Cover
Cover - shares | 6 Months Ended | |
Nov. 28, 2021 | Dec. 14, 2021 | |
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 | Nov. 28, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --05-29 | |
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 Common Stock Shares Outstanding | 603,206,700 | |
Shares held in the treasury | 151,406,628 | |
Common Stock, $.10 par value [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | Common Stock, $.10 par value | |
Trading Symbol | GIS | |
Security Exchange Name | NYSE | |
1.000% Notes due 2023 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 1.000% Notes due 2023 | |
Trading Symbol | GIS23A | |
Security Exchange Name | NYSE | |
0.125% Notes due 2025 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 0.125% Notes due 2025 | |
Trading Symbol | GIS25A | |
Security Exchange Name | NYSE | |
0.450% Notes due 2026 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 0.450% Notes due 2026 | |
Trading Symbol | GIS26 | |
Security Exchange Name | NYSE | |
1.500% Notes due 2027 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 1.500% Notes due 2027 | |
Trading Symbol | GIS27 | |
Security Exchange Name | NYSE |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
CONSOLIDATED STATEMENTS OF EARNINGS [ABSTRACT] | ||||
Net sales | $ 5,024 | $ 4,719.4 | $ 9,563.9 | $ 9,083.4 |
Cost of sales | 3,392.8 | 2,998.3 | 6,335.3 | 5,771.9 |
Selling, general, and administrative expenses | 828.8 | 804.1 | 1,586.2 | 1,540.3 |
Restructuring, impairment, and other exit costs (recoveries) | 2.3 | 0.4 | (2) | 0.9 |
Operating profit | 800.1 | 916.6 | 1,644.4 | 1,770.3 |
Benefit plan non-service income | (27.7) | (32.9) | (57.3) | (66.2) |
Interest, net | 92.7 | 100.6 | 188.6 | 211.7 |
Earnings before income taxes and after-tax earnings from joint ventures | 735.1 | 848.9 | 1,513.1 | 1,624.8 |
Income taxes | 159.7 | 189.4 | 328.6 | 360.2 |
After-tax earnings from joint ventures | 33 | 36.4 | 62.1 | 77.7 |
Net earnings, including earnings attributable to redeemable and noncontrolling interests | 608.4 | 695.9 | 1,246.6 | 1,342.3 |
Net earnings attributable to redeemable and noncontrolling interests | 11.2 | 7.5 | 22.4 | 15 |
Net earnings attributable to General Mills | $ 597.2 | $ 688.4 | $ 1,224.2 | $ 1,327.3 |
Earnings per share - basic | $ 0.98 | $ 1.12 | $ 2.01 | $ 2.16 |
Earnings per share - diluted | $ 0.97 | $ 1.11 | $ 1.99 | $ 2.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [ABSTRACT] | ||||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 608.4 | $ 695.9 | $ 1,246.6 | $ 1,342.3 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation | (38.5) | 23.7 | (62.4) | 89.9 |
Other fair value changes: | ||||
Hedge derivatives | 18.7 | 1.9 | 20.4 | (10.2) |
Reclassification to earnings: | ||||
Hedge derivatives | (6.4) | 1 | 4.2 | (0.7) |
Amortization of losses and prior service costs | 22.8 | 19.8 | 31.2 | 39.3 |
Other comprehensive (loss) income, net of tax | (3.4) | 46.4 | (6.6) | 118.3 |
Total comprehensive income | 605 | 742.3 | 1,240 | 1,460.6 |
Comprehensive (loss) income attributable to redeemable and noncontrolling interests | (25.8) | 12.8 | (49.3) | 86.5 |
Comprehensive income attributable to General Mills | $ 630.8 | $ 729.5 | $ 1,289.3 | $ 1,374.1 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Nov. 28, 2021 | May 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,021 | $ 1,505.2 |
Receivables | 1,766.1 | 1,638.5 |
Inventories | 1,797.3 | 1,820.5 |
Prepaid expenses and other current assets | 764.8 | 790.3 |
Assets held for sale | 1,263.2 | 0 |
Total current assets | 6,612.4 | 5,754.5 |
Land, buildings, and equipment | 3,291.5 | 3,606.8 |
Goodwill | 14,523.2 | 14,062.4 |
Other intangible assets | 6,813.9 | 7,150.6 |
Other assets | 1,240.6 | 1,267.6 |
Total assets | 32,481.6 | 31,841.9 |
Current liabilities: | ||
Accounts payable | 3,450 | 3,653.5 |
Current portion of long-term debt | 600.7 | 2,463.8 |
Notes payable | 1,098 | 361.3 |
Other current liabilities | 2,060.2 | 1,787.2 |
Liabilities held for sale | 604.3 | 0 |
Total current liabilities | 7,813.2 | 8,265.8 |
Long-term debt | 10,973.6 | 9,786.9 |
Deferred income taxes | 2,146.9 | 2,118.4 |
Other liabilities | 1,181.6 | 1,292.7 |
Total liabilities | 22,115.3 | 21,463.8 |
Redeemable interest | 561.6 | 604.9 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,365.1 | 1,365.5 |
Retained earnings | 17,363.2 | 17,069.8 |
Common stock in treasury, at cost, shares of 151.4 and 146.9 | (6,915.2) | (6,611.2) |
Accumulated other comprehensive loss | (2,364.1) | (2,429.2) |
Total stockholders' equity | 9,524.5 | 9,470.4 |
Noncontrolling interests | 280.2 | 302.8 |
Total equity | 9,804.7 | 9,773.2 |
Total liabilities and equity | $ 32,481.6 | $ 31,841.9 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions | Nov. 28, 2021 | May 30, 2021 | Nov. 29, 2020 |
Stockholders' equity: | |||
Common stock, shares issued | 754.6 | 754.6 | |
Common stock, par value | $ 0.10 | $ 0.1 | $ 0.1 |
Common stock in treasury, shares | 151.4 | 146.9 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity and Redeemable Interest (Unaudited) - USD ($) shares in Millions | Total | Redeemable Interest [Member] | Parent [Member] | Issued Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] |
Beginning balance, treasury stock shares at May. 31, 2020 | (144.8) | |||||||||
Stockholders' Equity, Number of Shares | ||||||||||
Shares purchased, shares | 0 | |||||||||
Stock compensation plans, shares | 1.6 | |||||||||
Ending balance, common stock shares at Nov. 29, 2020 | 754.6 | |||||||||
Ending balance, treasury stock shares at Nov. 29, 2020 | (143.2) | |||||||||
Beginning balance, equity at May. 31, 2020 | $ 8,349,500,000 | $ 1,348,600,000 | $ 15,982,100,000 | $ (5,700,000) | $ (6,433,300,000) | $ (2,914,400,000) | $ 291,000,000 | |||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | ||||||||||
Shares purchased, value | (100,000) | |||||||||
Stock compensation plans, value | 21,200,000 | 68,000,000 | ||||||||
Unearned compensation related to stock unit awards | (77,700,000) | |||||||||
Earned compensation | 48,200,000 | |||||||||
Decrease (increase) in redemption value | $ 7,000,000 | (7,000,000) | ||||||||
Net earnings attributable to General Mills | 1,327,300,000 | $ 1,327,300,000 | 1,327,300,000 | |||||||
Comprehensive (loss) income | 46,800,000 | 28,100,000 | ||||||||
Cash dividends declared | (929,500,000) | |||||||||
Distributions to noncontrolling interest holders | (16,500,000) | |||||||||
Ending balance, equity at Nov. 29, 2020 | 8,852,600,000 | $ 75,500,000 | 1,333,300,000 | 16,374,200,000 | $ (6,365,400,000) | (2,867,600,000) | 302,600,000 | |||
Beginning balance, equity attributable to redeemable noncontrolling interest at May. 31, 2020 | 544,600,000 | |||||||||
Redeemable Interest | ||||||||||
Distributions to redeemable interest holder | (22,300,000) | |||||||||
Comprehensive (loss) income | 58,400,000 | |||||||||
Ending balance, equity attributable to redeemable noncontrolling interest at Nov. 29, 2020 | 587,700,000 | |||||||||
Beginning balance, treasury stock shares at Aug. 30, 2020 | (143.3) | |||||||||
Stockholders' Equity, Number of Shares | ||||||||||
Shares purchased, shares | 0 | |||||||||
Stock compensation plans, shares | 0.1 | |||||||||
Ending balance, common stock shares at Nov. 29, 2020 | 754.6 | |||||||||
Ending balance, treasury stock shares at Nov. 29, 2020 | (143.2) | |||||||||
Beginning balance, equity at Aug. 30, 2020 | 8,757,900,000 | 1,335,500,000 | 16,312,500,000 | $ (6,370,200,000) | (2,908,700,000) | 313,300,000 | ||||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | ||||||||||
Shares purchased, value | (100,000) | |||||||||
Stock compensation plans, value | (2,400,000) | 4,900,000 | ||||||||
Unearned compensation related to stock unit awards | (2,800,000) | |||||||||
Earned compensation | 20,000,000 | |||||||||
Decrease (increase) in redemption value | 17,000,000 | (17,000,000) | ||||||||
Net earnings attributable to General Mills | 688,400,000 | 688,400,000 | 688,400,000 | |||||||
Comprehensive (loss) income | 41,100,000 | 4,700,000 | ||||||||
Cash dividends declared | (626,700,000) | |||||||||
Distributions to noncontrolling interest holders | (15,400,000) | |||||||||
Ending balance, equity at Nov. 29, 2020 | $ 8,852,600,000 | $ 75,500,000 | 1,333,300,000 | 16,374,200,000 | $ (6,365,400,000) | (2,867,600,000) | 302,600,000 | |||
Beginning balance, equity attributable to redeemable noncontrolling interest at Aug. 30, 2020 | 584,900,000 | |||||||||
Redeemable Interest | ||||||||||
Distributions to redeemable interest holder | (22,300,000) | |||||||||
Comprehensive (loss) income | 8,100,000 | |||||||||
Ending balance, equity attributable to redeemable noncontrolling interest at Nov. 29, 2020 | 587,700,000 | |||||||||
Beginning balance, common stock shares at May. 30, 2021 | 754.6 | |||||||||
Beginning balance, treasury stock shares at May. 30, 2021 | (146.9) | (146.9) | ||||||||
Stockholders' Equity, Number of Shares | ||||||||||
Shares purchased, shares | (6.2) | |||||||||
Stock compensation plans, shares | 1.7 | |||||||||
Ending balance, common stock shares at Nov. 28, 2021 | 754.6 | 754.6 | ||||||||
Ending balance, treasury stock shares at Nov. 28, 2021 | (151.4) | (151.4) | ||||||||
Beginning balance, equity at May. 30, 2021 | $ 9,773,200,000 | 1,365,500,000 | 17,069,800,000 | $ 0 | $ (6,611,200,000) | (2,429,200,000) | 302,800,000 | |||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | ||||||||||
Shares purchased, value | (375,000,000) | |||||||||
Stock compensation plans, value | 4,000,000 | 71,000,000 | ||||||||
Unearned compensation related to stock unit awards | (72,200,000) | |||||||||
Earned compensation | 53,700,000 | |||||||||
Decrease (increase) in redemption value | (14,100,000) | 14,100,000 | ||||||||
Net earnings attributable to General Mills | 1,224,200,000 | 1,224,200,000 | 1,224,200,000 | |||||||
Comprehensive (loss) income | 65,100,000 | (20,100,000) | ||||||||
Cash dividends declared | (930,800,000) | |||||||||
Distributions to noncontrolling interest holders | (2,500,000) | |||||||||
Ending balance, equity at Nov. 28, 2021 | 9,804,700,000 | $ 75,500,000 | 1,365,100,000 | 17,363,200,000 | $ (6,915,200,000) | (2,364,100,000) | 280,200,000 | |||
Beginning balance, equity attributable to redeemable noncontrolling interest at May. 30, 2021 | 604,900,000 | 604,900,000 | ||||||||
Redeemable Interest | ||||||||||
Distributions to redeemable interest holder | (29,200,000) | |||||||||
Ending balance, equity attributable to redeemable noncontrolling interest at Nov. 28, 2021 | $ 561,600,000 | 561,600,000 | ||||||||
Beginning balance, treasury stock shares at Aug. 29, 2021 | (148.3) | |||||||||
Stockholders' Equity, Number of Shares | ||||||||||
Shares purchased, shares | (3.7) | |||||||||
Stock compensation plans, shares | 0.6 | |||||||||
Ending balance, common stock shares at Nov. 28, 2021 | 754.6 | 754.6 | ||||||||
Ending balance, treasury stock shares at Nov. 28, 2021 | (151.4) | (151.4) | ||||||||
Beginning balance, equity at Aug. 29, 2021 | $ 9,985,900,000 | 1,345,000,000 | 17,384,500,000 | $ (6,715,000,000) | (2,397,700,000) | 293,500,000 | ||||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | ||||||||||
Shares purchased, value | (224,900,000) | |||||||||
Stock compensation plans, value | (5,100,000) | 24,700,000 | ||||||||
Unearned compensation related to stock unit awards | (3,900,000) | |||||||||
Earned compensation | 20,600,000 | |||||||||
Decrease (increase) in redemption value | (8,500,000) | 8,500,000 | ||||||||
Net earnings attributable to General Mills | 597,200,000 | $ 597,200,000 | 597,200,000 | |||||||
Comprehensive (loss) income | 33,600,000 | (11,900,000) | ||||||||
Cash dividends declared | (618,500,000) | |||||||||
Distributions to noncontrolling interest holders | (1,400,000) | |||||||||
Ending balance, equity at Nov. 28, 2021 | 9,804,700,000 | $ 75,500,000 | $ 1,365,100,000 | $ 17,363,200,000 | $ (6,915,200,000) | $ (2,364,100,000) | $ 280,200,000 | |||
Beginning balance, equity attributable to redeemable noncontrolling interest at Aug. 29, 2021 | 584,000,000 | |||||||||
Redeemable Interest | ||||||||||
Distributions to redeemable interest holder | 0 | |||||||||
Comprehensive (loss) income | (13,900,000) | |||||||||
Ending balance, equity attributable to redeemable noncontrolling interest at Nov. 28, 2021 | $ 561,600,000 | $ 561,600,000 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity and Redeemable Interest (Unaudited) (Parenthetical) - $ / shares shares in Billions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) (Parenthetical) [ABSTRACT] | ||||
Par Value Common Stock | $ 0.10 | $ 0.1 | $ 0.10 | $ 0.1 |
Common Stock, Shares Authorized | 1 | 1 | 1 | 1 |
Cash dividends declared per share | $ 1.02 | $ 1.02 | $ 1.53 | $ 1.51 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 28, 2021 | Nov. 29, 2020 | |
Cash Flows - Operating Activities | ||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 1,246.6 | $ 1,342.3 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 286.9 | 295.1 |
After-tax earnings from joint ventures | (62.1) | (77.7) |
Distributions of earnings from joint ventures | 35.8 | 29.7 |
Stock-based compensation | 47.9 | 48.7 |
Deferred income taxes | 56.4 | 42.3 |
Pension and other postretirement benefit plan contributions | (12.5) | (15.6) |
Pension and other postretirement benefit plan costs | (14.4) | (16.9) |
Restructuring, impairment, and other exit costs | (44.2) | (3.6) |
Changes in current assets and liabilities, excluding the effects of acquisition | (88.7) | (147.8) |
Other, net | 46.1 | (69.7) |
Net cash provided by operating activities | 1,497.8 | 1,426.8 |
Cash Flows - Investing Activities | ||
Purchases of land, buildings, and equipment | (224.3) | (226.2) |
Acquisition, net of cash acquired | (1,198.6) | 0 |
Investments In affiliates, net | 4.8 | 18.1 |
Proceeds from disposal of land, buildings, and equipment | 1.5 | 0.4 |
Other, net | 20.6 | (3.6) |
Net cash used by investing activities | (1,396) | (211.3) |
Cash Flows - Financing Activities | ||
Change in notes payable | 854.2 | (159.6) |
Issuance of long-term debt | 1,935 | 971.3 |
Payment of long-term debt | (2,221.7) | (555) |
Proceeds from common stock issued on exercised options | 26.1 | 31.1 |
Purchases of common stock for treasury | (375) | (0.1) |
Dividends paid | (623.2) | (617.7) |
Distributions to noncontrolling and redeemable interest holders | (2.5) | (4.8) |
Other, net | (20.1) | (18.8) |
Net cash (used) by financing activities | (427.2) | (353.6) |
Effect of exchange rate changes on cash and cash equivalents | (35.1) | 43.1 |
(Decrease) increase in cash and cash equivalents | (360.5) | 905 |
Cash and cash equivalents - beginning of year | 1,505.2 | 1,677.8 |
Cash and cash equivalents - end of period (includes $123.7 million of cash classified as held for sale as of November 28, 2021) | 1,144.7 | 2,582.8 |
Cash Flow from changes in current assets and liabilities, excluding the effects of acquisition: | ||
Receivables | (237.3) | (135.2) |
Inventories | 9.2 | (258.6) |
Prepaid expenses and other current assets | (1.2) | 81.6 |
Accounts payable | (28.4) | 165.8 |
Other current liabilities | 169 | (1.4) |
Changes in current assets and liabilities | $ (88.7) | $ (147.8) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) - Parenthetical - USD ($) $ in Millions | Nov. 28, 2021 | Nov. 29, 2020 |
CONSOLIDATED STATEMENTS OF CASH FLOWS [ABSTRACT] | ||
Cash and cash equivalents - held-for-sale | $ 123.7 | $ 0 |
Background
Background | 6 Months Ended |
Nov. 28, 2021 | |
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 November 28, 2021, are not necessarily indicative of the results that may be expected for the fiscal year ending May 29, 2022. 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 30, 2021. 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. Certain terms used throughout this report are defined in the “Glossary” section below. |
Acquisition and Divestiture
Acquisition and Divestiture | 6 Months Ended |
Nov. 28, 2021 | |
Acquisition and Divestiture [Abstract] | |
Acquisition and Divestiture | (2) Acquisition and Divestitures During the second quarter of fiscal 2022, we entered into definitive agreements to sell our European dough businesses. The transactions are expected to close by the end of fiscal 2022, subject to appropriate labor consultations, regulatory approvals, and other customary closing conditions. The associated assets and liabilities have an immaterial impact on the presentation of our Consolidated Balance Sheets as of November 28, 2021. During the first quarter of fiscal 2022, we acquired the Tyson Foods’ pet treats business for $ 1.2 billion in cash. We financed the transaction with a combination of cash on hand and short-term debt. We consolidated the Tyson Foods’ pet treats business into our Consolidated Balance Sheets and recorded goodwill of $ 759.4 million, indefinite-lived intangible assets for the Nudges , Top Chews and True Chews brands totaling $ 330.0 million in aggregate, and a finite-lived customer relationship asset of $ 40.0 million. The goodwill is included in the Pet reporting unit and is deductible for tax purposes. The pro forma effects of this acquisition were not material. The consolidated results of the Tyson Foods’ pet treat business are reported in our Pet operating segment on a one-month lag. Accordingly, our Consolidated Statements of Earnings include four months of operating results for the acquired business for the six-month period ended November 28, 2021. During the first quarter of fiscal 2022, we entered into a definitive agreement to sell our 51 percent controlling interest in Yoplait SAS, and our 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl to Sodiaal International (Sodiaal) in exchange for full ownership of the Canadian Yoplait business, a reduced royalty rate for the use of Yoplait and Liberté brands in the United States and Canada, and cash. The transaction closed subsequent to the end of the second quarter of fiscal 2022. We expect to record a pre-tax gain on the sale of this business during the third quarter of fiscal 2022. We have classified all Yoplait SAS, Yoplait Marques SNC and Liberté Marques Sàrl assets and liabilities as held for sale in our Consolidated Balance Sheets as of November 28, 2021. The components of assets held for sale and liabilities held for sale are as follows: In Millions Nov. 28, 2021 Cash and cash equivalents $ 123.7 Receivables 111.2 Inventories 24.6 Prepaid expenses and other current assets 18.4 Land, buildings, and equipment 164.3 Goodwill 194.9 Other intangible assets 621.8 Other assets 4.3 Assets held for sale $ 1,263.2 Accounts payable $ 90.8 Current portion of long-term debt 56.6 Notes payable 262.9 Other current liabilities 102.3 Deferred income taxes 77.7 Other liabilities 14.0 Liabilities held for sale $ 604.3 |
Restructuring, Impairment, and
Restructuring, Impairment, and Other Exit Costs | 6 Months Ended |
Nov. 28, 2021 | |
Restructuring, Impairment, and Other Exit Costs [Abstract] | |
Restructuring, Impairment, and Other Exit Costs | (3) Restructuring, Impairment, and Other Exit Costs Restructuring charges were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Asia & Latin America manufacturing and logistics operations $ 12.6 $ - $ 12.6 $ - (Recoveries) charges associated with restructuring actions previously announced ( 9.9) 0.9 ( 14.0) 1.9 Total restructuring charges (recoveries) $ 2.7 $ 0.9 $ ( 1.4) $ 1.9 In the second quarter of fiscal 2022, we approved restructuring actions in the Asia & Latin America segment to drive efficiencies in manufacturing and logistics operations. We expect to incur approximately $ 21 million of restructuring charges and project-related costs related to these actions, of which approximately $ 12 million will be cash. These charges are expected to consist of approximately $ 8 million of severance and $ 10 million of other costs, primarily asset write-offs. We also expect to incur approximately $ 3 million of project-related costs. We recognized $ 7.9 million of severance and $ 4.7 million of other costs in the second quarter of fiscal 2022. We expect these actions to be completed by the end of fiscal 2024. We recorded a $ 9.9 million net recovery of restructuring charges in the second quarter of fiscal 2022 and a $ 14.0 million net recovery of restructuring charges in the six-month period ended November 28, 2021, related to restructuring actions previously announced. We recorded $ 0.9 million of restructuring charges in the second quarter of fiscal 2021 and $ 1.9 million of restructuring charges in the six-month period ended November 29, 2020, related to restructuring actions previously announced. The charges associated with restructuring actions previously announced primarily related to actions designed to better align our organizational structure and resources with strategic initiatives. We expect these actions to be completed by the end of fiscal 2023 We paid net $ 42.8 million of cash in the six-month period ended November 28, 2021, related to restructuring actions previously announced. We paid net $ 5.5 million of cash in the same period of fiscal 2021. Restructuring charges are recorded in our Consolidated Statements of Earnings as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Restructuring, impairment, and other exit costs (recoveries) $ 2.3 $ 0.4 $ ( 2.0) $ 0.9 Cost of sales 0.4 0.5 0.6 1.0 Total restructuring charges (recoveries) $ 2.7 $ 0.9 $ ( 1.4) $ 1.9 The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows: In Millions Total Reserve balance as of May 30, 2021 $ 148.8 Fiscal 2022 net recoveries, including foreign currency translation ( 2.0) Utilized in fiscal 2022 ( 37.1) Reserve balance as of Nov. 28, 2021 $ 109.7 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 | 6 Months Ended |
Nov. 28, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | (4) Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows: In Millions Nov. 28, 2021 May 30, 2021 Goodwill $ 14,523.2 $ 14,062.4 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,529.1 6,628.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 402.5 823.4 Less accumulated amortization ( 117.7) ( 300.9) Intangible assets subject to amortization, net 284.8 522.5 Other intangible assets 6,813.9 7,150.6 Total $ 21,337.1 $ 21,213.0 Based on the carrying value of finite-lived intangible assets as of November 28, 2021, annual amortization expense for each of the next five fiscal years is estimated to be approximately $ 20 million. The changes in the carrying amount of goodwill during the six-month period ended November 28, 2021, were as follows: In Millions North America Retail Pet Convenience Stores & Foodservice Europe & Australia Asia & Latin America Joint Ventures Total Balance as of May 30, 2021 $ 6,419.3 $ 5,300.5 $ 918.8 $ 765.5 $ 212.7 $ 445.6 $ 14,062.4 Acquisition - 759.4 - - - - 759.4 Reclassified to assets held for sale - - - ( 184.6) ( 10.3) - ( 194.9) Other activity, primarily foreign currency translation ( 7.1) - - ( 53.2) ( 11.4) ( 32.0) ( 103.7) Balance as of Nov. 28, 2021 $ 6,412.2 $ 6,059.9 $ 918.8 $ 527.7 $ 191.0 $ 413.6 $ 14,523.2 The changes in the carrying amount of other intangible assets during the six-month period ended November 28, 2021, were as follows: In Millions Total Balance as of May 30, 2021 $ 7,150.6 Acquisition 370.0 Reclassified to assets held for sale ( 621.8) Other activity, primarily foreign currency translation ( 84.9) Balance as of Nov. 28, 2021 $ 6,813.9 Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of fiscal 2022, and we determined there was no impairment of our intangible assets as their related fair values were substantially in excess of the carrying values, except for the Uncle Toby’s brand intangible asset. The excess fair value as of the fiscal 2022 test date of the Uncle Toby’s brand intangible asset is as follows: In Millions Carrying Value of Intangible Asset Excess Fair Value as of Fiscal 2022 Test Date Uncle Toby's $ 55.0 7% In addition, while having significant coverage as of our fiscal 2022 assessment date, the Europe & Australia reporting unit and the Progresso , Green Giant , and EPIC brand intangible assets had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment. |
Inventories
Inventories | 6 Months Ended |
Nov. 28, 2021 | |
Inventories [Abstract] | |
Inventories | (5) Inventories The components of inventories were as follows: In Millions Nov. 28, 2021 May 30, 2021 Raw materials and packaging $ 422.1 $ 411.9 Finished goods 1,457.4 1,506.9 Grain 206.4 111.2 Excess of FIFO over LIFO cost ( 288.6) ( 209.5) Total $ 1,797.3 $ 1,820.5 In addition, we had $ 24.6 million of inventories classified as held for sale as of November 28, 2021. |
Risk Management Activities
Risk Management Activities | 6 Months Ended |
Nov. 28, 2021 | |
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 as possible to or below our planned cost. 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 and six-month periods ended November 28, 2021, and November 29, 2020, included: Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Net gain on mark-to-market valuation of certain commodity positions $ 16.6 $ 33.6 $ 47.0 $ 44.0 Net (gain) loss on commodity positions reclassified from unallocated corporate items to segment operating profit ( 35.9) 4.7 ( 70.6) 16.7 Net mark-to-market revaluation of certain grain inventories 31.4 7.6 59.8 1.6 Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 12.1 $ 45.9 $ 36.2 $ 62.3 As of November 28, 2021, the net notional value of commodity derivatives was $ 741.7 million, of which $ 161.8 million related to energy inputs and $ 579.9 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 November 28, 2021 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 November 28, 2021, $ 1,378.1 million of our total accounts payable were payable to suppliers who utilize these third party services. As of November 29, 2020, $ 1,405.6 million of our total accounts payable were payable to suppliers who utilize these third party services. |
Debt
Debt | 6 Months Ended |
Nov. 28, 2021 | |
Debt [Abstract] | |
Debt | (7) Debt The components of notes payable were as follows: In Millions Nov. 28, 2021 May 30, 2021 U.S. commercial paper $ 849.3 $ - Financial institutions 248.7 361.3 Total $ 1,098.0 $ 361.3 In addition, we had $ 262.9 million of notes payable classified as held for sale as of November 28, 2021. To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States and Europe. We also have committed and asset-backed credit lines that support our foreign operations. The following table details the fee-paid committed and uncommitted credit lines we had available as of November 28, 2021: In Billions Facility Amount Borrowed Amount Credit facility expiring: April 2026 $ 2.7 $ - September 2022 0.2 0.2 Total committed credit facilities 2.9 0.2 Uncommitted credit facilities 0.7 - 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 We were in compliance with all credit facility covenants as of November 28, 2021. Long-Term Debt The fair values and carrying amounts of long-term debt, including the current portion, were $ 12,459.5 million and $ 11,574.3 million, respectively, as of November 28, 2021. 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 addition, we had $ 56.6 million of debt classified as held for sale as of November 28, 2021. In the second quarter of fiscal 2022, we repaid € 500.0 million of 0.0 percent fixed-rate notes due November 16, 2021 using proceeds from the issuance of € 500.0 million of 0.125 percent fixed-rate notes due November 15, 2025. In the second quarter of fiscal 2022, we issued € 250.0 million of floating-rate notes due May 16, 2023. We used the net proceeds to repay a portion of our outstanding commercial paper and for general corporate purposes. In the second quarter of fiscal 2022, we repaid $ 1,000.0 million of 3.15 percent fixed-rate notes due December 15, 2021 using proceeds from the issuance of $ 500.0 million of 2.25 percent notes due October 14, 2031 and commercial paper. The notes were redeemed on October 14, 2021. In the first quarter of fiscal 2022, we issued € 500.0 million of floating-rate notes due July 27, 2023. We used the net proceeds to repay € 500.0 million of 0.0 percent fixed-rate notes due August 21, 2021. In the first quarter of fiscal 2022, we repaid € 200.0 million of 2.2 percent fixed-rate notes due June 24, 2021 using proceeds from the issuance of € 50.0 million of 2.2 percent fixed-rate notes due November 29, 2021 and borrowings under a committed credit facility. In the fourth quarter of fiscal 2021, we repaid $ 600.0 million of 3.2 percent fixed-rate notes and $ 850.0 million of floating-rate notes with cash on hand. In the third quarter of fiscal 2021, we completed an offer to exchange certain series of outstanding notes for a combination of newly issued notes and cash. Holders exchanged $ 603.9 million of notes previously issued with rates between 4.15 percent and 5.4 percent for $ 605.2 million of newly issued 3.0 percent fixed-rate notes due February 1, 2051 and $ 201.4 million of cash, representing a participation incentive. In the second quarter of fiscal 2021, we issued € 500.0 million principal amount of 0.0 percent fixed-rate notes due November 16, 2021. We used the net proceeds to repay € 200.0 million of 0.0 percent fixed-rate notes and for general corporate purposes. In the first quarter of fiscal 2021, we issued € 500.0 million principal amount of 0.0 percent fixed-rate notes due August 21, 2021. We used the net proceeds, together with cash on hand, to repay € 500.0 million of 2.1 percent fixed-rate notes. Certain of our long-term debt agreements contain restrictive covenants. As of November 28, 2021, we were in compliance with all of these covenants. |
Redeemable and Noncontrolling I
Redeemable and Noncontrolling Interests | 6 Months Ended |
Nov. 28, 2021 | |
Redeemable and Noncontrolling Interests [Abstract] | |
Redeemable and Noncontrolling Interests | (8) Redeemable and Noncontrolling Interests During the first quarter of fiscal 2022, we entered into a definitive agreement to sell our 51 percent controlling interest in Yoplait SAS, and our 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl to Sodiaal. The transaction closed subsequent to the end of the second quarter of fiscal 2022. Please see Note 2 to the Consolidated Financial Statements. As of November 28, 2021, we have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl. 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 had the right to put all or a portion of its redeemable interest to us at fair value until the sale of our interest closed subsequent to the end of the second quarter of fiscal 2022.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. As of November 28, 2021, the redemption value of the euro-denominated redeemable interest was $ 561.6 million. A subsidiary of Yoplait SAS has an exclusive milk supply agreement for its European operations with Sodiaal through May 31, 2022. Net purchases totaled $ 99.5 million for the six-month period ended November 28, 2021, and $ 101.0 million for the six-month period ended November 29, 2020. 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, 2021, the floating preferred return rate on GMC’s Class A Interests was reset to the sum of three-month LIBOR plus 160 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 November 28, 2021, we were in compliance with all of these covenants. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Nov. 28, 2021 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | (9) Stockholders’ Equity The following tables provide details of total comprehensive income: Quarter Ended Quarter Ended Nov. 28, 2021 Nov. 29, 2020 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 597.2 $ 1.9 9.3 $ 688.4 $ 2.7 $ 4.8 Other comprehensive income (loss): Foreign currency translation $ ( 29.0) $ 27.8 ( 1.2) ( 13.8) ( 23.5) $ 14.5 $ 3.8 18.3 2.0 3.4 Other fair value changes: Hedge derivatives 29.1 ( 11.0) 18.1 - 0.6 1.9 0.2 1.7 - 0.2 Reclassification to earnings: Hedge derivatives (a) ( 12.1) 6.0 ( 6.1) - ( 0.3) 2.0 ( 0.7) 1.3 - ( 0.3) Amortization of losses and prior service costs (b) 29.2 ( 6.4) 22.8 - - 25.8 ( 6.0) 19.8 - - Other comprehensive income (loss) $ 17.2 $ 16.4 33.6 ( 13.8) ( 23.2) $ 44.2 $ ( 3.1) 41.1 2.0 3.3 Total comprehensive income (loss) $ 630.8 $ ( 11.9) $ ( 13.9) $ 729.5 $ 4.7 $ 8.1 (a) (Gain) loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Six-Month Period Ended Six-Month Period Ended Nov. 28, 2021 Nov. 29, 2020 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,224.2 $ 4.9 $ 17.5 $ 1,327.3 $ 2.8 $ 12.2 Other comprehensive income (loss): Foreign currency translation $ ( 40.9) $ 50.5 9.6 ( 25.0) ( 47.0) $ ( 33.6) $ 51.6 18.0 25.3 46.6 Other fair value changes: Hedge derivatives 31.9 ( 12.0) 19.9 - 0.5 ( 13.6) 3.5 ( 10.1) - ( 0.1) Reclassification to earnings: Hedge derivatives (a) ( 0.1) 4.5 4.4 - ( 0.2) ( 0.1) ( 0.3) ( 0.4) - ( 0.3) Amortization of losses and prior service costs (b) 40.0 ( 8.8) 31.2 - - 51.1 ( 11.8) 39.3 - - Other comprehensive income (loss) $ 30.9 $ 34.2 65.1 ( 25.0) ( 46.7) $ 3.8 $ 43.0 46.8 25.3 46.2 Total comprehensive income $ 1,289.3 $ ( 20.1) $ ( 29.2) $ 1,374.1 $ 28.1 $ 58.4 (a) 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. (b) 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 Nov. 28, 2021 May 30, 2021 Foreign currency translation adjustments $ ( 820.6) $ ( 830.2) Unrealized gain (loss) from: Hedge derivatives 5.8 ( 18.5) Pension, other postretirement, and postemployment benefits: Net actuarial loss ( 1,665.6) ( 1,718.4) Prior service credits 116.3 137.9 Accumulated other comprehensive loss $ ( 2,364.1) $ ( 2,429.2) |
Stock Plans
Stock Plans | 6 Months Ended |
Nov. 28, 2021 | |
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 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 30, 2021. Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Compensation expense related to stock-based payments $ 13.9 $ 20.4 $ 47.5 $ 48.7 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 2022. Windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Windfall tax benefits from stock-based payments $ 1.6 $ 0.6 $ 6.3 $ 6.8 As of November 28, 2021, unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $ 133.3 million. This expense will be recognized over 23 months, on average. Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised were as follows: Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Net cash proceeds $ 26.1 $ 31.1 Intrinsic value of options exercised $ 12.1 $ 19.6 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 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 30, 2021. The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows: Six-Month Period Ended Nov. 28, 2021 Nov. 29, 2020 Estimated fair values of stock options granted $ 8.77 $ 8.03 Assumptions: Risk-free interest rate 1.5 % 0.7 % Expected term 8.5 years 8.5 years Expected volatility 20.2 % 19.5 % Dividend yield 3.4 % 3.3 % The total grant date fair value of restricted stock unit awards that vested during the period was as follows: Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Total grant date fair value $ 76.0 $ 67.4 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Nov. 28, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11) Earnings Per Share Basic and diluted earnings per share (EPS) were calculated using the following: Quarter Ended Six-Month Period Ended In Millions, Except per Share Data Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Net earnings attributable to General Mills $ 597.2 $ 688.4 $ 1,224.2 $ 1,327.3 Average number of common shares - basic EPS 608.6 614.8 609.5 614.5 Incremental share effect from: (a) Stock options 2.2 2.5 2.1 2.8 Restricted stock units and performance share units 2.2 2.3 2.2 2.4 Average number of common shares - diluted EPS 613.0 619.6 613.8 619.7 Earnings per share – basic $ 0.98 $ 1.12 $ 2.01 $ 2.16 Earnings per share – diluted $ 0.97 $ 1.11 $ 1.99 $ 2.14 (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 Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Anti-dilutive stock options, restricted stock units, and performance share units 4.6 3.5 4.7 3.3 |
Share Repurchases
Share Repurchases | 6 Months Ended |
Nov. 28, 2021 | |
Share Repurchases [Abstract] | |
Share Repurchases | (12) Share Repurchases Share repurchases were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Shares of common stock 3.7 - 6.2 - Aggregate purchase price $ 224.9 $ 0.1 $ 375.0 $ 0.1 |
Statements of Cash Flows
Statements of Cash Flows | 6 Months Ended |
Nov. 28, 2021 | |
Statements of Cash Flows [Abstract] | |
Statements of Cash Flows | (13) Statements of Cash Flows Our Consolidated Statements of Cash Flows include the following: Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Net cash interest payments $ 185.7 $ 208.7 Net income tax payments $ 271.1 $ 356.7 |
Retirement and Postemployment B
Retirement and Postemployment Benefits | 6 Months Ended |
Nov. 28, 2021 | |
Retirement and Postemployment Benefits [Abstract] | |
Retirement and Postemployment Benefits | (14) Retirement and Postemployment Benefits Components of net periodic benefit (income) expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Service cost $ 23.5 $ 26.0 $ 1.9 $ 2.1 $ 1.7 $ 2.3 Interest cost 46.1 47.9 3.1 4.5 0.3 0.4 Expected return on plan assets ( 102.9) ( 105.1) ( 6.7) ( 8.6) - - Amortization of losses (gains) 35.5 27.2 ( 2.7) ( 1.2) 0.7 0.7 Amortization of prior service costs (credits) 0.2 0.3 ( 5.2) ( 1.4) 0.1 0.2 Other adjustments - - - - 3.8 2.2 Curtailment loss (gain) 0.5 - ( 0.2) - - - Net expense (income) $ 2.9 $ ( 3.7) $ ( 9.8) $ ( 4.6) $ 6.6 $ 5.8 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Six-Month Period Ended Six-Month Period Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Service cost $ 47.2 $ 52.0 $ 3.8 $ 4.3 $ 3.5 $ 4.6 Interest cost 92.4 95.9 6.3 9.0 0.7 0.8 Expected return on plan assets ( 205.7) ( 210.1) ( 13.4) ( 17.3) - - Amortization of losses (gains) 70.4 54.0 ( 5.4) ( 2.5) 1.5 1.4 Amortization of prior service costs (credits) 0.4 0.6 ( 10.4) ( 2.8) 0.2 0.4 Other adjustments - - - - 5.7 4.4 Curtailment gain ( 14.3) - ( 5.7) - - - Net (income) expense $ ( 9.6) $ ( 7.6) $ ( 24.8) $ ( 9.3) $ 11.6 $ 11.6 |
Income Taxes
Income Taxes | 6 Months Ended |
Nov. 28, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | (15) Income Taxes During the first quarter of fiscal 2022, the Brazilian tax authority, Secretaria da Receita Federal do Brasil (RFB), concluded audits of our 2016 through 2018 tax return years. These audits included a review of our determinations of amortization of certain goodwill arising from the acquisition of Yoki Alimentos S.A. The RFB has proposed adjustments that effectively eliminate the goodwill amortization benefits related to this transaction. The RFB had previously proposed adjustments related to the goodwill amortization associated with our 2012 through 2015 tax return years. We believe we have meritorious defenses and intend to continue to contest the disallowance for all years. |
Contingencies
Contingencies | 6 Months Ended |
Nov. 28, 2021 | |
Contingencies [Abstract] | |
Contingencies | (16) Contingencies During fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we have meritorious defenses against this claim and will vigorously defend our position. As of November 28, 2021, we are unable to estimate any possible loss and have not recorded a loss contingency for this matter. |
Business Segment and Geographic
Business Segment and Geographic Information | 6 Months Ended |
Nov. 28, 2021 | |
Business Segment and Geographic Information [Abstract] | |
Business Segment and Geographic Information | (17) Business Segment and Geographic Information We operate in the packaged foods industry. Our operating segments are as follows: North America Retail; Pet; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. 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, snack bars, fruit snacks, savory snacks, and a wide variety of organic products including ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks, snack bars, and refrigerated yogurt. 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. 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, baking mixes, and bakery flour. 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, snack bars, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, and dessert and baking mixes. 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, meal kits, dessert and baking mixes, snack bars, salty snacks, refrigerated and frozen dough products, and wellness beverages. 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. 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 North American employee benefits and incentives, certain charitable contributions, restructuring initiative project-related costs, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment. Our operating segment results were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Net sales: North America Retail $ 2,975.5 $ 2,921.5 $ 5,614.4 $ 5,628.5 Pet 593.4 460.0 1,081.4 851.7 Convenience Stores & Foodservice 540.7 440.5 1,023.1 832.1 Europe & Australia 463.9 467.4 981.4 958.4 Asia & Latin America 450.5 430.0 863.6 812.7 Total $ 5,024.0 $ 4,719.4 $ 9,563.9 $ 9,083.4 Operating profit: North America Retail $ 649.3 $ 701.7 $ 1,267.3 $ 1,397.1 Pet 131.5 119.3 246.7 209.6 Convenience Stores & Foodservice 94.0 78.3 196.4 147.9 Europe & Australia 15.8 35.7 61.0 88.9 Asia & Latin America 43.6 30.4 59.0 50.5 Total segment operating profit $ 934.2 $ 965.4 $ 1,830.4 $ 1,894.0 Unallocated corporate items 131.8 48.4 188.0 122.8 Restructuring, impairment, and other exit costs (recoveries) 2.3 0.4 ( 2.0) 0.9 Operating profit $ 800.1 $ 916.6 $ 1,644.4 $ 1,770.3 Net sales for our North America Retail operating units were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 U.S. Meals & Baking $ 1,317.0 $ 1,371.7 $ 2,335.8 $ 2,463.2 U.S. Cereal 615.4 597.5 1,229.5 1,248.2 U.S. Snacks 560.5 484.2 1,097.1 1,003.3 Canada 257.6 242.6 496.9 457.2 U.S. Yogurt and Other 225.0 225.5 455.1 456.6 Total $ 2,975.5 $ 2,921.5 $ 5,614.4 $ 5,628.5 Net sales by class of similar products were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Snacks $ 947.6 $ 845.0 $ 1,902.1 $ 1,736.7 Convenient meals 789.8 820.2 1,485.3 1,549.8 Cereal 742.2 701.4 1,473.2 1,453.3 Pet 593.4 460.0 1,081.4 851.7 Yogurt 507.1 520.2 1,013.0 1,008.2 Dough 607.0 574.5 1,012.2 958.8 Baking mixes and ingredients 517.2 478.8 913.5 876.8 Super-premium ice cream 200.0 199.5 444.8 432.4 Other 119.7 119.8 238.4 215.7 Total $ 5,024.0 $ 4,719.4 $ 9,563.9 $ 9,083.4 |
Acquisition and Divestiture (Ta
Acquisition and Divestiture (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Acquisition and Divestiture [Abstract] | |
Components of assets held for sale and liabilities held for sale | In Millions Nov. 28, 2021 Cash and cash equivalents $ 123.7 Receivables 111.2 Inventories 24.6 Prepaid expenses and other current assets 18.4 Land, buildings, and equipment 164.3 Goodwill 194.9 Other intangible assets 621.8 Other assets 4.3 Assets held for sale $ 1,263.2 Accounts payable $ 90.8 Current portion of long-term debt 56.6 Notes payable 262.9 Other current liabilities 102.3 Deferred income taxes 77.7 Other liabilities 14.0 Liabilities held for sale $ 604.3 |
Restructuring, Impairment, an_2
Restructuring, Impairment, and Other Exit Costs (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Restructuring, Impairment, and Other Exit Costs [Abstract] | |
Schedule of Restructuring and Impairment Charges and Project-Related Costs | Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Asia & Latin America manufacturing and logistics operations $ 12.6 $ - $ 12.6 $ - (Recoveries) charges associated with restructuring actions previously announced ( 9.9) 0.9 ( 14.0) 1.9 Total restructuring charges (recoveries) $ 2.7 $ 0.9 $ ( 1.4) $ 1.9 Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Restructuring, impairment, and other exit costs (recoveries) $ 2.3 $ 0.4 $ ( 2.0) $ 0.9 Cost of sales 0.4 0.5 0.6 1.0 Total restructuring charges (recoveries) $ 2.7 $ 0.9 $ ( 1.4) $ 1.9 |
Roll forward of Restructuring and Other Exit Cost Reserves | In Millions Total Reserve balance as of May 30, 2021 $ 148.8 Fiscal 2022 net recoveries, including foreign currency translation ( 2.0) Utilized in fiscal 2022 ( 37.1) Reserve balance as of Nov. 28, 2021 $ 109.7 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of components of goodwill and other intangible assets [Table Text Block] | In Millions Nov. 28, 2021 May 30, 2021 Goodwill $ 14,523.2 $ 14,062.4 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,529.1 6,628.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 402.5 823.4 Less accumulated amortization ( 117.7) ( 300.9) Intangible assets subject to amortization, net 284.8 522.5 Other intangible assets 6,813.9 7,150.6 Total $ 21,337.1 $ 21,213.0 |
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 30, 2021 $ 6,419.3 $ 5,300.5 $ 918.8 $ 765.5 $ 212.7 $ 445.6 $ 14,062.4 Acquisition - 759.4 - - - - 759.4 Reclassified to assets held for sale - - - ( 184.6) ( 10.3) - ( 194.9) Other activity, primarily foreign currency translation ( 7.1) - - ( 53.2) ( 11.4) ( 32.0) ( 103.7) Balance as of Nov. 28, 2021 $ 6,412.2 $ 6,059.9 $ 918.8 $ 527.7 $ 191.0 $ 413.6 $ 14,523.2 |
Schedule of changes in the carrying amount of other intangible assets [Table Text Block] | In Millions Total Balance as of May 30, 2021 $ 7,150.6 Acquisition 370.0 Reclassified to assets held for sale ( 621.8) Other activity, primarily foreign currency translation ( 84.9) Balance as of Nov. 28, 2021 $ 6,813.9 In Millions Carrying Value of Intangible Asset Excess Fair Value as of Fiscal 2022 Test Date Uncle Toby's $ 55.0 7% |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Inventories [Abstract] | |
Schedule of components of inventories [Table Text Block] | In Millions Nov. 28, 2021 May 30, 2021 Raw materials and packaging $ 422.1 $ 411.9 Finished goods 1,457.4 1,506.9 Grain 206.4 111.2 Excess of FIFO over LIFO cost ( 288.6) ( 209.5) Total $ 1,797.3 $ 1,820.5 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Risk Management Activities [Abstract] | |
Schedule of unallocated corporate items [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Net gain on mark-to-market valuation of certain commodity positions $ 16.6 $ 33.6 $ 47.0 $ 44.0 Net (gain) loss on commodity positions reclassified from unallocated corporate items to segment operating profit ( 35.9) 4.7 ( 70.6) 16.7 Net mark-to-market revaluation of certain grain inventories 31.4 7.6 59.8 1.6 Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 12.1 $ 45.9 $ 36.2 $ 62.3 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Debt [Abstract] | |
Schedule of components of notes payable [Table Text Block] | In Millions Nov. 28, 2021 May 30, 2021 U.S. commercial paper $ 849.3 $ - Financial institutions 248.7 361.3 Total $ 1,098.0 $ 361.3 |
Schedule of fee-paid committed and uncommitted credit lines [Table Text Block] | The following table details the fee-paid committed and uncommitted credit lines we had available as of November 28, 2021: In Billions Facility Amount Borrowed Amount Credit facility expiring: April 2026 $ 2.7 $ - September 2022 0.2 0.2 Total committed credit facilities 2.9 0.2 Uncommitted credit facilities 0.7 - Total committed and uncommitted credit facilities $ 3.6 $ 0.2 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Stockholders' Equity [Abstract] | |
Schedule of total comprehensive income [Table Text Block] | Quarter Ended Quarter Ended Nov. 28, 2021 Nov. 29, 2020 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 597.2 $ 1.9 9.3 $ 688.4 $ 2.7 $ 4.8 Other comprehensive income (loss): Foreign currency translation $ ( 29.0) $ 27.8 ( 1.2) ( 13.8) ( 23.5) $ 14.5 $ 3.8 18.3 2.0 3.4 Other fair value changes: Hedge derivatives 29.1 ( 11.0) 18.1 - 0.6 1.9 0.2 1.7 - 0.2 Reclassification to earnings: Hedge derivatives (a) ( 12.1) 6.0 ( 6.1) - ( 0.3) 2.0 ( 0.7) 1.3 - ( 0.3) Amortization of losses and prior service costs (b) 29.2 ( 6.4) 22.8 - - 25.8 ( 6.0) 19.8 - - Other comprehensive income (loss) $ 17.2 $ 16.4 33.6 ( 13.8) ( 23.2) $ 44.2 $ ( 3.1) 41.1 2.0 3.3 Total comprehensive income (loss) $ 630.8 $ ( 11.9) $ ( 13.9) $ 729.5 $ 4.7 $ 8.1 (a) (Gain) loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Six-Month Period Ended Six-Month Period Ended Nov. 28, 2021 Nov. 29, 2020 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,224.2 $ 4.9 $ 17.5 $ 1,327.3 $ 2.8 $ 12.2 Other comprehensive income (loss): Foreign currency translation $ ( 40.9) $ 50.5 9.6 ( 25.0) ( 47.0) $ ( 33.6) $ 51.6 18.0 25.3 46.6 Other fair value changes: Hedge derivatives 31.9 ( 12.0) 19.9 - 0.5 ( 13.6) 3.5 ( 10.1) - ( 0.1) Reclassification to earnings: Hedge derivatives (a) ( 0.1) 4.5 4.4 - ( 0.2) ( 0.1) ( 0.3) ( 0.4) - ( 0.3) Amortization of losses and prior service costs (b) 40.0 ( 8.8) 31.2 - - 51.1 ( 11.8) 39.3 - - Other comprehensive income (loss) $ 30.9 $ 34.2 65.1 ( 25.0) ( 46.7) $ 3.8 $ 43.0 46.8 25.3 46.2 Total comprehensive income $ 1,289.3 $ ( 20.1) $ ( 29.2) $ 1,374.1 $ 28.1 $ 58.4 (a) 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. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. |
Schedule of accumulated other comprehensive income (loss), net of tax effects [Table Text Block] | In Millions Nov. 28, 2021 May 30, 2021 Foreign currency translation adjustments $ ( 820.6) $ ( 830.2) Unrealized gain (loss) from: Hedge derivatives 5.8 ( 18.5) Pension, other postretirement, and postemployment benefits: Net actuarial loss ( 1,665.6) ( 1,718.4) Prior service credits 116.3 137.9 Accumulated other comprehensive loss $ ( 2,364.1) $ ( 2,429.2) |
Stock Plans (Tables)
Stock Plans (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Stock Plans [Abstract] | |
Schedule of compensation expense related to stock-based payments [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Compensation expense related to stock-based payments $ 13.9 $ 20.4 $ 47.5 $ 48.7 Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Windfall tax benefits from stock-based payments $ 1.6 $ 0.6 $ 6.3 $ 6.8 |
Schedule of net cash proceeds received from the exercise of stock options [Table Text Block] | Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Net cash proceeds $ 26.1 $ 31.1 Intrinsic value of options exercised $ 12.1 $ 19.6 |
Schedule of estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] | Six-Month Period Ended Nov. 28, 2021 Nov. 29, 2020 Estimated fair values of stock options granted $ 8.77 $ 8.03 Assumptions: Risk-free interest rate 1.5 % 0.7 % Expected term 8.5 years 8.5 years Expected volatility 20.2 % 19.5 % Dividend yield 3.4 % 3.3 % |
Total grant date fair value of restricted stock unit awards that vested during the period [Table Text Block] | Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Total grant date fair value $ 76.0 $ 67.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions, Except per Share Data Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Net earnings attributable to General Mills $ 597.2 $ 688.4 $ 1,224.2 $ 1,327.3 Average number of common shares - basic EPS 608.6 614.8 609.5 614.5 Incremental share effect from: (a) Stock options 2.2 2.5 2.1 2.8 Restricted stock units and performance share units 2.2 2.3 2.2 2.4 Average number of common shares - diluted EPS 613.0 619.6 613.8 619.7 Earnings per share – basic $ 0.98 $ 1.12 $ 2.01 $ 2.16 Earnings per share – diluted $ 0.97 $ 1.11 $ 1.99 $ 2.14 (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 Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Anti-dilutive stock options, restricted stock units, and performance share units 4.6 3.5 4.7 3.3 |
Share Repurchases (Tables)
Share Repurchases (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Share Repurchases [Abstract] | |
Schedule of share repurchases | Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Shares of common stock 3.7 - 6.2 - Aggregate purchase price $ 224.9 $ 0.1 $ 375.0 $ 0.1 |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Statements of Cash Flows [Abstract] | |
Consolidated Statements of Cash Flows [Table Text Block] | Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Net cash interest payments $ 185.7 $ 208.7 Net income tax payments $ 271.1 $ 356.7 |
Retirement and Postemployment_2
Retirement and Postemployment Benefits (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Retirement and Postemployment Benefits [Abstract] | |
Schedule of components of net periodic benefit expense [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Service cost $ 23.5 $ 26.0 $ 1.9 $ 2.1 $ 1.7 $ 2.3 Interest cost 46.1 47.9 3.1 4.5 0.3 0.4 Expected return on plan assets ( 102.9) ( 105.1) ( 6.7) ( 8.6) - - Amortization of losses (gains) 35.5 27.2 ( 2.7) ( 1.2) 0.7 0.7 Amortization of prior service costs (credits) 0.2 0.3 ( 5.2) ( 1.4) 0.1 0.2 Other adjustments - - - - 3.8 2.2 Curtailment loss (gain) 0.5 - ( 0.2) - - - Net expense (income) $ 2.9 $ ( 3.7) $ ( 9.8) $ ( 4.6) $ 6.6 $ 5.8 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Six-Month Period Ended Six-Month Period Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Service cost $ 47.2 $ 52.0 $ 3.8 $ 4.3 $ 3.5 $ 4.6 Interest cost 92.4 95.9 6.3 9.0 0.7 0.8 Expected return on plan assets ( 205.7) ( 210.1) ( 13.4) ( 17.3) - - Amortization of losses (gains) 70.4 54.0 ( 5.4) ( 2.5) 1.5 1.4 Amortization of prior service costs (credits) 0.4 0.6 ( 10.4) ( 2.8) 0.2 0.4 Other adjustments - - - - 5.7 4.4 Curtailment gain ( 14.3) - ( 5.7) - - - Net (income) expense $ ( 9.6) $ ( 7.6) $ ( 24.8) $ ( 9.3) $ 11.6 $ 11.6 |
Business Segment and Geograph_2
Business Segment and Geographic Information (Tables) | 6 Months Ended |
Nov. 28, 2021 | |
Business Segment and Geographic Information [Abstract] | |
Schedule of operating segment results [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Net sales: North America Retail $ 2,975.5 $ 2,921.5 $ 5,614.4 $ 5,628.5 Pet 593.4 460.0 1,081.4 851.7 Convenience Stores & Foodservice 540.7 440.5 1,023.1 832.1 Europe & Australia 463.9 467.4 981.4 958.4 Asia & Latin America 450.5 430.0 863.6 812.7 Total $ 5,024.0 $ 4,719.4 $ 9,563.9 $ 9,083.4 Operating profit: North America Retail $ 649.3 $ 701.7 $ 1,267.3 $ 1,397.1 Pet 131.5 119.3 246.7 209.6 Convenience Stores & Foodservice 94.0 78.3 196.4 147.9 Europe & Australia 15.8 35.7 61.0 88.9 Asia & Latin America 43.6 30.4 59.0 50.5 Total segment operating profit $ 934.2 $ 965.4 $ 1,830.4 $ 1,894.0 Unallocated corporate items 131.8 48.4 188.0 122.8 Restructuring, impairment, and other exit costs (recoveries) 2.3 0.4 ( 2.0) 0.9 Operating profit $ 800.1 $ 916.6 $ 1,644.4 $ 1,770.3 Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 U.S. Meals & Baking $ 1,317.0 $ 1,371.7 $ 2,335.8 $ 2,463.2 U.S. Cereal 615.4 597.5 1,229.5 1,248.2 U.S. Snacks 560.5 484.2 1,097.1 1,003.3 Canada 257.6 242.6 496.9 457.2 U.S. Yogurt and Other 225.0 225.5 455.1 456.6 Total $ 2,975.5 $ 2,921.5 $ 5,614.4 $ 5,628.5 |
Net sales by class of similar products [Table Text Block] | Quarter Ended Six-Month Period Ended In Millions Nov. 28, 2021 Nov. 29, 2020 Nov. 28, 2021 Nov. 29, 2020 Snacks $ 947.6 $ 845.0 $ 1,902.1 $ 1,736.7 Convenient meals 789.8 820.2 1,485.3 1,549.8 Cereal 742.2 701.4 1,473.2 1,453.3 Pet 593.4 460.0 1,081.4 851.7 Yogurt 507.1 520.2 1,013.0 1,008.2 Dough 607.0 574.5 1,012.2 958.8 Baking mixes and ingredients 517.2 478.8 913.5 876.8 Super-premium ice cream 200.0 199.5 444.8 432.4 Other 119.7 119.8 238.4 215.7 Total $ 5,024.0 $ 4,719.4 $ 9,563.9 $ 9,083.4 |
Acquisition and Divestiture (Na
Acquisition and Divestiture (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 28, 2021 | Nov. 29, 2020 | May 30, 2021 | |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 1,198.6 | $ 0 | ||
Goodwill | $ 14,523.2 | $ 14,523.2 | $ 14,062.4 | |
Yoplait SAS [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership Percentage by Parent held for sale | 51.00% | 51.00% | ||
Yoplait Marques SNC and Liberte Marques Sarl [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership Percentage by Parent held for sale | 50.00% | 50.00% | ||
Tyson Foods pet treats [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 1,200 | |||
Goodwill | 759.4 | $ 759.4 | ||
Tyson Foods pet treats [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-Lived Intangibles | 40 | 40 | ||
Tyson Foods pet treats [Member] | Nudges, Top Chews and True Chews brands [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite-Lived Intangible Assets | $ 330 | $ 330 |
Acquisition and Divestiture (Co
Acquisition and Divestiture (Components of assets held for sale and liabilities held for sale) (Details) - USD ($) $ in Millions | Nov. 28, 2021 | May 30, 2021 | Nov. 29, 2020 |
Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $ 123.7 | $ 0 | |
Assets held for sale | 1,263.2 | $ 0 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||
Liabilities held for sale | 604.3 | $ 0 | |
Yoplait SAAS, Yoplait Marques SNC and Liberte Marques Sarl [Member] | |||
Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | 123.7 | ||
Receivables | 111.2 | ||
Inventories | 24.6 | ||
Prepaid expenses and other current assets | 18.4 | ||
Land, buildings, and equipment | 164.3 | ||
Goodwill | 194.9 | ||
Other intangible assets | 621.8 | ||
Other assets | 4.3 | ||
Assets held for sale | 1,263.2 | ||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||
Accounts payable | 90.8 | ||
Current portion of long-term debt | 56.6 | ||
Notes payable | 262.9 | ||
Other current liabilities | 102.3 | ||
Deferred income taxes | 77.7 | ||
Other liabilities | 14 | ||
Liabilities held for sale | $ 604.3 |
Restructuring, Impairment, an_3
Restructuring, Impairment, and Other Exit Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges, impairment, and other exit costs | $ 2.7 | $ 0.9 | $ (1.4) | $ 1.9 |
Asia and Latin America Segment [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Expected net expense of restructuring action | 21 | 21 | ||
Expected cash payments for restructuring | 12 | 12 | ||
Severance [Member] | Asia and Latin America Segment [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Expected net expense of restructuring action | 8 | 8 | ||
Restructuring expenses recognized | 7.9 | |||
Other costs [Member] | Asia and Latin America Segment [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Expected net expense of restructuring action | 10 | 10 | ||
Restructuring expenses recognized | 4.7 | |||
Charges associated with restructuring actions previously announced [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges, impairment, and other exit costs | $ (9.9) | $ 0.9 | (14) | 1.9 |
Cash payments for restructuring | 42.8 | $ 5.5 | ||
Expected completion date of actions | May 28, 2023 | |||
Asia & Latin America route-to-market and supply chain optimization [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Expected net expense of restructuring action | $ 3 | $ 3 |
Restructuring, Impairment, an_4
Restructuring, Impairment, and Other Exit Costs (Restructuring by Project) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Restructuring and Related Cost [Line Items] | ||||
Total restructuring charges (recoveries) | $ 2.7 | $ 0.9 | $ (1.4) | $ 1.9 |
Asia and Latin America manufacturing and logistics operations [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Total restructuring charges (recoveries) | 12.6 | 0 | 12.6 | 0 |
(Recoveries) charges associated with restructuring actions previously announced [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Total restructuring charges (recoveries) | $ (9.9) | $ 0.9 | $ (14) | $ 1.9 |
Restructuring, Impairment, an_5
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring and impairment charges and project-related costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Restructuring and Related Cost [Line Items] | ||||
Total restructuring charges (recoveries) | $ 2.7 | $ 0.9 | $ (1.4) | $ 1.9 |
Restructuring, impairment, and other exit costs [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Total restructuring charges (recoveries) | 2.3 | 0.4 | (2) | 0.9 |
Cost of Sales [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Total restructuring charges (recoveries) | $ 0.4 | $ 0.5 | $ 0.6 | $ 1 |
Restructuring, Impairment, an_6
Restructuring, Impairment, and Other Exit Costs ( Rollforward of restructuring and other exit cost reserves) (Details) $ in Millions | 6 Months Ended |
Nov. 28, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Reserve beginning balance | $ 148.8 |
Fiscal 2022 net recoveries, including foreign currency translation | (2) |
Utilized in fiscal 2022 | (37.1) |
Reserve ending balance | $ 109.7 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) | 3 Months Ended |
Nov. 28, 2021USD ($) | |
Goodwill and Other Intangible Assets [Abstract] | |
Future Amortization Expense, Year One | $ 20,000,000 |
Future Amortization Expense, Year Two | 20,000,000 |
Future Amortization Expense, Year Three | 20,000,000 |
Future Amortization Expense, Year Four | 20,000,000 |
Future Amortization Expense, Year Five | 20,000,000 |
Impairment of intangible assets | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of components of goodwill and other intangible assets) (Details) - USD ($) $ in Millions | Nov. 28, 2021 | May 30, 2021 |
Goodwill and Other Intangible Assets [Abstract] | ||
Goodwill | $ 14,523.2 | $ 14,062.4 |
Intangible assets not subject to amortization: | ||
Brands and other indefinite-lived intangibles | 6,529.1 | 6,628.1 |
Intangible assets subject to amortization: | ||
Franchise agreements, customer relationships, and other finite-lived intangibles | 402.5 | 823.4 |
Less accumulated amortization | (117.7) | (300.9) |
Intangible assets subject to amortization, net | 284.8 | 522.5 |
Other intangible assets | 6,813.9 | 7,150.6 |
Total | $ 21,337.1 | $ 21,213 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of goodwill) (Details) $ in Millions | 6 Months Ended |
Nov. 28, 2021USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 14,062.4 |
Acquisition | 759.4 |
Reclassified to assets held for sale | (194.9) |
Other activity, primarily foreign currency translation | (103.7) |
Ending balance | 14,523.2 |
North America Retail [Member] | |
Goodwill [Line Items] | |
Beginning balance | 6,419.3 |
Acquisition | 0 |
Reclassified to assets held for sale | 0 |
Other activity, primarily foreign currency translation | (7.1) |
Ending balance | 6,412.2 |
Pet [Member] | |
Goodwill [Line Items] | |
Beginning balance | 5,300.5 |
Acquisition | 759.4 |
Reclassified to assets held for sale | 0 |
Other activity, primarily foreign currency translation | 0 |
Ending balance | 6,059.9 |
Convenience Stores & Foodservice [Member] | |
Goodwill [Line Items] | |
Beginning balance | 918.8 |
Acquisition | 0 |
Reclassified to assets held for sale | 0 |
Other activity, primarily foreign currency translation | 0 |
Ending balance | 918.8 |
Europe & Australia [Member] | |
Goodwill [Line Items] | |
Beginning balance | 765.5 |
Acquisition | 0 |
Reclassified to assets held for sale | (184.6) |
Other activity, primarily foreign currency translation | (53.2) |
Ending balance | 527.7 |
Asia & Latin America [Member] | |
Goodwill [Line Items] | |
Beginning balance | 212.7 |
Acquisition | 0 |
Reclassified to assets held for sale | (10.3) |
Other activity, primarily foreign currency translation | (11.4) |
Ending balance | 191 |
Joint Ventures [Member] | |
Goodwill [Line Items] | |
Beginning balance | 445.6 |
Acquisition | 0 |
Reclassified to assets held for sale | 0 |
Other activity, primarily foreign currency translation | (32) |
Ending balance | $ 413.6 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of other intangible assets) (Details) $ in Millions | 6 Months Ended |
Nov. 28, 2021USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Beginning balance | $ 7,150.6 |
Acquisition | 370 |
Reclassified to assets held for sale | (621.8) |
Other activity, primarily foreign currency translation | (84.9) |
Ending balance | $ 6,813.9 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Schedule of Uncle Toby's brand intangible asset) (Details) - USD ($) $ in Millions | Nov. 28, 2021 | May 30, 2021 |
Indefinite-lived Intangible Assets [Line Items] | ||
Carrying Value of Intangible Asset | $ 6,813.9 | $ 7,150.6 |
Uncle Toby's brand [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Carrying Value of Intangible Asset | $ 55 | |
Excess Fair Value as of Fiscal 2022 Test Date | 0.07% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Nov. 28, 2021 | May 30, 2021 |
Inventories [Abstract] | ||
Raw materials and packaging | $ 422.1 | $ 411.9 |
Finished goods | 1,457.4 | 1,506.9 |
Grain | 206.4 | 111.2 |
Excess of FIFO over LIFO cost | (288.6) | (209.5) |
Total | 1,797.3 | $ 1,820.5 |
Yoplait SAAS, Yoplait Marques SNC and Liberte Marques Sarl [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Inventories classified as held for sale | $ 24.6 |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 28, 2021 | Nov. 29, 2020 | |
Credit Risk [Abstract] | ||
Accounts Payable to Suppliers that Utilize Third Party Service | $ 1,378.1 | $ 1,405.6 |
Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 741.7 | |
Derivative Contracts Inputs, Average Period of Utilization | 12 months | |
Energy Related Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 161.8 | |
Agricultural Related Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 579.9 |
Risk Management Activities (Sch
Risk Management Activities (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Commodity Price Risk [Abstract] | ||||
Net gain on mark-to-market valuation of certain commodity positions | $ 16.6 | $ 33.6 | $ 47 | $ 44 |
Net (gain) loss on commodity positions reclassified from unallocated corporate items to segment operating profit | (35.9) | 4.7 | (70.6) | 16.7 |
Net mark-to-market revaluation of certain grain inventories | 31.4 | 7.6 | 59.8 | 1.6 |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 12.1 | $ 45.9 | $ 36.2 | $ 62.3 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Nov. 28, 2021USD ($) | Nov. 28, 2021EUR (€) | Aug. 29, 2021EUR (€) | May 30, 2021USD ($) | Feb. 28, 2021USD ($) | Nov. 29, 2020EUR (€) | Aug. 30, 2020EUR (€) | Nov. 28, 2021USD ($) | Nov. 29, 2020USD ($) | |
Debt Instrument [Line Items] | |||||||||
Long-term debt, carrying value | $ 11,574.3 | $ 11,574.3 | |||||||
Issuance of long-term debt | 1,935 | $ 971.3 | |||||||
Repayment of long-term debt | 2,221.7 | $ 555 | |||||||
Debt exchange participation incentive cash payment | $ 201.4 | ||||||||
Yoplait SAAS, Yoplait Marques SNC and Liberte Marques Sarl [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes payable classified as held for sale | 262.9 | 262.9 | |||||||
Disposal Group, Including Discontinued Operation, Current Portion of Long-Term Debt | $ 56.6 | $ 56.6 | |||||||
Committed Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Minimum fixed charge coverage ratio | 2.5 | 2.5 | |||||||
0.125% fixed-rate notes due November 15, 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | € | € 500 | ||||||||
Fixed interest rate percentage | 0.125% | 0.125% | |||||||
Debt Instrument, Maturity Date | Nov. 15, 2025 | Nov. 15, 2025 | |||||||
Floating-rate notes due May 16, 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | $ 250 | ||||||||
Debt Instrument, Maturity Date | May 16, 2023 | May 16, 2023 | |||||||
3.15% fixed-rate notes due December 15, 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | $ 1,000 | ||||||||
Fixed interest rate percentage | 3.15% | 3.15% | |||||||
Debt Instrument, Maturity Date | Dec. 15, 2021 | Dec. 15, 2021 | |||||||
2.25% notes due October 14, 2031 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | $ 500 | ||||||||
Fixed interest rate percentage | 2.25% | 2.25% | |||||||
Debt Instrument, Maturity Date | Oct. 14, 2031 | Oct. 14, 2031 | |||||||
Debt redemption date | Oct. 14, 2021 | Oct. 14, 2021 | |||||||
Floating-rate notes due July 27, 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | € | € 500 | ||||||||
Debt Instrument, Maturity Date | Jul. 27, 2023 | ||||||||
2.2% percent fixed-rate notes due June 24, 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | € | € 200 | ||||||||
Fixed interest rate percentage | 2.20% | ||||||||
Debt Instrument, Maturity Date | Jun. 24, 2021 | ||||||||
2.2% percent fixed-rate notes due November 29, 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | € | € 50 | ||||||||
Fixed interest rate percentage | 2.20% | ||||||||
Debt Instrument, Maturity Date | Nov. 29, 2021 | ||||||||
3.2% percent fixed-rate notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | $ 600 | ||||||||
Fixed interest rate percentage | 3.20% | ||||||||
3.0 percent fixed-rate notes due February 1, 2051 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | $ 605.2 | ||||||||
Fixed interest rate percentage | 3.00% | ||||||||
Debt Instrument, Maturity Date | Feb. 1, 2051 | ||||||||
0.00% Fixed Rate Notes Due Nov. 16 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | € | € 500 | ||||||||
Repayment of long-term debt | € | € 500 | ||||||||
Fixed interest rate percentage | 0.00% | 0.00% | 0.00% | 0.00% | |||||
Debt Instrument, Maturity Date | Nov. 16, 2021 | Nov. 16, 2021 | Nov. 16, 2021 | ||||||
0.00% Fixed Rate Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | € | € 200 | ||||||||
Fixed interest rate percentage | 0.00% | 0.00% | |||||||
0.00% Fixed Rate Notes Due Aug.21, 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | € | € 500 | ||||||||
Repayment of long-term debt | € | € 500 | ||||||||
Fixed interest rate percentage | 0.00% | 0.00% | |||||||
Debt Instrument, Maturity Date | Aug. 21, 2021 | Aug. 21, 2021 | |||||||
2.1 % Fixed Rate Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | € | € 500 | ||||||||
Fixed interest rate percentage | 2.10% | ||||||||
Floating Rate Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | $ 850 | ||||||||
Notes previously issued [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Modification of Debt | $ 603.9 | ||||||||
Notes previously issued [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed interest rate percentage | 4.15% | ||||||||
Notes previously issued [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed interest rate percentage | 5.40% | ||||||||
Long-term Debt Agreements Containing Restrictive Covenants [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenant compliance | We were in compliance with all credit facility covenants as of November 28, 2021. | ||||||||
Certain long-term debt agreements containing restrictive covenants [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenant compliance | As of November 28, 2021, we were in compliance with all of these covenants. | ||||||||
Fair Value Inputs Level 2 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, fair value | $ 12,459.5 | $ 12,459.5 |
Debt (Schedule of components of
Debt (Schedule of components of notes payable) (Details) - USD ($) $ in Millions | Nov. 28, 2021 | May 30, 2021 |
Short-term Debt [Line Items] | ||
Notes payable | $ 1,098 | $ 361.3 |
U.S. commercial paper [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 849.3 | 0 |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 248.7 | $ 361.3 |
Debt (Schedule of fee-paid comm
Debt (Schedule of fee-paid committed and uncommitted credit lines) (Details) $ in Billions | 6 Months Ended |
Nov. 28, 2021USD ($) | |
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 | 0.2 |
Line of Credit Expiring April 2026 [Member] | |
Line Of Credit Facility [Line Items] | |
Facility Amount | 2.7 |
Borrowed Amount | $ 0 |
Expiration date of credit facility | Apr. 30, 2026 |
Line Of Credit Expiring September 2022 [Member] | |
Line Of Credit Facility [Line Items] | |
Facility Amount | $ 0.2 |
Borrowed Amount | $ 0.2 |
Expiration date of credit facility | Sep. 17, 2022 |
Uncommitted Credit Facilities [Member] | |
Line Of Credit Facility [Line Items] | |
Facility Amount | $ 0.7 |
Borrowed Amount | $ 0 |
Redeemable and Noncontrolling_2
Redeemable and Noncontrolling Interests (Narratives) (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Nov. 28, 2021 | Nov. 29, 2020 | May 30, 2021 | Jul. 01, 2011 | |
Noncontrolling Interest [Line Items] | ||||
Redeemable interest value | $ 561.6 | $ 604.9 | ||
Noncontrolling interests covenant compliance | Our noncontrolling interests contain restrictive covenants. As of November 28, 2021, we were in compliance with all of these covenants. | |||
Yoplait SAS [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership Percentage by Parent held for sale | 51.00% | |||
Yoplait Marques SNC and Liberte Marques Sarl [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership Percentage by Parent held for sale | 50.00% | |||
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 | 1.60% | |||
General Mills [Member] | Yoplait SAS [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest percentage in consolidated subsidiary | 51.00% | |||
Sodiaal Redeemable Interest [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable interest value | $ 561.6 | |||
Sodiaal Redeemable Interest [Member] | Yoplait SAS [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable interest value | $ 904.4 | |||
Redeemable interest terms | Sodiaal had the right to put all or a portion of its redeemable interest to us at fair value until the sale of our interest closed subsequent to the end of the second quarter of fiscal 2022. | |||
Redeemable interest percentage | 49.00% | |||
Sodiaal Redeemable Interest [Member] | Yoplait SAS Subsidiary [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net purchases from related party | $ 99.5 | $ 101 | ||
Sodiaal Noncontrolling Interest [Member] | Yoplait Marques SNC and Liberte Marques Sarl [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest percentage held by noncontrolling owners | 50.00% |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of total comprehensive income (loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Net earnings attributable to General Mills | $ 597.2 | $ 688.4 | $ 1,224.2 | $ 1,327.3 |
Net earnings attributable to redeemable and noncontrolling interests | 11.2 | 7.5 | 22.4 | 15 |
Foreign currency translation | (38.5) | 23.7 | (62.4) | 89.9 |
Other fair value changes: | ||||
Hedge derivatives | 18.7 | 1.9 | 20.4 | (10.2) |
Reclassification to earnings: | ||||
Hedge derivatives | (6.4) | 1 | 4.2 | (0.7) |
Amortization of losses and prior service costs | 22.8 | 19.8 | 31.2 | 39.3 |
Other comprehensive (loss) income, net of tax | (3.4) | 46.4 | (6.6) | 118.3 |
Total comprehensive income (loss) attributable to General Mills | 630.8 | 729.5 | 1,289.3 | 1,374.1 |
General Mills [Member] | ||||
Other comprehensive income (loss) Pretax: | ||||
Foreign currency translation | (29) | 14.5 | (40.9) | (33.6) |
Other fair value changes: | ||||
Hedge derivatives | 29.1 | 1.9 | 31.9 | (13.6) |
Reclassification to earnings: | ||||
Hedge derivatives | (12.1) | 2 | (0.1) | (0.1) |
Amortization of losses and prior service costs | 29.2 | 25.8 | 40 | 51.1 |
Other comprehensive income (loss Pretax): | 17.2 | 44.2 | 30.9 | 3.8 |
Other comprehensive income (loss) Tax: | ||||
Foreign currency translation | 27.8 | 3.8 | (50.5) | 51.6 |
Other fair value changes: | ||||
Hedge derivatives | (11) | 0.2 | (12) | 3.5 |
Reclassification to earnings: | ||||
Hedge derivatives | 6 | (0.7) | 4.5 | (0.3) |
Amortization of losses and prior service costs (b) | (6.4) | (6) | (8.8) | (11.8) |
Other comprehensive income (loss), tax | 16.4 | (3.1) | 34.2 | 43 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Net earnings attributable to General Mills | 597.2 | 688.4 | 1,224.2 | 1,327.3 |
Foreign currency translation | (1.2) | 18.3 | 9.6 | 18 |
Other fair value changes: | ||||
Hedge derivatives | 18.1 | 1.7 | 19.9 | (10.1) |
Reclassification to earnings: | ||||
Hedge derivatives | (6.1) | 1.3 | 4.4 | (0.4) |
Amortization of losses and prior service costs | 22.8 | 19.8 | 31.2 | 39.3 |
Other comprehensive (loss) income, net of tax | 33.6 | 41.1 | 65.1 | 46.8 |
Total comprehensive income (loss) attributable to General Mills | 630.8 | 729.5 | 1,289.3 | 1,374.1 |
Noncontrolling Interests [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax: | ||||
Net earnings attributable to redeemable and noncontrolling interests | 1.9 | 2.7 | 4.9 | 2.8 |
Foreign currency translation | (13.8) | 2 | (25) | 25.3 |
Other fair value changes: | ||||
Hedge derivatives | 0 | 0 | 0 | 0 |
Reclassification to earnings: | ||||
Hedge derivatives | 0 | 0 | 0 | 0 |
Amortization of losses and prior service costs | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income, net of tax | (13.8) | 2 | (25) | 25.3 |
Total comprehensive income (loss) attributable to noncontrolling interests | (11.9) | 4.7 | (20.1) | 28.1 |
Redeemable Interest [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax: | ||||
Net earnings attributable to redeemable and noncontrolling interests | 9.3 | 4.8 | 17.5 | 12.2 |
Foreign currency translation | (23.5) | 3.4 | (47) | 46.6 |
Other fair value changes: | ||||
Hedge derivatives | 0.6 | 0.2 | 0.5 | (0.1) |
Reclassification to earnings: | ||||
Hedge derivatives | (0.3) | (0.3) | 0.2 | (0.3) |
Amortization of losses and prior service costs | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income, net of tax | (23.2) | 3.3 | (46.7) | 46.2 |
Total comprehensive income (loss) attributable to redeemable interests | $ (13.9) | $ 8.1 | $ (29.2) | $ 58.4 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of accumulated other comprehensive loss balances, net of tax effects) (Details) - USD ($) $ in Millions | Nov. 28, 2021 | May 30, 2021 |
Accumulated Other Comprehensive Loss, Net of Tax Effects [Abstract] | ||
Foreign currency translation adjustments | $ (820.6) | $ (830.2) |
Unrealized gain (loss) from: | ||
Hedge derivatives | 5.8 | (18.5) |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial loss | (1,665.6) | (1,718.4) |
Prior service credits | 116.3 | 137.9 |
Accumulated other comprehensive loss | $ (2,364.1) | $ (2,429.2) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) $ in Millions | 6 Months Ended |
Nov. 28, 2021USD ($) | |
Share-based Compensation Allocation and Classification in Financial Statements [Abstract] | |
Unrecognized compensation expense related to non-vested stock options, restricted stock, and performance share units | $ 133.3 |
Unrecognized compensation expense on non-vested awards weighted average period of recognition | 23 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 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 30, 2021. |
Stock Plans (Schedule of compen
Stock Plans (Schedule of compensation expense related to stock-based payments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Stock Plans [Abstract] | ||||
Compensation expense related to stock-based payments | $ 13.9 | $ 20.4 | $ 47.5 | $ 48.7 |
Stock Plans (Schedule of Windfa
Stock Plans (Schedule of Windfall tax benefits from stock-based payments in income tax expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Stock Plans [Abstract] | ||||
Windfall tax benefits from stock-based payments | $ 1.6 | $ 0.6 | $ 6.3 | $ 6.8 |
Stock Plans (Schedule of net ca
Stock Plans (Schedule of net cash proceeds received from the exercise of stock options) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 28, 2021 | Nov. 29, 2020 | |
Stock Plans [Abstract] | ||
Net cash proceeds | $ 26.1 | $ 31.1 |
Intrinsic value of options exercised | $ 12.1 | $ 19.6 |
Stock Plans (Schedule of estima
Stock Plans (Schedule of estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model) (Details) - $ / shares | 6 Months Ended | |
Nov. 28, 2021 | Nov. 29, 2020 | |
Stock Plans [Abstract] | ||
Estimated fair values of stock options granted | $ 8.77 | $ 8.03 |
Assumptions: | ||
Risk-free interest rate | 1.50% | 0.70% |
Expected term | 8 years 6 months | 8 years 6 months |
Expected volatility | 20.20% | 19.50% |
Dividend yield | 3.40% | 3.30% |
Stock Plans (Schedule of grant
Stock Plans (Schedule of grant date fair value of restricted stock unit awards activity) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 28, 2021 | Nov. 29, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Additional Disclosures [Abstract] | ||
Total grant date fair value | $ 76 | $ 67.4 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of earnings per share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to General Mills | $ 597.2 | $ 688.4 | $ 1,224.2 | $ 1,327.3 |
Average number of common shares - basic EPS | 608.6 | 614.8 | 609.5 | 614.5 |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Average number of common shares - diluted EPS | 613 | 619.6 | 613.8 | 619.7 |
Earnings per share - basic | $ 0.98 | $ 1.12 | $ 2.01 | $ 2.16 |
Earnings per share - diluted | $ 0.97 | $ 1.11 | $ 1.99 | $ 2.14 |
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Incremental share effect | 2.2 | 2.5 | 2.1 | 2.8 |
Restricted stock units and performance share units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Incremental share effect | 2.2 | 2.3 | 2.2 | 2.4 |
Earnings per Share (Schedule _2
Earnings per Share (Schedule of anti-dulitive stock options, restricted stock units and performance share units (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Other Disclosures [Abstract] | ||||
Anti-dilutive stock options, restricted stock units, and performance share units | 4.6 | 3.5 | 4.7 | 3.3 |
Share Repurchases (Details)
Share Repurchases (Details) - Treasury Stock [Member] - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Shares of common stock | 3.7 | 0 | 6.2 | 0 |
Aggregate purchase price | $ 224.9 | $ 0.1 | $ 375 | $ 0.1 |
Statements of Cash Flows (Conso
Statements of Cash Flows (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 28, 2021 | Nov. 29, 2020 | |
Statements of Cash Flows [Abstract] | ||
Net cash interest payments | $ 185.7 | $ 208.7 |
Net income tax payments | $ 271.1 | $ 356.7 |
Retirement and Postemployment_3
Retirement and Postemployment Benefits (Schedule of Components of net periodic benefit (income) expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 23.5 | $ 26 | $ 47.2 | $ 52 |
Interest cost | 46.1 | 47.9 | 92.4 | 95.9 |
Expected return on plan assets | (102.9) | (105.1) | (205.7) | (210.1) |
Amortization of losses (gains) | 35.5 | 27.2 | 70.4 | 54 |
Amortization of prior service costs (credits) | 0.2 | 0.3 | 0.4 | 0.6 |
Other adjustments | 0 | 0 | 0 | 0 |
Curtailment loss (gain) | 0.5 | 0 | (14.3) | 0 |
Net expense (income) | 2.9 | (3.7) | (9.6) | (7.6) |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1.9 | 2.1 | 3.8 | 4.3 |
Interest cost | 3.1 | 4.5 | 6.3 | 9 |
Expected return on plan assets | (6.7) | (8.6) | (13.4) | (17.3) |
Amortization of losses (gains) | (2.7) | (1.2) | (5.4) | (2.5) |
Amortization of prior service costs (credits) | (5.2) | (1.4) | (10.4) | (2.8) |
Other adjustments | 0 | 0 | 0 | 0 |
Curtailment loss (gain) | (0.2) | 0 | (5.7) | 0 |
Net expense (income) | (9.8) | (4.6) | (24.8) | (9.3) |
Postemployment Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1.7 | 2.3 | 3.5 | 4.6 |
Interest cost | 0.3 | 0.4 | 0.7 | 0.8 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of losses (gains) | 0.7 | 0.7 | 1.5 | 1.4 |
Amortization of prior service costs (credits) | 0.1 | 0.2 | 0.2 | 0.4 |
Other adjustments | 3.8 | 2.2 | 5.7 | 4.4 |
Curtailment loss (gain) | 0 | 0 | 0 | 0 |
Net expense (income) | $ 6.6 | $ 5.8 | $ 11.6 | $ 11.6 |
Business Segment and Geograph_3
Business Segment and Geographic Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 5,024 | $ 4,719.4 | $ 9,563.9 | $ 9,083.4 |
Operating profit | 800.1 | 916.6 | 1,644.4 | 1,770.3 |
Restructuring, impairment, and other exit costs | 2.3 | 0.4 | (2) | 0.9 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5,024 | 4,719.4 | 9,563.9 | 9,083.4 |
Operating profit | 934.2 | 965.4 | 1,830.4 | 1,894 |
Unallocated Corporate Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit | 131.8 | 48.4 | 188 | 122.8 |
North America Retail [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,975.5 | 2,921.5 | 5,614.4 | 5,628.5 |
Operating profit | 649.3 | 701.7 | 1,267.3 | 1,397.1 |
U.S. Meals & Baking [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,317 | 1,371.7 | 2,335.8 | 2,463.2 |
U.S. Cereal [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 615.4 | 597.5 | 1,229.5 | 1,248.2 |
U.S. Snacks [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 560.5 | 484.2 | 1,097.1 | 1,003.3 |
Canada [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 257.6 | 242.6 | 496.9 | 457.2 |
U.S. Yogurt & Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 225 | 225.5 | 455.1 | 456.6 |
Pet [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 593.4 | 460 | 1,081.4 | 851.7 |
Operating profit | 131.5 | 119.3 | 246.7 | 209.6 |
Convenience Stores & Foodservice [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 540.7 | 440.5 | 1,023.1 | 832.1 |
Operating profit | 94 | 78.3 | 196.4 | 147.9 |
Europe & Australia [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 463.9 | 467.4 | 981.4 | 958.4 |
Operating profit | 15.8 | 35.7 | 61 | 88.9 |
Asia & Latin America [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 450.5 | 430 | 863.6 | 812.7 |
Operating profit | $ 43.6 | $ 30.4 | $ 59 | $ 50.5 |
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 | 6 Months Ended | ||
Nov. 28, 2021 | Nov. 29, 2020 | Nov. 28, 2021 | Nov. 29, 2020 | |
Product Information [Line Items] | ||||
Net sales | $ 5,024 | $ 4,719.4 | $ 9,563.9 | $ 9,083.4 |
Snacks [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 947.6 | 845 | 1,902.1 | 1,736.7 |
Convenient meals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 789.8 | 820.2 | 1,485.3 | 1,549.8 |
Cereal [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 742.2 | 701.4 | 1,473.2 | 1,453.3 |
Pet [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 593.4 | 460 | 1,081.4 | 851.7 |
Yogurt [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 507.1 | 520.2 | 1,013 | 1,008.2 |
Dough [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 607 | 574.5 | 1,012.2 | 958.8 |
Baking mixes and ingredients [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 517.2 | 478.8 | 913.5 | 876.8 |
Super-premium ice cream [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 200 | 199.5 | 444.8 | 432.4 |
Other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | $ 119.7 | $ 119.8 | $ 238.4 | $ 215.7 |