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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Mills Inc | NYSE:GIS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.28 | -0.40% | 70.35 | 70.45 | 69.6741 | 70.43 | 3,408,705 | 01:00:00 |
Consolidated Statements of Earnings - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Consolidated Statements of Earnings [Abstract] | ||||
Net sales | $ 5,139.4 | $ 5,220.7 | $ 10,044.1 | $ 9,938.3 |
Cost of sales | 3,373.5 | 3,515.6 | 6,507.7 | 6,785.5 |
Selling, general, and administrative expenses | 830.5 | 894.2 | 1,669.8 | 1,685.6 |
Divestitures gain, net | 0.0 | 0.0 | 0.0 | (430.9) |
Restructuring, impairment, and other exit costs | 123.6 | 11.1 | 124.8 | 12.7 |
Operating profit | 811.8 | 799.8 | 1,741.8 | 1,885.4 |
Benefit plan non-service income | (20.1) | (21.7) | (37.1) | (43.4) |
Interest, net | 117.8 | 91.5 | 234.8 | 179.2 |
Total earnings before income taxes and after-tax earnings from joint ventures | 714.1 | 730.0 | 1,544.1 | 1,749.6 |
Income taxes | 136.0 | 147.1 | 309.2 | 363.2 |
After-tax earnings from joint ventures | 24.2 | 25.4 | 47.7 | 45.2 |
Net earnings, including earnings attributable to noncontrolling interests | 602.3 | 608.3 | 1,282.6 | 1,431.6 |
Net earnings attributable to noncontrolling interests | 6.8 | 2.4 | 13.6 | 5.7 |
Net earnings attributable to General Mills | $ 595.5 | $ 605.9 | $ 1,269.0 | $ 1,425.9 |
Earnings per share - basic | $ 1.03 | $ 1.01 | $ 2.18 | $ 2.38 |
Earnings per share - diluted | $ 1.02 | $ 1.01 | $ 2.16 | $ 2.36 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net earnings, including earnings attributable to noncontrolling interests | $ 602.3 | $ 608.3 | $ 1,282.6 | $ 1,431.6 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation | (22.3) | (115.0) | (40.4) | (111.2) |
Other fair value changes: | ||||
Hedge derivatives | 1.9 | 20.8 | (0.4) | (17.5) |
Reclassification to earnings: | ||||
Foreign currency translation | 0.0 | 0.0 | 0.0 | (7.4) |
Hedge derivatives | (2.4) | 1.0 | (2.2) | (0.4) |
Amortization of losses and prior service costs | 9.2 | 14.2 | 18.3 | 28.3 |
Other comprehensive loss, net of tax | (13.6) | (79.0) | (24.7) | (108.2) |
Total comprehensive income | 588.7 | 529.3 | 1,257.9 | 1,323.4 |
Comprehensive income attributable to noncontrolling interests | 7.1 | 3.0 | 14.0 | 5.0 |
Comprehensive income attributable to General Mills | $ 581.6 | $ 526.3 | $ 1,243.9 | $ 1,318.4 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 13, 2023 |
Nov. 26, 2023 |
May 28, 2023 |
Nov. 27, 2022 |
---|---|---|---|---|
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 | 186,723,228 | 185,700,000 | 168,000,000.0 |
Consolidated Statements of Total Equity (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
|
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 | $ 7.9 | $ 12.1 | ||
Cash dividends declared per share | $ 1.18 | $ 1.08 | $ 1.77 | $ 1.62 |
Background |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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 The adoption did not have a material impact on our financial statements and related Certain terms used throughout this report are defined in the “Glossary” section below. |
Acquisition And Divestiture |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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 Other Exit Costs |
6 Months Ended |
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Nov. 26, 2023 | |
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 charges, including foreign currency translation 1.7 Utilized in fiscal 2024 (16.3) Reserve balance as of Nov. 26, 2023 $ 33.1 Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Restructuring, impairment, and other exit costs $ 123.6 $ 11.1 $ 124.8 $ 12.7 Cost of sales 8.3 0.5 16.9 1.2 Total restructuring $ 131.9 $ 11.6 $ 141.7 $ 13.9 Project-related costs classified in cost of sales $ 0.3 $ - $ 1.1 $ - Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Goodwill impairment $ 117.1 $ - $ 117.1 $ - Commercial strategy action 5.1 - 5.1 - Charges associated with restructuring actions 9.7 11.6 19.5 13.9 Total $ 131.9 $ 11.6 $ 141.7 $ 13.9 (3) Restructuring, Impairment, and Other Exit Costs Restructuring and impairment charges were as follows: In the second 117.1 reporting unit. In associated 22 project-related expenses 4 of 16 6 2.4 million of 2.7 2023. We expect In previously announced we 11 4 recorded in the second quarter of fiscal 2024 and $ 4 36 of 18 consist of 12 24 to be completed by the end of fiscal 2025. We recorded 9.7 19.5 six-month 11.6 restructuring 13.9 November fiscal 2025. We 18.6 $ 27.6 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 Assets |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | In Millions Nov. 26, 2023 May 28, 2023 Goodwill $ 14,441.8 $ 14,511.2 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,717.2 6,712.4 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 387.0 386.3 Less accumulated amortization (140.9) (131.1) Intangible assets subject to amortization, net 246.1 255.2 Other intangible assets 6,963.3 6,967.6 Total $ 21,405.1 $ 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 (0.2) - (0.1) 13.3 7.8 20.8 Balance as of Nov. 26, 2023 $ 6,542.2 $ 6,062.8 $ 805.5 $ 604.6 $ 426.7 $ 14,441.8 In Millions Total Balance as of May 28, 2023 $ 6,967.6 Amortization, net of foreign currency translation (4.3) Balance as of Nov. 26, 2023 $ 6,963.3 (4) Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows: Based next five fiscal years is estimated to be approximately $ 20 The changes in the carrying amount of goodwill during the six-month period The changes in the carrying amount of other intangible assets during the six-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 |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Inventories [Abstract] | |
Inventories | (5) Inventories The components of inventories were as follows: In Millions Nov. 26, 2023 May 28, 2023 Finished goods $ 2,053.1 $ 2,066.9 Raw materials and packaging 528.0 572.2 Grain 138.5 133.8 Excess of FIFO over LIFO cost (553.6) (600.9) Total $ 2,166.0 $ 2,172.0 |
Risk Management Activities |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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 six-month periods ended Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Net loss on mark-to-market valuation of certain $ (38.2) $ (20.9) $ (9.8) $ (93.2) Net loss (gain) on commodity positions reclassified from 14.6 (20.5) 17.8 (63.5) Net mark-to-market revaluation of certain grain inventories (1.5) 16.3 11.8 (43.1) Net mark-to-market valuation of certain commodity $ (25.1) $ (25.1) $ 19.8 $ (199.8) As of 420.8 162.5 energy inputs and $ 258.3 next 12 We also these investments with € 2,960.0 The material significantly change our valuation techniques from prior periods. We services also We financial institutions the third agreements. 1,388.2 third-party services. 1,430.1 third-party services. |
Debt |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Debt [Abstract] | |
Debt | (7) Debt The components of notes payable were as follows: In Millions Nov. 26, 2023 May 28, 2023 U.S. commercial paper $ 730.7 $ - Financial institutions 68.5 31.7 Total $ 799.2 $ 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 0.1 Total committed $ 3.3 $ 0.1 The 2.5 We were in compliance with all credit facility covenants as of November 26, 2023. Long-Term The fair values 10,920.3 11,851.5 respectively, flows based fair value hierarchy. 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 500.0 5.241 November 18, 2025 . We net proceeds to repay a portion of our outstanding commercial paper and for general In the 250.0 May 16, 2023 . We repay € 250.0 0.0 November 11, 2022 . In the 500.0 2.6 October 12, 2022 , using from the issuance of commercial paper. Certain of our As of November 26, 2023, we were in compliance with all of these covenants. |
Noncontrolling Interests |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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 November 26, 2023, we were in compliance with all of these covenants. |
Stockholders' Equity |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Quarter Ended Quarter Ended Nov. 26, 2023 Nov. 27, 2022 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 595.5 $ 6.8 $ 605.9 $ 2.4 Other comprehensive (loss) income: Foreign currency translation $ (32.4) $ 9.8 (22.6) 0.3 $ (144.7) $ 29.1 (115.6) 0.6 Other fair value changes: Hedge derivatives 2.5 (0.6) 1.9 - 26.8 (6.0) 20.8 - Reclassification to earnings: Hedge derivatives (a) (3.4) 1.0 (2.4) - 1.8 (0.8) 1.0 - Amortization of losses and 11.5 (2.3) 9.2 - 18.3 (4.1) 14.2 - Other comprehensive (loss) income $ (21.8) $ 7.9 (13.9) 0.3 $ (97.8) $ 18.2 (79.6) 0.6 Total comprehensive income $ 581.6 $ 7.1 $ 526.3 $ 3.0 Six-Month Period Ended Six-Month Period Ended Nov. 26, 2023 Nov. 27, 2022 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 1,269.0 $ 13.6 $ 1,425.9 $ 5.7 Other comprehensive (loss) income: Foreign currency translation $ (54.4) $ 13.6 (40.8) 0.4 $ (86.7) $ (23.8) (110.5) (0.7) Other fair value changes: Hedge derivatives (0.2) (0.2) (0.4) - (23.0) 5.5 (17.5) - Reclassification to earnings: Foreign currency translation (a) - - - - (7.4) - (7.4) - Hedge derivatives (b) (4.7) 2.5 (2.2) - (0.1) (0.3) (0.4) - Amortization of losses and 23.0 (4.7) 18.3 - 36.5 (8.2) 28.3 - Other comprehensive (loss) income $ (36.3) $ 11.2 (25.1) 0.4 $ (80.7) $ (26.8) (107.5) (0.7) Total comprehensive income $ 1,243.9 $ 14.0 $ 1,318.4 $ 5.0 In Millions Nov. 26, 2023 May 28, 2023 Foreign currency translation adjustments $ (749.4) $ (708.6) Unrealized gain from hedge derivatives 3.3 5.9 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,642.8) (1,670.6) Prior service credits 86.9 96.4 Accumulated other comprehensive loss $ (2,302.0) $ (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 |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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 Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Compensation expense related to stock-based payments $ 23.1 $ 24.1 $ 58.5 $ 57.6 Windfall tax benefits from stock-based payments Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Windfall tax benefits from stock-based payments $ 0.5 $ 5.6 $ 8.9 $ 18.4 As performance share units was $ 149.8 23 Net cash proceeds from the exercise of stock options were as follows: Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Net cash proceeds $ 5.7 $ 118.5 Intrinsic value of options exercised $ 2.3 $ 55.7 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: Six-Month Period Ended Nov. 26, 2023 Nov. 27, 2022 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 21.4 % 20.9 % Dividend yield 2.8 % 3.1 % The total grant date fair value of restricted stock unit awards that vested during Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Total grant date fair $ 87.4 $ 102.6 |
Earnings Per Share |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11) Earnings Per Share Basic and diluted earnings per share (EPS) were calculated using the following: Quarter Ended Six-Month Period Ended In Millions, Except per Share Data Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Net earnings attributable to General Mills $ 595.5 $ 605.9 $ 1,269.0 $ 1,425.9 Average number 580.1 595.9 583.2 598.0 Incremental share effect from: (a) Stock options 1.4 3.7 2.1 3.6 Restricted stock units and performance share units 1.9 2.4 2.1 2.4 Average number 583.4 602.0 587.4 604.0 Earnings per share – basic $ 1.03 $ 1.01 $ 2.18 $ 2.38 Earnings per share – diluted $ 1.02 $ 1.01 $ 2.16 $ 2.36 (a) method. were not dilutive were as follows Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Anti-dilutive stock options, restricted stock units, and 4.5 1.0 2.4 1.0 |
Share Repurchases |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Share Repurchases [Abstract] | |
Share Repurchases | (12) Share Repurchases Share repurchases were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Shares of common stock 12.4 5.2 18.8 12.1 Aggregate purchase price $ 808.8 $ 400.5 $ 1,313.5 $ 901.3 |
Statements Of Cash Flows |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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. 26, 2023 Nov. 27, 2022 Net cash interest payments $ 212.2 $ 154.3 Net income tax payments $ 207.0 $ 365.4 |
Retirement And Postemployment Benefits |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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 Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Service cost $ 14.4 $ 17.5 $ 1.2 $ 1.2 $ 1.9 $ 2.1 Interest cost 74.1 64.6 5.4 4.5 1.0 0.8 Expected return on plan assets (106.0) (105.0) (8.7) (7.8) - - Amortization of losses (gains) 21.5 28.4 (5.1) (4.8) (0.1) - Amortization of prior service costs (credits) 0.5 0.3 (5.5) (5.7) 0.2 0.1 Other adjustments - - - - 2.6 2.9 Curtailment gain (3.4) - - - - - Net expense (income) $ 1.1 $ 5.8 $ (12.7) $ (12.6) $ 5.6 $ 5.9 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Six-Month Period Ended Six-Month Period Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Service cost $ 28.6 $ 35.1 $ 2.4 $ 2.6 $ 3.7 $ 4.2 Interest cost 148.3 129.2 10.7 9.0 2.0 1.6 Expected return on plan assets (208.9) (210.0) (17.4) (15.6) - - Amortization of losses (gains) 43.0 56.7 (10.2) (9.7) (0.1) 0.1 Amortization of prior service costs (credits) 0.9 0.7 (10.9) (11.5) 0.3 0.2 Other adjustments - - - - 5.2 5.9 Curtailment gain (3.4) - - - - - Net expense (income) $ 8.5 $ 11.7 $ (25.4) $ (25.2) $ 11.1 $ 12.0 |
Income Taxes |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | (15) Income Taxes During the second quarter of fiscal 2024, we received a notice of proposed adjustment with a capital loss from fiscal 2019. We our position. We liquidity. During Alternative Minimum Tax 2023. liquidity. |
Contingencies |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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 Information |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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 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 employee corporate investments, and commodity positions corporate chain organization, our manufacturing, to maximize nor available by operating segment. Our operating segment results were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Net sales: North America Retail $ 3,305.0 $ 3,373.1 $ 6,378.0 $ 6,361.9 International 683.1 671.7 1,398.9 1,324.2 Pet 569.3 592.9 1,149.2 1,172.8 North America Foodservice 582.0 583.0 1,118.0 1,079.4 Total $ 5,139.4 $ 5,220.7 $ 10,044.1 $ 9,938.3 Operating profit: North America Retail $ 859.9 $ 837.1 $ 1,658.1 $ 1,614.9 International 34.6 17.8 84.6 52.6 Pet 102.5 86.6 213.7 209.7 North America Foodservice 95.5 81.5 154.6 135.1 Total segment operating $ 1,092.5 $ 1,023.0 $ 2,111.0 $ 2,012.3 Unallocated corporate items 157.1 212.1 244.4 545.1 Divestitures gain, net - - - (430.9) Restructuring, impairment, and other exit costs 123.6 11.1 124.8 12.7 Operating profit $ 811.8 $ 799.8 $ 1,741.8 $ 1,885.4 Net sales for our North America Retail operating units were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 U.S. Meals & Baking Solutions $ 1,343.3 $ 1,321.7 $ 2,285.2 $ 2,270.9 U.S. Snacks 836.3 892.9 1,790.8 1,780.1 U.S. Morning Foods 856.9 908.5 1,784.7 1,812.5 Canada 268.5 250.0 517.3 498.4 Total $ 3,305.0 $ 3,373.1 $ 6,378.0 $ 6,361.9 Net sales by class of similar products were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Snacks $ 1,037.3 $ 1,102.8 $ 2,174.0 $ 2,171.2 Cereal 776.9 810.9 1,594.8 1,625.6 Convenient meals 785.1 786.4 1,450.6 1,465.6 Dough 775.1 745.6 1,310.0 1,210.4 Pet 572.3 593.7 1,152.2 1,174.5 Baking mixes and ingredients 562.3 563.7 1,028.8 1,037.2 Yogurt 364.9 357.5 733.3 703.5 Super-premium ice cream 168.3 164.9 392.3 348.4 Other 97.2 95.2 208.1 201.9 Total $ 5,139.4 $ 5,220.7 $ 10,044.1 $ 9,938.3 |
Restructuring, Impairment, And Other Exit Costs (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Restructuring, Impairment, And Other Exit Costs [Abstract] | |
Restructuring And Impairment Charges | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Goodwill impairment $ 117.1 $ - $ 117.1 $ - Commercial strategy action 5.1 - 5.1 - Charges associated with restructuring actions 9.7 11.6 19.5 13.9 Total $ 131.9 $ 11.6 $ 141.7 $ 13.9 |
Restructuring, Impairment Charges And Project-Related Costs | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Restructuring, impairment, and other exit costs $ 123.6 $ 11.1 $ 124.8 $ 12.7 Cost of sales 8.3 0.5 16.9 1.2 Total restructuring $ 131.9 $ 11.6 $ 141.7 $ 13.9 Project-related costs classified in cost of sales $ 0.3 $ - $ 1.1 $ - |
Rollforward Of Restructuring And Other Exit Cost Reserves | In Millions Total Reserve balance as of May 28, 2023 $ 47.7 Fiscal 2024 charges, including foreign currency translation 1.7 Utilized in fiscal 2024 (16.3) Reserve balance as of Nov. 26, 2023 $ 33.1 |
Goodwill And Other Intangible Assets (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Goodwill And Other Intangible Assets [Abstract] | |
Components Of Goodwill And Other Intangible Assets | In Millions Nov. 26, 2023 May 28, 2023 Goodwill $ 14,441.8 $ 14,511.2 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,717.2 6,712.4 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 387.0 386.3 Less accumulated amortization (140.9) (131.1) Intangible assets subject to amortization, net 246.1 255.2 Other intangible assets 6,963.3 6,967.6 Total $ 21,405.1 $ 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 (0.2) - (0.1) 13.3 7.8 20.8 Balance as of Nov. 26, 2023 $ 6,542.2 $ 6,062.8 $ 805.5 $ 604.6 $ 426.7 $ 14,441.8 |
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 (4.3) Balance as of Nov. 26, 2023 $ 6,963.3 |
Inventories (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Inventories [Abstract] | |
Schedule Of Components Of Inventories | In Millions Nov. 26, 2023 May 28, 2023 Finished goods $ 2,053.1 $ 2,066.9 Raw materials and packaging 528.0 572.2 Grain 138.5 133.8 Excess of FIFO over LIFO cost (553.6) (600.9) Total $ 2,166.0 $ 2,172.0 |
Risk Management Activities (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Risk Management Activities [Abstract] | |
Schedule of Unallocated Corporate items | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Net loss on mark-to-market valuation of certain $ (38.2) $ (20.9) $ (9.8) $ (93.2) Net loss (gain) on commodity positions reclassified from 14.6 (20.5) 17.8 (63.5) Net mark-to-market revaluation of certain grain inventories (1.5) 16.3 11.8 (43.1) Net mark-to-market valuation of certain commodity $ (25.1) $ (25.1) $ 19.8 $ (199.8) |
Debt (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Debt [Abstract] | |
Schedule Of Components Of Notes Payable | In Millions Nov. 26, 2023 May 28, 2023 U.S. commercial paper $ 730.7 $ - Financial institutions 68.5 31.7 Total $ 799.2 $ 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 0.1 Total committed $ 3.3 $ 0.1 |
Stockholders' Equity (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Stockholders' Equity [Abstract] | |
Schedule of Total Comprehensive Income (Loss) | Quarter Ended Quarter Ended Nov. 26, 2023 Nov. 27, 2022 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 595.5 $ 6.8 $ 605.9 $ 2.4 Other comprehensive (loss) income: Foreign currency translation $ (32.4) $ 9.8 (22.6) 0.3 $ (144.7) $ 29.1 (115.6) 0.6 Other fair value changes: Hedge derivatives 2.5 (0.6) 1.9 - 26.8 (6.0) 20.8 - Reclassification to earnings: Hedge derivatives (a) (3.4) 1.0 (2.4) - 1.8 (0.8) 1.0 - Amortization of losses and 11.5 (2.3) 9.2 - 18.3 (4.1) 14.2 - Other comprehensive (loss) income $ (21.8) $ 7.9 (13.9) 0.3 $ (97.8) $ 18.2 (79.6) 0.6 Total comprehensive income $ 581.6 $ 7.1 $ 526.3 $ 3.0 (a) (b) (a) (b) (c) Six-Month Period Ended Six-Month Period Ended Nov. 26, 2023 Nov. 27, 2022 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 1,269.0 $ 13.6 $ 1,425.9 $ 5.7 Other comprehensive (loss) income: Foreign currency translation $ (54.4) $ 13.6 (40.8) 0.4 $ (86.7) $ (23.8) (110.5) (0.7) Other fair value changes: Hedge derivatives (0.2) (0.2) (0.4) - (23.0) 5.5 (17.5) - Reclassification to earnings: Foreign currency translation (a) - - - - (7.4) - (7.4) - Hedge derivatives (b) (4.7) 2.5 (2.2) - (0.1) (0.3) (0.4) - Amortization of losses and 23.0 (4.7) 18.3 - 36.5 (8.2) 28.3 - Other comprehensive (loss) income $ (36.3) $ 11.2 (25.1) 0.4 $ (80.7) $ (26.8) (107.5) (0.7) Total comprehensive income $ 1,243.9 $ 14.0 $ 1,318.4 $ 5.0 |
Schedule Of Accumulated Other Comprehensive Income (Loss) | In Millions Nov. 26, 2023 May 28, 2023 Foreign currency translation adjustments $ (749.4) $ (708.6) Unrealized gain from hedge derivatives 3.3 5.9 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,642.8) (1,670.6) Prior service credits 86.9 96.4 Accumulated other comprehensive loss $ (2,302.0) $ (2,276.9) |
Stock Plans (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Stock Plans [Abstract] | |
Schedule Of Compensation Expense Related To Stock-Based Payments | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Compensation expense related to stock-based payments $ 23.1 $ 24.1 $ 58.5 $ 57.6 Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Windfall tax benefits from stock-based payments $ 0.5 $ 5.6 $ 8.9 $ 18.4 |
Net Cash Proceeds And Intrinsic Value Of Options Exercised | Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Net cash proceeds $ 5.7 $ 118.5 Intrinsic value of options exercised $ 2.3 $ 55.7 |
Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model | Six-Month Period Ended Nov. 26, 2023 Nov. 27, 2022 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 21.4 % 20.9 % Dividend yield 2.8 % 3.1 % |
Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity | Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Total grant date fair $ 87.4 $ 102.6 |
Earnings Per Share (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted EPS | Quarter Ended Six-Month Period Ended In Millions, Except per Share Data Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Net earnings attributable to General Mills $ 595.5 $ 605.9 $ 1,269.0 $ 1,425.9 Average number 580.1 595.9 583.2 598.0 Incremental share effect from: (a) Stock options 1.4 3.7 2.1 3.6 Restricted stock units and performance share units 1.9 2.4 2.1 2.4 Average number 583.4 602.0 587.4 604.0 Earnings per share – basic $ 1.03 $ 1.01 $ 2.18 $ 2.38 Earnings per share – diluted $ 1.02 $ 1.01 $ 2.16 $ 2.36 (a) method. |
Stock Options And Restricted Units Not Dilutive | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Anti-dilutive stock options, restricted stock units, and 4.5 1.0 2.4 1.0 |
Share Repurchases (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Share Repurchases [Abstract] | |
Share Repurchases | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Shares of common stock 12.4 5.2 18.8 12.1 Aggregate purchase price $ 808.8 $ 400.5 $ 1,313.5 $ 901.3 |
Statements Of Cash Flows (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Statements Of Cash Flows [Abstract] | |
Consolidated Statements Of Cash Flows Supplemental Disclosures | Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Net cash interest payments $ 212.2 $ 154.3 Net income tax payments $ 207.0 $ 365.4 |
Retirement And Postemployment Benefits (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
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 Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Service cost $ 14.4 $ 17.5 $ 1.2 $ 1.2 $ 1.9 $ 2.1 Interest cost 74.1 64.6 5.4 4.5 1.0 0.8 Expected return on plan assets (106.0) (105.0) (8.7) (7.8) - - Amortization of losses (gains) 21.5 28.4 (5.1) (4.8) (0.1) - Amortization of prior service costs (credits) 0.5 0.3 (5.5) (5.7) 0.2 0.1 Other adjustments - - - - 2.6 2.9 Curtailment gain (3.4) - - - - - Net expense (income) $ 1.1 $ 5.8 $ (12.7) $ (12.6) $ 5.6 $ 5.9 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Six-Month Period Ended Six-Month Period Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Service cost $ 28.6 $ 35.1 $ 2.4 $ 2.6 $ 3.7 $ 4.2 Interest cost 148.3 129.2 10.7 9.0 2.0 1.6 Expected return on plan assets (208.9) (210.0) (17.4) (15.6) - - Amortization of losses (gains) 43.0 56.7 (10.2) (9.7) (0.1) 0.1 Amortization of prior service costs (credits) 0.9 0.7 (10.9) (11.5) 0.3 0.2 Other adjustments - - - - 5.2 5.9 Curtailment gain (3.4) - - - - - Net expense (income) $ 8.5 $ 11.7 $ (25.4) $ (25.2) $ 11.1 $ 12.0 |
Business Segment And Geographic Information (Tables) |
6 Months Ended |
---|---|
Nov. 26, 2023 | |
Business Segment And Geographic Information [Abstract] | |
Operating Segment Results | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Net sales: North America Retail $ 3,305.0 $ 3,373.1 $ 6,378.0 $ 6,361.9 International 683.1 671.7 1,398.9 1,324.2 Pet 569.3 592.9 1,149.2 1,172.8 North America Foodservice 582.0 583.0 1,118.0 1,079.4 Total $ 5,139.4 $ 5,220.7 $ 10,044.1 $ 9,938.3 Operating profit: North America Retail $ 859.9 $ 837.1 $ 1,658.1 $ 1,614.9 International 34.6 17.8 84.6 52.6 Pet 102.5 86.6 213.7 209.7 North America Foodservice 95.5 81.5 154.6 135.1 Total segment operating $ 1,092.5 $ 1,023.0 $ 2,111.0 $ 2,012.3 Unallocated corporate items 157.1 212.1 244.4 545.1 Divestitures gain, net - - - (430.9) Restructuring, impairment, and other exit costs 123.6 11.1 124.8 12.7 Operating profit $ 811.8 $ 799.8 $ 1,741.8 $ 1,885.4 Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 U.S. Meals & Baking Solutions $ 1,343.3 $ 1,321.7 $ 2,285.2 $ 2,270.9 U.S. Snacks 836.3 892.9 1,790.8 1,780.1 U.S. Morning Foods 856.9 908.5 1,784.7 1,812.5 Canada 268.5 250.0 517.3 498.4 Total $ 3,305.0 $ 3,373.1 $ 6,378.0 $ 6,361.9 |
Net Sales By Class Of Similar Products | Quarter Ended Six-Month Period Ended In Millions Nov. 26, 2023 Nov. 27, 2022 Nov. 26, 2023 Nov. 27, 2022 Snacks $ 1,037.3 $ 1,102.8 $ 2,174.0 $ 2,171.2 Cereal 776.9 810.9 1,594.8 1,625.6 Convenient meals 785.1 786.4 1,450.6 1,465.6 Dough 775.1 745.6 1,310.0 1,210.4 Pet 572.3 593.7 1,152.2 1,174.5 Baking mixes and ingredients 562.3 563.7 1,028.8 1,037.2 Yogurt 364.9 357.5 733.3 703.5 Super-premium ice cream 168.3 164.9 392.3 348.4 Other 97.2 95.2 208.1 201.9 Total $ 5,139.4 $ 5,220.7 $ 10,044.1 $ 9,938.3 |
Acquisition and Divestiture (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Aug. 28, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
May 28, 2023 |
|
Business Acquisition [Line Items] | ||||||
Pre-tax gain (loss) on sale of business | $ 0.0 | $ 0.0 | $ 0.0 | $ 430.9 | ||
Goodwill | $ 14,441.8 | $ 14,441.8 | $ 14,511.2 | |||
TNT Crust [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Consideration Transferred | $ 253.0 | |||||
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, and Other Exit Costs (Restructuring And Impairment Charges) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Restructuring and Related Cost [Line Items] | ||||
Goodwill impairment | $ 117.1 | $ 0.0 | $ 117.1 | $ 0.0 |
Restructuring charges (recoveries) | 131.9 | 11.6 | 141.7 | 13.9 |
Commercial Strategy Action [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries) | 5.1 | 0.0 | 5.1 | 0.0 |
Charges associated with restructuring actions previously announced [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries) | $ 9.7 | $ 11.6 | $ 19.5 | $ 13.9 |
Restructuring, Impairment, and Other Exit Costs (Restructuring, Impairment Charges And Project-Related Costs) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges | $ 131.9 | $ 11.6 | $ 141.7 | $ 13.9 |
Project-related costs classified in cost of sales | 0.3 | 0.0 | 1.1 | 0.0 |
Restructuring, Impairment and Other Exit Costs [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges | 123.6 | 11.1 | 124.8 | 12.7 |
Cost of Sales [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges | $ 8.3 | $ 0.5 | $ 16.9 | $ 1.2 |
Restructuring, Impairment, and Other Exit Costs (Rollforward Of Restructuring And Other Exit Cost Reserves) (Details) $ in Millions |
6 Months Ended |
---|---|
Nov. 26, 2023
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Reserve beginning balance | $ 47.7 |
Fiscal 2024 charges, including foreign currency translation | 1.7 |
Utilized in fiscal 2024 | (16.3) |
Reserve ending balance | $ 33.1 |
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Goodwill and Intangible Assets [Line Items] | ||||
Future amortization expense, year one | $ 20.0 | $ 20.0 | ||
Future amortization expense, year two | 20.0 | 20.0 | ||
Future amortization expense, year three | 20.0 | 20.0 | ||
Future amortization expense, year four | 20.0 | 20.0 | ||
Future amortization expense, year five | 20.0 | 20.0 | ||
Goodwill impairment | 117.1 | $ 0.0 | 117.1 | $ 0.0 |
International [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill impairment | $ 117.1 | $ 117.1 |
Goodwill and Other Intangible Assets (Components Of Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Millions |
Nov. 26, 2023 |
May 28, 2023 |
---|---|---|
Goodwill And Other Intangible Assets [Abstract] | ||
Goodwill | $ 14,441.8 | $ 14,511.2 |
Intangible assets not subject to amortization: | ||
Brands and other indefinite-lived intangibles | 6,717.2 | 6,712.4 |
Intangible assets subject to amortization: | ||
Customer relationships and other finite-lived intangibles | 387.0 | 386.3 |
Less accumulated amortization | (140.9) | (131.1) |
Intangible assets subject to amortization, net | 246.1 | 255.2 |
Other intangible assets | 6,963.3 | 6,967.6 |
Total | $ 21,405.1 | $ 21,478.8 |
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Other Intangible Assets) (Details) $ in Millions |
6 Months Ended |
---|---|
Nov. 26, 2023
USD ($)
| |
Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Beginning balance - carrying value | $ 6,967.6 |
Amortization, net of foreign currency translation | (4.3) |
Ending balance - carrying value | $ 6,963.3 |
Inventories (Schedule Of Components Of Inventories) (Details) - USD ($) $ in Millions |
Nov. 26, 2023 |
May 28, 2023 |
---|---|---|
Inventories [Abstract] | ||
Finished goods | $ 2,053.1 | $ 2,066.9 |
Raw materials and packaging | 528.0 | 572.2 |
Grain | 138.5 | 133.8 |
Excess of FIFO over LIFO cost | (553.6) | (600.9) |
Total | $ 2,166.0 | $ 2,172.0 |
Risk Management Activities (Narrative) (Details) € in Millions, $ in Millions |
6 Months Ended | ||
---|---|---|---|
Nov. 26, 2023
USD ($)
|
Nov. 26, 2023
EUR (€)
|
May 28, 2023
USD ($)
|
|
Derivative [Line Items] | |||
Accounts payable to suppliers who utilize third party service | $ 1,388.2 | $ 1,430.1 | |
Euro Denominated Bonds Used For Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | € | € 2,960.0 | ||
Commodity Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 420.8 | ||
Average period of utilization | 12 months | ||
Agricultural Related Derivative [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 258.3 | ||
Energy Related Derivative [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 162.5 |
Risk Management Activities (Schedule Of Unallocated Corporate items) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Commodity Price Risk [Abstract] | ||||
Net loss on mark-to-market valuation of commodity positions | $ (38.2) | $ (20.9) | $ (9.8) | $ (93.2) |
Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit | 14.6 | (20.5) | 17.8 | (63.5) |
Net mark-to-market revaluation of certain grain inventories | (1.5) | 16.3 | 11.8 | (43.1) |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ (25.1) | $ (25.1) | $ 19.8 | $ (199.8) |
Debt (Schedule Of Components Of Notes Payable) (Details) - USD ($) $ in Millions |
Nov. 26, 2023 |
May 28, 2023 |
---|---|---|
Short-term Debt [Line Items] | ||
Notes payable | $ 799.2 | $ 31.7 |
U.S. commercial paper [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 730.7 | 0.0 |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 68.5 | $ 31.7 |
Debt (Schedule Of Fee-Paid Committed and Uncommitted Credit Lines) (Details) $ in Billions |
Nov. 26, 2023
USD ($)
|
---|---|
Line of Credit Facility [Line Items] | |
Facility Amount | $ 3.3 |
Borrowed Amount | 0.1 |
Line Of Credit Expiring April 2026 [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 2.7 |
Borrowed Amount | 0.0 |
Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 0.6 |
Borrowed Amount | $ 0.1 |
Noncontrolling Interests (Narrative) (Details) $ in Millions |
6 Months Ended |
---|---|
Nov. 26, 2023
USD ($)
| |
Noncontrolling Interest [Line Items] | |
Noncontrolling interests covenant compliance | Our noncontrolling interests contain restrictive covenants. As of November 26, 2023, 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 Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
Nov. 26, 2023 |
May 28, 2023 |
---|---|---|
Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
Foreign currency translation adjustments | $ (749.4) | $ (708.6) |
Unrealized gain from: | ||
Hedge derivatives | 3.3 | 5.9 |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial loss | (1,642.8) | (1,670.6) |
Prior service credits | 86.9 | 96.4 |
Accumulated other comprehensive loss | $ (2,302.0) | $ (2,276.9) |
Stock Plans (Narrative) (Details) $ in Millions |
6 Months Ended |
---|---|
Nov. 26, 2023
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 | $ 149.8 |
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] | |
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 Compensation Expense Related To Stock-Based Payments) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Windfall tax benefits from stock-based payments | $ 0.5 | $ 5.6 | $ 8.9 | $ 18.4 |
Compensation expense related to stock-based payments | $ 23.1 | $ 24.1 | $ 58.5 | $ 57.6 |
Stock Plans (Net Cash Proceeds And Intrinsic Value Of Options Exercised) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Stock Plans [Abstract] | ||
Net cash proceeds | $ 5.7 | $ 118.5 |
Intrinsic value of options exercised | $ 2.3 | $ 55.7 |
Stock Plans (Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model) (Details) - $ / shares |
6 Months Ended | |
---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Stock Plans [Abstract] | ||
Estimated fair values of stock options granted | $ 17.47 | $ 14.16 |
Assumptions: | ||
Risk-free interest rate | 4.00% | 3.30% |
Expected term | 8 years 6 months | 8 years 6 months |
Expected volatility | 21.40% | 20.90% |
Dividend yield | 2.80% | 3.10% |
Stock Plans (Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Stock Plans [Abstract] | ||
Total grant date fair value | $ 87.4 | $ 102.6 |
Share Repurchases (Share Repurchases) (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Share Repurchases [Abstract] | ||||
Shares of common stock | 12.4 | 5.2 | 18.8 | 12.1 |
Aggregate purchase price | $ 808.8 | $ 400.5 | $ 1,313.5 | $ 901.3 |
Statements of Cash Flows (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Nov. 26, 2023 |
Nov. 27, 2022 |
|
Statements Of Cash Flows [Abstract] | ||
Net cash interest payments | $ 212.2 | $ 154.3 |
Net income tax payments | $ 207.0 | $ 365.4 |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Nov. 26, 2023 | |
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 |
1 Year General Mills Chart |
1 Month General Mills Chart |
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