DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Aug. 25, 2019 | Sep. 10, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Central Index Key | 0000040704 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Aug. 25, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Current FIscal Year End Date | --05-31 | |
Entity File Number | 001-01185 | |
Entity Registrant Name | GENERAL MILLS, INC. | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 41-0274440 | |
Entity Address Address Line 1 | Number One General Mills Boulevard | |
Entity Address City or Town | Minneapolis | |
Entity Address State or Province | MN | |
Entity Address Postal Zip Code | 55426 | |
City Area Code | (763) | |
Local Phone Number | 764-7600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Listings [Line Items] | ||
Entity Common Stock Shares Outstanding | 604,393,769 | |
Common Stock, $.10 par value [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | Common Stock, $.10 par value | |
Trading Symbol | GIS | |
Security Exchange Name | NYSE | |
Floating Rate Notes due 2020 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | Floating Rate Notes due 2020 | |
Trading Symbol | GIS20A | |
Security Exchange Name | NYSE | |
2.100% Notes due 2020 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 2.100% Notes due 2020 | |
Trading Symbol | GIS20 | |
Security Exchange Name | NYSE | |
1.000% Notes due 2023 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 1.000% Notes due 2023 | |
Trading Symbol | GIS23A | |
Security Exchange Name | NYSE | |
1.500% Notes due 2027 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 1.500% Notes due 2027 | |
Trading Symbol | GIS27 | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
CONSOLIDATED STATEMENTS OF EARNINGS [ABSTRACT] | ||
Net sales | $ 4,002.5 | $ 4,094 |
Cost of sales | 2,613 | 2,751.2 |
Selling, general, and administrative expenses | 718.9 | 742.7 |
Restructuring, impairment, and other exit costs (recoveries) | 8.2 | (1.4) |
Operating profit | 662.4 | 601.5 |
Benefit plan non-service income | (30.2) | (20.9) |
Interest, net | 118.7 | 133.5 |
Earnings before income taxes and after-tax earnings from joint ventures | 573.9 | 488.9 |
Income taxes | 67.2 | 110.7 |
After-tax earnings from joint ventures | 21.8 | 17.7 |
Net earnings, including earnings attributable to redeemable and noncontrolling interests | 528.5 | 395.9 |
Net earnings attributable to redeemable and noncontrolling interests | 7.9 | 3.6 |
Net earnings attributable to General Mills | $ 520.6 | $ 392.3 |
Earnings per share - basic | $ 0.86 | $ 0.66 |
Earnings per share - diluted | 0.85 | 0.65 |
Dividends per share | $ 0.49 | $ 0.49 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [ABSTRACT] | ||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 528.5 | $ 395.9 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation | (3.7) | (106.2) |
Other fair value changes: | ||
Hedge derivatives | 3.8 | 7.1 |
Reclassification to earnings: | ||
Securities | 0 | (2) |
Hedge derivatives | (0.6) | 0.6 |
Amortization of losses and prior service costs | 19.6 | 21.9 |
Other comprehensive income (loss), net of tax | 19.1 | (78.6) |
Total comprehensive income | 547.6 | 317.3 |
Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 2.2 | (4.8) |
Comprehensive income attributable to General Mills | $ 545.4 | $ 322.1 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Aug. 25, 2019 | May 26, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 504.8 | $ 450 |
Receivables | 1,710.5 | 1,679.7 |
Inventories | 1,700.1 | 1,559.3 |
Prepaid expenses and other current assets | 346 | 497.5 |
Total current assets | 4,261.4 | 4,186.5 |
Land, buildings, and equipment | 3,668.3 | 3,787.2 |
Goodwill | 13,983.6 | 13,995.8 |
Other intangible assets | 7,151.4 | 7,166.8 |
Other assets | 1,248.5 | 974.9 |
Total assets | 30,313.2 | 30,111.2 |
Current liabilities: | ||
Accounts payable | 2,786.7 | 2,854.1 |
Current portion of long-term debt | 1,391.8 | 1,396.5 |
Notes payable | 1,296.1 | 1,468.7 |
Other current liabilities | 1,428.8 | 1,367.8 |
Total current liabilities | 6,903.4 | 7,087.1 |
Long-term debt | 11,619.8 | 11,624.8 |
Deferred income taxes | 1,991.7 | 2,031 |
Other liabilities | 1,554.9 | 1,448.9 |
Total liabilities | 22,069.8 | 22,191.8 |
Redeemable interest | 547.8 | 551.7 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,370.9 | 1,386.7 |
Retained earnings | 15,218.8 | 14,996.7 |
Common stock in treasury, at cost, shares of 150.5 and 152.7 | (6,681.8) | (6,779) |
Accumulated other comprehensive loss | (2,600.6) | (2,625.4) |
Total stockholders' equity | 7,382.8 | 7,054.5 |
Noncontrolling interests | 312.8 | 313.2 |
Total equity | 7,695.6 | 7,367.7 |
Total liabilities and equity | $ 30,313.2 | $ 30,111.2 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Aug. 25, 2019 | May 26, 2019 | Aug. 26, 2018 | May 27, 2018 |
Stockholders' equity: | ||||
Common stock, shares issued | 754,600,000 | 754,600,000 | 754,600,000 | 754,600,000 |
Common stock, par value | $ 0.1 | $ 0.1 | $ 0.1 | |
Common stock in treasury, shares | 150,500,000 | 152,700,000 | 158,500,000 | 161,500,000 |
CONSOLIDATED STATEMENTS OF TOTA
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) - USD ($) $ 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. 27, 2018 | $ 6,492.4 | $ 75.5 | $ 1,202.5 | $ (7,167.5) | $ 14,459.6 | $ (2,429) | $ 351.3 | |
Beginning balance, equity attributable to redeemable noncontrolling interest at May. 27, 2018 | $ 776.2 | $ 776.2 | ||||||
Beginning balance, common stock shares at May. 27, 2018 | 754,600,000 | 754,600,000 | ||||||
Beginning balance, treasury stock shares at May. 27, 2018 | (161,500,000) | (161,500,000) | ||||||
Total comprehensive income (loss) | $ 323.9 | 392.3 | (70.2) | 1.8 | ||||
Total comprehensive income (loss) attributable to redeemable interests | (6.6) | |||||||
Cash dividends declared ($0.49 per share) | (294.2) | (294.2) | ||||||
Shares purchased, value | (0.2) | $ (0.2) | ||||||
Stock compensation plans, value | 129.3 | (2.5) | $ 131.8 | |||||
Stock compensation plans, shares | 3,000,000 | |||||||
Unearned compensation related to restricted stock unit awards | (65.2) | (65.2) | ||||||
Earned compensation | 28.1 | 28.1 | ||||||
(Increase) decrease in redemption value of redeemable interest | (2) | (2) | ||||||
Addition of noncontrolling interest | 2 | |||||||
Distributions to noncontrolling and redeemable interest holders | (2.4) | (2.4) | ||||||
Ending balance, equity at Aug. 26, 2018 | 6,575.8 | $ 75.5 | 1,160.9 | $ (7,035.9) | 14,523.8 | (2,499.2) | 350.7 | |
Ending balance, equity attributable to redeemable noncontrolling interest at Aug. 26, 2018 | $ 771.6 | 771.6 | ||||||
Ending balance, common stock shares at Aug. 26, 2018 | 754,600,000 | 754,600,000 | ||||||
Ending balance, treasury stock shares at Aug. 26, 2018 | (158,500,000) | (158,500,000) | ||||||
Adoption of revenue recognition accounting requirements | $ (33.9) | (33.9) | ||||||
Beginning balance, equity at May. 26, 2019 | 7,367.7 | $ 75.5 | 1,386.7 | $ (6,779) | 14,996.7 | (2,625.4) | 313.2 | |
Beginning balance, equity attributable to redeemable noncontrolling interest at May. 26, 2019 | $ 551.7 | 551.7 | ||||||
Beginning balance, common stock shares at May. 26, 2019 | 754,600,000 | 754,600,000 | ||||||
Beginning balance, treasury stock shares at May. 26, 2019 | (152,700,000) | (152,700,000) | ||||||
Total comprehensive income (loss) | $ 547.5 | 520.6 | 24.8 | 2.1 | ||||
Total comprehensive income (loss) attributable to redeemable interests | 0.1 | |||||||
Cash dividends declared ($0.49 per share) | (298.5) | (298.5) | ||||||
Stock compensation plans, value | 115.2 | 18 | $ 97.2 | |||||
Stock compensation plans, shares | 2,200,000 | |||||||
Unearned compensation related to restricted stock unit awards | (66.5) | (66.5) | ||||||
Earned compensation | 28.7 | 28.7 | ||||||
(Increase) decrease in redemption value of redeemable interest | 4 | 4 | (4) | |||||
Distributions to noncontrolling and redeemable interest holders | (2.5) | (2.5) | ||||||
Ending balance, equity at Aug. 25, 2019 | 7,695.6 | $ 75.5 | $ 1,370.9 | $ (6,681.8) | $ 15,218.8 | $ (2,600.6) | $ 312.8 | |
Ending balance, equity attributable to redeemable noncontrolling interest at Aug. 25, 2019 | $ 547.8 | $ 547.8 | ||||||
Ending balance, common stock shares at Aug. 25, 2019 | 754,600,000 | 754,600,000 | ||||||
Ending balance, treasury stock shares at Aug. 25, 2019 | (150,500,000) | (150,500,000) |
CONSOLIDATED STATEMENTS OF TO_2
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) (Parenthetical) - $ / shares shares in Billions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) (Parenthetical) [ABSTRACT] | ||
Par Value Common Stock | $ 0.1 | $ 0.1 |
Common Stock, Shares Authorized | 1 | 1 |
Cash dividends declared per share | $ 0.49 | $ 0.49 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Cash Flows - Operating Activities | ||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 528.5 | $ 395.9 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 154.1 | 155.2 |
After-tax earnings from joint ventures | (21.8) | (17.7) |
Distributions of earnings from joint ventures | 20.7 | 29.2 |
Stock-based compensation | 28.8 | 26.1 |
Deferred income taxes | (37.2) | 28.9 |
Pension and other postretirement benefit plan contributions | (6.9) | (7.4) |
Pension and other postretirement benefit plan costs | (7.8) | 1.5 |
Restructuring, impairment, and other exit costs | 4.9 | (18.9) |
Changes in current assets and liabilities | (84.6) | 14.8 |
Other, net | (6.6) | (0.2) |
Net cash provided by operating activities | 572.1 | 607.4 |
Cash Flows - Investing Activities | ||
Purchases of land, buildings, and equipment | (69.8) | (112.7) |
Investments In affiliates, net | (12.5) | 0.1 |
Proceeds from disposal of land, buildings, and equipment | 0.3 | 0.1 |
Other, net | (1.7) | (27.1) |
Net cash used by investing activities | (83.7) | (139.6) |
Cash Flows - Financing Activities | ||
Change in notes payable | (170) | (189.8) |
Payment of long-term debt | (0.1) | (0.2) |
Proceeds from common stock issued on exercised options | 55.8 | 73.4 |
Purchases of common stock for treasury | 0 | (0.2) |
Dividends paid | (298.5) | (294.2) |
Distributions to noncontrolling and redeemable interest holders | (2.5) | (2.4) |
Other, net | (13.3) | (9.6) |
Net cash used by financing activities | (428.6) | (423) |
Effect of exchange rate changes on cash and cash equivalents | (5) | (10.9) |
Increase in cash and cash equivalents | 54.8 | 33.9 |
Cash and cash equivalents - beginning of year | 450 | 399 |
Cash and cash equivalents - end of period | 504.8 | 432.9 |
Cash Flow from changes in current assets and liabilities: | ||
Receivables | (37.4) | (48.7) |
Inventories | (145.3) | (58.2) |
Prepaid expenses and other current assets | 148 | 35.4 |
Accounts payable | (35.8) | 17.7 |
Other current liabilities | (14.1) | 68.6 |
Changes in current assets and liabilities | $ (84.6) | $ 14.8 |
BACKGROUND
BACKGROUND | 3 Months Ended |
Aug. 25, 2019 | |
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 (GAAP) 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 August 25, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ending May 31, 2020. 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 26, 2019. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K with the exception of new requirements adopted in the first quarter of fiscal 2020. In the first quarter of fiscal 2020, we adopted new accounting requirements for hedge accounting. The new standard amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities and financial reporting. The new standard also simplifies the application of hedge accounting guidance. The adoption did not have a material impact on our results of operations or financial position. In the first quarter of fiscal 2020, we adopted new requirements for the accounting, presentation and classification of leases. This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheet. We have performed a review of our lease portfolio, implemented lease accounting software, and developed a centralized business process with corresponding controls. We adopted this guidance utilizing the cumulative effect adjustment approach, which required application of the guidance at the adoption date and elected certain practical expedients permitted under the transition guidance, including not reassessing whether existing contracts contain leases and carrying forward the historical classification of those leases. In addition, we elected not to recognize leases with an initial term of 12 months or less on our Consolidated Balance Sheet and to continue our historical treatment of land easements, under permitted elections. This guidance did not have a material impact on retained earnings, our Consolidated Statements of Earnings, or our Consolidated Statements of Cash Flows. See Note 5 to the Consolidated Financial Statements for additional information on the impact to our Consolidated Balance Sheets. Certain terms used throughout this report are defined in the “Glossary” section below. |
RESTRUCTURING, IMPAIRMENT, AND
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS | 3 Months Ended |
Aug. 25, 2019 | |
Restructuring, Impairment, and Other Exit Costs [Abstract] | |
Restructuring, Impairment, and Other Exit Costs | (2) Restructuring, Impairment, and Other Exit Costs Restructuring charges were as follows: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Charges (recoveries) associated with restructuring actions previously announced $ 14.3 $ ( 1.2) Total $ 14.3 $ ( 1.2) During the first quarter of fiscal 2020, we did not undertake any new restructuring actions. We recorded $ 14.3 million of restructuring charges for previously announced restructuring actions, compared to a $ 1.2 million net recovery of restructuring charges in the first quarter of fiscal 2019. The restructuring charges primarily relate to actions to drive efficiencies in targeted areas of our global supply chain. Certain global supply chain actions are subject to union negotiations and works counsel consultations, where required. We expect these actions to be completed by the end of fiscal 2022. We spent $ 9.4 million of cash related to restructuring actions previously announced in the first quarter of fiscal 2020 compared to $ 17.7 million in the same period of fiscal 2019. Restructuring and impairment charges and project-related costs are recorded in our Consolidated Statements of Earnings as follows: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Restructuring, impairment, and other exit costs (recoveries) $ 8.2 $ ( 1.4) Cost of sales 6.1 0.2 Total restructuring charges (recoveries) 14.3 ( 1.2) Project-related costs classified in cost of sales $ - $ 1.2 The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows: In Millions Reserve balance as of May 26, 2019 $ 36.5 Fiscal 2020 charges, including foreign currency translation 2.7 Utilized in fiscal 2020 ( 5.8) Reserve balance as of Aug. 25, 2019 $ 33.4 The reserve balance primarily consists of expected severance payments associated with restructuring actions. 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 are 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 | 3 Months Ended |
Aug. 25, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | (3) Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows: In Millions Aug. 25, 2019 May 26, 2019 Goodwill $ 13,983.6 $ 13,995.8 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,586.5 6,590.8 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 782.4 786.1 Less accumulated amortization ( 217.5) ( 210.1) Intangible assets subject to amortization, net 564.9 576.0 Other intangible assets 7,151.4 7,166.8 Total $ 21,135.0 $ 21,162.6 Based on the carrying value of finite-lived intangible assets as of August 25, 2019, annual amortization expense for each of the next five fiscal years is estimated to be approximately $ million. The changes in the carrying amount of goodwill during the first quarter of fiscal 2020 were as follows: In Millions North America Retail Pet Convenience Stores & Foodservice Europe & Australia Asia & Latin America Joint Ventures Total Balance as of May 26, 2019 $ 6,406.5 $ 5,300.5 $ 918.8 $ 700.4 $ 260.2 $ 409.4 $ 13,995.8 Other activity, primarily foreign currency translation 1.3 - - ( 7.7) ( 3.7) ( 2.1) ( 12.2) Balance as of Aug. 25, 2019 $ 6,407.8 $ 5,300.5 $ 918.8 $ 692.7 $ 256.5 $ 407.3 $ 13,983.6 The changes in the carrying amount of other intangible assets during the first quarter of fiscal 2020 were as follows: In Millions Total Balance as of May 26, 2019 $ 7,166.8 Other activity, primarily foreign currency translation ( 15.4) Balance as of Aug. 25, 2019 $ 7,151.4 Our annual goodwill and indefinite-lived intangible assets test was performed as of the first day of the second quarter of fiscal 2019. As a result of lower sales projections in our long-range plans for the businesses supporting the Progresso , Food Should Taste Good , and Mountain High brand intangible assets, we recorded the following impairment charges: In Millions Impairment Charge Fair Value as of Nov. 25, 2018 (a) Progresso $ 132.1 $ 330.0 Food Should Taste Good 45.1 - Mountain High 15.4 - Total $ 192.6 $ 330.0 (a) Level 3 assets in the fair value hierarchy. Significant assumptions used in that assessment included our long-range cash flow projections for the businesses, royalty rates, weighted average cost of capital rates, and tax rates. Our Latin America reporting unit and the Yoki brand intangible asset had fair values that were not substantially in excess of the carrying values. The excess fair value as of the fiscal 2019 test date of the Latin America reporting unit and the Yoki brand intangible asset were as follows: In Millions Carrying Value of Intangible Asset Excess Fair Value as of Fiscal 2019 Test Date Latin America $ 209.0 7% Yoki $ 49.1 10% While having significant coverage as of our fiscal 2019 assessment date, the Pillsbury brand intangible asset and U.S. Yogurt reporting unit had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Aug. 25, 2019 | |
Inventories [Abstract] | |
Inventories | (4) Inventories The components of inventories were as follows: In Millions Aug. 25, 2019 May 26, 2019 Raw materials and packaging $ 423.5 $ 434.9 Finished goods 1,419.3 1,245.9 Grain 74.0 92.0 Excess of FIFO over LIFO cost ( 216.7) ( 213.5) Total $ 1,700.1 $ 1,559.3 |
LEASES
LEASES | 3 Months Ended |
Aug. 25, 2019 | |
Lessee Disclosure [Abstract] | |
Lessee Operating Leases | (5) Leases We determine whether an arrangement is a lease at inception. Our lease portfolio primarily consists of operating lease arrangements for certain warehouse and distribution space, office space, retail shops, production facilitates, rail cars, production and distribution equipment, automobiles, and office equipment. When our lease arrangements include lease and non-lease components, we account for lease components and non-lease components (e.g. common area maintenance) separately based on their relative standalone prices. Any lease arrangements with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheet, and we recognize lease cost for these lease arrangements on a straight-line basis over the lease term. Many of our lease arrangements provide us with the options to exercise one or more renewal terms or to terminate the lease arrangement. We include these options when we are reasonably certain to exercise them in the lease term used to establish our right of use assets and lease liabilities. Generally, our lease agreements do not include an option to purchase the leased asset, residual value guarantees or material restrictive covenants. We have certain lease arrangements with variable rental payments. Our lease arrangements for our Häagen-Dazs retail shops often include rental payments that are based on a percentage of retail sales. We have other lease arrangements that are adjusted periodically based on an inflation index or rate. The future variability of these payments and adjustments are unknown and therefore they are not included as minimum lease payments used to determine our right of use assets and lease liabilities. Variable rental payments are recognized in the period in which the obligation is incurred. As most of our lease arrangements do not provide an implicit interest rate, we apply an incremental borrowing rate based on the information available at the commencement date of the lease arrangement to determine the present value of lease payments. Our lease costs associated with finance leases and sale-leaseback transactions and our lease income associated with lessor and sublease arrangements are not material to our Consolidated Financial Statements. Our operating leases are reported in our Consolidated Balance Sheet as follows: In Millions Classification Aug. 25, 2019 Right of use assets (a) Other assets $ 409.3 Current lease liabilities Other current liabilities 103.3 Non-current lease liabilities Other liabilities 318.1 (a) Net of accumulated amortization Components of our lease cost are as follows: Quarter Ended In Millions Aug. 25, 2019 Operating lease cost $ 32.9 Variable lease cost 5.2 Short-term lease cost 6.4 Rent expense under all operating leases from continuing operations was $ 184.9 million in fiscal 2019. Maturities of our operating lease obligations by fiscal year are as follows: In Millions Fiscal 2020 (a) $ 92.4 Fiscal 2021 106.2 Fiscal 2022 88.4 Fiscal 2023 65.2 Fiscal 2024 49.9 After fiscal 2024 62.6 Total noncancelable future lease obligations $ 464.7 Less: Interest ( 43.3) Present value of lease obligations $ 421.4 (a) Excludes the quarter ended August 25, 2019. The lease payments presented in the table above exclude an immaterial amount of minimum lease payments for operating leases we have committed to but have not yet commenced as of August 25, 2019. Noncancelable future operating lease commitments as of May 26, 2019 were as follows: In Millions Fiscal 2020 $ 120.0 Fiscal 2021 101.7 Fiscal 2022 85.0 Fiscal 2023 63.8 Fiscal 2024 49.1 After fiscal 2024 63.0 Total noncancelable future lease commitments $ 482.6 The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: Aug. 25, 2019 Weighted-average remaining lease term 4.9 years Weighted-average discount rate 4.2 % Operating cash flow information and non-cash activity related to our operating leases are as follows: Quarter Ended In Millions Aug. 25, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 31.8 Right of use assets obtained in exchange for new lease liabilities 3.5 |
RISK MANAGEMENT ACTIVITIES
RISK MANAGEMENT ACTIVITIES | 3 Months Ended |
Aug. 25, 2019 | |
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 manage our exposures through a combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible. We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded currently in cost of sales in our Consolidated Statements of Earnings. Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of measuring segment operating performance, these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the 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 segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items. Unallocated corporate items for the quarters ended August 25, 2019 and August 26, 2018 included: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Net loss on mark-to-market valuation of certain commodity positions $ ( 20.7) $ ( 19.5) Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit 11.3 ( 3.7) Net mark-to-market revaluation of certain grain inventories ( 5.6) ( 7.9) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ ( 15.0) $ ( 31.1) As of August 25, 2019, the net notional value of commodity derivatives was $ 199.3 million, of which $ 61.2 million related to energy inputs and $ 138.1 million related to agricultural inputs. These contracts relate to inputs that generally will be utilized within the next 12 months. 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 August 25, 2019, 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 offer certain suppliers access to third party services that allow them to view our scheduled payments online. The third party services 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 with the suppliers, the third parties, or any financial institutions concerning these services. All of our accounts payable remain as obligations to our suppliers as stated in our supplier agreements. As of August 25, 2019, $ 1,095.8 million of our total accounts payable were payable to suppliers who utilize these third party services. |
DEBT
DEBT | 3 Months Ended |
Aug. 25, 2019 | |
Debt [Abstract] | |
Debt | (7) Debt The components of notes payable were as follows: In Millions Aug. 25, 2019 May 26, 2019 U.S. commercial paper $ 1,117.3 $ 1,298.5 Financial institutions 178.8 170.2 Total $ 1,296.1 $ 1,468.7 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 in 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 August 25, 2019: In Billions Facility Amount Borrowed Amount Credit facility expiring: May 2022 $ 2.7 $ - September 2019 0.2 - Total committed credit facilities 2.9 - Uncommitted credit facilities 0.7 0.2 Total committed and uncommitted credit facilities $ 3.6 $ 0.2 The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 Long-Term Debt The fair values and carrying amounts of long-term debt, including the current portion, were $ 13,868.2 million and $ 13,011.6 million, respectively, as of August 25, 2019. 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 the fourth quarter of 2019, we issued € 300.0 million principal amount of 0.0 percent fixed-rate notes due January 15, 2020. We may redeem the notes if certain tax laws change and we would be obligated to pay additional amounts on the notes. These notes are senior unsecured obligations that include a change of control repurchase provision. We used the net proceeds, together with cash on hand, to repay our € 300.0 million floating rate notes. In the third quarter of 2019, we repaid $ 1,150.0 million of 5.65 percent fixed-rate notes with proceeds from commercial paper. Certain of our long-term debt agreements contain restrictive covenants. As of August 25, 2019, we were in compliance with all of these covenants. |
REDEEMABLE AND NONCONTROLLING I
REDEEMABLE AND NONCONTROLLING INTERESTS | 3 Months Ended |
Aug. 25, 2019 | |
Redeemable and Noncontrolling Interests [Abstract] | |
Redeemable and Noncontrolling Interests | (8) Redeemable and Noncontrolling Interests We have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest 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-denominated 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 Sheets 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 August 25, 2019, the redemption value of the euro-denominated redeemable interest was $ 547.8 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 $ 67.2 million for the quarter ended August 25, 2019, and $ 53.0 million for the quarter ended August 26, 2018. During the second quarter of fiscal 2019, Sodiaal made an additional investment of $ 55.7 million in Yoplait SAS. On the acquisition dates, we recorded the $ 281.4 million fair value of Sodiaal’s 50 percent euro-denominated interest in Yoplait Marques SNC and 50 percent Canadian dollar-denominated interest in 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 Liberté 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 General Mills Cereals, LLC (GMC) Class A Interests receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder’s capital account balance established in the most recent mark-to-market valuation (currently $ 251.5 million). On June 1, 2018, the floating preferred return rate on GMC’s Class A Interests was reset to the sum of three-month LIBOR plus 142.5 basis points. The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Interest holder or through a remarketing auction. Our noncontrolling interests contain restrictive covenants. As of August 25, 2019, we were in compliance with all of these covenants. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Aug. 25, 2019 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | (9) Stockholders’ Equity The following tables provide details of total comprehensive income: Quarter Ended Quarter Ended Aug. 25, 2019 Aug. 26, 2018 Noncontrolling Redeemable Noncontrolling Redeemable General Mills Interests Interest General Mills Interests Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 520.6 $ 3.6 $ 4.3 $ 392.3 $ 3.1 $ 0.5 Other comprehensive income (loss): Foreign currency translation $ 2.7 $ - 2.7 ( 1.5) ( 4.9) $ ( 96.8) $ - ( 96.8) ( 1.3) ( 8.1) Other fair value changes: Hedge derivatives 2.4 0.7 3.1 - 0.7 7.2 ( 1.0) 6.2 - 0.9 Reclassification to earnings: Securities (a) - - - - - ( 2.6) 0.6 ( 2.0) - - Hedge derivatives (b) ( 0.6) - ( 0.6) - - 0.5 - 0.5 - 0.1 Amortization of losses and prior service costs ( c) 25.5 ( 5.9) 19.6 - - 26.9 ( 5.0) 21.9 - - Other comprehensive income (loss) $ 30.0 $ ( 5.2) 24.8 ( 1.5) ( 4.2) $ ( 64.8) $ ( 5.4) ( 70.2) ( 1.3) ( 7.1) Total comprehensive income (loss) $ 545.4 $ 2.1 $ 0.1 $ 322.1 $ 1.8 $ ( 6.6) (a) Gain reclassified from AOCI into earnings is reported in interest, net for securities. (b) Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Accumulated other comprehensive loss balances, net of tax effects, were as follows: In Millions Aug. 25, 2019 May 26, 2019 Foreign currency translation adjustments $ ( 737.2) $ ( 739.9) Unrealized gain (loss) from: Hedge derivatives ( 16.9) ( 19.4) Pension, other postretirement, and postemployment benefits: Net actuarial loss ( 1,860.4) ( 1,880.5) Prior service credits 13.9 14.4 Accumulated other comprehensive loss $ ( 2,600.6) $ ( 2,625.4) |
STOCK PLANS
STOCK PLANS | 3 Months Ended |
Aug. 25, 2019 | |
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 26, 2019. Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Compensation expense related to stock-based payments $ 28.8 $ 26.2 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 2019. We recognized windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings of $ 6.6 million for the first quarter of fiscal 2020 and $ 5.3 million in the first quarter of fiscal 2019. As of August 25, 2019, unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $ 151.4 million. This expense will be recognized over 28 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: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Net cash proceeds $ 55.8 $ 73.4 Intrinsic value of options exercised $ 30.2 $ 31.9 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 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 26, 2019. The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows: Quarter Ended Aug. 25, 2019 Aug. 26, 2018 Estimated fair values of stock options granted $ 7.10 $ 5.35 Assumptions: Risk-free interest rate 2.0 % 2.9 % Expected term 8.5 years 8.5 years Expected volatility 17.4 % 16.3 % Dividend yield 3.6 % 4.3 % The total grant date fair value of restricted stock unit awards that vested during the period follows: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Total grant date fair value $ 43.8 $ 30.1 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Aug. 25, 2019 | |
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 In Millions, Except per Share Data Aug. 25, 2019 Aug. 26, 2018 Net earnings attributable to General Mills $ 520.6 $ 392.3 Average number of common shares - basic EPS 606.0 598.0 Incremental share effect from: (a) Stock options 3.1 3.6 Restricted stock, restricted stock units, and other 2.4 1.7 Average number of common shares - diluted EPS 611.5 603.3 Earnings per share - basic $ 0.86 $ 0.66 Earnings per share - diluted $ 0.85 $ 0.65 (a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because they were not dilutive were as follows: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Anti-dilutive stock options, restricted stock units, and performance share units 10.1 14.3 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS | 3 Months Ended |
Aug. 25, 2019 | |
Statements of Cash Flows [Abstract] | |
Statements of Cash Flows | (12) Statements of Cash Flows Our Consolidated Statements of Cash Flows include the following: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Net cash interest payments $ 80.6 $ 115.5 Net income tax payments $ 32.1 $ 60.5 |
RETIREMENT AND POSTEMPLOYMENT B
RETIREMENT AND POSTEMPLOYMENT BENEFITS | 3 Months Ended |
Aug. 25, 2019 | |
Retirement and Postemployment Benefits [Abstract] | |
Retirement and Postemployment Benefits | (13) Retirement and Postemployment Benefits Components of net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Aug. 25, 2019 Aug. 26, 2018 Aug. 25, 2019 Aug. 26, 2018 Service cost $ 23.2 $ 23.7 $ 2.4 $ 2.4 $ 2.1 $ 1.9 Interest cost 57.6 62.0 6.8 8.3 0.7 0.7 Expected return on plan assets ( 112.5) ( 111.5) ( 10.5) ( 10.1) - - Amortization of losses (gains) 26.7 27.5 ( 0.5) 0.2 0.2 0.1 Amortization of prior service costs (credits) 0.4 0.4 ( 1.4) ( 1.4) 0.1 0.1 Other adjustments - - - - 2.2 2.8 Net expense (income) $ ( 4.6) $ 2.1 $ ( 3.2) $ ( 0.6) $ 5.3 $ 5.6 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Aug. 25, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | (14) Income Taxes During the first quarter of fiscal 2020, we reorganized certain wholly owned subsidiaries, including the movement of certain assets between legal entities. As a result of these actions, we recorded a $ 53.1 million decrease to our deferred income tax liabilities, with a corresponding discrete, non-cash reduction to income taxes in the first quarter of fiscal 2020. |
BUSINESS SEGMENT AND GEOGRAPHIC
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION | 3 Months Ended |
Aug. 25, 2019 | |
Business Segment and Geographic Information [Abstract] | |
Business Segment and Geographic Information | (15) Business Segment and Geographic Information We operate in the packaged foods industry. Our operating segments are as follows: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. Our North America Retail operating 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 major product categories in our Convenience Stores & Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, convenience stores, vending, and supermarket bakeries in the United States. Our Europe & Australia operating segment reflects retail and foodservice businesses in the greater Europe and Australia regions. Our product categories include refrigerated 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 from franchise fees are reported in the region or country where the franchisee is located. Our Asia & Latin America operating segment consists of retail and foodservice businesses in the 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 and franchise fees are reported in the region or country where the end customer or franchisee is located. Our Pet operating segment includes pet food products sold primarily in the United States in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Our product categories include dog and cat food (dry foods, wet foods, and treats) made with whole meats, fruits and vegetables, and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs and span different product types, diet types, breed sizes for dogs, lifestages, flavors, product functions and textures, and cuts for wet foods. We are reporting the Pet operating segment results on a one-month lag. Operating profit for these segments excludes unallocated corporate 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 to the General Mills Foundation, asset and liability remeasurement impact of hyperinflationary economies, restructuring initiative project-related costs, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available for all operating segments. Our operating segment results were as follows: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Net sales: North America Retail $ 2,376.1 $ 2,387.8 Europe & Australia 454.1 500.7 Convenience Stores & Foodservice 445.0 463.2 Pet 367.8 343.3 Asia & Latin America 359.5 399.0 Total $ 4,002.5 $ 4,094.0 Operating profit: North America Retail $ 559.9 $ 548.1 Europe & Australia 27.6 34.5 Convenience Stores & Foodservice 91.1 97.1 Pet 80.9 14.5 Asia & Latin America 10.1 12.2 Total segment operating profit $ 769.6 $ 706.4 Unallocated corporate items 99.0 106.3 Restructuring, impairment, and other exit costs (recoveries) 8.2 ( 1.4) Operating profit $ 662.4 $ 601.5 Net sales for our North America Retail operating units were as follows: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 U.S. Meals & Baking $ 830.6 $ 837.5 U.S. Cereal 589.9 584.4 U.S. Snacks 528.2 533.5 U.S. Yogurt and Other 219.2 219.1 Canada 208.2 213.3 Total $ 2,376.1 $ 2,387.8 Net sales by class of similar products were as follows: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Snacks $ 869.4 $ 887.9 Cereal 685.5 677.1 Convenient meals 569.2 581.9 Yogurt 495.2 514.8 Pet 367.8 343.3 Baking mixes and ingredients 355.7 380.3 Dough 330.6 328.4 Super-premium ice cream 227.2 247.7 Other 101.9 132.6 Total $ 4,002.5 $ 4,094.0 During the first quarter of fiscal 2020, we made certain changes in the classification of products and updated fiscal 2019 net sales figures to match the current-year presentation. |
NEW ACCOUNTING PRONOUNCEMENTS (
NEW ACCOUNTING PRONOUNCEMENTS (Policies) | 3 Months Ended |
Aug. 25, 2019 | |
New Accounting Pronouncements [Abstract] | |
Derivatives [Policy Text Block] | In the first quarter of fiscal 2020, we adopted new accounting requirements for hedge accounting. The new standard amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities and financial reporting. The new standard also simplifies the application of hedge accounting guidance. The adoption did not have a material impact on our results of operations or financial position. |
Lessee Leases [Policy Text Block] | In the first quarter of fiscal 2020, we adopted new requirements for the accounting, presentation and classification of leases. This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheet. We have performed a review of our lease portfolio, implemented lease accounting software, and developed a centralized business process with corresponding controls. We adopted this guidance utilizing the cumulative effect adjustment approach, which required application of the guidance at the adoption date and elected certain practical expedients permitted under the transition guidance, including not reassessing whether existing contracts contain leases and carrying forward the historical classification of those leases. In addition, we elected not to recognize leases with an initial term of 12 months or less on our Consolidated Balance Sheet and to continue our historical treatment of land easements, under permitted elections. This guidance did not have a material impact on retained earnings, our Consolidated Statements of Earnings, or our Consolidated Statements of Cash Flows. See Note 5 to the Consolidated Financial Statements for additional information on the impact to our Consolidated Balance Sheets. |
Restructuring, Impairment, an_2
Restructuring, Impairment, and Other Exit Costs (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Restructuring, Impairment, and Other Exit Costs [Abstract] | |
Schedule of restructuring and impairment charges [Table Text Block] | Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Charges (recoveries) associated with restructuring actions previously announced $ 14.3 $ ( 1.2) Total $ 14.3 $ ( 1.2) |
Schedule of restructuring charges and project-related costs presentation [Table Text Block] | Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Restructuring, impairment, and other exit costs (recoveries) $ 8.2 $ ( 1.4) Cost of sales 6.1 0.2 Total restructuring charges (recoveries) 14.3 ( 1.2) Project-related costs classified in cost of sales $ - $ 1.2 |
Rollforward of restructuring and other exit cost reserves [Table Text Block] | In Millions Reserve balance as of May 26, 2019 $ 36.5 Fiscal 2020 charges, including foreign currency translation 2.7 Utilized in fiscal 2020 ( 5.8) Reserve balance as of Aug. 25, 2019 $ 33.4 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of components of goodwill and other intangible assets [Table Text Block] | In Millions Aug. 25, 2019 May 26, 2019 Goodwill $ 13,983.6 $ 13,995.8 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,586.5 6,590.8 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 782.4 786.1 Less accumulated amortization ( 217.5) ( 210.1) Intangible assets subject to amortization, net 564.9 576.0 Other intangible assets 7,151.4 7,166.8 Total $ 21,135.0 $ 21,162.6 |
Schedule of changes in the carrying amount of goodwill [Table Text Block] | In Millions North America Retail Pet Convenience Stores & Foodservice Europe & Australia Asia & Latin America Joint Ventures Total Balance as of May 26, 2019 $ 6,406.5 $ 5,300.5 $ 918.8 $ 700.4 $ 260.2 $ 409.4 $ 13,995.8 Other activity, primarily foreign currency translation 1.3 - - ( 7.7) ( 3.7) ( 2.1) ( 12.2) Balance as of Aug. 25, 2019 $ 6,407.8 $ 5,300.5 $ 918.8 $ 692.7 $ 256.5 $ 407.3 $ 13,983.6 |
Schedule of changes in the carrying amount of other intangible assets [Table Text Block] | In Millions Total Balance as of May 26, 2019 $ 7,166.8 Other activity, primarily foreign currency translation ( 15.4) Balance as of Aug. 25, 2019 $ 7,151.4 |
Schedule of Impaired Intangible Assets [Table Text Block] | In Millions Impairment Charge Fair Value as of Nov. 25, 2018 (a) Progresso $ 132.1 $ 330.0 Food Should Taste Good 45.1 - Mountain High 15.4 - Total $ 192.6 $ 330.0 (a) Level 3 assets in the fair value hierarchy. |
Schedule of at-risk brand assets [Table Text Block] | In Millions Carrying Value of Intangible Asset Excess Fair Value as of Fiscal 2019 Test Date Latin America $ 209.0 7% Yoki $ 49.1 10% |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Inventories [Abstract] | |
Schedule of components of inventories [Table Text Block] | In Millions Aug. 25, 2019 May 26, 2019 Raw materials and packaging $ 423.5 $ 434.9 Finished goods 1,419.3 1,245.9 Grain 74.0 92.0 Excess of FIFO over LIFO cost ( 216.7) ( 213.5) Total $ 1,700.1 $ 1,559.3 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Lessee Disclosure [Abstract] | |
Supplemental Lease Balance Sheet Disclosure [Table Text Block] | In Millions Classification Aug. 25, 2019 Right of use assets (a) Other assets $ 409.3 Current lease liabilities Other current liabilities 103.3 Non-current lease liabilities Other liabilities 318.1 (a) Net of accumulated amortization |
Lease Cost [TableText Block] | Quarter Ended In Millions Aug. 25, 2019 Operating lease cost $ 32.9 Variable lease cost 5.2 Short-term lease cost 6.4 |
Lessee Operating Lease Liability Maturity [Table Text Block] | In Millions Fiscal 2020 (a) $ 92.4 Fiscal 2021 106.2 Fiscal 2022 88.4 Fiscal 2023 65.2 Fiscal 2024 49.9 After fiscal 2024 62.6 Total noncancelable future lease obligations $ 464.7 Less: Interest ( 43.3) Present value of lease obligations $ 421.4 (a) Excludes the quarter ended August 25, 2019. |
Noncancelable Future Lease Commitments [Table Text Block] | In Millions Fiscal 2020 $ 120.0 Fiscal 2021 101.7 Fiscal 2022 85.0 Fiscal 2023 63.8 Fiscal 2024 49.1 After fiscal 2024 63.0 Total noncancelable future lease commitments $ 482.6 |
Lessee Operating Lease Weighted Averages [TableText Block] | Aug. 25, 2019 Weighted-average remaining lease term 4.9 years Weighted-average discount rate 4.2 % |
Supplemental Cash Flow Information Related To Leases [Table Text Block] | Quarter Ended In Millions Aug. 25, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 31.8 Right of use assets obtained in exchange for new lease liabilities 3.5 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Risk Management Activities [Abstract] | |
Schedule of unallocated corporate items [Table Text Block] | Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Net loss on mark-to-market valuation of certain commodity positions $ ( 20.7) $ ( 19.5) Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit 11.3 ( 3.7) Net mark-to-market revaluation of certain grain inventories ( 5.6) ( 7.9) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ ( 15.0) $ ( 31.1) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Debt [Abstract] | |
Schedule of components of notes payable [Table Text Block] | In Millions Aug. 25, 2019 May 26, 2019 U.S. commercial paper $ 1,117.3 $ 1,298.5 Financial institutions 178.8 170.2 Total $ 1,296.1 $ 1,468.7 |
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 August 25, 2019: In Billions Facility Amount Borrowed Amount Credit facility expiring: May 2022 $ 2.7 $ - September 2019 0.2 - Total committed credit facilities 2.9 - Uncommitted credit facilities 0.7 0.2 Total committed and uncommitted credit facilities $ 3.6 $ 0.2 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Stockholders' Equity [Abstract] | |
Schedule of total comprehensive income [Table Text Block] | Quarter Ended Quarter Ended Aug. 25, 2019 Aug. 26, 2018 Noncontrolling Redeemable Noncontrolling Redeemable General Mills Interests Interest General Mills Interests Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 520.6 $ 3.6 $ 4.3 $ 392.3 $ 3.1 $ 0.5 Other comprehensive income (loss): Foreign currency translation $ 2.7 $ - 2.7 ( 1.5) ( 4.9) $ ( 96.8) $ - ( 96.8) ( 1.3) ( 8.1) Other fair value changes: Hedge derivatives 2.4 0.7 3.1 - 0.7 7.2 ( 1.0) 6.2 - 0.9 Reclassification to earnings: Securities (a) - - - - - ( 2.6) 0.6 ( 2.0) - - Hedge derivatives (b) ( 0.6) - ( 0.6) - - 0.5 - 0.5 - 0.1 Amortization of losses and prior service costs ( c) 25.5 ( 5.9) 19.6 - - 26.9 ( 5.0) 21.9 - - Other comprehensive income (loss) $ 30.0 $ ( 5.2) 24.8 ( 1.5) ( 4.2) $ ( 64.8) $ ( 5.4) ( 70.2) ( 1.3) ( 7.1) Total comprehensive income (loss) $ 545.4 $ 2.1 $ 0.1 $ 322.1 $ 1.8 $ ( 6.6) (a) Gain reclassified from AOCI into earnings is reported in interest, net for securities. (b) Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. |
Schedule of accumulated other comprehensive income, net of tax effects [Table Text Block] | In Millions Aug. 25, 2019 May 26, 2019 Foreign currency translation adjustments $ ( 737.2) $ ( 739.9) Unrealized gain (loss) from: Hedge derivatives ( 16.9) ( 19.4) Pension, other postretirement, and postemployment benefits: Net actuarial loss ( 1,860.4) ( 1,880.5) Prior service credits 13.9 14.4 Accumulated other comprehensive loss $ ( 2,600.6) $ ( 2,625.4) |
Stock Plans (Tables)
Stock Plans (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Stock Plans [Abstract] | |
Schedule of compensation expense related to stock-based payments [Table Text Block] | Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Compensation expense related to stock-based payments $ 28.8 $ 26.2 |
Schedule of net cash proceeds received from the exercise of stock options [Table Text Block] | Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Net cash proceeds $ 55.8 $ 73.4 Intrinsic value of options exercised $ 30.2 $ 31.9 |
Schedule of estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] | Quarter Ended Aug. 25, 2019 Aug. 26, 2018 Estimated fair values of stock options granted $ 7.10 $ 5.35 Assumptions: Risk-free interest rate 2.0 % 2.9 % Expected term 8.5 years 8.5 years Expected volatility 17.4 % 16.3 % Dividend yield 3.6 % 4.3 % |
Schedule of information on restricted stock and performance share unit activity [Table Text Block] | The total grant date fair value of restricted stock unit awards that vested during the period follows: Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Total grant date fair value $ 43.8 $ 30.1 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share [Table Text Block] | Quarter Ended In Millions, Except per Share Data Aug. 25, 2019 Aug. 26, 2018 Net earnings attributable to General Mills $ 520.6 $ 392.3 Average number of common shares - basic EPS 606.0 598.0 Incremental share effect from: (a) Stock options 3.1 3.6 Restricted stock, restricted stock units, and other 2.4 1.7 Average number of common shares - diluted EPS 611.5 603.3 Earnings per share - basic $ 0.86 $ 0.66 Earnings per share - diluted $ 0.85 $ 0.65 (a) 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 In Millions Aug. 25, 2019 Aug. 26, 2018 Anti-dilutive stock options, restricted stock units, and performance share units 10.1 14.3 |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Statements of Cash Flows [Abstract] | |
Consolidated Statements of Cash Flows, Supplemental Disclosures [Table Text Block] | Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Net cash interest payments $ 80.6 $ 115.5 Net income tax payments $ 32.1 $ 60.5 |
Retirement and Postemployment_2
Retirement and Postemployment Benefits (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
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 Aug. 25, 2019 Aug. 26, 2018 Aug. 25, 2019 Aug. 26, 2018 Aug. 25, 2019 Aug. 26, 2018 Service cost $ 23.2 $ 23.7 $ 2.4 $ 2.4 $ 2.1 $ 1.9 Interest cost 57.6 62.0 6.8 8.3 0.7 0.7 Expected return on plan assets ( 112.5) ( 111.5) ( 10.5) ( 10.1) - - Amortization of losses (gains) 26.7 27.5 ( 0.5) 0.2 0.2 0.1 Amortization of prior service costs (credits) 0.4 0.4 ( 1.4) ( 1.4) 0.1 0.1 Other adjustments - - - - 2.2 2.8 Net expense (income) $ ( 4.6) $ 2.1 $ ( 3.2) $ ( 0.6) $ 5.3 $ 5.6 |
Business Segment and Geograph_2
Business Segment and Geographic Information (Tables) | 3 Months Ended |
Aug. 25, 2019 | |
Business Segment and Geographic Information [Abstract] | |
Schedule of operating segment results [Table Text Block] | Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Net sales: North America Retail $ 2,376.1 $ 2,387.8 Europe & Australia 454.1 500.7 Convenience Stores & Foodservice 445.0 463.2 Pet 367.8 343.3 Asia & Latin America 359.5 399.0 Total $ 4,002.5 $ 4,094.0 Operating profit: North America Retail $ 559.9 $ 548.1 Europe & Australia 27.6 34.5 Convenience Stores & Foodservice 91.1 97.1 Pet 80.9 14.5 Asia & Latin America 10.1 12.2 Total segment operating profit $ 769.6 $ 706.4 Unallocated corporate items 99.0 106.3 Restructuring, impairment, and other exit costs (recoveries) 8.2 ( 1.4) Operating profit $ 662.4 $ 601.5 Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 U.S. Meals & Baking $ 830.6 $ 837.5 U.S. Cereal 589.9 584.4 U.S. Snacks 528.2 533.5 U.S. Yogurt and Other 219.2 219.1 Canada 208.2 213.3 Total $ 2,376.1 $ 2,387.8 |
Net sales by class of similar products [Table Text Block] | Quarter Ended In Millions Aug. 25, 2019 Aug. 26, 2018 Snacks $ 869.4 $ 887.9 Cereal 685.5 677.1 Convenient meals 569.2 581.9 Yogurt 495.2 514.8 Pet 367.8 343.3 Baking mixes and ingredients 355.7 380.3 Dough 330.6 328.4 Super-premium ice cream 227.2 247.7 Other 101.9 132.6 Total $ 4,002.5 $ 4,094.0 |
Restructuring, Impairment, an_3
Restructuring, Impairment, and Other Exit Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Restructuring and Related Cost [Line Items] | ||
Restructuring charges (recoveries) | $ 14.3 | $ (1.2) |
Restructuring actions previously announced [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Restructuring charges (recoveries) | 14.3 | (1.2) |
Cash payments for restructuring | $ 9.4 | $ 17.7 |
Restructuring, Impairment, an_4
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Restructuring and Related Cost [Line Items] | ||
Restructuring charges (recoveries) | $ 14.3 | $ (1.2) |
Restructuring actions previously announced [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Restructuring charges (recoveries) | $ 14.3 | $ (1.2) |
Restructuring, Impairment, an_5
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges classification) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Restructuring and Related Cost [Line Items] | ||
Restructuring charges (recoveries), impairment, and other exit costs | $ 14.3 | $ (1.2) |
Project-related costs classified in cost of sales | 0 | 1.2 |
Restructuring, Impairment, and Other Exit Costs (Recoveries) [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Restructuring charges (recoveries), impairment, and other exit costs | 8.2 | (1.4) |
Cost of Sales [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Restructuring charges (recoveries), impairment, and other exit costs | $ 6.1 | $ 0.2 |
Restructuring and Other Exit Co
Restructuring and Other Exit Costs (Schedule of restructuring and other exit cost reserves) (Details) $ in Millions | 3 Months Ended |
Aug. 25, 2019USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | $ 36.5 |
Restructuring charges paid out of reserve, including foreign currency translation | 2.7 |
Restructuring reserve utilized | (5.8) |
Restructuring Reserve, Ending Balance | $ 33.4 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions | Aug. 25, 2019USD ($) |
Goodwill and Other Intangible Assets [Abstract] | |
Future Amortization Expense, Year One | $ 40 |
Future Amortization Expense, Year Two | 40 |
Future Amortization Expense, Year Three | 40 |
Future Amortization Expense, Year Four | 40 |
Future Amortization Expense, Year Five | $ 40 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of components of goodwill and other intangible assets) (Details) - USD ($) $ in Millions | Aug. 25, 2019 | May 26, 2019 |
Goodwill and Other Intangible Assets [Abstract] | ||
Goodwill | $ 13,983.6 | $ 13,995.8 |
Intangible assets not subject to amortization: | ||
Brands and other indefinite-lived intangibles | 6,586.5 | 6,590.8 |
Intangible assets subject to amortization: | ||
Franchise agreements, customer relationships, and other finite-lived intangibles | 782.4 | 786.1 |
Less accumulated amortization | (217.5) | (210.1) |
Intangible assets subject to amortization, net | 564.9 | 576 |
Other intangible assets | 7,151.4 | 7,166.8 |
Total | $ 21,135 | $ 21,162.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of goodwill) (Details) $ in Millions | 3 Months Ended |
Aug. 25, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 13,995.8 |
Other activity, primarily foreign currency translation | (12.2) |
Ending balance | 13,983.6 |
North America Retail [Member] | |
Goodwill [Line Items] | |
Beginning balance | 6,406.5 |
Other activity, primarily foreign currency translation | 1.3 |
Ending balance | 6,407.8 |
Pet [Member] | |
Goodwill [Line Items] | |
Beginning balance | 5,300.5 |
Other activity, primarily foreign currency translation | 0 |
Ending balance | 5,300.5 |
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 | 700.4 |
Other activity, primarily foreign currency translation | (7.7) |
Ending balance | 692.7 |
Asia & Latin America [Member] | |
Goodwill [Line Items] | |
Beginning balance | 260.2 |
Other activity, primarily foreign currency translation | (3.7) |
Ending balance | 256.5 |
Joint Ventures [Member] | |
Goodwill [Line Items] | |
Beginning balance | 409.4 |
Other activity, primarily foreign currency translation | (2.1) |
Ending balance | $ 407.3 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of other intangible assets) (Details) $ in Millions | 3 Months Ended |
Aug. 25, 2019USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Beginning balance | $ 7,166.8 |
Other activity, primarily foreign currency translation | (15.4) |
Ending balance | $ 7,151.4 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Schedule of at-risk brand intangible assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Nov. 25, 2018 | Aug. 25, 2019 | May 26, 2019 | ||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 192.6 | |||
Carrying Value of Intangible Asset | $ 7,151.4 | $ 7,166.8 | ||
Fair value of impaired indefinite-lived intangible assets | [1] | 330 | ||
Latin America [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Carrying Value of Intangible Asset | $ 209 | |||
Excess Fair Value as of Test Date, Percentage | 7.00% | |||
Progresso [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 132.1 | |||
Fair value of impaired indefinite-lived intangible assets | [1] | 330 | ||
Food Should Taste Good [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment charges | 45.1 | |||
Fair value of impaired indefinite-lived intangible assets | 0 | |||
Mountain High [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment charges | 15.4 | |||
Fair value of impaired indefinite-lived intangible assets | 0 | |||
Yoki [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Carrying Value of Intangible Asset | $ 49.1 | |||
Excess Fair Value as of Test Date, Percentage | 10.00% | |||
[1] | (a) Level 3 assets in the fair value hierarchy. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Aug. 25, 2019 | May 26, 2019 |
Inventories [Abstract] | ||
Raw materials and packaging | $ 423.5 | $ 434.9 |
Finished goods | 1,419.3 | 1,245.9 |
Grain | 74 | 92 |
Excess of FIFO over LIFO cost | (216.7) | (213.5) |
Total | $ 1,700.1 | $ 1,559.3 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended |
May 26, 2019USD ($) | |
Lessee Disclosure [Abstract] | |
Operating Leases, Rent Expense, Net | $ 184.9 |
Leases (Schedule of supplementa
Leases (Schedule of supplemental information to Consolidated Balance Sheet related to operating leases) (Details) $ in Millions | Aug. 25, 2019USD ($) | |
Lessee Disclosure [Abstract] | ||
Right of use assets | $ 409.3 | [1] |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | |
Current lease liabilities | $ 103.3 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | |
Non-current lease liabilities | $ 318.1 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | |
[1] | Net of accumulated amortization |
Leases (Schedule of components
Leases (Schedule of components of lease cost ) (Details) $ in Millions | 3 Months Ended |
Aug. 25, 2019USD ($) | |
Lessee Disclosure [Abstract] | |
Operating lease cost | $ 32.9 |
Variable lease cost | 5.2 |
Short-term lease cost | $ 6.4 |
Leases (Schedule of maturities
Leases (Schedule of maturities of operating lease liabilities) (Details) $ in Millions | Aug. 25, 2019USD ($) | |
Lessee Disclosure [Abstract] | ||
Fiscal 2020 | $ 92.4 | [1] |
Fiscal 2021 | 106.2 | |
Fiscal 2022 | 88.4 | |
Fiscal 2023 | 65.2 | |
Fiscal 2024 | 49.9 | |
Fiscal 2025 and beyond | 62.6 | |
Total lease payments | $ 464.7 | |
[1] | Excludes the quarter ended August 25, 2019. |
Leases (Schedule of maturitie_2
Leases (Schedule of maturities of operating lease liabilities - Present value of lease liabilities) (Details) $ in Millions | Aug. 25, 2019USD ($) |
Lessee Disclosure [Abstract] | |
Less: Interest | $ (43.3) |
Present value of lease liabilities | 421.4 |
Total lease payments | $ 464.7 |
Leases (Schedule of noncancelab
Leases (Schedule of noncancelable future operating lease commitments) (Details) $ in Millions | May 26, 2019USD ($) |
Lessee Disclosure [Abstract] | |
Fiscal 2020 | $ 120 |
Fiscal 2021 | 101.7 |
Fiscal 2022 | 85 |
Fiscal 2023 | 63.8 |
Fiscal 2024 | 49.1 |
After fiscal 2024 | 63 |
Total noncancelable future lease commitments | $ 482.6 |
Leases (Schedule of weighted-av
Leases (Schedule of weighted-average remaining lease term and weighted-average discount rate for operating leases) (Details) | Aug. 25, 2019 |
Lessee Disclosure [Abstract] | |
Weighted-average remaining lease term | 4 years 10 months 24 days |
Weighted-average discount rate | 4.20% |
Leases (Schedule of supplemen_2
Leases (Schedule of supplemental operating cash flow information and non-cash activity related to our operating leases) (Details) $ in Millions | 3 Months Ended |
Aug. 25, 2019USD ($) | |
Lessee Disclosure [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 31.8 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 3.5 |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) $ in Millions | 3 Months Ended |
Aug. 25, 2019USD ($) | |
Credit Risk [Abstract] | |
Accounts Payable to Suppliers that Utilize Third Party Service | $ 1,095.8 |
Commodity Contracts [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 199.3 |
Derivative Contracts Inputs, Average Period of Utilization | 12 months |
Energy Related Derivative [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 61.2 |
Agricultural Related Derivative [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 138.1 |
Risk Management Activities (Sch
Risk Management Activities (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Commodity Price Risk [Abstract] | ||
Net loss on mark-to-market valuation of certain commodity positions | $ (20.7) | $ (19.5) |
Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit | 11.3 | (3.7) |
Net mark-to-market revaluation of certain grain inventories | (5.6) | (7.9) |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ (15) | $ (31.1) |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | |||
Aug. 25, 2019USD ($) | May 26, 2019EUR (€) | Feb. 24, 2019USD ($) | Aug. 26, 2018USD ($) | |
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | $ 13,868.2 | |||
Long-term debt, carrying value | 13,011.6 | |||
Repayment of long-term debt | $ 0.1 | $ 0.2 | ||
Long-term Debt Agreements Containing Restrictive Covenants [Member] | ||||
Debt Instrument [Line Items] | ||||
Covenant compliancee | As of August 25, 2019, we were in compliance with all of these covenants. | |||
5.65% Fixed Rate Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayment of long-term debt | $ 1,150 | |||
Fixed interest rate percentage | 5.65% | |||
0.0% Fixed Rate Notes Due Jan. 15 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance of long-term debt | € | € 300 | |||
Repayment of long-term debt | € | € 300 | |||
Fixed interest rate percentage | 0.00% |
Debt (Schedule of short-term de
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions | Aug. 25, 2019 | May 26, 2019 |
Short-term Debt [Line Items] | ||
Notes payable | $ 1,296.1 | $ 1,468.7 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 1,117.3 | 1,298.5 |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 178.8 | $ 170.2 |
Debt (Schedule of credit facili
Debt (Schedule of credit facilities) (Details) $ in Billions | Aug. 25, 2019USD ($) |
Line Of Credit Facility [Line Items] | |
Facility Amount | $ 3.6 |
Borrowed Amount | 0.2 |
Committed Credit Facilities [Member] | |
Line Of Credit Facility [Line Items] | |
Facility Amount | 2.9 |
Borrowed Amount | $ 0 |
Minimum fixed charge coverage ratio | 2.5 |
Line of Credit Expiring May 2022 [Member] | |
Line Of Credit Facility [Line Items] | |
Facility Amount | $ 2.7 |
Borrowed Amount | 0 |
Line Of Credit Expiring September 2019 Member [Member] | |
Line Of Credit Facility [Line Items] | |
Facility Amount | 0.2 |
Borrowed Amount | 0 |
Uncommitted Credit Facilities [Member] | |
Line Of Credit Facility [Line Items] | |
Facility Amount | 0.7 |
Borrowed Amount | $ 0.2 |
Redeemable and Noncontrolling_2
Redeemable and Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Aug. 25, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 26, 2019 | May 27, 2018 | Jul. 01, 2011 | |
Noncontrolling Interest [Line Items] | ||||||
Redeemable interest value | $ 547.8 | $ 771.6 | $ 551.7 | $ 776.2 | ||
Noncontrolling interests | $ 312.8 | 313.2 | ||||
Noncontrolling interests covenant compliancee | Our noncontrolling interests contain restrictive covenants. As of August 25, 2019, 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 | 1.425% | |||||
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% | |||||
Sodiaal International Redeemable Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable interest value | $ 547.8 | 771.6 | $ 551.7 | $ 776.2 | ||
Sodiaal International Redeemable Interest [Member] | Yoplait SAS [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable interest value | $ 904.4 | |||||
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. | |||||
Redeemable interest percentage | 49.00% | |||||
Increase in investment in redeemable interest | $ 55.7 | |||||
Sodiaal International Redeemable Interest [Member] | Yoplait SAS Subsidiary [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Net purchases from related party | $ 67.2 | $ 53 | ||||
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 | |||
Aug. 25, 2019 | Aug. 26, 2018 | |||
Net earnings attributable to General Mills | $ 520.6 | $ 392.3 | ||
Net earnings attributable to redeemable and noncontrolling interests | 7.9 | 3.6 | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||
Foreign currency translation | (3.7) | (106.2) | ||
Other fair value changes: | ||||
Hedge derivatives | 3.8 | 7.1 | ||
Reclassification to earnings: | ||||
Securities | 0 | (2) | ||
Hedge derivatives | (0.6) | 0.6 | ||
Amortization of losses and prior service costs | 19.6 | 21.9 | ||
Other comprehensive income (loss), net of tax | 19.1 | (78.6) | ||
Total comprehensive income (loss) attributable to General Mills | 545.4 | 322.1 | ||
General Mills [Member] | ||||
Net earnings attributable to General Mills | 520.6 | 392.3 | ||
Other Comprehensive Income (Loss), Pretax: | ||||
Foreign currency translation | 2.7 | (96.8) | ||
Other fair value changes: | ||||
Hedge derivatives | 2.4 | 7.2 | ||
Reclassification to earnings: | ||||
Securities | [1] | 0 | (2.6) | |
Hedge derivatives | [2] | (0.6) | 0.5 | |
Amortization of losses and prior service costs | [4] | 25.5 | [3] | 26.9 |
Other comprehensive income (loss), before tax | 30 | (64.8) | ||
Other Comprehensive Income (Loss), Tax: | ||||
Foreign currency translation | 0 | 0 | ||
Other fair value changes: | ||||
Hedge derivatives | 0.7 | (1) | ||
Reclassification to earnings: | ||||
Securities | [1] | 0 | 0.6 | |
Hedge derivatives | [2] | 0 | 0 | |
Amortization of losses and prior service costs | [4] | (5.9) | (5) | |
Other comprehensive income (loss), tax | (5.2) | (5.4) | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||
Foreign currency translation | 2.7 | (96.8) | ||
Other fair value changes: | ||||
Hedge derivatives | 3.1 | 6.2 | ||
Reclassification to earnings: | ||||
Securities | [1] | 0 | (2) | |
Hedge derivatives | [2] | (0.6) | 0.5 | |
Amortization of losses and prior service costs | [4] | 19.6 | 21.9 | |
Other comprehensive income (loss), net of tax | 24.8 | (70.2) | ||
Total comprehensive income (loss) attributable to General Mills | 545.4 | 322.1 | ||
Noncontrolling Interests [Member] | ||||
Net earnings attributable to redeemable and noncontrolling interests | 3.6 | 3.1 | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||
Foreign currency translation | (1.5) | (1.3) | ||
Other fair value changes: | ||||
Hedge derivatives | 0 | 0 | ||
Reclassification to earnings: | ||||
Securities | [1] | 0 | 0 | |
Hedge derivatives | [2] | 0 | 0 | |
Amortization of losses and prior service costs | [4] | 0 | 0 | |
Other comprehensive income (loss), net of tax | (1.5) | (1.3) | ||
Total comprehensive income (loss) attributable to noncontrolling interests | 2.1 | 1.8 | ||
Redeemable Interests [Member] | ||||
Net earnings attributable to redeemable and noncontrolling interests | 4.3 | 0.5 | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||
Foreign currency translation | (4.9) | (8.1) | ||
Other fair value changes: | ||||
Hedge derivatives | 0.7 | 0.9 | ||
Reclassification to earnings: | ||||
Securities | [1] | 0 | 0 | |
Hedge derivatives | [2] | 0 | 0.1 | |
Amortization of losses and prior service costs | [4] | 0 | 0 | |
Other comprehensive income (loss), net of tax | (4.2) | (7.1) | ||
Total comprehensive income (loss) attributable to redeemable interests | $ 0.1 | $ (6.6) | ||
[1] | Gain reclassified from AOCI into earnings is reported in interest, net for securities. | |||
[2] | Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. | |||
[3] | (a) Level 3 assets in the fair value hierarchy. | |||
[4] | Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of accumulated other income income (loss)) (Details) - USD ($) $ in Millions | Aug. 25, 2019 | May 26, 2019 |
Accumulated Other Comprehensive Loss, Net of Tax Effects [Abstract] | ||
Foreign currency translation adjustments | $ (737.2) | $ (739.9) |
Unrealized gain (loss) from: | ||
Hedge derivatives | (16.9) | (19.4) |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial loss | (1,860.4) | (1,880.5) |
Prior service credits | 13.9 | 14.4 |
Accumulated other comprehensive loss | $ (2,600.6) | $ (2,625.4) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Share-based Compensation Allocation and Classification in Financial Statements [Abstract] | ||
Recognized tax windfall benefits related to the exercise of stock-based awards | $ 6.6 | $ 5.3 |
Unrecognized compensation expense related to non-vested stock options, restricted stock, and performance share units | $ 151.4 | |
Unrecognized compensation expense on non-vested awards weighted average period of recognition | 28 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 26, 2019. |
Stock Plans (Schedule of compen
Stock Plans (Schedule of compensation expense related to stock-based payments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Stock Plans [Abstract] | ||
Compensation expense related to stock-based payments | $ 28.8 | $ 26.2 |
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 | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Stock Plans [Abstract] | ||
Net cash proceeds | $ 55.8 | $ 73.4 |
Intrinsic value of options exercised | $ 30.2 | $ 31.9 |
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 | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Stock Plans [Abstract] | ||
Estimated fair values of stock options granted | $ 7.10 | $ 5.35 |
Assumptions: | ||
Risk-free interest rate | 2.00% | 2.90% |
Expected term | 8 years 6 months | 8 years 6 months |
Expected volatility | 17.40% | 16.30% |
Dividend yield | 3.60% | 4.30% |
Stock Plans (Schedule of inform
Stock Plans (Schedule of information on restricted stock and performance award unit activity) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Additional Disclosures [Abstract] | ||
Total grant-date fair value | $ 43.8 | $ 30.1 |
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 | ||
Aug. 25, 2019 | Aug. 26, 2018 | ||
Earnings Per Share [Abstract] | |||
Net earnings attributable to General Mills | $ 520.6 | $ 392.3 | |
Average number of common shares - basic EPS | 606 | 598 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||
Average number of common shares - diluted EPS | 611.5 | 603.3 | |
Earnings per share - basic | $ 0.86 | $ 0.66 | |
Earnings per share - diluted | $ 0.85 | $ 0.65 | |
Other Disclosures [Abstract] | |||
Anti-dilutive stock options, restricted stock units and performance share units | 10.1 | 14.3 | |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Incremental share effect | [1] | 3.1 | 3.6 |
Restricted Stock, Restricted Stock Units, and Other [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Incremental share effect | [1] | 2.4 | 1.7 |
[1] | (a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. |
Statements of Cash Flows (Detai
Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Statements of Cash Flows [Abstract] | ||
Net cash interest payments | $ 80.6 | $ 115.5 |
Net income tax payments | $ 32.1 | $ 60.5 |
Retirement and Postemployment_3
Retirement and Postemployment Benefits (Schedule of components of net pension, other postretirement, and postemployment (income) expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 23.2 | $ 23.7 |
Interest cost | 57.6 | 62 |
Expected return on plan assets | (112.5) | (111.5) |
Amortization of losses | 26.7 | 27.5 |
Amortization of prior service costs (credits) | 0.4 | 0.4 |
Other adjustments | 0 | 0 |
Net expense (income) | (4.6) | 2.1 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2.4 | 2.4 |
Interest cost | 6.8 | 8.3 |
Expected return on plan assets | (10.5) | (10.1) |
Amortization of losses | (0.5) | 0.2 |
Amortization of prior service costs (credits) | (1.4) | (1.4) |
Other adjustments | 0 | 0 |
Net expense (income) | (3.2) | (0.6) |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2.1 | 1.9 |
Interest cost | 0.7 | 0.7 |
Expected return on plan assets | 0 | 0 |
Amortization of losses | 0.2 | 0.1 |
Amortization of prior service costs (credits) | 0.1 | 0.1 |
Other adjustments | 2.2 | 2.8 |
Net expense (income) | $ 5.3 | $ 5.6 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended |
Aug. 25, 2019USD ($) | |
Income Taxes [Abstract] | |
Deferred Other Tax Benefit | $ 53.1 |
Business Segment and Geograph_3
Business Segment and Geographic Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 4,002.5 | $ 4,094 |
Operating profit | 662.4 | 601.5 |
Restructuring, impairment, and other exit costs (recoveries) | 8.2 | (1.4) |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 4,002.5 | 4,094 |
Operating profit | 769.6 | 706.4 |
Unallocated Corporate Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit | 99 | 106.3 |
North America Retail [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,376.1 | 2,387.8 |
Operating profit | 559.9 | 548.1 |
U.S. Meals & Baking [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 830.6 | 837.5 |
U.S. Cereal [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 589.9 | 584.4 |
U.S. Snacks [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 528.2 | 533.5 |
U.S. Yogurt & Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 219.2 | 219.1 |
Canada [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 208.2 | 213.3 |
Europe & Australia [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 454.1 | 500.7 |
Operating profit | 27.6 | 34.5 |
Convenience Stores & Foodservice [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 445 | 463.2 |
Operating profit | 91.1 | 97.1 |
Pet [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 367.8 | 343.3 |
Operating profit | 80.9 | 14.5 |
Asia & Latin America [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 359.5 | 399 |
Operating profit | $ 10.1 | $ 12.2 |
Business Segment and Geograph_4
Business Segment and Geographic Information (Schedule of net sales by class of similar products) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2019 | Aug. 26, 2018 | |
Product Information [Line Items] | ||
Net sales | $ 4,002.5 | $ 4,094 |
Snacks [Member] | ||
Product Information [Line Items] | ||
Net sales | 869.4 | 887.9 |
Cereal [Member] | ||
Product Information [Line Items] | ||
Net sales | 685.5 | 677.1 |
Convenient meals [Member] | ||
Product Information [Line Items] | ||
Net sales | 569.2 | 581.9 |
Yogurt [Member] | ||
Product Information [Line Items] | ||
Net sales | 495.2 | 514.8 |
Pet [Member] | ||
Product Information [Line Items] | ||
Net sales | 367.8 | 343.3 |
Baking mixes and ingredients [Member] | ||
Product Information [Line Items] | ||
Net sales | 355.7 | 380.3 |
Dough [Member] | ||
Product Information [Line Items] | ||
Net sales | 330.6 | 328.4 |
Super-premium ice cream [Member] | ||
Product Information [Line Items] | ||
Net sales | 227.2 | 247.7 |
Other [Member] | ||
Product Information [Line Items] | ||
Net sales | $ 101.9 | $ 132.6 |