Cover Page
Cover Page - shares | 9 Months Ended | ||
Feb. 25, 2024 | Mar. 13, 2024 | May 28, 2023 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000040704 | ||
Document Period End Date | Feb. 25, 2024 | ||
Document Transition Report | false | ||
Document Fiscal Period Focus | Q3 | ||
Document Fiscal Year Focus | 2024 | ||
Current Fiscal Year End Date | --05-26 | ||
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 | 564,548,763 | ||
Shares held in the treasury | 190,100,000 | 190,080,991 | 168,000,000 |
Common Stock, $.10 par value [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | Common Stock, $.10 par value | ||
Trading Symbol | GIS | ||
Security Exchange Name | NYSE | ||
0.125% Notes due 2025 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 0.125% Notes due 2025 | ||
Trading Symbol | GIS 25A | ||
Security Exchange Name | NYSE | ||
0.450% Notes due 2026 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 0.450% Notes due 2026 | ||
Trading Symbol | GIS 26 | ||
Security Exchange Name | NYSE | ||
1.500% Notes due 2027 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 1.500% Notes due 2027 | ||
Trading Symbol | GIS 27 | ||
Security Exchange Name | NYSE | ||
3.907% Notes due 2029 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 3.907% Notes due 2029 | ||
Trading Symbol | GIS 29 | ||
Security Exchange Name | NYSE |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Consolidated Statements of Earnings [Abstract] | ||||
Net sales | $ 5,099.2 | $ 5,125.9 | $ 15,143.3 | $ 15,064.2 |
Cost of sales | 3,391.8 | 3,461.1 | 9,899.5 | 10,246.6 |
Selling, general, and administrative expenses | 790.9 | 946.9 | 2,460.7 | 2,632.5 |
Divestitures gain, net | 0 | (13.7) | 0 | (444.6) |
Restructuring, impairment, and other exit costs | 5.8 | 1.4 | 130.6 | 14.1 |
Operating profit | 910.7 | 730.2 | 2,652.5 | 2,615.6 |
Benefit plan non-service income | (18.6) | (21.6) | (55.7) | (65) |
Interest, net | 121.7 | 98.3 | 356.5 | 277.5 |
Earnings before income taxes and after-tax earnings from joint ventures | 807.6 | 653.5 | 2,351.7 | 2,403.1 |
Income taxes | 149.3 | 108.3 | 458.5 | 471.5 |
After-tax earnings from joint ventures | 18 | 12.7 | 65.7 | 57.9 |
Net earnings, including earnings attributable to noncontrolling interests | 676.3 | 557.9 | 1,958.9 | 1,989.5 |
Net earnings attributable to noncontrolling interests | 6.2 | 4.8 | 19.8 | 10.5 |
Net earnings attributable to General Mills | $ 670.1 | $ 553.1 | $ 1,939.1 | $ 1,979 |
Earnings per share - basic | $ 1.18 | $ 0.94 | $ 3.35 | $ 3.32 |
Earnings per share - diluted | $ 1.17 | $ 0.92 | $ 3.33 | $ 3.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net earnings, including earnings attributable to noncontrolling interests | $ 676.3 | $ 557.9 | $ 1,958.9 | $ 1,989.5 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 2.4 | 12.5 | (38) | (98.7) |
Other fair value changes: | ||||
Hedge derivatives | (6.9) | (5.7) | (7.3) | (23.2) |
Reclassification to earnings: | ||||
Foreign currency translation | 0 | 0 | 0 | (7.4) |
Hedge derivatives | (0.1) | 18.9 | (2.3) | 18.5 |
Amortization of losses and prior service costs | 9.1 | 13.9 | 27.4 | 42.2 |
Other comprehensive income (loss), net of tax | 4.5 | 39.6 | (20.2) | (68.6) |
Total comprehensive income | 680.8 | 597.5 | 1,938.7 | 1,920.9 |
Comprehensive income attributable to noncontrolling interests | 6 | 4.9 | 20 | 9.9 |
Comprehensive income attributable to General Mills | $ 674.8 | $ 592.6 | $ 1,918.7 | $ 1,911 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Feb. 25, 2024 | May 28, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 588.6 | $ 585.5 |
Receivables | 1,771.1 | 1,683.2 |
Inventories | 1,828 | 2,172 |
Prepaid expenses and other current assets | 466.8 | 735.7 |
Total current assets | 4,654.5 | 5,176.4 |
Land, buildings, and equipment | 3,643.6 | 3,636.2 |
Goodwill | 14,433.7 | 14,511.2 |
Other intangible assets | 6,957.2 | 6,967.6 |
Other assets | 1,171.5 | 1,160.3 |
Total assets | 30,860.5 | 31,451.7 |
Current liabilities: | ||
Accounts payable | 3,613.5 | 4,194.2 |
Current portion of long-term debt | 812.2 | 1,709.1 |
Notes payable | 686.7 | 31.7 |
Other current liabilities | 1,949.5 | 1,600.7 |
Total current liabilities | 7,061.9 | 7,535.7 |
Long-term debt | 11,015.1 | 9,965.1 |
Deferred income taxes | 2,023.5 | 2,110.9 |
Other liabilities | 1,068.7 | 1,140 |
Total liabilities | 21,169.2 | 20,751.7 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,210.3 | 1,222.4 |
Retained earnings | 20,416.7 | 19,838.6 |
Common stock in treasury, at cost, shares of 190.1 and 168.0 | (9,968.4) | (8,410) |
Accumulated other comprehensive loss | (2,297.3) | (2,276.9) |
Total stockholders' equity | 9,436.8 | 10,449.6 |
Noncontrolling interests | 254.5 | 250.4 |
Total equity | 9,691.3 | 10,700 |
Total liabilities and equity | $ 30,860.5 | $ 31,451.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 13, 2024 | Feb. 25, 2024 | May 28, 2023 | Feb. 26, 2023 |
Stockholders' equity: | ||||
Common stock, shares issued | 754,600,000 | 754,600,000 | ||
Common stock, par value | $ 0.10 | $ 0.10 | $ 0.10 | |
Shares held in the treasury | 190,080,991 | 190,100,000 | 168,000,000 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity - USD ($) shares in Millions, $ in Millions | Total | Parent [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Common Stock in Treasury [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] |
Beginning Balance, Treasury Stock, Shares at May. 29, 2022 | (155.7) | |||||||
Stockholders' Equity, Number of Shares | ||||||||
Shares purchased, shares | (15) | (15) | ||||||
Stock compensation plans | 4.5 | |||||||
Ending Balance, Treasury Stock, Shares at Feb. 26, 2023 | (166.2) | |||||||
Ending Balance, Common Stock, Shares, Issued at Feb. 26, 2023 | 754.6 | |||||||
Beginning Balance, equity at May. 29, 2022 | $ 10,788 | $ 1,182.9 | $ 18,532.6 | $ (7,278.1) | $ (1,970.5) | $ 245.6 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Shares purchased, value | (1,152.3) | (1,152.3) | ||||||
Stock compensation plans | 23.8 | 210.3 | ||||||
Unearned compensation related to stock unit awards | (100.6) | |||||||
Earned compensation | 85 | |||||||
Comprehensive income (loss) | (68) | 9.9 | ||||||
Net earnings attributable to General Mills | 1,979 | $ 1,979 | 1,979 | |||||
Distributions to noncontrolling interest holders | (11.4) | |||||||
Change in ownership interest | 0 | |||||||
Divestiture | 5.1 | |||||||
Cash dividends declared | (1,285.1) | |||||||
Ending Balance, equity at Feb. 26, 2023 | $ 10,483.7 | $ 75.5 | 1,191.1 | 19,226.5 | $ (8,220.1) | (2,038.5) | 249.2 | |
Beginning Balance, Treasury Stock, Shares at Nov. 27, 2022 | (164.4) | |||||||
Stockholders' Equity, Number of Shares | ||||||||
Shares purchased, shares | (2.9) | (2.9) | ||||||
Stock compensation plans | 1.1 | |||||||
Ending Balance, Treasury Stock, Shares at Feb. 26, 2023 | (166.2) | |||||||
Ending Balance, Common Stock, Shares, Issued at Feb. 26, 2023 | 754.6 | |||||||
Beginning Balance, equity at Nov. 27, 2022 | $ 10,372.1 | 1,155.3 | 18,991.9 | $ (8,023.5) | (2,078) | 250.9 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Shares purchased, value | (251) | (251) | ||||||
Stock compensation plans | 21.9 | 54.4 | ||||||
Unearned compensation related to stock unit awards | (14.8) | |||||||
Earned compensation | 28.7 | |||||||
Comprehensive income (loss) | 39.5 | 4.9 | ||||||
Net earnings attributable to General Mills | 553.1 | 553.1 | 553.1 | |||||
Distributions to noncontrolling interest holders | (6.6) | |||||||
Change in ownership interest | 0 | |||||||
Cash dividends declared | (318.5) | |||||||
Ending Balance, equity at Feb. 26, 2023 | $ 10,483.7 | $ 75.5 | 1,191.1 | 19,226.5 | $ (8,220.1) | (2,038.5) | 249.2 | |
Beginning Balance, Common Stock, Shares, Issued at May. 28, 2023 | 754.6 | |||||||
Beginning Balance, Treasury Stock, Shares at May. 28, 2023 | (168) | (168) | ||||||
Stockholders' Equity, Number of Shares | ||||||||
Shares purchased, shares | (23.5) | (23.5) | ||||||
Stock compensation plans | 1.4 | |||||||
Ending Balance, Treasury Stock, Shares at Feb. 25, 2024 | (190.1) | (190.1) | ||||||
Ending Balance, Common Stock, Shares, Issued at Feb. 25, 2024 | 754.6 | 754.6 | ||||||
Beginning Balance, equity at May. 28, 2023 | $ 10,700 | 1,222.4 | 19,838.6 | $ (8,410) | (2,276.9) | 250.4 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Shares purchased, value | (1,616.6) | (1,616.6) | ||||||
Stock compensation plans | (10.3) | 58.2 | ||||||
Unearned compensation related to stock unit awards | (78.1) | |||||||
Earned compensation | 76.3 | |||||||
Comprehensive income (loss) | (20.4) | 20 | ||||||
Net earnings attributable to General Mills | 1,939.1 | 1,939.1 | 1,939.1 | |||||
Distributions to noncontrolling interest holders | (16.6) | |||||||
Change in ownership interest | 0.7 | |||||||
Divestiture | 0 | |||||||
Cash dividends declared | (1,361) | |||||||
Ending Balance, equity at Feb. 25, 2024 | $ 9,691.3 | $ 75.5 | 1,210.3 | 20,416.7 | $ (9,968.4) | (2,297.3) | 254.5 | |
Beginning Balance, Treasury Stock, Shares at Nov. 26, 2023 | (185.7) | |||||||
Stockholders' Equity, Number of Shares | ||||||||
Shares purchased, shares | (4.7) | (4.7) | ||||||
Stock compensation plans | 0.3 | |||||||
Ending Balance, Treasury Stock, Shares at Feb. 25, 2024 | (190.1) | (190.1) | ||||||
Ending Balance, Common Stock, Shares, Issued at Feb. 25, 2024 | 754.6 | 754.6 | ||||||
Beginning Balance, equity at Nov. 26, 2023 | $ 9,631.9 | 1,201.8 | 20,080.9 | $ (9,677.4) | (2,302) | 253.1 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Shares purchased, value | (303.1) | (303.1) | ||||||
Stock compensation plans | (11.1) | 12.1 | ||||||
Unearned compensation related to stock unit awards | 1.8 | |||||||
Earned compensation | 17.8 | |||||||
Comprehensive income (loss) | 4.7 | 6 | ||||||
Net earnings attributable to General Mills | 670.1 | $ 670.1 | 670.1 | |||||
Distributions to noncontrolling interest holders | (4.6) | |||||||
Change in ownership interest | 0 | |||||||
Cash dividends declared | (334.3) | |||||||
Ending Balance, equity at Feb. 25, 2024 | $ 9,691.3 | $ 75.5 | $ 1,210.3 | $ 20,416.7 | $ (9,968.4) | $ (2,297.3) | $ 254.5 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Consolidated Statements of Total Equity [Abstract] | ||||
Par Value Common Stock | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
Shares Authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Shares purchased, excise tax | $ 2.8 | $ 0.4 | $ 15 | $ 0.4 |
Cash dividends declared per share | $ 0.59 | $ 0.54 | $ 2.36 | $ 2.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Feb. 25, 2024 | Feb. 26, 2023 | |
Cash Flows - Operating Activities | ||
Net earnings, including earnings attributable to noncontrolling interests | $ 1,958.9 | $ 1,989.5 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 412.2 | 411 |
After-tax earnings from joint ventures | (65.7) | (57.9) |
Distributions of earnings from joint ventures | 31.4 | 36.6 |
Stock-based compensation | 76.7 | 86.7 |
Deferred income taxes | (85.5) | (71.2) |
Pension and other postretirement benefit plan contributions | (20) | (20.2) |
Pension and other postretirement benefit plan costs | (20.2) | (20.2) |
Divestitures gain, net | 0 | (444.6) |
Restructuring, impairment, and other exit costs | 119.7 | (14.6) |
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures | (9.6) | 21.3 |
Other, net | 41 | 110.6 |
Net cash provided by operating activities | 2,438.9 | 2,027 |
Cash Flows - Investing Activities | ||
Purchases of land, buildings, and equipment | (485.6) | (351.3) |
Acquisition, net of cash acquired | (25.5) | (251.5) |
Proceeds from divestitures, net of cash divested | 0 | 633.1 |
Investments in affiliates, net | (1.5) | (30.8) |
Proceeds from disposal of land, buildings, and equipment | 0.2 | 0.8 |
Other, net | 4.8 | (6.4) |
Net cash used by investing activities | (507.6) | (6.1) |
Cash Flows - Financing Activities | ||
Change in notes payable | 654.5 | 159.2 |
Issuance of long-term debt | 1,000 | 501.8 |
Payment of long-term debt | (900) | (600) |
Proceeds from common stock issued on exercised options | 11.1 | 168 |
Purchases of common stock for treasury | (1,601.6) | (1,152.3) |
Dividends paid | (1,028) | (967.4) |
Distributions to noncontrolling interest holders | (16.6) | (11.4) |
Other, net | (47) | (53.5) |
Net cash used by financing activities | (1,927.6) | (1,955.6) |
Effect of exchange rate changes on cash and cash equivalents | (0.6) | (16) |
Increase in cash and cash equivalents | 3.1 | 49.3 |
Cash and cash equivalents - beginning of year | 585.5 | 569.4 |
Cash and cash equivalents - end of period | 588.6 | 618.7 |
Cash flow from changes in current assets and liabilities, excluding the effects of acquisitions and divestitures: | ||
Receivables | (83.8) | (132.4) |
Inventories | 347.8 | (237) |
Prepaid expenses and other current assets | 269.4 | 151.5 |
Accounts payable | (543.7) | (41.6) |
Other current liabilities | 0.7 | 280.8 |
Changes in current assets and liabilities | $ (9.6) | $ 21.3 |
Background
Background | 9 Months Ended |
Feb. 25, 2024 | |
Background [Abstract] | |
Background | (1) Background The accompanying prepared in and with required presentation have any necessarily indicative of the results that may be expected for the fiscal year ending These Report on Form Statements are the same as those described in Note 2 to the Consolidated Financial new requirements adopted in the first quarter of fiscal 2024. In the first quarter The new hedge accounting apply a new reference rate, operations or financial position. In the new standard requires including these programs fiscal 2025. The adoption did not have a material impact on our financial Certain terms used throughout this report are defined in the “Glossary” section below. |
Acquisition And Divestiture
Acquisition And Divestiture | 9 Months Ended |
Feb. 25, 2024 | |
Acquisition And Divestiture [Abstract] | |
Acquisition And Divestiture | (2) Acquisition and Divestiture During national pizza 253.0 with U.S. commercial paper. $ 156.7 forma effects of this acquisition were not material. During the Eagle Family Foods Group for $ 606.8 442.2 |
Restructuring, Impairment, And
Restructuring, Impairment, And Other Exit Costs | 9 Months Ended |
Feb. 25, 2024 | |
Restructuring, Impairment, And Other Exit Costs [Abstract] | |
Restructuring, Impairment, And Other Exit Costs | In Millions Total Reserve balance as of May 28, 2023 $ 47.7 Fiscal 2024 net recoveries, including foreign currency translation (0.1) Utilized in fiscal 2024 (27.7) Reserve balance as of Feb. 25, 2024 $ 19.9 Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Restructuring, impairment, and other exit costs $ 5.8 $ 1.4 $ 130.6 $ 14.1 Cost of sales 0.1 0.7 17.0 1.9 Total restructuring $ 5.9 $ 2.1 $ 147.6 $ 16.0 Project-related costs classified in cost of sales $ 0.5 $ - $ 1.6 $ - Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Goodwill impairment $ - $ - $ 117.1 $ - Commercial strategy actions 9.0 - 14.1 - (Recoveries) charges associated with restructuring actions (3.1) 2.1 16.4 16.0 Total $ 5.9 $ 2.1 $ 147.6 $ 16.0 (3) Restructuring, Impairment, and Other Exit Costs Restructuring and impairment charges were as follows: In 9.0 charges 14.1 2024, related to commercial strategy 3.1 restructuring 16.4 February 2.1 third quarter 16.0 restructuring actions previously announced. In the third announced 44 restructuring charges and project-related costs related 25 are 24 20 8 impairment and $ 13 We 27.9 $ 30.6 In the second 117.1 reporting unit. Please see Note 4 for additional information. Restructuring and impairment charges and project-related The roll forward of our restructuring and other exit cost reserves, included The reserve balance primarily consists of expected severance payments The charges to expense off other exit cost reserves on our Consolidated Balance Sheets. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Feb. 25, 2024 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | In Millions Feb. 25, 2024 May 28, 2023 Goodwill $ 14,433.7 $ 14,511.2 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,715.7 6,712.4 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 387.0 386.3 Less accumulated amortization (145.5) (131.1) Intangible assets subject to amortization, net 241.5 255.2 Other intangible assets 6,957.2 6,967.6 Total $ 21,390.9 $ 21,478.8 In Millions North America Retail Pet North America Foodservice International Corporate and Joint Ventures Total Balance as of May 28, 2023 $ 6,542.4 $ 6,062.8 $ 805.6 $ 708.4 $ 392.0 $ 14,511.2 Acquisition - - - - 26.9 26.9 Impairment charge - - - (117.1) - (117.1) Other activity, primarily 1.0 - (0.1) 8.3 3.5 12.7 Balance as of Feb. 25, 2024 $ 6,543.4 $ 6,062.8 $ 805.5 $ 599.6 $ 422.4 $ 14,433.7 In Millions Total Balance as of May 28, 2023 $ 6,967.6 Amortization, net of foreign currency translation (10.4) Balance as of Feb. 25, 2024 $ 6,957.2 (4) Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows: Based on the five fiscal years is estimated to be approximately $ 20 The changes in the carrying amount of goodwill during the nine-month period The changes in the carrying amount of other intangible assets during the nine-month Our fiscal 2024. As a of the reporting unit was 117.1 impairment, testing were determined based on a discounted cash flow model and All other intangible True Chews Uncle Toby’s brand intangible Progresso , Nudges , Top , EPIC potential impairment. |
Inventories
Inventories | 9 Months Ended |
Feb. 25, 2024 | |
Inventories [Abstract] | |
Inventories | (5) Inventories The components of inventories were as follows: In Millions Feb. 25, 2024 May 28, 2023 Finished goods $ 1,772.1 $ 2,066.9 Raw materials and packaging 501.2 572.2 Grain 103.3 133.8 Excess of FIFO over LIFO cost (548.6) (600.9) Total $ 1,828.0 $ 2,172.0 |
Risk Management Activities
Risk Management Activities | 9 Months Ended |
Feb. 25, 2024 | |
Risk Management Activities [Abstract] | |
Risk Management Activities | (6) Risk Management Activities Many commodities we to manage price risk for our principal dairy products, natural with combination of purchase orders, long-term and swaps. close as possible to or below our planned cost. We hedge currently in cost of sales in our Consolidated Statements of Earnings. Although we do objective of providing certainty measuring operating results unallocated derivative without experiencing any resulting mark-to-market volatility, Unallocated corporate items for the quarters and nine-month periods ended Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Net loss on mark-to-market valuation of certain $ (24.5) $ (30.2) $ (34.3) $ (123.4) Net loss (gain) on commodity positions reclassified from 11.7 (21.5) 29.5 (85.0) Net mark-to-market revaluation of certain grain inventories (12.9) (14.9) (1.1) (58.0) Net mark-to-market valuation of certain commodity $ (25.7) $ (66.6) $ (5.9) $ (266.4) As 306.3 124.2 energy inputs and $ 182.1 next 12 In 500.0 250.0 treasury locks, resulting in a gain of $ 0.3 We these investments with € 2,967.5 The material as of February 25, 2024, change our valuation techniques from prior periods. We services also We financial institutions the third agreements. As of February 1,348.9 party services. 1,430.1 party services. |
Debt
Debt | 9 Months Ended |
Feb. 25, 2024 | |
Debt [Abstract] | |
Debt | (7) Debt The components of notes payable were as follows: In Millions Feb. 25, 2024 May 28, 2023 U.S. commercial paper $ 683.3 $ - Financial institutions 3.4 31.7 Total $ 686.7 $ 31.7 To ensure availability and Europe. The following table details the fee-paid committed and uncommitted credit In Billions Facility Amount Borrowed Amount Committed credit facility expiring April 2026 $ 2.7 $ - Uncommitted credit facilities 0.6 - Total committed $ 3.3 $ - The 2.5 We were in compliance with all credit facility covenants as of February 25, 2024. Long-Term The fair values 11,112.5 11,827.3 respectively, flows based fair value hierarchy. In 500.0 4.7 January 30, 2027 . We proceeds to repay $ 500.0 3.65 February 15, 2024 . In the second 250.0 November 8, 2024 . We to repay € 250.0 November 10, 2023 . In the 500.0 5.5 October 17, 2028 . We proceeds to repay $ 400.0 October 17, 2023 , and for general corporate purposes. In the first 500.0 November 8, 2024 . We repay € 500.0 July 27, 2023 . In the fourth quarter 250.0 November 10, 2023 . We to repay € 250.0 May 16, 2023 . In the 750.0 3.907 April 13, 2029 . We proceeds to repay € 500.0 1.0 April 27, 2023 , and € 250.0 May 16, 2023 . In the fourth 1,000.0 4.95 March 29, 2033 . We proceeds to repay our outstanding commercial paper and for general In the second quarter of fiscal 2023, we issued $ 500.0 5.241 November 18, 2025 . We used the net proceeds to repay a portion of our outstanding commercial paper and for general In the second quarter of fiscal 2023, we issued € 250.0 May 16, 2023 . We used the net proceeds repay € 250.0 0.0 November 11, 2022 . In the second quarter of fiscal 2023, we repaid $ 500.0 2.6 October 12, 2022 , using proceeds from the issuance of commercial paper. Certain of As of February 25, 2024, we were in compliance with all of these covenants. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Feb. 25, 2024 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | (8) Noncontrolling Interests The available net the most recent 251.5 the three-month Term SOFR 186 three years negotiated agreement with the Class A Interest holder or through Our noncontrolling interests contain restrictive covenants. As of February 25, 2024, we were in compliance with all of these covenants. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Feb. 25, 2024 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Quarter Ended Quarter Ended Feb. 25, 2024 Feb. 26, 2023 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 670.1 $ 6.2 $ 553.1 $ 4.8 Other comprehensive income (loss): Foreign currency translation $ 10.7 $ (8.1) 2.6 (0.2) $ 3.4 $ 9.0 12.4 0.1 Other fair value changes: Hedge derivatives (8.8) 1.9 (6.9) - (6.3) 0.6 (5.7) - Reclassification to earnings: Hedge derivatives (a) (0.3) 0.2 (0.1) - 23.1 (4.2) 18.9 - Amortization of losses and 11.5 (2.4) 9.1 - 18.1 (4.2) 13.9 - Other comprehensive income (loss) $ 13.1 $ (8.4) 4.7 (0.2) $ 38.3 $ 1.2 39.5 0.1 Total comprehensive income $ 674.8 $ 6.0 $ 592.6 $ 4.9 Nine-Month Period Ended Nine-Month Period Ended Feb. 25, 2024 Feb. 26, 2023 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 1,939.1 $ 19.8 $ 1,979.0 $ 10.5 Other comprehensive (loss) income: Foreign currency translation $ (43.7) $ 5.5 (38.2) 0.2 $ (83.3) $ (14.8) (98.1) (0.6) Other fair value changes: Hedge derivatives (9.0) 1.7 (7.3) - (29.3) 6.1 (23.2) - Reclassification to earnings: Foreign currency translation (a) - - - - (7.4) - (7.4) - Hedge derivatives (b) (5.0) 2.7 (2.3) - 23.0 (4.5) 18.5 - Amortization of losses and 34.5 (7.1) 27.4 - 54.6 (12.4) 42.2 - Other comprehensive (loss) income $ (23.2) $ 2.8 (20.4) 0.2 $ (42.4) $ (25.6) (68.0) (0.6) Total comprehensive income $ 1,918.7 $ 20.0 $ 1,911.0 $ 9.9 In Millions Feb. 25, 2024 May 28, 2023 Foreign currency translation adjustments $ (746.8) $ (708.6) Unrealized (loss) gain from hedge derivatives (3.7) 5.9 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,630.1) (1,670.6) Prior service credits 83.3 96.4 Accumulated other comprehensive loss $ (2,297.3) $ (2,276.9) (9) Stockholders’ Equity The following tables provide details of total comprehensive income: (a) (b) (a) (b) (c) Accumulated other comprehensive loss balances, net of tax effects, |
Stock Plans
Stock Plans | 9 Months Ended |
Feb. 25, 2024 | |
Stock Plans [Abstract] | |
Stock Plans | (10) Stock Plans We units, and performance described in Note May 28, 2023. Compensation expense related to stock-based payments recognized Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Compensation expense related to stock-based payments $ 18.2 $ 29.1 $ 76.7 $ 86.7 Windfall tax benefits from stock-based payments Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Windfall tax benefits from stock-based payments $ 1.2 $ 6.2 $ 10.1 $ 24.6 As performance share units was $ 130.7 21 Net cash proceeds from the exercise of stock options were as follows: Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Net cash proceeds $ 11.1 $ 168.0 Intrinsic value of options exercised $ 3.4 $ 81.8 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 28, 2023. The follows: Nine-Month Period Ended Feb. 25, 2024 Feb. 26, 2023 Estimated fair values of stock options granted $ 17.47 $ 14.16 Assumptions: Risk-free interest rate 4.0 % 3.3 % Expected term 8.5 years 8.5 years Expected volatility 21.5 % 20.9 % Dividend yield 2.8 % 3.1 % The total grant date fair value of restricted stock unit awards that vested during Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Total grant date fair $ 91.1 $ 105.4 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Feb. 25, 2024 | |
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 Nine-Month Period Ended In Millions, Except per Share Data Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Net earnings attributable to General Mills $ 670.1 $ 553.1 $ 1,939.1 $ 1,979.0 Average number 569.5 592.5 578.6 596.2 Incremental share effect from: (a) Stock options 1.3 3.7 1.8 3.6 Restricted stock units and performance share units 2.0 2.8 2.1 2.6 Average number 572.8 599.0 582.5 602.4 Earnings per share – basic $ 1.18 $ 0.94 $ 3.35 $ 3.32 Earnings per share – diluted $ 1.17 $ 0.92 $ 3.33 $ 3.28 (a) method. Stock were not dilutive were as follows Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Anti-dilutive stock options, restricted stock units, and 4.2 0.8 2.6 0.9 |
Share Repurchases
Share Repurchases | 9 Months Ended |
Feb. 25, 2024 | |
Share Repurchases [Abstract] | |
Share Repurchases | (12) Share Repurchases Share repurchases were as follows: Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Shares of common stock 4.7 2.9 23.5 15.0 Aggregate purchase price $ 303.1 $ 251.0 $ 1,616.6 $ 1,152.3 |
Statements Of Cash Flows
Statements Of Cash Flows | 9 Months Ended |
Feb. 25, 2024 | |
Statements Of Cash Flows [Abstract] | |
Statements Of Cash Flows | (13) Statements of Cash Flows Our Consolidated Statements of Cash Flows include the following: Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Net cash interest payments $ 294.6 $ 225.6 Net income tax payments $ 462.3 $ 538.4 |
Retirement And Postemployment B
Retirement And Postemployment Benefits | 9 Months Ended |
Feb. 25, 2024 | |
Retirement And Postemployment Benefits [Abstract] | |
Retirement Benefits And Postemployment Benefits | (14) Retirement and Postemployment Benefits Components of net periodic benefit expense (income) are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Service cost $ 14.5 $ 17.6 $ 1.1 $ 1.4 $ 1.8 $ 2.1 Interest cost 74.1 64.6 5.3 4.5 1.0 0.7 Expected return on plan assets (104.5) (105.0) (8.6) (7.7) - - Amortization of losses (gains) 21.6 28.3 (5.1) (4.9) - 0.1 Amortization of prior service costs (credits) 0.4 0.4 (5.5) (5.9) 0.1 0.1 Other adjustments - - - - 2.6 3.2 Net expense (income) $ 6.1 $ 5.9 $ (12.8) $ (12.6) $ 5.5 $ 6.2 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Nine-Month Period Ended Nine-Month Period Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Service cost $ 43.1 $ 52.7 $ 3.5 $ 4.0 $ 5.5 $ 6.3 Interest cost 222.4 193.8 16.0 13.5 3.0 2.3 Expected return on plan assets (313.4) (315.0) (26.0) (23.3) - - Amortization of losses (gains) 64.6 85.0 (15.3) (14.6) (0.1) 0.2 Amortization of prior service costs (credits) 1.3 1.1 (16.4) (17.4) 0.4 0.3 Other adjustments - - - - 7.8 9.1 Curtailment gain (3.4) - - - - - Net expense (income) $ 14.6 $ 17.6 $ (38.2) $ (37.8) $ 16.6 $ 18.2 |
Income Taxes
Income Taxes | 9 Months Ended |
Feb. 25, 2024 | |
Income Taxes [Abstract] | |
Income Taxes | (15) Income Taxes During the with a capital loss our liquidity. During Alternative Minimum Tax 2023. liquidity. |
Contingencies
Contingencies | 9 Months Ended |
Feb. 25, 2024 | |
Contingencies [Abstract] | |
Contingencies | (16) Contingencies During state sales tax requirements. have estimate any possible loss and have not recorded a loss contingency for |
Business Segment And Geographic
Business Segment And Geographic Information | 9 Months Ended |
Feb. 25, 2024 | |
Business Segment And Geographic Information [Abstract] | |
Business Segment And Geographic Information | (17) Business Segment and Geographic Information We North America Foodservice. Our North America Retail stores, categories products, organic products including ready-to-eat cereal, frozen Our product categories include super-premium shelf-stable through owned Caribbean and Latin American markets, as well as products we export activities are reported in the region or country where the end customer Our Pet operating segment includes e-commerce retailers, categories include dog and cat food (dry natural product types, diet types, breed sizes for dogs, lifestages, flavors, product Our categories unbaked and and nearly vending, and supermarket bakeries. Operating profit and other other net expenses, initiative segment operating performance. losses affecting reviewed are depreciation and amortization expenses are neither maintained nor available Our operating segment results were as follows: Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Net sales: North America Retail $ 3,242.1 $ 3,232.0 $ 9,620.1 $ 9,593.9 International 680.1 700.6 2,079.0 2,024.8 Pet 624.5 645.5 1,773.7 1,818.3 North America Foodservice 551.7 547.8 1,669.7 1,627.2 Total segment net $ 5,098.4 $ 5,125.9 $ 15,142.5 $ 15,064.2 Corporate and other 0.8 - 0.8 - Total net sales $ 5,099.2 $ 5,125.9 $ 15,143.3 $ 15,064.2 Operating profit: North America Retail $ 752.2 $ 786.9 $ 2,410.3 $ 2,401.8 International 18.2 42.4 102.8 95.0 Pet 128.3 102.6 342.0 312.3 North America Foodservice 81.7 82.4 236.3 217.5 Total segment operating $ 980.4 $ 1,014.3 $ 3,091.4 $ 3,026.6 Unallocated corporate items 63.9 296.4 308.3 841.5 Divestitures gain, net - (13.7) - (444.6) Restructuring, impairment, and other exit costs 5.8 1.4 130.6 14.1 Operating profit $ 910.7 $ 730.2 $ 2,652.5 $ 2,615.6 Net sales for our North America Retail operating units were as follows: Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 U.S. Meals & Baking Solutions $ 1,168.5 $ 1,185.3 $ 3,453.7 $ 3,456.2 U.S. Morning Foods 940.7 918.6 2,725.4 2,731.1 U.S. Snacks 869.2 883.5 2,660.0 2,663.6 Canada 263.7 244.6 781.0 743.0 Total $ 3,242.1 $ 3,232.0 $ 9,620.1 $ 9,593.9 Net sales by class of similar products were as follows: Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Snacks $ 1,052.4 $ 1,065.5 $ 3,226.4 $ 3,236.7 Cereal 843.4 801.9 2,438.2 2,427.5 Convenient meals 840.2 815.6 2,290.8 2,281.2 Dough 605.1 644.8 1,915.1 1,855.2 Pet 627.6 646.2 1,779.8 1,820.7 Baking mixes and ingredients 507.5 517.7 1,536.3 1,554.9 Yogurt 367.0 378.0 1,100.3 1,081.5 Super-premium ice cream 142.0 148.2 534.3 496.6 Other 114.0 108.0 322.1 309.9 Total $ 5,099.2 $ 5,125.9 $ 15,143.3 $ 15,064.2 |
Restructuring, Impairment, An_2
Restructuring, Impairment, And Other Exit Costs (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Restructuring, Impairment, And Other Exit Costs [Abstract] | |
Restructuring And Impairment Charges | Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Goodwill impairment $ - $ - $ 117.1 $ - Commercial strategy actions 9.0 - 14.1 - (Recoveries) charges associated with restructuring actions (3.1) 2.1 16.4 16.0 Total $ 5.9 $ 2.1 $ 147.6 $ 16.0 |
Restructuring, Impairment Charges And Project-Related Costs | Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Restructuring, impairment, and other exit costs $ 5.8 $ 1.4 $ 130.6 $ 14.1 Cost of sales 0.1 0.7 17.0 1.9 Total restructuring $ 5.9 $ 2.1 $ 147.6 $ 16.0 Project-related costs classified in cost of sales $ 0.5 $ - $ 1.6 $ - |
Rollforward Of Restructuring And Other Exit Cost Reserves | In Millions Total Reserve balance as of May 28, 2023 $ 47.7 Fiscal 2024 net recoveries, including foreign currency translation (0.1) Utilized in fiscal 2024 (27.7) Reserve balance as of Feb. 25, 2024 $ 19.9 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Goodwill And Other Intangible Assets [Abstract] | |
Components Of Goodwill And Other Intangible Assets | In Millions Feb. 25, 2024 May 28, 2023 Goodwill $ 14,433.7 $ 14,511.2 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,715.7 6,712.4 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 387.0 386.3 Less accumulated amortization (145.5) (131.1) Intangible assets subject to amortization, net 241.5 255.2 Other intangible assets 6,957.2 6,967.6 Total $ 21,390.9 $ 21,478.8 |
Changes In Carrying Amount Of Goodwill | In Millions North America Retail Pet North America Foodservice International Corporate and Joint Ventures Total Balance as of May 28, 2023 $ 6,542.4 $ 6,062.8 $ 805.6 $ 708.4 $ 392.0 $ 14,511.2 Acquisition - - - - 26.9 26.9 Impairment charge - - - (117.1) - (117.1) Other activity, primarily 1.0 - (0.1) 8.3 3.5 12.7 Balance as of Feb. 25, 2024 $ 6,543.4 $ 6,062.8 $ 805.5 $ 599.6 $ 422.4 $ 14,433.7 |
Changes In Carrying Amount Of Other Intangible Assets | In Millions Total Balance as of May 28, 2023 $ 6,967.6 Amortization, net of foreign currency translation (10.4) Balance as of Feb. 25, 2024 $ 6,957.2 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Inventories [Abstract] | |
Schedule Of Components Of Inventories | In Millions Feb. 25, 2024 May 28, 2023 Finished goods $ 1,772.1 $ 2,066.9 Raw materials and packaging 501.2 572.2 Grain 103.3 133.8 Excess of FIFO over LIFO cost (548.6) (600.9) Total $ 1,828.0 $ 2,172.0 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Risk Management Activities [Abstract] | |
Schedule of Unallocated Corporate items | Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Net loss on mark-to-market valuation of certain $ (24.5) $ (30.2) $ (34.3) $ (123.4) Net loss (gain) on commodity positions reclassified from 11.7 (21.5) 29.5 (85.0) Net mark-to-market revaluation of certain grain inventories (12.9) (14.9) (1.1) (58.0) Net mark-to-market valuation of certain commodity $ (25.7) $ (66.6) $ (5.9) $ (266.4) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Debt [Abstract] | |
Schedule Of Components Of Notes Payable | In Millions Feb. 25, 2024 May 28, 2023 U.S. commercial paper $ 683.3 $ - Financial institutions 3.4 31.7 Total $ 686.7 $ 31.7 |
Schedule Of Fee-Paid Committed and Uncommitted Credit Lines | In Billions Facility Amount Borrowed Amount Committed credit facility expiring April 2026 $ 2.7 $ - Uncommitted credit facilities 0.6 - Total committed $ 3.3 $ - |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Stockholders' Equity [Abstract] | |
Schedule of Total Comprehensive Income (Loss) | Quarter Ended Quarter Ended Feb. 25, 2024 Feb. 26, 2023 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 670.1 $ 6.2 $ 553.1 $ 4.8 Other comprehensive income (loss): Foreign currency translation $ 10.7 $ (8.1) 2.6 (0.2) $ 3.4 $ 9.0 12.4 0.1 Other fair value changes: Hedge derivatives (8.8) 1.9 (6.9) - (6.3) 0.6 (5.7) - Reclassification to earnings: Hedge derivatives (a) (0.3) 0.2 (0.1) - 23.1 (4.2) 18.9 - Amortization of losses and 11.5 (2.4) 9.1 - 18.1 (4.2) 13.9 - Other comprehensive income (loss) $ 13.1 $ (8.4) 4.7 (0.2) $ 38.3 $ 1.2 39.5 0.1 Total comprehensive income $ 674.8 $ 6.0 $ 592.6 $ 4.9 (a) (b) (a) (b) (c) Nine-Month Period Ended Nine-Month Period Ended Feb. 25, 2024 Feb. 26, 2023 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 1,939.1 $ 19.8 $ 1,979.0 $ 10.5 Other comprehensive (loss) income: Foreign currency translation $ (43.7) $ 5.5 (38.2) 0.2 $ (83.3) $ (14.8) (98.1) (0.6) Other fair value changes: Hedge derivatives (9.0) 1.7 (7.3) - (29.3) 6.1 (23.2) - Reclassification to earnings: Foreign currency translation (a) - - - - (7.4) - (7.4) - Hedge derivatives (b) (5.0) 2.7 (2.3) - 23.0 (4.5) 18.5 - Amortization of losses and 34.5 (7.1) 27.4 - 54.6 (12.4) 42.2 - Other comprehensive (loss) income $ (23.2) $ 2.8 (20.4) 0.2 $ (42.4) $ (25.6) (68.0) (0.6) Total comprehensive income $ 1,918.7 $ 20.0 $ 1,911.0 $ 9.9 |
Schedule Of Accumulated Other Comprehensive Income (Loss) | In Millions Feb. 25, 2024 May 28, 2023 Foreign currency translation adjustments $ (746.8) $ (708.6) Unrealized (loss) gain from hedge derivatives (3.7) 5.9 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,630.1) (1,670.6) Prior service credits 83.3 96.4 Accumulated other comprehensive loss $ (2,297.3) $ (2,276.9) |
Stock Plans (Tables)
Stock Plans (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Stock Plans [Abstract] | |
Schedule Of Compensation Expense Related To Stock-Based Payments | Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Compensation expense related to stock-based payments $ 18.2 $ 29.1 $ 76.7 $ 86.7 Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Windfall tax benefits from stock-based payments $ 1.2 $ 6.2 $ 10.1 $ 24.6 |
Net Cash Proceeds And Intrinsic Value Of Options Exercised | Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Net cash proceeds $ 11.1 $ 168.0 Intrinsic value of options exercised $ 3.4 $ 81.8 |
Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model | Nine-Month Period Ended Feb. 25, 2024 Feb. 26, 2023 Estimated fair values of stock options granted $ 17.47 $ 14.16 Assumptions: Risk-free interest rate 4.0 % 3.3 % Expected term 8.5 years 8.5 years Expected volatility 21.5 % 20.9 % Dividend yield 2.8 % 3.1 % |
Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity | Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Total grant date fair $ 91.1 $ 105.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted EPS | Quarter Ended Nine-Month Period Ended In Millions, Except per Share Data Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Net earnings attributable to General Mills $ 670.1 $ 553.1 $ 1,939.1 $ 1,979.0 Average number 569.5 592.5 578.6 596.2 Incremental share effect from: (a) Stock options 1.3 3.7 1.8 3.6 Restricted stock units and performance share units 2.0 2.8 2.1 2.6 Average number 572.8 599.0 582.5 602.4 Earnings per share – basic $ 1.18 $ 0.94 $ 3.35 $ 3.32 Earnings per share – diluted $ 1.17 $ 0.92 $ 3.33 $ 3.28 (a) method. |
Stock Options And Restricted Units Not Dilutive | Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Anti-dilutive stock options, restricted stock units, and 4.2 0.8 2.6 0.9 |
Share Repurchases (Tables)
Share Repurchases (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Share Repurchases [Abstract] | |
Share Repurchases | Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Shares of common stock 4.7 2.9 23.5 15.0 Aggregate purchase price $ 303.1 $ 251.0 $ 1,616.6 $ 1,152.3 |
Statements Of Cash Flows (Table
Statements Of Cash Flows (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Statements Of Cash Flows [Abstract] | |
Consolidated Statements Of Cash Flows Supplemental Disclosures | Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Net cash interest payments $ 294.6 $ 225.6 Net income tax payments $ 462.3 $ 538.4 |
Retirement And Postemployment_2
Retirement And Postemployment Benefits (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Retirement And Postemployment Benefits [Abstract] | |
Components Of Net Periodic Benefit Expense (Income) | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Service cost $ 14.5 $ 17.6 $ 1.1 $ 1.4 $ 1.8 $ 2.1 Interest cost 74.1 64.6 5.3 4.5 1.0 0.7 Expected return on plan assets (104.5) (105.0) (8.6) (7.7) - - Amortization of losses (gains) 21.6 28.3 (5.1) (4.9) - 0.1 Amortization of prior service costs (credits) 0.4 0.4 (5.5) (5.9) 0.1 0.1 Other adjustments - - - - 2.6 3.2 Net expense (income) $ 6.1 $ 5.9 $ (12.8) $ (12.6) $ 5.5 $ 6.2 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Nine-Month Period Ended Nine-Month Period Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Service cost $ 43.1 $ 52.7 $ 3.5 $ 4.0 $ 5.5 $ 6.3 Interest cost 222.4 193.8 16.0 13.5 3.0 2.3 Expected return on plan assets (313.4) (315.0) (26.0) (23.3) - - Amortization of losses (gains) 64.6 85.0 (15.3) (14.6) (0.1) 0.2 Amortization of prior service costs (credits) 1.3 1.1 (16.4) (17.4) 0.4 0.3 Other adjustments - - - - 7.8 9.1 Curtailment gain (3.4) - - - - - Net expense (income) $ 14.6 $ 17.6 $ (38.2) $ (37.8) $ 16.6 $ 18.2 |
Business Segment And Geograph_2
Business Segment And Geographic Information (Tables) | 9 Months Ended |
Feb. 25, 2024 | |
Business Segment And Geographic Information [Abstract] | |
Operating Segment Results | Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Net sales: North America Retail $ 3,242.1 $ 3,232.0 $ 9,620.1 $ 9,593.9 International 680.1 700.6 2,079.0 2,024.8 Pet 624.5 645.5 1,773.7 1,818.3 North America Foodservice 551.7 547.8 1,669.7 1,627.2 Total segment net $ 5,098.4 $ 5,125.9 $ 15,142.5 $ 15,064.2 Corporate and other 0.8 - 0.8 - Total net sales $ 5,099.2 $ 5,125.9 $ 15,143.3 $ 15,064.2 Operating profit: North America Retail $ 752.2 $ 786.9 $ 2,410.3 $ 2,401.8 International 18.2 42.4 102.8 95.0 Pet 128.3 102.6 342.0 312.3 North America Foodservice 81.7 82.4 236.3 217.5 Total segment operating $ 980.4 $ 1,014.3 $ 3,091.4 $ 3,026.6 Unallocated corporate items 63.9 296.4 308.3 841.5 Divestitures gain, net - (13.7) - (444.6) Restructuring, impairment, and other exit costs 5.8 1.4 130.6 14.1 Operating profit $ 910.7 $ 730.2 $ 2,652.5 $ 2,615.6 Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 U.S. Meals & Baking Solutions $ 1,168.5 $ 1,185.3 $ 3,453.7 $ 3,456.2 U.S. Morning Foods 940.7 918.6 2,725.4 2,731.1 U.S. Snacks 869.2 883.5 2,660.0 2,663.6 Canada 263.7 244.6 781.0 743.0 Total $ 3,242.1 $ 3,232.0 $ 9,620.1 $ 9,593.9 |
Net Sales By Class Of Similar Products | Quarter Ended Nine-Month Period Ended In Millions Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Snacks $ 1,052.4 $ 1,065.5 $ 3,226.4 $ 3,236.7 Cereal 843.4 801.9 2,438.2 2,427.5 Convenient meals 840.2 815.6 2,290.8 2,281.2 Dough 605.1 644.8 1,915.1 1,855.2 Pet 627.6 646.2 1,779.8 1,820.7 Baking mixes and ingredients 507.5 517.7 1,536.3 1,554.9 Yogurt 367.0 378.0 1,100.3 1,081.5 Super-premium ice cream 142.0 148.2 534.3 496.6 Other 114.0 108.0 322.1 309.9 Total $ 5,099.2 $ 5,125.9 $ 15,143.3 $ 15,064.2 |
Acquisition and Divestiture (Na
Acquisition and Divestiture (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Feb. 25, 2024 | Feb. 26, 2023 | Aug. 28, 2022 | Feb. 25, 2024 | Feb. 26, 2023 | May 28, 2023 | |
Business Acquisition [Line Items] | ||||||
Pre-tax gain (loss) on sale of business | $ 0 | $ 13.7 | $ 0 | $ 444.6 | ||
Goodwill | $ 14,433.7 | $ 14,433.7 | $ 14,511.2 | |||
TNT Crust [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Consideration Transferred | $ 253 | |||||
Goodwill | 156.7 | |||||
Helper main meals and Suddenly Salad side dishes businesses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Pre-tax gain (loss) on sale of business | 442.2 | |||||
Sale price of business | $ 606.8 |
Restructuring, Impairment, an_3
Restructuring, Impairment, and Other Exit Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Feb. 25, 2024 | Nov. 26, 2023 | Feb. 26, 2023 | Nov. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Restructuring and Related Cost [Line Items] | ||||||
Restructuring (recoveries) charges | $ 5.9 | $ 2.1 | $ 147.6 | $ 16 | ||
Goodwill impairment | 0 | $ 117.1 | 0 | $ 117.1 | 117.1 | 0 |
Restructuring and Related Cost, Expected Cost | 44 | 44 | ||||
Restructuring charges, cash | 25 | 27.9 | 30.6 | |||
Severance [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 24 | 24 | ||||
Other costs [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 20 | 20 | ||||
Asset impairment [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 8 | 8 | ||||
Other asset write-offs [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 13 | 13 | ||||
Commercial Strategy Actions [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring (recoveries) charges | 9 | 0 | 14.1 | 0 | ||
Charges associated with restructuring actions previously announced [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring (recoveries) charges | $ (3.1) | $ 2.1 | $ 16.4 | $ 16 |
Restructuring, Impairment, an_4
Restructuring, Impairment, and Other Exit Costs (Restructuring And Impairment Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Feb. 25, 2024 | Nov. 26, 2023 | Feb. 26, 2023 | Nov. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Restructuring and Related Cost [Line Items] | ||||||
Goodwill impairment | $ 0 | $ 117.1 | $ 0 | $ 117.1 | $ 117.1 | $ 0 |
Restructuring (recoveries) charges | 5.9 | 2.1 | 147.6 | 16 | ||
Commercial Strategy Actions [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring (recoveries) charges | 9 | 0 | 14.1 | 0 | ||
Charges associated with restructuring actions previously announced [Member] | ||||||
Restructuring and Related Cost [Line Items] | ||||||
Restructuring (recoveries) charges | $ (3.1) | $ 2.1 | $ 16.4 | $ 16 |
Restructuring, Impairment, an_5
Restructuring, Impairment, and Other Exit Costs (Restructuring, Impairment Charges And Project-Related Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Restructuring and Related Cost [Line Items] | ||||
Restructuring and impairment charges | $ 5.9 | $ 2.1 | $ 147.6 | $ 16 |
Project-related costs classified in cost of sales | 0.5 | 0 | 1.6 | 0 |
Restructuring, Impairment and Other Exit Costs [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring and impairment charges | 5.8 | 1.4 | 130.6 | 14.1 |
Cost of Sales [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring and impairment charges | $ 0.1 | $ 0.7 | $ 17 | $ 1.9 |
Restructuring, Impairment, an_6
Restructuring, Impairment, and Other Exit Costs (Rollforward Of Restructuring And Other Exit Cost Reserves) (Details) $ in Millions | 9 Months Ended |
Feb. 25, 2024 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Reserve beginning balance | $ 47.7 |
Fiscal 2024 net recoveries, including foreign currency translation | (0.1) |
Utilized in fiscal 2024 | (27.7) |
Reserve ending balance | $ 19.9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Feb. 25, 2024 | Nov. 26, 2023 | Feb. 26, 2023 | Nov. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Goodwill and Intangible Assets [Line Items] | ||||||
Future amortization expense, year one | $ 20 | $ 20 | ||||
Future amortization expense, year two | 20 | 20 | ||||
Future amortization expense, year three | 20 | 20 | ||||
Future amortization expense, year four | 20 | 20 | ||||
Future amortization expense, year five | 20 | 20 | ||||
Goodwill impairment | $ 0 | $ 117.1 | $ 0 | $ 117.1 | 117.1 | $ 0 |
International [Member] | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Goodwill impairment | $ 117.1 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Components Of Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Millions | Feb. 25, 2024 | May 28, 2023 |
Goodwill And Other Intangible Assets [Abstract] | ||
Goodwill | $ 14,433.7 | $ 14,511.2 |
Intangible assets not subject to amortization: | ||
Brands and other indefinite-lived intangibles | 6,715.7 | 6,712.4 |
Intangible assets subject to amortization: | ||
Customer relationships and other finite-lived intangibles | 387 | 386.3 |
Less accumulated amortization | (145.5) | (131.1) |
Intangible assets subject to amortization, net | 241.5 | 255.2 |
Other intangible assets | 6,957.2 | 6,967.6 |
Total | $ 21,390.9 | $ 21,478.8 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Feb. 25, 2024 | Nov. 26, 2023 | Feb. 26, 2023 | Nov. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Goodwill [Line Items] | ||||||
Beginning balance | $ 14,511.2 | $ 14,511.2 | ||||
Acquisitions | 26.9 | |||||
Impairment charge | $ 0 | $ (117.1) | $ 0 | (117.1) | (117.1) | $ 0 |
Other activity, primarily foreign currency translation | 12.7 | |||||
Ending balance | 14,433.7 | 14,433.7 | ||||
North America Retail Segment [Member] | ||||||
Goodwill [Line Items] | ||||||
Beginning balance | 6,542.4 | 6,542.4 | ||||
Acquisitions | 0 | |||||
Impairment charge | 0 | |||||
Other activity, primarily foreign currency translation | 1 | |||||
Ending balance | 6,543.4 | 6,543.4 | ||||
Pet [Member] | ||||||
Goodwill [Line Items] | ||||||
Beginning balance | 6,062.8 | 6,062.8 | ||||
Acquisitions | 0 | |||||
Impairment charge | 0 | |||||
Other activity, primarily foreign currency translation | 0 | |||||
Ending balance | 6,062.8 | 6,062.8 | ||||
North America Foodservice [Member] | ||||||
Goodwill [Line Items] | ||||||
Beginning balance | 805.6 | 805.6 | ||||
Acquisitions | 0 | |||||
Impairment charge | 0 | |||||
Other activity, primarily foreign currency translation | (0.1) | |||||
Ending balance | 805.5 | 805.5 | ||||
International [Member] | ||||||
Goodwill [Line Items] | ||||||
Beginning balance | 708.4 | 708.4 | ||||
Acquisitions | 0 | |||||
Impairment charge | (117.1) | |||||
Other activity, primarily foreign currency translation | 8.3 | |||||
Ending balance | 599.6 | 599.6 | ||||
Corporate and Joint Ventures [Member] | ||||||
Goodwill [Line Items] | ||||||
Beginning balance | $ 392 | 392 | ||||
Acquisitions | 26.9 | |||||
Impairment charge | 0 | |||||
Other activity, primarily foreign currency translation | 3.5 | |||||
Ending balance | $ 422.4 | $ 422.4 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Other Intangible Assets) (Details) $ in Millions | 9 Months Ended |
Feb. 25, 2024 USD ($) | |
Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Beginning balance - carrying value | $ 6,967.6 |
Amortization, net of foreign currency translation | (10.4) |
Ending balance - carrying value | $ 6,957.2 |
Inventories (Schedule Of Compon
Inventories (Schedule Of Components Of Inventories) (Details) - USD ($) $ in Millions | Feb. 25, 2024 | May 28, 2023 |
Inventories [Abstract] | ||
Finished goods | $ 1,772.1 | $ 2,066.9 |
Raw materials and packaging | 501.2 | 572.2 |
Grain | 103.3 | 133.8 |
Excess of FIFO over LIFO cost | (548.6) | (600.9) |
Total | $ 1,828 | $ 2,172 |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Feb. 25, 2024 USD ($) | May 28, 2023 USD ($) | Nov. 27, 2022 USD ($) | Feb. 25, 2024 USD ($) | Feb. 26, 2023 USD ($) | Feb. 25, 2024 EUR (€) | |
Derivative [Line Items] | ||||||
Accounts payable to suppliers who utilize third party service | $ 1,348.9 | $ 1,430.1 | $ 1,348.9 | |||
Issuance of long-term debt | 1,000 | $ 501.8 | ||||
Euro Denominated Bonds Used For Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | € | € 2,967.5 | |||||
10-year fixed-rate note [Member] | ||||||
Derivative [Line Items] | ||||||
Issuance of long-term debt | $ 1,000 | |||||
Fixed rate notes due November 18, 2025 | ||||||
Derivative [Line Items] | ||||||
Issuance of long-term debt | $ 500 | |||||
4.7% Fixed Rate Note [Member] | ||||||
Derivative [Line Items] | ||||||
Issuance of long-term debt | 500 | |||||
Commodity Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 306.3 | $ 306.3 | ||||
Average period of utilization | 12 months | |||||
Agricultural Related Derivative [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 182.1 | $ 182.1 | ||||
Energy Related Derivative [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 124.2 | $ 124.2 | ||||
Treasury Lock [Member] | ||||||
Derivative [Line Items] | ||||||
Settled amount | 250 | |||||
Pre-tax hedge gain (loss) in AOCI | $ 0.3 |
Risk Management Activities (Sch
Risk Management Activities (Schedule Of Unallocated Corporate items) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Commodity Price Risk [Abstract] | ||||
Net loss on mark-to-market valuation of certain commodity positions | $ (24.5) | $ (30.2) | $ (34.3) | $ (123.4) |
Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit | 11.7 | (21.5) | 29.5 | (85) |
Net mark-to-market revaluation of certain grain inventories | (12.9) | (14.9) | (1.1) | (58) |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ (25.7) | $ (66.6) | $ (5.9) | $ (266.4) |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Feb. 25, 2024 USD ($) | Nov. 26, 2023 USD ($) | Nov. 26, 2023 EUR (€) | Aug. 27, 2023 EUR (€) | May 28, 2023 USD ($) | May 28, 2023 EUR (€) | Nov. 27, 2022 USD ($) | Nov. 27, 2022 EUR (€) | Feb. 25, 2024 USD ($) | Feb. 26, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Long-term debt, carrying value | $ 11,827.3 | $ 11,827.3 | ||||||||
Issuance of long-term debt | 1,000 | $ 501.8 | ||||||||
Repayment of long-term debt | $ 900 | $ 600 | ||||||||
Committed Credit Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Minimum fixed charge coverage ratio | 2.5 | 2.5 | ||||||||
Level 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, fair value | $ 11,112.5 | $ 11,112.5 | ||||||||
Floating-rate notes due November 8, 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of long-term debt | € | € 250 | € 500 | ||||||||
Maturity date | Nov. 08, 2024 | Nov. 08, 2024 | Nov. 08, 2024 | |||||||
Floating-rate notes due July 27, 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | € | € 500 | |||||||||
Maturity date | Jul. 27, 2023 | |||||||||
Floating-rate notes due November 10, 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of long-term debt | € | € 250 | |||||||||
Repayment of long-term debt | € | € 250 | |||||||||
Maturity date | Nov. 10, 2023 | Nov. 10, 2023 | Nov. 10, 2023 | Nov. 10, 2023 | ||||||
Floating-rate notes due May 16, 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of long-term debt | € | € 250 | |||||||||
Repayment of long-term debt | € | € 250 | |||||||||
Maturity date | May 16, 2023 | May 16, 2023 | May 16, 2023 | May 16, 2023 | ||||||
3.907% Fixed-rate notes due April 13, 2029 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of long-term debt | € | € 750 | |||||||||
Fixed interest rate percentage | 3.907% | 3.907% | ||||||||
Maturity date | Apr. 13, 2029 | Apr. 13, 2029 | ||||||||
1.0% Fixed-rate notes due April 27, 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | € | € 500 | |||||||||
Fixed interest rate percentage | 1% | 1% | ||||||||
Maturity date | Apr. 27, 2023 | Apr. 27, 2023 | ||||||||
4.95% Fixed-rate notes due March 29, 2033 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of long-term debt | $ 1,000 | |||||||||
Fixed interest rate percentage | 4.95% | 4.95% | ||||||||
Maturity date | Mar. 29, 2033 | Mar. 29, 2033 | ||||||||
5.241% Fixed-rate notes due November 18, 2025 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of long-term debt | $ 500 | |||||||||
Fixed interest rate percentage | 5.241% | 5.241% | ||||||||
Maturity date | Nov. 18, 2025 | Nov. 18, 2025 | ||||||||
0.0% Fixed-rate notes due November 11, 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | € | € 250 | |||||||||
Fixed interest rate percentage | 0% | 0% | ||||||||
Maturity date | Nov. 11, 2022 | Nov. 11, 2022 | ||||||||
2.6% Fixed-rate notes due October 12, 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | $ 500 | |||||||||
Fixed interest rate percentage | 2.60% | 2.60% | ||||||||
Maturity date | Oct. 12, 2022 | Oct. 12, 2022 | ||||||||
Long-Term Debt Agreements Containing Restrictive Covenants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Covenant Compliance | We were in compliance with all credit facility covenants as of February 25, 2024. | |||||||||
Certain Long Term Debt Agreements Containing Restrictive Covenants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Covenant Compliance | As of February 25, 2024, we were in compliance with all of these covenants. | |||||||||
5.5% Fixed-rate notes due October 17, 2028 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of long-term debt | $ 500 | |||||||||
Fixed interest rate percentage | 5.50% | 5.50% | ||||||||
Maturity date | Oct. 17, 2028 | Oct. 17, 2028 | ||||||||
Floating-rate notes due October 17, 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | $ 400 | |||||||||
Maturity date | Oct. 17, 2023 | Oct. 17, 2023 | ||||||||
4.7% Fixed Rate Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of long-term debt | $ 500 | |||||||||
Fixed interest rate percentage | 4.70% | 4.70% | ||||||||
Maturity date | Jan. 30, 2027 | |||||||||
3.65% Fixed Rate Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of long-term debt | $ 500 | |||||||||
Fixed interest rate percentage | 3.65% | 3.65% | ||||||||
Maturity date | Feb. 15, 2024 |
Debt (Schedule Of Components Of
Debt (Schedule Of Components Of Notes Payable) (Details) - USD ($) $ in Millions | Feb. 25, 2024 | May 28, 2023 |
Short-term Debt [Line Items] | ||
Notes payable | $ 686.7 | $ 31.7 |
U.S. commercial paper [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 683.3 | 0 |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 3.4 | $ 31.7 |
Debt (Schedule Of Fee-Paid Comm
Debt (Schedule Of Fee-Paid Committed and Uncommitted Credit Lines) (Details) $ in Billions | Feb. 25, 2024 USD ($) |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 3.3 |
Borrowed Amount | 0 |
Line Of Credit Expiring April 2026 [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 2.7 |
Borrowed Amount | 0 |
Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 0.6 |
Borrowed Amount | $ 0 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) $ in Millions | 9 Months Ended |
Feb. 25, 2024 USD ($) | |
Noncontrolling Interest [Line Items] | |
Noncontrolling interests covenant compliance | Our noncontrolling interests contain restrictive covenants. As of February 25, 2024, we were in compliance with all of these covenants. |
Third Party Interest Holder [Member] | General Mills Cereals LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest Holders Capital Account, General Mills Cereals, LLC | $ 251.5 |
Preferred distributions variable rate | three-month Term SOFR |
Preferred distributions, basis spread on variable rate | 1.86% |
Preferred return rate adjustment period | 3 years |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Total Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Reclassification to earnings: | ||||
Foreign currency translation | $ 0 | $ 0 | $ 0 | $ (7.4) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 2.4 | 12.5 | (38) | (98.7) |
Other fair value changes: | ||||
Hedge derivatives | (6.9) | (5.7) | (7.3) | (23.2) |
Reclassification to earnings: | ||||
Hedge derivatives | (0.1) | 18.9 | (2.3) | 18.5 |
Amortization of losses and prior service costs | 9.1 | 13.9 | 27.4 | 42.2 |
Other comprehensive income (loss), net of tax | 4.5 | 39.6 | (20.2) | (68.6) |
Comprehensive Income: | ||||
Net earnings, including earnings attributable to noncontrolling interests | 670.1 | 553.1 | 1,939.1 | 1,979 |
Net earnings attributable to noncontrolling interests | 6.2 | 4.8 | 19.8 | 10.5 |
Total comprehensive income attributable to General Mills | 674.8 | 592.6 | 1,918.7 | 1,911 |
General Mills [Member] | ||||
Other comprehensive income (loss), before tax: | ||||
Foreign currency translation | 10.7 | 3.4 | (43.7) | (83.3) |
Other fair value changes: | ||||
Hedge derivatives | (8.8) | (6.3) | (9) | (29.3) |
Reclassification to earnings: | ||||
Foreign currency translation | 0 | (7.4) | ||
Hedge derivatives | (0.3) | 23.1 | (5) | 23 |
Amortization of losses and prior service costs | 11.5 | 18.1 | 34.5 | 54.6 |
Other comprehensive income (loss), before tax | 13.1 | 38.3 | (23.2) | (42.4) |
Other comprehensive income (loss), tax: | ||||
Foreign currency translation | (8.1) | 9 | 5.5 | (14.8) |
Other fair value changes: | ||||
Hedge derivatives | 1.9 | 0.6 | 1.7 | 6.1 |
Reclassification to earnings: | ||||
Foreign currency translation | 0 | 0 | ||
Hedge derivatives | 0.2 | (4.2) | 2.7 | (4.5) |
Amortization of losses and prior service costs | (2.4) | (4.2) | (7.1) | (12.4) |
Other comprehensive income (loss), tax | (8.4) | 1.2 | 2.8 | (25.6) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 2.6 | 12.4 | (38.2) | (98.1) |
Other fair value changes: | ||||
Hedge derivatives | (6.9) | (5.7) | (7.3) | (23.2) |
Reclassification to earnings: | ||||
Foreign currency translation | 0 | (7.4) | ||
Hedge derivatives | (0.1) | 18.9 | (2.3) | 18.5 |
Amortization of losses and prior service costs | 9.1 | 13.9 | 27.4 | 42.2 |
Other comprehensive income (loss), net of tax | 4.7 | 39.5 | (20.4) | (68) |
Comprehensive Income: | ||||
Net earnings, including earnings attributable to noncontrolling interests | 670.1 | 553.1 | 1,939.1 | 1,979 |
Total comprehensive income attributable to General Mills | 674.8 | 592.6 | 1,918.7 | 1,911 |
Noncontrolling Interests [Member] | ||||
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | (0.2) | 0.1 | 0.2 | (0.6) |
Other fair value changes: | ||||
Hedge derivatives | 0 | 0 | 0 | 0 |
Reclassification to earnings: | ||||
Foreign currency translation | 0 | 0 | ||
Hedge derivatives | 0 | 0 | 0 | 0 |
Amortization of losses and prior service costs | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | (0.2) | 0.1 | 0.2 | (0.6) |
Comprehensive Income: | ||||
Net earnings attributable to noncontrolling interests | 6.2 | 4.8 | 19.8 | 10.5 |
Total comprehensive income attributable to noncontrolling interests | $ 6 | $ 4.9 | $ 20 | $ 9.9 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Feb. 25, 2024 | May 28, 2023 |
Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
Foreign currency translation adjustments | $ (746.8) | $ (708.6) |
Unrealized (loss) gain from hedge derivatives | (3.7) | 5.9 |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial loss | (1,630.1) | (1,670.6) |
Prior service credits | 83.3 | 96.4 |
Accumulated other comprehensive loss | $ (2,297.3) | $ (2,276.9) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) $ in Millions | 9 Months Ended |
Feb. 25, 2024 USD ($) | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units | $ 130.7 |
Unrecognized compensation expense on non-vested awards, weighted average period of recognition | 21 months |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
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 28, 2023. |
Stock Plans (Schedule Of Compen
Stock Plans (Schedule Of Compensation Expense Related To Stock-Based Payments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Windfall tax benefits from stock-based payments | $ 1.2 | $ 6.2 | $ 10.1 | $ 24.6 |
Compensation expense related to stock-based payments | $ 18.2 | $ 29.1 | $ 76.7 | $ 86.7 |
Stock Plans (Net Cash Proceeds
Stock Plans (Net Cash Proceeds And Intrinsic Value Of Options Exercised) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Feb. 25, 2024 | Feb. 26, 2023 | |
Stock Plans [Abstract] | ||
Net cash proceeds | $ 11.1 | $ 168 |
Intrinsic value of options exercised | $ 3.4 | $ 81.8 |
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 | 9 Months Ended | |
Feb. 25, 2024 | Feb. 26, 2023 | |
Stock Plans [Abstract] | ||
Estimated fair values of stock options granted | $ 17.47 | $ 14.16 |
Assumptions: | ||
Risk-free interest rate | 4% | 3.30% |
Expected term | 8 years 6 months | 8 years 6 months |
Expected volatility | 21.50% | 20.90% |
Dividend yield | 2.80% | 3.10% |
Stock Plans (Schedule Of Grant
Stock Plans (Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Feb. 25, 2024 | Feb. 26, 2023 | |
Stock Plans [Abstract] | ||
Total grant date fair value | $ 91.1 | $ 105.4 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted EPS And Stock Options And Restricted Units Not Dilutive) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Net earnings attributable to General Mills | $ 670.1 | $ 553.1 | $ 1,939.1 | $ 1,979 |
Average number of common shares - basic EPS | 569.5 | 592.5 | 578.6 | 596.2 |
Average number of common shares - diluted EPS | 572.8 | 599 | 582.5 | 602.4 |
Earnings per share - basic | $ 1.18 | $ 0.94 | $ 3.35 | $ 3.32 |
Earnings per share - diluted | $ 1.17 | $ 0.92 | $ 3.33 | $ 3.28 |
Other Disclosures [Abstract] | ||||
Anti-dilutive stock options, restricted stock units, and performance share units | 4.2 | 0.8 | 2.6 | 0.9 |
Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental share effect | 1.3 | 3.7 | 1.8 | 3.6 |
Restricted stock units and performance share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental share effect | 2 | 2.8 | 2.1 | 2.6 |
Share Repurchases (Share Repurc
Share Repurchases (Share Repurchases) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Share Repurchases [Abstract] | ||||
Shares of common stock | 4.7 | 2.9 | 23.5 | 15 |
Aggregate purchase price | $ 303.1 | $ 251 | $ 1,616.6 | $ 1,152.3 |
Statements of Cash Flows (Conso
Statements of Cash Flows (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Feb. 25, 2024 | Feb. 26, 2023 | |
Statements Of Cash Flows [Abstract] | ||
Net cash interest payments | $ 294.6 | $ 225.6 |
Net income tax payments | $ 462.3 | $ 538.4 |
Retirement And Postemployment_3
Retirement And Postemployment Benefits (Components Of Net Periodic Benefit Expense(Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Defined Benefit Pension Plans [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 14.5 | $ 17.6 | $ 43.1 | $ 52.7 |
Interest cost | 74.1 | 64.6 | 222.4 | 193.8 |
Expected return on plan assets | (104.5) | (105) | (313.4) | (315) |
Amortization of losses (gains) | 21.6 | 28.3 | 64.6 | 85 |
Amortization of prior service costs (credits) | 0.4 | 0.4 | 1.3 | 1.1 |
Other adjustments | 0 | 0 | 0 | 0 |
Settlement or curtailment (gains) losses | (3.4) | 0 | ||
Net expense (income) | 6.1 | 5.9 | 14.6 | 17.6 |
Other Postretirement Benefit Plans [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 1.1 | 1.4 | 3.5 | 4 |
Interest cost | 5.3 | 4.5 | 16 | 13.5 |
Expected return on plan assets | (8.6) | (7.7) | (26) | (23.3) |
Amortization of losses (gains) | (5.1) | (4.9) | (15.3) | (14.6) |
Amortization of prior service costs (credits) | (5.5) | (5.9) | (16.4) | (17.4) |
Other adjustments | 0 | 0 | 0 | 0 |
Settlement or curtailment (gains) losses | 0 | 0 | ||
Net expense (income) | (12.8) | (12.6) | (38.2) | (37.8) |
Postemployment Benefit Plans [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 1.8 | 2.1 | 5.5 | 6.3 |
Interest cost | 1 | 0.7 | 3 | 2.3 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of losses (gains) | 0 | 0.1 | (0.1) | 0.2 |
Amortization of prior service costs (credits) | 0.1 | 0.1 | 0.4 | 0.3 |
Other adjustments | 2.6 | 3.2 | 7.8 | 9.1 |
Settlement or curtailment (gains) losses | 0 | 0 | ||
Net expense (income) | $ 5.5 | $ 6.2 | $ 16.6 | $ 18.2 |
Business Segment And Geograph_3
Business Segment And Geographic Information (Operating Segment Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 5,099.2 | $ 5,125.9 | $ 15,143.3 | $ 15,064.2 |
Divestitures gain, net | 0 | (13.7) | 0 | (444.6) |
Restructuring, impairment, and other exit costs | 5.8 | 1.4 | 130.6 | 14.1 |
Operating profit | 910.7 | 730.2 | 2,652.5 | 2,615.6 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5,098.4 | 5,125.9 | 15,142.5 | 15,064.2 |
Operating profit | 980.4 | 1,014.3 | 3,091.4 | 3,026.6 |
Unallocated Corporate Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating profit | 63.9 | 296.4 | 308.3 | 841.5 |
North America Retail [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,242.1 | 3,232 | 9,620.1 | 9,593.9 |
Operating profit | 752.2 | 786.9 | 2,410.3 | 2,401.8 |
U.S. Meals & Baking Solutions [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,168.5 | 1,185.3 | 3,453.7 | 3,456.2 |
U.S. Snacks [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 869.2 | 883.5 | 2,660 | 2,663.6 |
U.S. Morning Foods [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 940.7 | 918.6 | 2,725.4 | 2,731.1 |
Canada [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 263.7 | 244.6 | 781 | 743 |
International [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 680.1 | 700.6 | 2,079 | 2,024.8 |
Operating profit | 18.2 | 42.4 | 102.8 | 95 |
Pet [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 624.5 | 645.5 | 1,773.7 | 1,818.3 |
Operating profit | 128.3 | 102.6 | 342 | 312.3 |
North America Foodservice [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 551.7 | 547.8 | 1,669.7 | 1,627.2 |
Operating profit | 81.7 | 82.4 | 236.3 | 217.5 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 0.8 | $ 0 | $ 0.8 | $ 0 |
Business Segment And Geograph_4
Business Segment And Geographic Information (Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2024 | Feb. 26, 2023 | Feb. 25, 2024 | Feb. 26, 2023 | |
Product Information [Line Items] | ||||
Net sales | $ 5,099.2 | $ 5,125.9 | $ 15,143.3 | $ 15,064.2 |
Snacks [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 1,052.4 | 1,065.5 | 3,226.4 | 3,236.7 |
Cereal [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 843.4 | 801.9 | 2,438.2 | 2,427.5 |
Convenient meals [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 840.2 | 815.6 | 2,290.8 | 2,281.2 |
Dough [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 605.1 | 644.8 | 1,915.1 | 1,855.2 |
Pet [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 627.6 | 646.2 | 1,779.8 | 1,820.7 |
Baking mixes and ingredients [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 507.5 | 517.7 | 1,536.3 | 1,554.9 |
Yogurt [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 367 | 378 | 1,100.3 | 1,081.5 |
Super-premium ice cream [Member] | ||||
Product Information [Line Items] | ||||
Net sales | 142 | 148.2 | 534.3 | 496.6 |
Other [Member] | ||||
Product Information [Line Items] | ||||
Net sales | $ 114 | $ 108 | $ 322.1 | $ 309.9 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Feb. 25, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |