Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Feb. 28, 2021 |
Feb. 23, 2020 |
Feb. 28, 2021 |
Feb. 23, 2020 |
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| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [ABSTRACT] | ||||
| Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 603.8 | $ 463.9 | $ 1,946.1 | $ 1,583.8 |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation | 12.5 | (22.0) | 102.4 | (28.5) |
| Other fair value changes: | ||||
| Hedge derivatives | 0.1 | (6.4) | (10.1) | (15.4) |
| Reclassification to earnings: | ||||
| Hedge derivatives | 5.4 | 4.0 | 4.7 | 3.6 |
| Amortization of losses and prior service costs | 19.8 | 19.6 | 59.1 | 58.8 |
| Other comprehensive income (loss), net of tax | 37.8 | (4.8) | 156.1 | 18.5 |
| Total comprehensive income | 641.6 | 459.1 | 2,102.2 | 1,602.3 |
| Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 21.0 | (0.3) | 107.5 | 5.9 |
| Comprehensive income attributable to General Mills | $ 620.6 | $ 459.4 | $ 1,994.7 | $ 1,596.4 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions |
Feb. 28, 2021 |
May 31, 2020 |
Feb. 23, 2020 |
|---|---|---|---|
| Stockholders' equity: | |||
| Common stock, shares issued | 754.6 | 754.6 | |
| Common stock, par value | $ 0.10 | $ 0.1 | $ 0.1 |
| Common stock in treasury, shares | 142.8 | 144.8 |
Consolidated Statements of Total Equity and Redeemable Interest (Unaudited) (Parenthetical) - $ / shares shares in Billions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
Feb. 28, 2021 |
Feb. 23, 2020 |
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| CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) (Parenthetical) [ABSTRACT] | ||||
| Par Value Common Stock | $ 0.10 | $ 0.1 | $ 0.10 | $ 0.1 |
| Common Stock, Shares Authorized | 1 | 1 | 1 | 1 |
| Cash dividends declared per share | $ 0.51 | $ 0.98 | $ 2.02 | $ 1.96 |
Background |
9 Months Ended |
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Feb. 28, 2021 | |
| Background [Abstract] | |
| Background | (1) Background
The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions and any noncontrolling and redeemable interests’ share of those transactions. Operating results for the quarter ended February 28, 2021, are not necessarily indicative of the results that may be expected for the fiscal year ending May 30, 2021.
These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K with the exception of new requirements adopted in the first quarter of fiscal 2021.
In the first quarter of fiscal 2021, we adopted new accounting requirements related to the measurement of credit losses on financial instruments, including trade receivables. The new standard and subsequent amendments replace the incurred loss impairment model with a forward-looking expected credit loss model, which will generally result in earlier recognition of credit losses. Our allowance for doubtful accounts represents our estimate of expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as geographic location, business channel, and other account data. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. Account balances are written off against the allowance when we deem the amount is uncollectible. We adopted the requirements of the new standard and subsequent amendments using the modified retrospective transition approach, and recorded a decrease to retained earnings of $5.7 million after-tax.
Certain terms used throughout this report are defined in the “Glossary” section below. |
Restructuring, Impairment, and Other Exit Costs |
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| Restructuring, Impairment, and Other Exit Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring, Impairment, and Other Exit Costs | (2) Restructuring, Impairment, and Other Exit Costs
Restructuring charges were as follows:
In the third quarter of fiscal 2021, we approved restructuring actions to leverage more efficient and effective route-to-market models and to optimize our supply chain in our Asia & Latin America segment. We expect to incur approximately $21 million of restructuring charges related to these actions, of which approximately $15 million will be cash. These charges are expected to consist of approximately $10 million of severance and $11 million of other costs, primarily asset write-offs. We recognized $8.9 million of severance and $2.6 million of other costs in the third quarter of fiscal 2021 related to these actions. We expect these actions to be completed by the end of the first quarter of fiscal .
The charges associated with restructuring actions previously announced primarily relate to actions to drive efficiencies in targeted areas of our global supply chain. We expect these actions to be completed by the end of fiscal .
Certain actions are subject to union negotiations and works counsel consultations, where required.
We paid net $7.9 million of cash in the nine-month period ended February 28, 2021, related to restructuring actions. We paid net $16.6 million of cash in the same period of fiscal 2020.
Restructuring and impairment charges and project-related costs are recorded in our Consolidated Statements of Earnings as follows:
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Goodwill and Other Intangible Assets |
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| Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | (3) Goodwill and Other Intangible Assets
The components of goodwill and other intangible assets are as follows:
Based on the carrying value of finite-lived intangible assets as of February 28, 2021, annual amortization expense for each of the next five fiscal years is estimated to be approximately $40 million.
The changes in the carrying amount of goodwill during the nine-month period ended February 28, 2021 were as follows:
Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of fiscal 2021, and we determined there was no impairment of our intangible assets as their related fair values were substantially in excess of the carrying values.
While having significant coverage as of our fiscal 2021 assessment date, the Europe & Australia reporting unit and the Progresso, Green Giant, and EPIC brand intangible assets had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment. |
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Inventories |
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| Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||
| Inventories | (4) Inventories
The components of inventories were as follows:
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Risk Management Activities |
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| Risk Management Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Management Activities | (5) Risk Management Activities
Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible.
We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded currently in cost of sales in our Consolidated Statements of Earnings.
Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of measuring segment operating performance, these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure we are managing affects earnings. At that time we reclassify the gain or loss from unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items.
Unallocated corporate items for the quarters and nine-month periods ended February 28, 2021, and February 23, 2020, included:
As of February 28, 2021, the net notional value of commodity derivatives was $280.0 million, of which $52.0 million related to energy inputs and $228.0 million related to agricultural inputs. These contracts relate to inputs that generally will be utilized within the next 12 months.
In advance of planned debt financing, in the fourth quarter of fiscal 2020, we entered into $300.0 million of treasury locks due January 13, 2022 with an average fixed rate of 0.85 percent.
During the third quarter of fiscal 2020, we entered into a €600.0 million interest rate swap to convert our €600.0 million fixed rate notes due January 15, 2026, to a floating rate.
During the second quarter of fiscal 2020, we entered into a $500.0 million interest rate swap to convert a portion of our $850.0 million floating-rate notes due April 16, 2021, to a fixed rate.
The fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not material as of February 28, 2021, and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy. We did not significantly change our valuation techniques from prior periods.
We offer certain suppliers access to third party services that allow them to view our scheduled payments online. The third party services also allow suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party. We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third parties, or any financial institutions concerning these services. All of our accounts payable remain as obligations to our suppliers as stated in our supplier agreements. As of February 28, 2021, $1,420.3 million of our total accounts payable were payable to suppliers who utilize these third party services. |
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Debt |
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| Debt | (6) Debt
The components of notes payable were as follows:
To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States and Europe. We also have committed and asset-backed credit lines that support our foreign operations.
The following table details the fee-paid committed and uncommitted credit lines we had available as of February 28, 2021:
The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least times. We were in compliance with all credit facility covenants as of February 28, 2021.
Long-Term Debt
The fair values and carrying amounts of long-term debt, including the current portion, were $14,760.9 million and $13,666.4 million, respectively, as of February 28, 2021. The fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments. Long-term debt is a Level 2 liability in the fair value hierarchy.
In the third quarter of fiscal 2021, we completed an offer to exchange certain series of outstanding notes for a combination of newly issued notes and cash. Holders exchanged $603.9 million of notes previously issued with rates between 4.15 percent and 5.4 percent for $605.2 million of newly issued 3.0 percent fixed-rate notes due February 1, 2051 and $201.4 million of cash, representing a participation incentive.
In the second quarter of fiscal 2021, we issued €500.0 million principal amount of 0.0 percent fixed-rate notes due November 16, 2021. We used the net proceeds to repay €200.0 million of 0.0 percent fixed-rate notes and for general corporate purposes.
In the first quarter of fiscal 2021, we issued €500.0 million principal amount of 0.0 percent fixed-rate notes due August 21, 2021. We used the net proceeds, together with cash on hand, to repay €500.0 million of 2.1 percent fixed-rate notes.
In the fourth quarter of fiscal 2020, we issued $750.0 million of 2.875 percent fixed-rate notes due April 15, 2030. We used the net proceeds to repay a portion of our outstanding commercial paper and for general corporate purposes.
In the third quarter of fiscal 2020, we issued €600.0 million of 0.45 percent fixed-rate notes due January 15, 2026 and €200.0 million of 0.0 percent fixed-rate notes due November 16, 2020. We used the net proceeds, together with cash on hand, to repay €500.0 million of floating-rate notes and €300.0 million of 0.0 percent fixed-rate notes.
In the second quarter of fiscal 2020, we repaid $500.0 million of 2.2 percent fixed-rate notes with proceeds from commercial paper.
Certain of our long-term debt agreements contain restrictive covenants. As of February 28, 2021, we were in compliance with all of these covenants. |
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Redeemable and Noncontrolling Interests |
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Feb. 28, 2021 | |
| Redeemable and Noncontrolling Interests [Abstract] | |
| Redeemable and Noncontrolling Interests | (7) Redeemable and Noncontrolling Interests
We have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl. Sodiaal International (Sodiaal) holds the remaining interests in each of the entities. On the acquisition date, we recorded the $904.4 million fair value of Sodiaal’s 49 percent euro-denominated interest in Yoplait SAS as a redeemable interest on our Consolidated Balance Sheets. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. Yoplait SAS pays dividends annually if it meets certain financial metrics set forth in its shareholders’ agreement. As of February 28, 2021, the redemption value of the euro-denominated redeemable interest was $596.0 million.
A subsidiary of Yoplait SAS has an exclusive milk supply agreement for its European operations with Sodiaal through July 1, 2021. Net purchases totaled $155.0 million for the nine-month period ended February 28, 2021, and $141.4 million for the nine-month period ended February 23, 2020.
On the acquisition dates, we recorded the $281.4 million fair value of Sodiaal’s 50 percent euro-denominated interest in Yoplait Marques SNC and 50 percent Canadian dollar-denominated interest in Liberté Marques Sàrl as noncontrolling interests on our Consolidated Balance Sheets. Yoplait Marques SNC earns a royalty stream through a licensing agreement with Yoplait SAS for the rights to Yoplait and related trademarks. Liberté Marques Sàrl earns a royalty stream through licensing agreements with certain Yoplait group companies for the rights to Liberté and related trademarks. These entities pay dividends annually based on their available cash as of their fiscal year end.
The third-party holder of the General Mills Cereals, LLC (GMC) Class A Interests receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder’s capital account balance established in the most recent mark-to-market valuation (currently $251.5 million). On June 1, 2018, the floating preferred return rate on GMC’s Class A Interests was reset to the sum of three-month LIBOR plus 142.5 basis points. The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Interest holder or through a remarketing auction.
Our noncontrolling interests contain restrictive covenants. As of February 28, 2021, we were in compliance with all of these covenants. |
Stockholders' Equity |
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| Stockholders' Equity | (8) Stockholders’ Equity
The following tables provide details of total comprehensive income:
(a)Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.
(a)Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Accumulated other comprehensive loss balances, net of tax effects, were as follows:
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| Stock Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Plans | (9) Stock Plans
We have various stock-based compensation programs under which awards, including stock options, restricted stock, restricted stock units, and performance awards, may be granted to employees and non-employee directors. These programs and related accounting are described in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020.
Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:
As of February 28, 2021, unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $123.2 million. This expense will be recognized over 21 months, on average.
Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised were as follows:
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 31, 2020.
The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows:
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | (10) Earnings Per Share
Basic and diluted earnings per share (EPS) were calculated using the following:
(a)Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method.
Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because they were not dilutive were as follows:
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| Statements of Cash Flows [Abstract] | |||||||||||||||||||||||||
| Statements of Cash Flows | (11) Statements of Cash Flows
Our Consolidated Statements of Cash Flows include the following:
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Retirement and Postemployment Benefits |
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| Retirement and Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement and Postemployment Benefits | (12) Retirement and Postemployment Benefits
Components of net periodic benefit (income) expense are as follows:
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Income Taxes |
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| Income Taxes [Abstract] | |
| Income Taxes | (13) Income Taxes
During the first quarter of fiscal 2020, we reorganized certain wholly owned subsidiaries, including the movement of certain assets between legal entities. As a result of these actions, we recorded a $53.1 million decrease to our deferred income tax liabilities, with a corresponding discrete, non-cash reduction to income taxes in the first quarter of fiscal 2020. |
Contingencies |
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Feb. 28, 2021 | |
| Contingencies [Abstract] | |
| Contingencies | (14) Contingencies
During fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we have meritorious defenses against this claim and will vigorously defend our position. As of February 28, 2021, we are unable to estimate any possible loss and have not recorded a loss contingency for this matter. |
Business Segment and Geographic Information |
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| Business Segment and Geographic Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segment and Geographic Information | (15) Business Segment and Geographic Information
We operate in the packaged foods industry. Our operating segments are as follows: North America Retail; Europe & Australia; Pet; Convenience Stores & Foodservice; and Asia & Latin America.
Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers. Our product categories in this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of organic products including ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks, snack bars, and refrigerated yogurt.
Our Europe & Australia operating segment reflects retail and foodservice businesses in the greater Europe and Australia regions. Our product categories include refrigerated yogurt, meal kits, snack bars, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, and dessert and baking mixes. Revenues from franchise fees are reported in the region or country where the franchisee is located.
Our Pet operating segment includes pet food products sold primarily in the United States in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Our product categories include dog and cat food (dry foods, wet foods, and treats) made with whole meats, fruits, and vegetables and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs and span different product types, diet types, breed sizes for dogs, lifestages, flavors, product functions and textures, and cuts for wet foods.
Our Asia & Latin America operating segment consists of retail and foodservice businesses in the greater Asia and South America regions. Our product categories include super-premium ice cream and frozen desserts, meal kits, dessert and baking mixes, snack bars, salty snacks, refrigerated and frozen dough products, and wellness beverages. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our Asia & Latin America segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from export activities and franchise fees are reported in the region or country where the end customer or franchisee is located.
Our major product categories in our Convenience Stores & Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, baking mixes, and bakery flour. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, convenience stores, vending, and supermarket bakeries in the United States.
Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring, impairment, and other exit costs. Unallocated corporate items include corporate overhead expenses, variances to planned North American employee benefits and incentives, contributions to the General Mills Foundation, asset and liability remeasurement impact of hyperinflationary economies, restructuring initiative project-related costs, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment.
Our operating segment results were as follows:
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Significant Accounting Policies (Policies) |
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| New Accounting Pronouncements [Abstract] | |
| Credit Loss Financial Instrument [Policy Text Block] | In the first quarter of fiscal 2021, we adopted new accounting requirements related to the measurement of credit losses on financial instruments, including trade receivables. The new standard and subsequent amendments replace the incurred loss impairment model with a forward-looking expected credit loss model, which will generally result in earlier recognition of credit losses. Our allowance for doubtful accounts represents our estimate of expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as geographic location, business channel, and other account data. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. Account balances are written off against the allowance when we deem the amount is uncollectible. We adopted the requirements of the new standard and subsequent amendments using the modified retrospective transition approach, and recorded a decrease to retained earnings of $5.7 million after-tax.
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Restructuring, Impairment, and Other Exit Costs (Tables) |
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| Restructuring, Impairment, and Other Exit Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of restructuring charges and project-related costs presentation [Table Text Block] |
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Goodwill and Other Intangible Assets (Tables) |
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| Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of goodwill and other intangible assets [Table Text Block] |
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| Schedule of changes in the carrying amount of goodwill [Table Text Block] |
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| Schedule of changes in the carrying amount of other intangible assets [Table Text Block] |
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Inventories (Tables) |
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| Schedule of components of inventories [Table Text Block] |
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Risk Management Activities (Tables) |
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| Schedule of unallocated corporate items [Table Text Block] |
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Debt (Tables) |
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| Schedule of components of notes payable [Table Text Block] |
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| Schedule of fee-paid committed and uncommitted credit lines [Table Text Block] | The following table details the fee-paid committed and uncommitted credit lines we had available as of February 28, 2021:
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Stockholders' Equity (Tables) |
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| Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of total comprehensive income [Table Text Block] |
(a)Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.
(a)Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. |
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| Schedule of accumulated other comprehensive income, net of tax effects [Table Text Block] |
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Stock Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of compensation expense related to stock-based payments [Table Text Block] |
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| Schedule of net cash proceeds received from the exercise of stock options [Table Text Block] |
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| Schedule of estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] |
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| Schedule of information on restricted stock and performance share unit activity [Table Text Block] |
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Earnings per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings per share [Table Text Block] |
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| Schedule of anti-dulitive stock options, restricted stock units and performance share units [Table Text Block] |
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Statements of Cash Flows (Tables) |
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Feb. 28, 2021 | |||||||||||||||||||||||||
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| Consolidated Statements of Cash Flows [Table Text Block] |
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Retirement and Postemployment Benefits (Tables) |
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| Retirement and Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of net periodic benefit expense [Table Text Block] |
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Business Segment and Geographic Information (Tables) |
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| Business Segment and Geographic Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of operating segment results [Table Text Block] |
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| Net sales by class of similar products [Table Text Block] |
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Background (Details) - USD ($) $ in Millions |
Feb. 28, 2021 |
Nov. 29, 2020 |
May 31, 2020 |
Feb. 23, 2020 |
Nov. 24, 2019 |
May 26, 2019 |
|---|---|---|---|---|---|---|
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | ||||||
| Equity | $ 9,187.9 | $ 8,852.6 | $ 8,349.5 | $ 7,860.1 | $ 8,020.6 | $ 7,367.7 |
| Retained Earnings [Member] | ||||||
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | ||||||
| Equity | $ 16,655.0 | $ 16,374.2 | 15,982.1 | $ 15,360.0 | $ 15,501.8 | 14,996.7 |
| Retained Earnings [Member] | Cumulative Effect Period Of Adoption [Member] | ||||||
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | ||||||
| Equity | $ (5.7) | $ 0.0 |
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
Feb. 28, 2021 |
Feb. 23, 2020 |
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| Restructuring and Related Cost [Line Items] | ||||
| Total restructuring and impairment charges | $ 11.7 | $ 12.4 | $ 13.6 | $ 37.2 |
| Asia & Latin America route-to-market and supply chain optimization [Member] | ||||
| Restructuring and Related Cost [Line Items] | ||||
| Total restructuring and impairment charges | 11.5 | 0.0 | 11.5 | 0.0 |
| Charges associated with restructuring actions previously announced [Member] | ||||
| Restructuring and Related Cost [Line Items] | ||||
| Total restructuring and impairment charges | $ 0.2 | $ 12.4 | $ 2.1 | $ 37.2 |
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges classification) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
Feb. 28, 2021 |
Feb. 23, 2020 |
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| Restructuring and Related Cost [Line Items] | ||||
| Total restructuring and impairment charges | $ 11.7 | $ 12.4 | $ 13.6 | $ 37.2 |
| Project-related costs classified in cost of sales | 0.0 | 0.4 | 0.0 | 1.1 |
| Restructuring, impairment, and other exit costs [Member] | ||||
| Restructuring and Related Cost [Line Items] | ||||
| Total restructuring and impairment charges | 11.0 | 5.8 | 11.9 | 12.9 |
| Cost of Sales [Member] | ||||
| Restructuring and Related Cost [Line Items] | ||||
| Total restructuring and impairment charges | $ 0.7 | $ 6.6 | $ 1.7 | $ 24.3 |
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions |
Feb. 28, 2021
USD ($)
|
|---|---|
| Goodwill and Other Intangible Assets [Abstract] | |
| Future Amortization Expense, Year One | $ 40 |
| Future Amortization Expense, Year Two | 40 |
| Future Amortization Expense, Year Three | 40 |
| Future Amortization Expense, Year Four | 40 |
| Future Amortization Expense, Year Five | $ 40 |
Goodwill and Other Intangible Assets (Schedule of components of goodwill and other intangible assets) (Details) - USD ($) $ in Millions |
Feb. 28, 2021 |
May 31, 2020 |
|---|---|---|
| Goodwill and Other Intangible Assets [Abstract] | ||
| Goodwill | $ 14,034.6 | $ 13,923.2 |
| Intangible assets not subject to amortization: | ||
| Brands and other indefinite-lived intangibles | 6,619.1 | 6,561.4 |
| Intangible assets subject to amortization: | ||
| Franchise agreements, customer relationships, and other finite-lived intangibles | 817.5 | 777.8 |
| Less accumulated amortization | (288.3) | (243.4) |
| Intangible assets subject to amortization, net | 529.2 | 534.4 |
| Other intangible assets | 7,148.3 | 7,095.8 |
| Total | $ 21,182.9 | $ 21,019.0 |
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of other intangible assets) (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Feb. 28, 2021
USD ($)
| |
| Indefinite-lived Intangible Assets [Line Items] | |
| Beginning balance | $ 7,095.8 |
| Other activity, primarily foreign currency translation | 52.5 |
| Ending balance | $ 7,148.3 |
Inventories (Details) - USD ($) $ in Millions |
Feb. 28, 2021 |
May 31, 2020 |
|---|---|---|
| Inventories [Abstract] | ||
| Raw materials and packaging | $ 420.4 | $ 392.2 |
| Finished goods | 1,418.5 | 1,142.6 |
| Grain | 119.0 | 93.6 |
| Excess of FIFO over LIFO cost | (199.1) | (202.1) |
| Total | $ 1,758.8 | $ 1,426.3 |
Risk Management Activities (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
Feb. 28, 2021 |
Feb. 23, 2020 |
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| Commodity Price Risk [Abstract] | ||||
| Net gain (loss) on mark-to-market valuation of certain commodity positions | $ 51.0 | $ (8.7) | $ 95.0 | $ (19.7) |
| Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit | (3.9) | 4.5 | 12.8 | 19.8 |
| Net mark-to-market revaluation of certain grain inventories | 8.6 | (4.4) | 10.2 | (1.1) |
| Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 55.7 | $ (8.6) | $ 118.0 | $ (1.0) |
Debt (Schedule of components of notes payable) (Details) - USD ($) $ in Millions |
Feb. 28, 2021 |
May 31, 2020 |
|---|---|---|
| Short-term Debt [Line Items] | ||
| Notes payable | $ 184.6 | $ 279.0 |
| U.S. commercial paper [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | 0.0 | 99.9 |
| Financial Institutions [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | $ 184.6 | $ 179.1 |
Debt (Schedule of fee-paid committed and uncommitted credit lines) (Details) $ in Billions |
9 Months Ended |
|---|---|
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Feb. 28, 2021
USD ($)
| |
| Line Of Credit Facility [Line Items] | |
| Facility Amount | $ 3.5 |
| Borrowed Amount | 0.2 |
| Committed Credit Facilities [Member] | |
| Line Of Credit Facility [Line Items] | |
| Facility Amount | 2.9 |
| Borrowed Amount | $ 0.1 |
| Minimum fixed charge coverage ratio | 2.5 |
| Line of Credit Expiring May 2022 [Member] | |
| Line Of Credit Facility [Line Items] | |
| Facility Amount | $ 2.7 |
| Borrowed Amount | $ 0.0 |
| Expiration date of credit facility | May 31, 2022 |
| Line Of Credit Expiring September 2022 [Member] | |
| Line Of Credit Facility [Line Items] | |
| Facility Amount | $ 0.2 |
| Borrowed Amount | $ 0.1 |
| Expiration date of credit facility | Sep. 17, 2022 |
| Uncommitted Credit Facilities [Member] | |
| Line Of Credit Facility [Line Items] | |
| Facility Amount | $ 0.6 |
| Borrowed Amount | $ 0.1 |
Stockholders' Equity (Schedule of accumulated other comprehensive loss balances, net of tax effects) (Details) - USD ($) $ in Millions |
Feb. 28, 2021 |
May 31, 2020 |
|---|---|---|
| Accumulated Other Comprehensive Loss, Net of Tax Effects [Abstract] | ||
| Foreign currency translation adjustments | $ (872.1) | $ (889.0) |
| Unrealized loss from: | ||
| Hedge derivatives | (16.9) | (12.6) |
| Pension, other postretirement, and postemployment benefits: | ||
| Net actuarial loss | (1,961.6) | (2,022.5) |
| Prior service credits | 7.9 | 9.7 |
| Accumulated other comprehensive loss | $ (2,842.7) | $ (2,914.4) |
Stock Plans (Narrative) (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Feb. 28, 2021
USD ($)
| |
| Share-based Compensation Allocation and Classification in Financial Statements [Abstract] | |
| Unrecognized compensation expense related to non-vested stock options, restricted stock, and performance share units | $ 123.2 |
| 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] | |
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and dividend yield. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting the other valuation assumptions is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020. |
Stock Plans (Schedule of compensation expense related to stock-based payments) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
Feb. 28, 2021 |
Feb. 23, 2020 |
|
| Stock Plans [Abstract] | ||||
| Compensation expense related to stock-based payments | $ 20.8 | $ 18.2 | $ 69.5 | $ 66.0 |
Stock Plans (Schedule of Windfall tax benefits from stock-based payments in income tax expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
Feb. 28, 2021 |
Feb. 23, 2020 |
|
| Stock Plans [Abstract] | ||||
| Windfall tax benefits from stock-based payments | $ 1.6 | $ 4.1 | $ 8.4 | $ 12.3 |
Stock Plans (Schedule of net cash proceeds received from the exercise of stock options) (Details) - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
|
| Stock Plans [Abstract] | ||
| Net cash proceeds | $ 39.4 | $ 109.4 |
| Intrinsic value of options exercised | $ 24.2 | $ 54.0 |
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. 28, 2021 |
Feb. 23, 2020 |
|
| Stock Plans [Abstract] | ||
| Estimated fair values of stock options granted | $ 8.03 | $ 7.10 |
| Assumptions: | ||
| Risk-free interest rate | 0.70% | 2.00% |
| Expected term | 8 years 6 months | 8 years 6 months |
| Expected volatility | 19.50% | 17.40% |
| Dividend yield | 3.30% | 3.60% |
Stock Plans (Schedule of information on restricted stock and performance award unit activity) (Details) - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Additional Disclosures [Abstract] | ||
| Total grant-date fair value | $ 73.0 | $ 57.1 |
Earnings per Share (Schedule of earnings per share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
Feb. 28, 2021 |
Feb. 23, 2020 |
|
| Earnings Per Share [Abstract] | ||||
| Net earnings attributable to General Mills | $ 595.7 | $ 454.1 | $ 1,923.0 | $ 1,555.5 |
| Average number of common shares - basic EPS | 615.0 | 607.9 | 614.6 | 607.1 |
| Earnings Per Share, Basic and Diluted [Abstract] | ||||
| Average number of common shares - diluted EPS | 619.4 | 612.8 | 619.6 | 612.1 |
| Earnings per share - basic | $ 0.97 | $ 0.75 | $ 3.13 | $ 2.56 |
| Earnings per share - diluted | $ 0.96 | $ 0.74 | $ 3.10 | $ 2.54 |
| Stock Options [Member] | ||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
| Incremental share effect | 2.0 | 2.6 | 2.6 | 2.8 |
| Restricted stock units and performance share units [Member] | ||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
| Incremental share effect | 2.4 | 2.3 | 2.4 | 2.2 |
Earnings per Share (Schedule of anti-dulitive stock options, restricted stock units and performance share units0 (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
Feb. 28, 2021 |
Feb. 23, 2020 |
|
| Other Disclosures [Abstract] | ||||
| Anti-dilutive stock options, restricted stock units and performance share units | 4.8 | 10.5 | 3.4 | 10.4 |
Statements of Cash Flows (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Feb. 28, 2021 |
Feb. 23, 2020 |
|
| Statements of Cash Flows [Abstract] | ||
| Net cash interest payments | $ 286.1 | $ 291.2 |
| Net income tax payments | $ 459.8 | $ 387.1 |
Income Taxes (Narrative) (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Aug. 25, 2019
USD ($)
| |
| Income Taxes [Abstract] | |
| Deferred Other Tax Expense Benefit | $ 53.1 |