revaluation of certain grain inventories 2.6 11.7 8.6 4.7 Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 4.5 $ 29.1 $ 6.3 $ 12.5 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Debt [Abstract] | |
Schedule of components of notes payable [Table Text Block] | In Millions Nov. 26, 2017 May 28, 2017 U.S. commercial paper $ 997.7 $ 954.7 Financial institutions 300.3 279.4 Total $ 1,298.0 $ 1,234.1 |
Schedule of fee-paid committed and uncommitted credit lines [Table Text Block] | The following table details the fee-paid committed and uncommitted credit lines we had available as of November 26, 2017 : In Billions Facility Amount Borrowed Amount Credit facility expiring: May 2022 $ 2.7 $ - June 2019 0.2 0.1 Total committed credit facilities 2.9 0.1 Uncommitted credit facilities 0.5 0.2 Total committed and uncommitted credit facilities $ 3.4 $ 0.3 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Stockholders' Equity [Abstract] | |
Schedule of total comprehensive income [Table Text Block] | Quarter Ended Quarter Ended Nov. 26, 2017 Nov. 27, 2016 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 430.5 $ 4.5 $ 8.8 $ 481.8 $ 6.0 $ 8.0 Other comprehensive income (loss): Foreign currency translation $ (43.3) $ - (43.3) 0.6 0.7 $ (49.6) $ - (49.6) (18.0) (38.1) Other fair value changes: Securities 0.9 (0.4) 0.5 - - (0.1) - (0.1) - - Hedge derivatives 3.5 (2.5) 1.0 - (1.1) 48.5 (16.0) 32.5 - (0.4) Reclassification to earnings: Hedge derivatives (a) 2.5 (1.0) 1.5 - (0.7) (7.0) 0.2 (6.8) - (1.0) Amortization of losses and prior service costs (b) 43.8 (15.9) 27.9 - - 51.4 (19.6) 31.8 - - Other comprehensive income (loss) $ 7.4 $ (19.8) (12.4) 0.6 (1.1) $ 43.2 $ (35.4) 7.8 (18.0) (39.5) Total comprehensive income (loss) $ 418.1 $ 5.1 $ 7.7 $ 489.6 $ (12.0) $ (31.5) (a) (Gain) loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (SG&A) expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses. Six-Month Period Ended Six-Month Period Ended Nov. 26, 2017 Nov. 27, 2016 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 835.2 $ 6.0 $ 11.2 $ 890.8 $ 7.8 $ 16.7 Other comprehensive income (loss): Foreign currency translation $ (48.6) $ - (48.6) 22.1 46.0 $ 37.0 $ - 37.0 (15.2) (47.1) Other fair value changes: Securities 1.3 (0.5) 0.8 - - 0.5 (0.2) 0.3 - - Hedge derivatives (12.2) 2.7 (9.5) - 0.6 58.7 (14.1) 44.6 - 2.7 Reclassification to earnings: Hedge derivatives (a) 3.3 (1.6) 1.7 - (1.1) (8.6) (0.4) (9.0) - (1.6) Amortization of losses and prior service costs (b) 87.6 (31.9) 55.7 - - 100.8 (38.4) 62.4 - - Other comprehensive income (loss) $ 31.4 $ (31.3) 0.1 22.1 45.5 $ 188.4 $ (53.1) 135.3 (15.2) (46.0) Total comprehensive income (loss) $ 835.3 $ 28.1 $ 56.7 $ 1,026.1 $ (7.4) $ (29.3) (a) (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. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses. |
Schedule of accumulated other comprehensive income, net of tax effects [Table Text Block] | In Millions Nov. 26, 2017 May 28, 2017 Foreign currency translation adjustments $ (673.3) $ (624.7) Unrealized gain (loss) from: Securities 5.4 4.6 Hedge derivatives (6.3) 1.5 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,588.8) (1,645.4) Prior service credits 18.6 19.5 Accumulated other comprehensive loss $ (2,244.4) $ (2,244.5) |
Stock Plans (Tables)
Stock Plans (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Stock Plans [Abstract] | |
Schedule of compensation expense related to stock-based payments [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Compensation expense related to stock-based payments $ 19.3 $ 18.6 $ 48.9 $ 57.6 |
Schedule of net cash proceeds received from the exercise of stock options [Table Text Block] | Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Net cash proceeds $ 50.6 $ 77.0 Intrinsic value of options exercised $ 46.0 $ 131.9 |
Schedule of estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] | Six-Month Period Ended Nov. 26, 2017 Nov. 27, 2016 Estimated fair values of stock options granted $6.18 $8.80 Assumptions: Risk-free interest rate 2.2 % 1.7 % Expected term 8.2 years 8.5 years Expected volatility 15.8 % 17.8 % Dividend yield 3.6 % 2.9 % |
Schedule of information on stock option activity [Table Text Block] | Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 28, 2017 29,834.4 $ 40.47 Granted 2,816.7 55.52 Exercised (1,930.2) 31.13 Forfeited or expired (85.4) 58.11 Outstanding as of Nov. 26, 2017 30,635.5 $ 42.40 4.47 $ 384.7 Exercisable as of Nov. 26, 2017 21,551.0 $ 35.81 2.88 $ 384.7 |
Schedule of information on restricted stock and performance share unit 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 28, 2017 4,491.2 $ 56.08 123.3 $ 56.93 Granted 1,448.4 55.34 43.0 55.49 Vested (1,509.5) 49.80 (35.8) 49.36 Forfeited (330.0) 63.98 (8.2) 58.91 Non-vested as of Nov. 26, 2017 4,100.1 $ 57.49 122.3 $ 58.34 The total grant date fair value of restricted stock unit awards that vested during the period follows: Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Total grant date fair value $ 77.0 $ 59.6 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions, Except per Share Data Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Net earnings attributable to General Mills $ 430.5 $ 481.8 $ 835.2 $ 890.8 Average number of common shares - basic EPS 571.3 588.8 574.0 594.4 Incremental share effect from: (a) Stock options 7.0 8.1 7.6 8.8 Restricted stock, restricted stock units, and other 2.0 2.8 2.0 2.8 Average number of common shares - diluted EPS 580.3 599.7 583.6 606.0 Earnings per share - basic $ 0.75 $ 0.82 $ 1.46 $ 1.50 Earnings per share - diluted $ 0.74 $ 0.80 $ 1.43 $ 1.47 Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. |
Schedule of anti-dulitive stock options, restricted stock units and performance share units [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Anti-dilutive stock options, restricted stock units, and performance share units 9.2 2.5 7.5 2.2 |
Share Repurchases (Tables)
Share Repurchases (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Shares Repurchases [Abstract] | |
Share repurchases [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Shares of common stock - 14.9 10.9 20.5 Aggregate purchase price $0.2 $950.2 $600.5 $1,349.9 |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Statements of Cash Flows [Abstract] | |
Consolidated Statements of Cash Flows, Supplemental Disclosures [Table Text Block] | Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Net cash interest payments $ 133.7 $ 141.9 Net income tax payments $ 333.0 $ 290.8 |
Retirement and Postemployment35
Retirement and Postemployment Benefits (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Retirement and Postemployment Benefits [Abstract] | |
Schedule of components of net periodic benefit expense [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Service cost $ 25.7 $ 30.0 $ 2.9 $ 3.1 $ 2.2 $ 2.2 Interest cost 54.5 54.1 7.6 7.9 0.5 0.7 Expected return on plan assets (120.1) (121.7) (13.1) (12.1) - - Amortization of losses 44.1 47.6 0.2 0.7 0.2 0.5 Amortization of prior service costs (credits) 0.5 0.6 (1.3) (1.3) 0.1 0.1 Other adjustments - 2.1 - 1.3 3.4 3.4 Settlement or curtailment losses - 2.9 - 0.7 - - Net expense (income) $ 4.7 $ 15.6 $ (3.7) $ 0.3 $ 6.4 $ 6.9 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Six-Month Period Ended Six-Month Period Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Service cost $ 51.4 $ 60.0 $ 5.8 $ 6.2 $ 4.3 $ 4.4 Interest cost 108.9 108.3 15.2 16.0 1.1 1.4 Expected return on plan assets (240.0) (243.5) (26.1) (24.2) - - Amortization of losses 88.2 95.0 0.4 1.3 0.4 0.9 Amortization of prior service costs (credits) 1.0 1.2 (2.7) (2.6) 0.3 0.3 Other adjustments - 2.1 - 1.3 6.8 6.8 Settlement or curtailment losses - 4.4 - 0.7 - - Net expense (income) $ 9.5 $ 27.5 $ (7.4) $ (1.3) $ 12.9 $ 13.8 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Nov. 26, 2017 | |
Business Segment Information [Abstract] | |
Schedule of operating segment results [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2017 Nov. 27, 2016 Nov. 26, 2017 Nov. 27, 2016 Net sales: North America Retail $ 2,771.8 $ 2,748.8 $ 5,210.0 $ 5,305.8 Convenience Stores & Foodservice 512.2 487.5 959.3 933.8 Europe & Australia 466.7 435.1 958.6 913.5 Asia & Latin America 448.0 440.7 840.0 866.9 Total $ 4,198.7 $ 4,112.1 $ 7,967.9 $ 8,020.0 Operating profit: North America Retail $ 622.9 $ 651.0 $ 1,156.1 $ 1,279.2 Convenience Stores & Foodservice 106.5 109.1 191.3 201.8 Europe & Australia 26.9 41.3 57.5 85.2 Asia & Latin America 16.7 29.0 32.2 51.3 Total segment operating profit 773.0 830.4 1,437.1 1,617.5 Unallocated corporate items 41.6 19.0 74.7 101.4 Divestiture loss - 13.5 - 13.5 Restructuring, impairment, and other exit costs 1.6 29.0 6.8 87.9 Operating profit $ 729.8 $ 768.9 $ 1,355.6 $ 1,414.7 |
Background (Details)
Background (Details) $ in Millions | 3 Months Ended |
Nov. 26, 2017USD ($) | |
Income Taxes [Abstract] | |
Income tax expense adjustment | $ 42.2 |
Divestiture (Details)
Divestiture (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | |
Divestiture [Line Items] | ||||
Proceeds from divestiture | $ 0 | $ 17.5 | ||
Pre-tax loss on sale of business | $ 0 | $ 13.5 | $ 0 | $ 13.5 |
Sale of Martel, Ohio Manufacturing Facility [Member] | Convenience Stores and Foodservice Segment [Member] | ||||
Divestiture [Line Items] | ||||
Proceeds from divestiture | 17.5 | |||
Pre-tax loss on sale of business | $ 13.5 |
Restructuring Initiatives (Narr
Restructuring Initiatives (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017USD ($) | Nov. 27, 2016USD ($) | Nov. 26, 2017USD ($)positions | Nov. 27, 2016USD ($) | |
Restructuring and Related Cost [Line Items] | ||||
Net restructuring charges | $ 2.2 | $ 41.8 | $ 19.7 | $ 114.3 |
Cash payments for restructuring | 27.1 | 43.3 | ||
Payments for other project-related costs | 5 | |||
Expected additional project-related costs | $ 8 | |||
Q3 2017 Organizational Restructuring Realignment [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Feb. 26, 2017 | |||
Restructuring action completion date | May 27, 2018 | |||
Number of positions affected | positions | 600 | |||
Expected net expense of restructuring action | 76 | $ 76 | ||
Expected cash payments for restructuring | 76 | |||
Net restructuring charges | 0.6 | $ 1.4 | ||
Q2 2017 Melbourne Pasta Manufacturing Facility Closure [Member] | Europe & Australia [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Nov. 27, 2016 | |||
Restructuring action completion date | May 26, 2019 | |||
Number of positions affected | positions | 350 | |||
Expected net expense of restructuring action | 34 | $ 34 | ||
Expected cash payments for restructuring | 3 | |||
Net restructuring charges | 2.8 | 12 | $ 4.9 | 12 |
Q1 2017 Certain Product Lines Restructuring [Member] | Asia & Latin America [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Aug. 28, 2016 | |||
Restructuring action completion date | May 26, 2019 | |||
Expected net expense of restructuring action | 42 | $ 42 | ||
Net restructuring charges | 6.9 | 43.3 | ||
Q1 2017 Brazilian Facilities Restructuring [Member] | Asia & Latin America [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Number of positions affected | positions | 420 | |||
Q1 2017 China Facilities Restructuring [Member] | Asia & Latin America [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Number of positions affected | positions | 440 | |||
Q1 2017 Vineland Facility Closure [Member] | North America Retail Segment [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring action initiation date | Aug. 28, 2016 | |||
Restructuring action completion date | May 27, 2018 | |||
Number of positions affected | positions | 380 | |||
Expected net expense of restructuring action | 54 | $ 54 | ||
Expected cash payments for restructuring | 11 | |||
Net restructuring charges | $ 7 | $ 12.1 | $ 27.9 | |
Net gain on sale of assets | $ 1.3 |
Restructuring Initiatives (Sche
Restructuring Initiatives (Schedule of restructuring charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | |
Restructuring and Related Cost [Line Items] | ||||
Severance (reversal) | $ (2.2) | $ 15.5 | $ (1.1) | $ 30.5 |
Asset write-offs | 14.1 | 7.2 | 15.2 | 43.9 |
Accelerated depreciation (reversal) | 0.6 | 12.8 | 12.7 | 29.2 |
Other (reversal) | (10.3) | 6.3 | (7.1) | 10.7 |
Restructuring charges (reversal) | 2.2 | 41.8 | 19.7 | 114.3 |
Global reorganization [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Severance (reversal) | 0.2 | 0 | 0.6 | 0 |
Asset write-offs | 0.5 | 0 | 0.6 | 0 |
Accelerated depreciation (reversal) | 0 | 0 | 0 | 0 |
Other (reversal) | (0.1) | 0 | 0.2 | 0 |
Restructuring charges (reversal) | 0.6 | 0 | 1.4 | 0 |
Closure of Melbourne, Australia plant [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Severance (reversal) | 0 | 11.3 | 0.6 | 11.3 |
Asset write-offs | 0 | 0 | 0 | 0 |
Accelerated depreciation (reversal) | 0.6 | 0.7 | 2.1 | 0.7 |
Other (reversal) | 2.2 | 0 | 2.2 | 0 |
Restructuring charges (reversal) | 2.8 | 12 | 4.9 | 12 |
Restructuring of certain international product lines [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Severance (reversal) | 0 | 4.1 | 0 | 6.4 |
Asset write-offs | 0 | 2.2 | 0 | 35.8 |
Accelerated depreciation (reversal) | 0 | (0.3) | 0 | (0.3) |
Other (reversal) | 0 | 0.9 | 0 | 1.4 |
Restructuring charges (reversal) | 0 | 6.9 | 0 | 43.3 |
Closure of Vineland, New Jersey plant [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Severance (reversal) | (2.4) | (0.1) | (2.2) | 12.3 |
Asset write-offs | 8.8 | 0 | 8.9 | 0 |
Accelerated depreciation (reversal) | 0 | 7 | 10.6 | 14 |
Other (reversal) | (7.7) | 0.1 | (5.2) | 1.6 |
Restructuring charges (reversal) | (1.3) | 7 | 12.1 | 27.9 |
Project Compass [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Severance (reversal) | 0 | 0 | (0.2) | 0 |
Asset write-offs | 0 | 0 | 0 | 0 |
Accelerated depreciation (reversal) | 0 | 0 | 0 | 0.2 |
Other (reversal) | 0 | 0 | 0 | 0.8 |
Restructuring charges (reversal) | 0 | 0 | (0.2) | 1 |
Project Century [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Severance (reversal) | 0 | 0.2 | 0.1 | 0.5 |
Asset write-offs | 4.8 | 5 | 5.7 | 8.1 |
Accelerated depreciation (reversal) | 0 | 5.4 | 0 | 14.6 |
Other (reversal) | (4.7) | 5.3 | (4.3) | 6.9 |
Restructuring charges (reversal) | $ 0.1 | $ 15.9 | $ 1.5 | $ 30.1 |
Restructuring Initiatives (Sc41
Restructuring Initiatives (Schedule of restructuring charges classification) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | |
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges | $ 2.2 | $ 41.8 | $ 19.7 | $ 114.3 |
Project-related costs classified in cost of sales | 4.2 | 11.1 | 5.4 | 24.9 |
Cost of Sales [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges | 0.6 | 12.8 | 12.9 | 26.4 |
Restructuring, Impairment, and Other Exit Costs [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges | $ 1.6 | $ 29 | $ 6.8 | $ 87.9 |
Restructuring Initiatives (Sc42
Restructuring Initiatives (Schedule of restructuring and other exit cost reserves) (Details) $ in Millions | 6 Months Ended |
Nov. 26, 2017USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | $ 85 |
Restructuring charges paid out of reserve, including foreign currency translation | (1.4) |
Restructuring reserve utilized | (37) |
Restructuring Reserve, Ending Balance | 46.6 |
Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | 81.8 |
Restructuring charges paid out of reserve, including foreign currency translation | (2) |
Restructuring reserve utilized | (35.5) |
Restructuring Reserve, Ending Balance | 44.3 |
Contract Termination [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | 0.7 |
Restructuring charges paid out of reserve, including foreign currency translation | 0.2 |
Restructuring reserve utilized | (0.7) |
Restructuring Reserve, Ending Balance | 0.2 |
Other Exit Costs [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | 2.5 |
Restructuring charges paid out of reserve, including foreign currency translation | 0.4 |
Restructuring reserve utilized | (0.8) |
Restructuring Reserve, Ending Balance | $ 2.1 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Narrative) (Details) | 6 Months Ended |
Nov. 26, 2017USD ($) | |
Goodwill and Other Intangible Assets [Abstract] | |
Future Amortization Expense, Year One | $ 27,000,000 |
Future Amortization Expense, Year Two | 27,000,000 |
Future Amortization Expense, Year Three | 27,000,000 |
Future Amortization Expense, Year Four | 27,000,000 |
Future Amortization Expense, Year Five | 27,000,000 |
Goodwill impairment | 0 |
Indefinite-lived Intangible Assets [Line Items] | |
Indefinite-lived intangible assets impairment | $ 0 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets (Schedule of components of goodwill and other intangible assets) (Details) - USD ($) $ in Millions | Nov. 26, 2017 | May 28, 2017 |
Goodwill and Other Intangible Assets [Abstract] | ||
Goodwill | $ 8,828.3 | $ 8,747.2 |
Intangible assets not subject to amortization: | ||
Brands and other indefinite-lived intangibles | 4,203.4 | 4,161.1 |
Intangible assets subject to amortization: | ||
Franchise agreements, customer relationships, and other finite-lived intangibles | 555.2 | 524.8 |
Less accumulated amortization | (176.8) | (155.5) |
Intangible assets subject to amortization, net | 378.4 | 369.3 |
Other intangible assets | 4,581.8 | 4,530.4 |
Total | $ 13,410.1 | $ 13,277.6 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of goodwill) (Details) $ in Millions | 6 Months Ended |
Nov. 26, 2017USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 8,747.2 |
Other activity, primarily foreign currency translation | 81.1 |
Ending balance | 8,828.3 |
North America Retail [Member] | |
Goodwill [Line Items] | |
Beginning balance | 6,406.5 |
Other activity, primarily foreign currency translation | 6.5 |
Ending balance | 6,413 |
Convenience Stores & Foodservice [Member] | |
Goodwill [Line Items] | |
Beginning balance | 918.8 |
Other activity, primarily foreign currency translation | 0 |
Ending balance | 918.8 |
Europe & Australia [Member] | |
Goodwill [Line Items] | |
Beginning balance | 700.8 |
Other activity, primarily foreign currency translation | 43.5 |
Ending balance | 744.3 |
Asia & Latin America [Member] | |
Goodwill [Line Items] | |
Beginning balance | 312.4 |
Other activity, primarily foreign currency translation | 3.7 |
Ending balance | 316.1 |
Joint Ventures [Member] | |
Goodwill [Line Items] | |
Beginning balance | 408.7 |
Other activity, primarily foreign currency translation | 27.4 |
Ending balance | $ 436.1 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of other intangible assets) (Details) $ in Millions | 6 Months Ended |
Nov. 26, 2017USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Beginning balance | $ 4,530.4 |
Other activity, primarily foreign currency translation | 51.4 |
Ending balance | $ 4,581.8 |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets (Schedule of at-risk brand intangible assets) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 26, 2017 | May 28, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Carrying Value of Intangible Asset | $ 4,581.8 | $ 4,530.4 |
Yoki [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Carrying Value of Intangible Asset | $ 138.2 | |
Excess Fair Value as of Test Date, Percentage | 1.00% | |
Progresso [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Carrying Value of Intangible Asset | $ 462.1 | |
Excess Fair Value as of Test Date, Percentage | 6.00% | |
Latin America {Member} | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Carrying Value of Intangible Asset | $ 272 | |
Excess Fair Value as of Test Date, Percentage | 21.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Nov. 26, 2017 | May 28, 2017 |
Inventories [Abstract] | ||
Raw materials and packaging | $ 400.7 | $ 395.4 |
Finished goods | 1,211.6 | 1,224.3 |
Grain | 118.9 | 73 |
Excess of FIFO over LIFO cost | (214.7) | (209.1) |
Total | $ 1,516.5 | $ 1,483.6 |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2017 | Jan. 31, 2017 | Nov. 26, 2017 | Feb. 26, 2017 | Nov. 26, 2017 | Nov. 27, 2016 | |
Derivative [Line Items] | ||||||
Issuance of long-term debt | $ 500 | $ 0 | ||||
Credit Risk [Abstract] | ||||||
Accounts Payable to Suppliers that Utilize Third Party Service | $ 873.5 | 873.5 | ||||
2.6% Notes Due October 2022 [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | |||||
Issuance of long-term debt | $ 500 | $ 500 | ||||
Debt Instrument Term | 5 years | |||||
3.2% Notes Due February 2027 [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |||||
Issuance of long-term debt | $ 750 | $ 750 | ||||
Debt Instrument Term | 10 years | |||||
Commodity Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 96.9 | $ 96.9 | ||||
Derivative Contracts Inputs, Average Period of Utilization | 12 months | |||||
Energy Related Derivative [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 36.6 | $ 36.6 | ||||
Agricultural Related Derivative [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 60.3 | 60.3 | ||||
Treasury Lock [Member] | ||||||
Derivative [Line Items] | ||||||
Cash paid (received) upon settlement | $ (17.2) | |||||
Treasury Lock Expiring October 2017 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 500 | $ 500 | ||||
Derivative, Average Fixed Interest Rate | 1.80% | 1.80% | ||||
Derivative, Maturity Date | Oct. 15, 2017 | |||||
Cash paid (received) upon settlement | $ (3.7) | |||||
Treasury Lock One Expiring February 2017 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 400 | |||||
Derivative, Average Fixed Interest Rate | 2.00% | |||||
Derivative, Maturity Date | Feb. 15, 2017 | |||||
Treasury Lock Two Expiring February 2017 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 100 | |||||
Derivative, Average Fixed Interest Rate | 2.00% | |||||
Derivative, Maturity Date | Feb. 15, 2017 |
Risk Management Activities (Sch
Risk Management Activities (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | |
Commodity Price Risk [Abstract] | ||||
Net gain (loss) on mark-to-market valuation of certain commodity positions | $ (0.6) | $ 3 | $ (8.4) | $ (15.9) |
Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit | 2.5 | 14.4 | 6.1 | 23.7 |
Net mark-to-market revaluation of certain grain inventories | 2.6 | 11.7 | 8.6 | 4.7 |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 4.5 | $ 29.1 | $ 6.3 | $ 12.5 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Oct. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Feb. 28, 2017USD ($) | Jan. 31, 2017USD ($) | Nov. 26, 2017USD ($) | Feb. 26, 2017USD ($) | Nov. 26, 2017USD ($) | Nov. 27, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||||
Long-term debt, carrying value | $ 8,428.8 | $ 8,428.8 | ||||||
Issuance of long-term debt | 500 | $ 0 | ||||||
Repayment of long-term debt | $ 500.1 | $ 0.1 | ||||||
2.6% Notes Due October 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of long-term debt | $ 500 | 500 | ||||||
Maturity date | Oct. 12, 2022 | |||||||
Fixed interest rate percentage | 2.60% | |||||||
1.4% Notes Due October 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of long-term debt | $ 500 | |||||||
Fixed interest rate percentage | 1.40% | |||||||
Floating Rate Notes Due March 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of long-term debt | € | € 300 | |||||||
Maturity date | Mar. 20, 2019 | |||||||
5.7% Notes Due February 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of long-term debt | $ 1,000 | |||||||
Fixed interest rate percentage | 5.70% | |||||||
3.2% Notes Due February 2027 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of long-term debt | $ 750 | $ 750 | ||||||
Maturity date | Feb. 10, 2027 | |||||||
Fixed interest rate percentage | 3.20% | |||||||
Long-term Debt Agreements Containing Restrictive Covenants [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Covenant compliancee | As of quarter end, we were in compliance with all of these covenants. | |||||||
Fair Value Inputs Level 2 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, fair value | $ 8,735.5 | $ 8,735.5 |
Debt (Schedule of short-term de
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions | Nov. 26, 2017 | May 28, 2017 |
Short-term Debt [Line Items] | ||
Notes payable | $ 1,298 | $ 1,234.1 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 997.7 | 954.7 |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 300.3 | $ 279.4 |
Debt (Schedule of credit facili
Debt (Schedule of credit facilities) (Details) $ in Billions | 6 Months Ended |
Nov. 26, 2017USD ($) | |
Line Of Credit Facility [Line Items] | |
Facility Amount | $ 3.4 |
Borrowed Amount | 0.3 |
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 |
Compliance with credit facility covenants | As of quarter end, we were in compliance with all of these covenants. |
Line of Credit Expiring May 2022 [Member] | |
Line Of Credit Facility [Line Items] | |
Facility Amount | $ 2.7 |
Borrowed Amount | $ 0 |
Expiration date of credit facility | May 31, 2022 |
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 |
Uncommitted Credit Facilities [Member] | |
Line Of Credit Facility [Line Items] | |
Facility Amount | $ 0.5 |
Borrowed Amount | $ 0.2 |
Redeemable and Noncontrolling54
Redeemable and Noncontrolling Interests (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Nov. 26, 2017 | Nov. 27, 2016 | May 28, 2017 | May 29, 2016 | Jul. 01, 2011 | |
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | $ 793.4 | $ 910.9 | |||
Noncontrolling interests | $ 359 | 357.6 | |||
Noncontrolling interests covenant compliancee | Our noncontrolling interests contain restrictive covenants. As of quarter end, we were in compliance with all of these covenants. | ||||
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 return rate adjustment period | 3 years | ||||
Preferred distributions variable rate | three-month LIBOR | ||||
Preferred distributions, basis spread on variable rate | 1.25% | ||||
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 | $ 793.4 | $ 910.9 | $ 845.6 | ||
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 value | $ 793.4 | $ 904.4 | |||
Redeemable interest percentage | 49.00% | ||||
Sodiaal International Redeemable Interest [Member] | Yoplait SAS Subsidiary [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net purchases from related party | $ 112.3 | $ 86.2 | |||
Sodiaal International Noncontrolling Interest [Member] | Yoplait Marques SNC and Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interests | $ 281.4 | ||||
Sodiaal International Noncontrolling Interest [Member] | Yoplait Marques SNC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage held by noncontrolling owners | 50.00% | ||||
Sodiaal International Noncontrolling Interest [Member] | Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage held by noncontrolling owners | 50.00% |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of total comprehensive income (loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | May 28, 2017 | ||
Net earnings attributable to General Mills | $ 430.5 | $ 481.8 | $ 835.2 | $ 890.8 | ||
Net earnings attributable to redeemable and noncontrolling interests | 13.3 | 14 | 17.2 | 24.5 | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Foreign currency translation | (42) | (105.7) | 19.5 | (25.3) | ||
Other fair value changes: | ||||||
Securities | 0.5 | (0.1) | 0.8 | 0.3 | ||
Hedge derivatives | (0.1) | 32.1 | (8.9) | 47.3 | ||
Reclassification to earnings: | ||||||
Hedge derivatives | 0.8 | (7.8) | 0.6 | (10.6) | ||
Amortization of losses and prior service costs | 27.9 | 31.8 | 55.7 | 62.4 | ||
Other comprehensive income (loss), net of tax | (12.9) | (49.7) | 67.7 | 74.1 | ||
Total comprehensive income (loss) attributable to General Mills | 418.1 | 489.6 | 835.3 | 1,026.1 | ||
General Mills [Member] | ||||||
Net earnings attributable to General Mills | 430.5 | 481.8 | 835.2 | 890.8 | ||
Other Comprehensive Income (Loss), Pretax: | ||||||
Foreign currency translation | (43.3) | (49.6) | (48.6) | 37 | ||
Other fair value changes: | ||||||
Securities | 0.9 | (0.1) | 1.3 | 0.5 | ||
Hedge derivatives | 3.5 | 48.5 | (12.2) | 58.7 | ||
Reclassification to earnings: | ||||||
Hedge derivatives | [1] | 2.5 | (7) | 3.3 | (8.6) | |
Amortization of losses and prior service costs | [2] | 43.8 | 51.4 | 87.6 | 100.8 | |
Other comprehensive income (loss), before tax | 7.4 | 43.2 | 31.4 | 188.4 | ||
Other Comprehensive Income (Loss), Tax: | ||||||
Foreign currency translation | 0 | 0 | 0 | 0 | ||
Other fair value changes: | ||||||
Securities | (0.4) | 0 | (0.5) | (0.2) | ||
Hedge derivatives | (2.5) | (16) | 2.7 | (14.1) | ||
Reclassification to earnings: | ||||||
Hedge derivatives | [1] | (1) | 0.2 | (1.6) | (0.4) | |
Amortization of losses and prior service costs | [2] | (15.9) | (19.6) | (31.9) | (38.4) | |
Other comprehensive income (loss), tax | (19.8) | (35.4) | (31.3) | (53.1) | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Foreign currency translation | (43.3) | (49.6) | (48.6) | 37 | ||
Other fair value changes: | ||||||
Securities | 0.5 | (0.1) | 0.8 | 0.3 | ||
Hedge derivatives | 1 | 32.5 | (9.5) | 44.6 | ||
Reclassification to earnings: | ||||||
Hedge derivatives | [1] | 1.5 | (6.8) | 1.7 | (9) | |
Amortization of losses and prior service costs | [2] | 27.9 | 31.8 | 55.7 | 62.4 | |
Other comprehensive income (loss), net of tax | (12.4) | 7.8 | 0.1 | 135.3 | ||
Total comprehensive income (loss) attributable to General Mills | 418.1 | 489.6 | 835.3 | 1,026.1 | ||
Noncontrolling Interests [Member] | ||||||
Net earnings attributable to redeemable and noncontrolling interests | 4.5 | 6 | 6 | 7.8 | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Foreign currency translation | 0.6 | (18) | 22.1 | (15.2) | ||
Other fair value changes: | ||||||
Securities | 0 | 0 | 0 | 0 | ||
Hedge derivatives | 0 | 0 | 0 | 0 | ||
Reclassification to earnings: | ||||||
Hedge derivatives | [1] | 0 | 0 | 0 | 0 | |
Amortization of losses and prior service costs | [2] | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), net of tax | 0.6 | (18) | 22.1 | (15.2) | ||
Total comprehensive income (loss) attributable to noncontrolling interests | 5.1 | (12) | 28.1 | (7.4) | ||
Redeemable Interests [Member] | ||||||
Net earnings attributable to redeemable and noncontrolling interests | 8.8 | 8 | 11.2 | 16.7 | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Foreign currency translation | 0.7 | (38.1) | 46 | (47.1) | ||
Other fair value changes: | ||||||
Securities | 0 | 0 | 0 | 0 | ||
Hedge derivatives | (1.1) | (0.4) | 0.6 | 2.7 | ||
Reclassification to earnings: | ||||||
Hedge derivatives | [1] | (0.7) | (1) | (1.1) | (1.6) | |
Amortization of losses and prior service costs | [2] | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), net of tax | (1.1) | (39.5) | 45.5 | (46) | ||
Total comprehensive income (loss) attributable to redeemable interests | $ 7.7 | $ (31.5) | $ 56.7 | $ (29.3) | $ 17.2 | |
[1] | (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. | |||||
[2] | Loss reclassified from AOCI into earnings is reported in SG&A expenses. |
Stockholders' Equity (Schedul56
Stockholders' Equity (Schedule of accumulated other income income (loss)) (Details) - USD ($) $ in Millions | Nov. 26, 2017 | May 28, 2017 |
Accumulated Other Comprehensive Loss, Net of Tax Effects [Abstract] | ||
Foreign currency translation adjustments | $ (673.3) | $ (624.7) |
Unrealized gain (loss) from: | ||
Securities | 5.4 | 4.6 |
Hedge derivatives | (6.3) | 1.5 |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial loss | (1,588.8) | (1,645.4) |
Prior service credits | 18.6 | 19.5 |
Accumulated other comprehensive loss | $ (2,244.4) | $ (2,244.5) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) $ in Millions | 6 Months Ended |
Nov. 26, 2017USD ($) | |
Share-based Compensation Allocation and Classification in Financial Statements [Abstract] | |
Unrecognized compensation expense related to non-vested stock options, restricted stock, and performance share units | $ 128.4 |
Unrecognized compensation expense on non-vested awards weighted average period of recognition | 25 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and dividend yield. 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. Our method of selecting the other valuation assumptions is explained in Note 11 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 28, 2017. |
Stock Plans (Schedule of compen
Stock Plans (Schedule of compensation expense related to stock-based payments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | |
Stock Plans [Abstract] | ||||
Compensation expense related to stock-based payments | $ 19.3 | $ 18.6 | $ 48.9 | $ 57.6 |
Stock Plans (Schedule of net ca
Stock Plans (Schedule of net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrisic value of options exercised) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 26, 2017 | Nov. 27, 2016 | |
Stock Plans [Abstract] | ||
Net cash proceeds | $ 50.6 | $ 77 |
Intrinsic value of options exercised | $ 46 | $ 131.9 |
Stock Plans (Schedule of estima
Stock Plans (Schedule of estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model) (Details) - $ / shares | 6 Months Ended | |
Nov. 26, 2017 | Nov. 27, 2016 | |
Stock Plans [Abstract] | ||
Estimated fair values of stock options granted | $ 6.18 | $ 8.8 |
Assumptions: | ||
Risk-free interest rate | 2.20% | 1.70% |
Expected term | 8 years 2 months 12 days | 8 years 6 months |
Expected volatility | 15.80% | 17.80% |
Dividend yield | 3.60% | 2.90% |
Stock Plans (Schedule of inform
Stock Plans (Schedule of information on stock option activity) (Details) $ / shares in Units, $ in Millions | 6 Months Ended |
Nov. 26, 2017USD ($)$ / sharesshares | |
Options Outstanding [Abstract] | |
Beginning Balance, Outstanding | shares | 29,834,400 |
Granted | shares | 2,816,700 |
Exercised | shares | (1,930,200) |
Forfeited or expired | shares | (85,400) |
Ending Balance, Outstanding | shares | 30,635,500 |
Ending Balance, Exercisable | shares | 21,551,000 |
Weighted Average Exercise Price Per Share [Abstract] | |
Beginning Balance, Outstanding | $ / shares | $ 40.47 |
Granted | $ / shares | 55.52 |
Exercised | $ / shares | 31.13 |
Forfeited or expired | $ / shares | 58.11 |
Ending Balance, Outstanding | $ / shares | 42.4 |
Ending Balance, Exercisable | $ / shares | $ 35.81 |
Weighted Average Remaining Contractual Term [Abstract] | |
Ending Balance, Outstanding | 4 years 5 months 19 days |
Ending Balance, Exercisable | 2 years 10 months 17 days |
Aggregate Intrinsic Value [Abstract] | |
Ending Balance, Outstanding | $ | $ 384.7 |
Ending Balance, Exercisable | $ | $ 384.7 |
Stock Plans (Schedule of info62
Stock Plans (Schedule of information on restricted stock and performance award unit activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Nov. 26, 2017 | Nov. 27, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Additional Disclosures [Abstract] | ||
Total grant-date fair value | $ 77 | $ 59.6 |
Equity Classified Share-Settled [Member] | ||
Settled Units [Abstract] | ||
Beginning Balance (Non-vested) | 4,491,200 | |
Granted | 1,448,400 | |
Vested | (1,509,500) | |
Forfeited | (330,000) | |
Ending Balance (Non-vested) | 4,100,100 | |
Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning Balance (Non-vested) | $ 56.08 | |
Granted | 55.34 | |
Vested | 49.8 | |
Forfeited | 63.98 | |
Ending Balance (Non-vested) | $ 57.49 | |
Liability Classified Share-Settled [Member] | ||
Settled Units [Abstract] | ||
Beginning Balance (Non-vested) | 123,300 | |
Granted | 43,000 | |
Vested | (35,800) | |
Forfeited | (8,200) | |
Ending Balance (Non-vested) | 122,300 | |
Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning Balance (Non-vested) | $ 56.93 | |
Granted | 55.49 | |
Vested | 49.36 | |
Forfeited | 58.91 | |
Ending Balance (Non-vested) | $ 58.34 |
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 | 6 Months Ended | |||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | ||
Earnings Per Share [Abstract] | |||||
Net earnings attributable to General Mills | $ 430.5 | $ 481.8 | $ 835.2 | $ 890.8 | |
Average number of common shares - basic EPS | 571.3 | 588.8 | 574 | 594.4 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||||
Average number of common shares - diluted EPS | 580.3 | 599.7 | 583.6 | 606 | |
Earnings per share - basic | $ 0.75 | $ 0.82 | $ 1.46 | $ 1.5 | |
Earnings per share - diluted | $ 0.74 | $ 0.8 | $ 1.43 | $ 1.47 | |
Other Disclosures [Abstract] | |||||
Anti-dilutive stock options, restricted stock units and performance share units | 9.2 | 2.5 | 7.5 | 2.2 | |
Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Incremental share effect | [1] | 7 | 8.1 | 7.6 | 8.8 |
Restricted Stock, Restricted Stock Units, and Other [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Incremental share effect | [1] | 2 | 2.8 | 2 | 2.8 |
[1] | Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | May 28, 2017 | |
Shares Repurchases [Abstract] | |||||
Shares of common stock purchased, shares | 0 | 14.9 | 10.9 | 20.5 | |
Shares purchased, aggregate purchase price | $ 0.2 | $ 950.2 | $ 600.5 | $ 1,349.9 | $ 1,651.5 |
Statements of Cash Flows (Detai
Statements of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 26, 2017 | Nov. 27, 2016 | |
Business Acquisition [Line Items] | ||
Net cash interest payments | $ 133.7 | $ 141.9 |
Net income tax payments | $ 333 | $ 290.8 |
Retirement and Postemployment66
Retirement and Postemployment Benefits (Schedule of components of net pension, other postretirement, and postemployment (income) expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 25.7 | $ 30 | $ 51.4 | $ 60 |
Interest cost | 54.5 | 54.1 | 108.9 | 108.3 |
Expected return on plan assets | (120.1) | (121.7) | (240) | (243.5) |
Amortization of losses | 44.1 | 47.6 | 88.2 | 95 |
Amortization of prior service costs (credits) | 0.5 | 0.6 | 1 | 1.2 |
Other adjustments | 0 | 2.1 | 0 | 2.1 |
Settlement or curtailment losses | 0 | 2.9 | 0 | 4.4 |
Net expense (income) | 4.7 | 15.6 | 9.5 | 27.5 |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2.9 | 3.1 | 5.8 | 6.2 |
Interest cost | 7.6 | 7.9 | 15.2 | 16 |
Expected return on plan assets | (13.1) | (12.1) | (26.1) | (24.2) |
Amortization of losses | 0.2 | 0.7 | 0.4 | 1.3 |
Amortization of prior service costs (credits) | (1.3) | (1.3) | (2.7) | (2.6) |
Other adjustments | 0 | 1.3 | 0 | 1.3 |
Settlement or curtailment losses | 0 | 0.7 | 0 | 0.7 |
Net expense (income) | (3.7) | 0.3 | (7.4) | (1.3) |
Postemployment Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2.2 | 2.2 | 4.3 | 4.4 |
Interest cost | 0.5 | 0.7 | 1.1 | 1.4 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of losses | 0.2 | 0.5 | 0.4 | 0.9 |
Amortization of prior service costs (credits) | 0.1 | 0.1 | 0.3 | 0.3 |
Other adjustments | 3.4 | 3.4 | 6.8 | 6.8 |
Settlement or curtailment losses | 0 | 0 | 0 | 0 |
Net expense (income) | $ 6.4 | $ 6.9 | $ 12.9 | $ 13.8 |
Business Segment Information (S
Business Segment Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 26, 2017 | Nov. 27, 2016 | Nov. 26, 2017 | Nov. 27, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 4,198.7 | $ 4,112.1 | $ 7,967.9 | $ 8,020 |
Operating profit | 729.8 | 768.9 | 1,355.6 | 1,414.7 |
Divestiture loss | 0 | 13.5 | 0 | 13.5 |
Restructuring, impairment, and other exit costs | 1.6 | 29 | 6.8 | 87.9 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,198.7 | 4,112.1 | 7,967.9 | 8,020 |
Operating profit | 773 | 830.4 | 1,437.1 | 1,617.5 |
Unallocated Corporate Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit | 41.6 | 19 | 74.7 | 101.4 |
Significant Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Divestiture loss | 0 | 13.5 | 0 | 13.5 |
Restructuring, impairment, and other exit costs | 1.6 | 29 | 6.8 | 87.9 |
North America Retail [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,771.8 | 2,748.8 | 5,210 | 5,305.8 |
Operating profit | 622.9 | 651 | 1,156.1 | 1,279.2 |
Convenience Stores & Foodservice [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 512.2 | 487.5 | 959.3 | 933.8 |
Operating profit | 106.5 | 109.1 | 191.3 | 201.8 |
Europe & Australia [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 466.7 | 435.1 | 958.6 | 913.5 |
Operating profit | 26.9 | 41.3 | 57.5 | 85.2 |
Asia & Latin America [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 448 | 440.7 | 840 | 866.9 |
Operating profit | $ 16.7 | $ 29 | $ 32.2 | $ 51.3 |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) - Accounting Standards Update 2016-09 [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Nov. 26, 2017 | Nov. 26, 2017 | Nov. 27, 2016 | |
Recognized tax windfall benefits related to the exercise of stock-based awards | $ 2.5 | $ 20.2 | |
Reclassification of recognized tax windfall benefits related to the exercise of stock-based awards from financing activities to operating activities | 20.2 | $ 59.7 | |
Reclassification of employee tax withholdings on stock-based awards from operating activities to financing activities | $ 21.4 | $ 31.4 |