GENERAL MILLS INC, 10-Q filed on 3/19/2025
Quarterly Report
v3.25.1
Cover Page - shares
 9 Months Ended
Feb. 23, 2025
Mar. 12, 2025
May 26, 2024
Cover [Abstract]      
Document Type 10-Q    
Document Quarterly Report true    
Amendment Flag false    
Entity Central Index Key 0000040704    
Document Period End Date Feb. 23, 2025    
Document Transition Report false    
Document Fiscal Period Focus Q3    
Document Fiscal Year Focus 2025    
Current Fiscal Year End Date --05-25    
Entity File Number 001-01185    
Entity Registrant Name GENERAL MILLS, INC.    
Entity Incorporation State Country Code DE    
Entity Tax Identification Number 41-0274440    
Entity Address Address Line 1 Number One General Mills Boulevard    
Entity Address City or Town Minneapolis    
Entity Address State or Province MN    
Entity Address Postal Zip Code 55426    
City Area Code (763)    
Local Phone Number 764-7600    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   547,600,534  
Shares held in the treasury 207,100,000 207,012,794 195,500,000
Common Stock, $.10 par value [Member]      
Entity Listings [Line Items]      
Security 12b Title Common Stock, $.10 par value    
Trading Symbol GIS    
Security Exchange Name NYSE    
0.125% Notes due 2025 [Member]      
Entity Listings [Line Items]      
Security 12b Title 0.125% Notes due 2025    
Trading Symbol GIS 25A    
Security Exchange Name NYSE    
0.450% Notes due 2026 [Member]      
Entity Listings [Line Items]      
Security 12b Title 0.450% Notes due 2026    
Trading Symbol GIS 26    
Security Exchange Name NYSE    
1.500% Notes due 2027 [Member]      
Entity Listings [Line Items]      
Security 12b Title 1.500% Notes due 2027    
Trading Symbol GIS 27    
Security Exchange Name NYSE    
3.907% Notes due 2029 [Member]      
Entity Listings [Line Items]      
Security 12b Title 3.907% Notes due 2029    
Trading Symbol GIS 29    
Security Exchange Name NYSE    
3.650% Notes due 2030 [Member]      
Entity Listings [Line Items]      
Security 12b Title 3.650% Notes due 2030    
Trading Symbol GIS 30A    
Security Exchange Name NYSE    
3.850% Notes due 2034 [Member]      
Entity Listings [Line Items]      
Security 12b Title 3.850% Notes due 2034    
Trading Symbol GIS 34    
Security Exchange Name NYSE    
v3.25.1
Consolidated Statements of Earnings - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Consolidated Statements of Earnings [Abstract]        
Net sales $ 4,842.2 $ 5,099.2 $ 14,930.4 $ 15,143.3
Cost of sales 3,203.1 3,391.8 9,671.4 9,899.5
Selling, general, and administrative expenses 844.4 790.9 2,551.5 2,460.7
Divestiture gain (95.9) 0.0 (95.9) 0.0
Restructuring, impairment, and other exit costs (recoveries) (0.8) 5.8 2.6 130.6
Operating profit 891.4 910.7 2,800.8 2,652.5
Benefit plan non-service income (13.9) (18.6) (41.6) (55.7)
Interest, net 136.3 121.7 384.5 356.5
Earnings before income taxes and after-tax earnings from joint ventures 769.0 807.6 2,457.9 2,351.7
Income taxes 152.4 149.3 504.6 458.5
After-tax earnings from joint ventures 14.4 18.0 63.6 65.7
Net earnings, including earnings attributable to noncontrolling interests 631.0 676.3 2,016.9 1,958.9
Net earnings attributable to noncontrolling interests 5.4 6.2 15.7 19.8
Net earnings attributable to General Mills $ 625.6 $ 670.1 $ 2,001.2 $ 1,939.1
Earnings per share - basic $ 1.14 $ 1.18 $ 3.60 $ 3.35
Earnings per share - diluted $ 1.12 $ 1.17 $ 3.57 $ 3.33
v3.25.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Consolidated Statements of Comprehensive Income [Abstract]        
Net earnings, including earnings attributable to noncontrolling interests $ 631.0 $ 676.3 $ 2,016.9 $ 1,958.9
Other comprehensive income (loss), net of tax:        
Foreign currency translation 6.2 2.4 (26.9) (38.0)
Other fair value changes:        
Hedge derivatives 1.1 (6.9) 4.3 (7.3)
Reclassification to earnings:        
Foreign currency translation 33.9 0.0 33.9 0.0
Hedge derivatives (3.0) (0.1) (1.3) (2.3)
Amortization of losses and prior service costs 11.2 9.1 34.5 27.4
Other comprehensive income (loss), net of tax 49.4 4.5 44.5 (20.2)
Total comprehensive income 680.4 680.8 2,061.4 1,938.7
Comprehensive income attributable to noncontrolling interests 5.4 6.0 14.9 20.0
Comprehensive income attributable to General Mills $ 675.0 $ 674.8 $ 2,046.5 $ 1,918.7
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Feb. 23, 2025
May 26, 2024
Current assets:    
Cash and cash equivalents $ 521.3 $ 418.0
Receivables 1,791.0 1,696.2
Inventories 1,811.6 1,898.2
Prepaid expenses and other current assets 401.9 568.5
Assets held for sale 730.2 0.0
Total current assets 5,256.0 4,580.9
Land, buildings, and equipment 3,460.5 3,863.9
Goodwill 15,518.7 14,750.7
Other intangible assets 7,059.0 6,979.9
Other assets 1,412.0 1,294.5
Total assets 32,706.2 31,469.9
Current liabilities:    
Accounts payable 3,692.3 3,987.8
Current portion of long-term debt 1,941.0 1,614.1
Notes payable 406.7 11.8
Other current liabilities 1,815.7 1,419.4
Liabilities held for sale 20.5 0.0
Total current liabilities 7,876.2 7,033.1
Long-term debt 11,839.6 11,304.2
Deferred income taxes 2,263.9 2,200.6
Other liabilities 1,213.9 1,283.5
Total liabilities 23,193.6 21,821.4
Stockholders' equity:    
Common stock, 754.6 shares issued, $0.10 par value 75.5 75.5
Additional paid-in capital 1,194.9 1,227.0
Retained earnings 21,636.0 20,971.8
Common stock in treasury, at cost, shares of 207.1 and 195.5 (11,168.8) (10,357.9)
Accumulated other comprehensive loss (2,474.4) (2,519.7)
Total stockholders' equity 9,263.2 9,396.7
Noncontrolling interests 249.4 251.8
Total equity 9,512.6 9,648.5
Total liabilities and equity $ 32,706.2 $ 31,469.9
v3.25.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 12, 2025
Feb. 23, 2025
May 26, 2024
Feb. 25, 2024
Stockholders' equity:        
Common stock, shares issued   754,600,000 754,600,000  
Common stock, par value per share   $ 0.10 $ 0.10 $ 0.10
Shares held in the treasury 207,012,794 207,100,000 195,500,000  
v3.25.1
Consolidated Statements of Total Equity - USD ($)
shares in Millions, $ in Millions
Total
Parent [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Common Stock in Treasury [Member]
Accumulated Other Comprehensive Loss [Member]
Noncontrolling Interests [Member]
Beginning Balance, Treasury Stock, Shares at May. 28, 2023           (168.0)    
Stockholders' Equity, Number of Shares                
Shares purchased, including excise tax, shares (23.5)         (23.5)    
Stock compensation plans           1.4    
Ending Balance, Treasury Stock, Shares at Feb. 25, 2024           (190.1)    
Ending Balance, Common Stock, Shares, Issued at Feb. 25, 2024     754.6          
Beginning Balance, equity at May. 28, 2023 $ 10,700.0     $ 1,222.4 $ 19,838.6 $ (8,410.0) $ (2,276.9) $ 250.4
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]                
Shares purchased, including excise tax, value (1,616.6)         (1,616.6)    
Stock compensation plans       (10.3)   58.2    
Unearned compensation related to stock unit awards       (78.1)        
Earned compensation       76.3        
Comprehensive income (loss)             (20.4) 20.0
Net earnings attributable to General Mills 1,939.1 $ 1,939.1     1,939.1      
Distributions to noncontrolling interest holders               (16.6)
Change in ownership interest               0.7
Cash dividends declared         (1,361.0)      
Ending Balance, equity at Feb. 25, 2024 $ 9,691.3   $ 75.5 1,210.3 20,416.7 $ (9,968.4) (2,297.3) 254.5
Beginning Balance, Common Stock, Shares, Issued at Nov. 26, 2023     754.6          
Beginning Balance, Treasury Stock, Shares at Nov. 26, 2023           (185.7)    
Stockholders' Equity, Number of Shares                
Shares purchased, including excise tax, shares (4.7)         (4.7)    
Stock compensation plans           0.3    
Ending Balance, Treasury Stock, Shares at Feb. 25, 2024           (190.1)    
Ending Balance, Common Stock, Shares, Issued at Feb. 25, 2024     754.6          
Beginning Balance, equity at Nov. 26, 2023 $ 9,631.9   $ 75.5 1,201.8 20,080.9 $ (9,677.4) (2,302.0) 253.1
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]                
Shares purchased, including excise tax, value (303.1)         (303.1)    
Stock compensation plans       (11.1)   12.1    
Unearned compensation related to stock unit awards       1.8        
Earned compensation       17.8        
Comprehensive income (loss)             4.7 6.0
Net earnings attributable to General Mills 670.1 670.1     670.1      
Distributions to noncontrolling interest holders               (4.6)
Cash dividends declared         (334.3)      
Ending Balance, equity at Feb. 25, 2024 $ 9,691.3   $ 75.5 1,210.3 20,416.7 $ (9,968.4) (2,297.3) 254.5
Beginning Balance, Common Stock, Shares, Issued at May. 26, 2024 754.6              
Beginning Balance, Treasury Stock, Shares at May. 26, 2024 (195.5)         (195.5)    
Stockholders' Equity, Number of Shares                
Shares purchased, including excise tax, shares (13.5)         (13.5)    
Stock compensation plans           1.9    
Ending Balance, Treasury Stock, Shares at Feb. 23, 2025 (207.1)         (207.1)    
Ending Balance, Common Stock, Shares, Issued at Feb. 23, 2025 754.6   754.6          
Beginning Balance, equity at May. 26, 2024 $ 9,648.5     1,227.0 20,971.8 $ (10,357.9) (2,519.7) 251.8
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]                
Shares purchased, including excise tax, value (909.6)         (909.6)    
Stock compensation plans       (18.9)   98.7    
Unearned compensation related to stock unit awards       (79.4)        
Earned compensation       66.2        
Comprehensive income (loss)             45.3 14.9
Net earnings attributable to General Mills 2,001.2 2,001.2     2,001.2      
Distributions to noncontrolling interest holders               (17.3)
Change in ownership interest               0.0
Cash dividends declared         (1,337.0)      
Ending Balance, equity at Feb. 23, 2025 $ 9,512.6   $ 75.5 1,194.9 21,636.0 $ (11,168.8) (2,474.4) 249.4
Beginning Balance, Common Stock, Shares, Issued at Nov. 24, 2024     754.6          
Beginning Balance, Treasury Stock, Shares at Nov. 24, 2024           (202.4)    
Stockholders' Equity, Number of Shares                
Shares purchased, including excise tax, shares (4.8)         (4.8)    
Stock compensation plans           0.1    
Ending Balance, Treasury Stock, Shares at Feb. 23, 2025 (207.1)         (207.1)    
Ending Balance, Common Stock, Shares, Issued at Feb. 23, 2025 754.6   754.6          
Beginning Balance, equity at Nov. 24, 2024 $ 9,449.2   $ 75.5 1,182.0 21,340.3 $ (10,873.3) (2,523.8) 248.5
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]                
Shares purchased, including excise tax, value (304.4)         (304.4)    
Stock compensation plans       (9.6)   8.9    
Unearned compensation related to stock unit awards       2.3        
Earned compensation       20.2        
Comprehensive income (loss)             49.4 5.4
Net earnings attributable to General Mills 625.6 $ 625.6     625.6      
Distributions to noncontrolling interest holders               (4.5)
Cash dividends declared         (329.9)      
Ending Balance, equity at Feb. 23, 2025 $ 9,512.6   $ 75.5 $ 1,194.9 $ 21,636.0 $ (11,168.8) $ (2,474.4) $ 249.4
v3.25.1
Consolidated Statements of Total Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Consolidated Statements of Total Equity [Abstract]        
Common stock, par value per share $ 0.10 $ 0.10 $ 0.10 $ 0.10
Common stock, shares authorized 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000
Shares purchased, excise tax $ 2.9 $ 2.8 $ 7.7 $ 15.0
Cash dividends declared per share $ 0.60 $ 0.59 $ 2.40 $ 2.36
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Cash Flows - Operating Activities    
Net earnings, including earnings attributable to noncontrolling interests $ 2,016.9 $ 1,958.9
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 403.4 412.2
After-tax earnings from joint ventures (63.6) (65.7)
Distributions of earnings from joint ventures 30.9 31.4
Stock-based compensation 67.1 76.7
Deferred income taxes (13.5) (85.5)
Pension and other postretirement benefit plan contributions (23.0) (20.0)
Pension and other postretirement benefit plan costs (9.9) (20.2)
Divestiture gain (95.9) 0.0
Restructuring, impairment, and other exit (recoveries) costs (3.4) 119.7
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures 55.8 (9.6)
Other, net (58.2) 41.0
Net cash provided by operating activities 2,306.6 2,438.9
Cash Flows - Investing Activities    
Purchases of land, buildings, and equipment (405.1) (485.6)
Acquisition, net of cash acquired (1,417.3) (25.5)
Proceeds from divestiture 241.8 0.0
Investments in affiliates, net 6.6 (1.5)
Proceeds from disposal of land, buildings, and equipment 1.0 0.2
Other, net (5.6) 4.8
Net cash used by investing activities (1,578.6) (507.6)
Cash Flows - Financing Activities    
Change in notes payable 397.0 654.5
Issuance of long-term debt 1,500.0 1,000.0
Payment of long-term debt (500.0) (900.0)
Proceeds from common stock issued on exercised options 38.4 11.1
Purchases of common stock for treasury (901.9) (1,601.6)
Dividends paid (1,008.4) (1,028.0)
Distributions to noncontrolling interest holders (17.3) (16.6)
Other, net (117.5) (47.0)
Net cash used by financing activities (609.7) (1,927.6)
Effect of exchange rate changes on cash and cash equivalents (15.0) (0.6)
Increase in cash and cash equivalents 103.3 3.1
Cash and cash equivalents - beginning of year 418.0 585.5
Cash and cash equivalents - end of period 521.3 588.6
Cash Flows from changes in current assets and liabilities, excluding the effects of acquisitions and divestitures:    
Receivables (95.7) (83.8)
Inventories 59.5 347.8
Prepaid expenses and other current assets 139.6 269.4
Accounts payable (136.7) (543.7)
Other current liabilities 89.1 0.7
Changes in current assets and liabilities $ 55.8 $ (9.6)
v3.25.1
Background
 9 Months Ended
Feb. 23, 2025
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
 
interests’
 
share
 
of
 
those
 
transactions.
 
Operating
 
results
 
for
 
the
 
fiscal
 
quarter
 
ended
 
February
 
23,
 
2025,
 
are
 
not
necessarily indicative of the results that may be expected for the fiscal year ending
 
May 25, 2025.
 
These
 
statements
 
should
 
be
 
read
 
in
 
conjunction
 
with
 
the
 
Consolidated
 
Financial
 
Statements
 
and
 
footnotes
 
included
 
in
 
our
 
Annual
Report on Form
 
10-K for the fiscal
 
year ended May
 
26, 2024. The
 
accounting policies used
 
in preparing these
 
Consolidated Financial
Statements are the same as those described in Note 2 to the Consolidated Financial
 
Statements in that Form 10-K.
Certain terms used throughout this report are defined in the “Glossary” section
 
below.
v3.25.1
Acquisitions And Divestitures
 9 Months Ended
Feb. 23, 2025
Acquisitions And Divestitures [Abstract]  
Acquisitions And Divestitures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Feb. 23, 2025
Inventories
$
52.4
Prepaid expenses and other current assets
15.1
Land, buildings, and equipment
224.3
Goodwill
252.6
Other intangible assets
160.7
Other assets
25.1
Assets held for sale
$
730.2
Other current liabilities
$
8.8
Other liabilities
11.7
Liabilities held for sale
$
20.5
 
(2) Acquisitions and Divestitures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
During
 
the
 
third
 
quarter
 
of
 
fiscal
 
2025,
 
we
 
acquired
 
NX
 
Pet
 
Holding,
 
Inc.,
 
representing
 
Whitebridge
 
Pet
 
Brands’
 
North
 
American
premium cat feeding
 
and pet treating
 
business, for a
 
purchase price of
 
$
1.4
 
billion (Whitebridge Pet
 
Brands acquisition). We
 
financed
the
 
transaction
 
with
 
cash
 
on
 
hand.
 
We
 
consolidated
 
Whitebridge
 
Pet
 
Brands
 
into
 
our
 
Consolidated
 
Balance
 
Sheets
 
and
 
recorded
goodwill
 
of
 
$
1,087.4
 
million,
 
an
 
indefinite-lived
 
intangible
 
asset
 
for
 
the
Tiki
 
Pets
 
brand
 
totaling
 
$
289.0
 
million,
 
and
 
a
 
finite-lived
customer relationship
 
asset of $
31.0
 
million. The goodwill
 
is included in
 
the North America
 
Pet segment and
 
is not deductible
 
for tax
purposes. The pro forma
 
effects of this acquisition were
 
not material. We
 
have conducted a preliminary assessment
 
of the fair value of
the acquired
 
assets and
 
liabilities of
 
the business
 
and we
 
are continuing
 
our review
 
of these
 
items during
 
the measurement
 
period. If
new
 
information
 
is
 
obtained
 
about
 
facts
 
and
 
circumstances
 
that
 
existed
 
at
 
the
 
acquisition
 
date,
 
the
 
acquisition
 
accounting
 
will
 
be
revised
 
to
 
reflect
 
the
 
resulting
 
adjustments
 
to
 
current
 
estimates
 
of
 
those
 
items.
 
The
 
consolidated
 
results
 
are
 
reported
 
in
 
our
 
North
America Pet operating segment on a one-month lag.
During
 
the
 
second
 
quarter
 
of
 
fiscal
 
2025,
 
we
 
entered
 
into
 
definitive
 
agreements
 
to
 
sell
 
our
 
North
 
American
 
yogurt
 
businesses
 
to
affiliates of Groupe Lactalis S.A. (Lactalis) and
 
Sodiaal International (Sodiaal) for approximately $
2.1
 
billion. During the third quarter
of
 
fiscal
 
2025,
 
we
 
completed
 
the
 
sale
 
of
 
our
 
Canada
 
yogurt
 
business
 
to
 
Sodiaal
 
and
 
recorded
 
a
 
pre-tax
 
gain
 
of
 
$
95.9
 
million.
 
We
expect
 
to
 
close
 
the
 
sale of
 
our
 
United
 
States yog
 
urt
 
business
 
to
 
Lactalis
 
in
 
calendar
 
year
 
2025,
 
subject
 
to
 
regulatory
 
approvals
 
and
other customary
 
closing conditions.
 
We
 
have classified
 
all assets
 
and liabilities
 
associated
 
with our
 
United States
 
yogurt business
 
as
held for sale in our Consolidated Balance Sheets as of February 23, 2025.
The components of assets held for sale and liabilities held for sale are as follows:
 
 
 
 
During the fourth
 
quarter of fiscal 2024,
 
we acquired a pet
 
food business in Europe
 
for a purchase price
 
of $
434.1
 
million, net of
 
cash
acquired.
 
During
 
the
 
first
 
quarter
 
of
 
fiscal
 
2025,
 
we
 
paid
 
$
7.7
 
million
 
related
 
to
 
a
 
purchase
 
price
 
holdback
 
after
 
certain
 
closing
conditions
 
were
 
met.
We
financed
 
the
 
transaction
 
with
 
cash
 
on
 
hand.
 
We
 
consolidated
 
the
 
business
 
into
 
our
 
Consolidated
 
Balance
Sheets
 
and
 
recorded
 
goodwill
 
of
 
$
317.5
 
million,
 
an
 
indefinite-lived
 
brand
 
intangible
 
asset
 
of
 
$
118.4
 
million
 
and
 
a
 
finite-lived
customer
 
relationship
 
asset
 
of
 
$
14.2
 
million.
 
The
 
goodwill
 
is
 
included
 
in
 
the
 
International
 
segment
 
and
 
is
 
not
 
deductible
 
for
 
tax
 
 
 
 
 
purposes. The pro forma effects
 
of this acquisition were not
 
material. We
 
have conducted a preliminary assessment
 
of the fair value of
the acquired
 
assets and
 
liabilities of
 
the business
 
and we
 
are continuing
 
our review
 
of these
 
items during
 
the measurement
 
period. If
new
 
information
 
is
 
obtained
 
about
 
facts
 
and
 
circumstances
 
that
 
existed
 
at
 
the
 
acquisition
 
date,
 
the
 
acquisition
 
accounting
 
will
 
be
revised
 
to
 
reflect
 
the
 
resulting
 
adjustments
 
to
 
current
 
estimates
 
of
 
those
 
items.
 
The
 
consolidated
 
results
 
are
 
reported
 
in
 
our
International operating segment on a one-month lag beginning in
 
fiscal 2025.
v3.25.1
Restructuring, Impairment, And Other Exit Costs
 9 Months Ended
Feb. 23, 2025
Restructuring, Impairment, And Other Exit Costs [Abstract]  
Restructuring, Impairment, And Other Exit Costs
 
(3) Restructuring, Impairment, and Other Exit Costs
Restructuring and impairment charges were
 
as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
(Recoveries) charges associated with restructuring actions
 
previously announced
$
(0.6)
$
5.9
$
3.6
$
30.5
Goodwill impairment
-
-
-
117.1
Total
 
$
(0.6)
$
5.9
$
3.6
$
147.6
In the
 
nine-month period
 
ended February
 
23, 2025,
 
we did
 
not undertake
 
any new
 
restructuring actions.
 
We
 
recorded a
 
$
0.6
 
million
net
 
recovery
 
of restructuring
 
charges
 
in
 
the third
 
quarter of
 
fiscal
 
2025
 
and
 
$
3.6
 
million
 
of restructuring
 
charges
 
in
 
the nine-month
period
 
ended
 
February
 
23,
 
2025,
 
related
 
to
 
restructuring
 
actions
 
previously
 
announced.
 
We
 
recorded
 
$
5.9
 
million
 
of
 
restructuring
charges
 
in
 
the
 
third
 
quarter
 
of
 
fiscal
 
2024
 
and
 
$
30.5
 
million
 
of
 
restructuring
 
charges
 
in
 
the
 
nine-month
 
period
 
ended
 
February
 
25,
2024, related to restructuring actions previously announced.
 
We expect these
 
actions to be completed by the end of fiscal 2026.
We
 
paid
 
net
 
$
7.0
 
million
 
of
 
cash
 
in
 
the
 
nine-month
 
period
 
ended
 
February
 
23,
 
2025,
 
related
 
to
 
restructuring
 
actions.
 
We
 
paid
 
net
$
27.9
 
million of cash in the same period of fiscal 2024.
In the second
 
quarter of fiscal
 
2024, we recorded
 
a $
117.1
 
million non-cash goodwill
 
impairment charge
 
related to our Latin
 
America
reporting unit. See Note 4 for additional information.
Restructuring and
 
impairment (recoveries)
 
charges and
 
project-related costs
 
are recorded
 
in our
 
Consolidated Statements
 
of Earnings
as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Restructuring, impairment, and other exit (recoveries) costs
$
(0.8)
$
5.8
$
2.6
$
130.6
Cost of sales
0.2
0.1
1.0
17.0
Total restructuring
 
and impairment (recoveries) charges
$
(0.6)
$
5.9
$
3.6
$
147.6
Project-related costs classified in cost of sales
$
0.2
$
0.5
$
0.4
$
1.6
v3.25.1
Goodwill And Other Intangible Assets
 9 Months Ended
Feb. 23, 2025
Goodwill And Other Intangible Assets [Abstract]  
Goodwill And Other Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Feb. 23, 2025
May 26, 2024
Goodwill
$
15,518.7
$
14,750.7
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles
6,792.1
6,728.6
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles
418.4
402.2
Less accumulated amortization
(151.5)
(150.9)
Intangible assets subject to amortization, net
266.9
251.3
Other intangible assets
7,059.0
6,979.9
Total
$
22,577.7
$
21,730.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
North
America
Retail
North
America
Pet
North
America
Foodservice
International
(a)
Corporate
and Joint
Ventures
Total
Balance as of May 26, 2024
$
6,541.9
$
6,062.8
$
805.5
$
917.1
$
423.4
$
14,750.7
Acquisition
-
1,087.4
-
-
-
1,087.4
Divestiture
(14.6)
-
-
-
-
(14.6)
Reclassified to assets held
 
for sale
(202.6)
-
(50.0)
-
-
(252.6)
Other activity, primarily
 
 
foreign currency translation
(4.9)
-
-
(33.1)
(14.2)
(52.2)
Balance as of Feb. 23, 2025
$
6,319.8
$
7,150.2
$
755.5
$
884.0
$
409.2
$
15,518.7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Balance as of May 26, 2024
$
6,979.9
Acquisition
320.0
Divestiture
(44.4)
Reclassified to assets held for sale
(160.7)
Other activity, primarily
 
foreign currency translation and amortization
(35.8)
Balance as of Feb. 23, 2025
$
7,059.0
 
(4) 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
 
23, 2025, annual amortization
 
expense for each of
 
the next
five fiscal years is estimated to be approximately $
20
 
million.
The changes in the carrying amount of goodwill during the nine-month period
 
ended February 23, 2025, were as follows:
The changes in the carrying amount of other intangible assets during the nine-month
 
period ended February 23, 2025, 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
 
2025,
 
and
 
we
 
determined
 
there
 
was
no
 
impairment
 
of
 
our
 
intangible
 
assets
 
as
 
their
 
related
 
fair
 
values
 
were
 
substantially
 
in
excess of the
 
carrying values,
 
except for
 
the
Uncle Toby’s
 
brand intangible
 
asset. In addition,
 
while having
 
significant coverage
 
as of
our
 
fiscal
 
2025
 
assessment
 
date,
 
the
Progresso
,
Nudges
,
True
 
Chews
,
 
and
Kitano
 
brand
 
intangible
 
assets
 
had
 
risk
 
of
 
decreasing
coverage. We will continue
 
to monitor these businesses for potential impairment.
 
 
(a)
The carrying amounts of goodwill within the International segment as of
 
May 26, 2024, and February 23, 2025, were net of
accumulated impairment losses of $
117.1
 
million. For additional information, see Note 6 to the Consolidated Financial
Statements included in our Annual Report on Form 10-K for the fiscal year
 
ended May 26, 2024.
v3.25.1
Inventories
 9 Months Ended
Feb. 23, 2025
Inventories [Abstract]  
Inventories
 
(5) Inventories
The components of inventories were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Feb. 23, 2025
May 26, 2024
Finished goods
$
1,801.5
$
1,827.7
Raw materials and packaging
447.2
500.5
Grain
106.2
111.1
Excess of FIFO over LIFO cost
(543.3)
(541.1)
Total
$
1,811.6
$
1,898.2
In addition, we had $
52.4
 
million of inventories classified as held for sale as of February 23, 2025.
v3.25.1
Risk Management Activities
 9 Months Ended
Feb. 23, 2025
Risk Management Activities [Abstract]  
Risk Management Activities
 
(6) Risk Management Activities
 
Many commodities we
 
use in the
 
production and distribution
 
of our products
 
are exposed to
 
market price risks.
We
utilize derivatives
to manage price risk for our principal
 
ingredients and energy costs, including
 
grains (oats, wheat, and corn), oils
 
(principally soybean),
dairy products, natural
 
gas, and diesel fuel.
 
Our primary objective
 
when entering into
 
these derivative contracts
 
is to achieve
 
certainty
with
 
regard
 
to
 
the
 
future
 
price
 
of
 
commodities
 
purchased
 
for
 
use
 
in
 
our
 
supply
 
chain.
We
manage
 
our
 
exposures
 
through
 
a
combination of purchase orders, long-term
 
contracts with suppliers, exchange-traded
 
futures and options, and over-the-counter
 
options
and swaps.
We
offset
 
our exposures
 
based on
 
current and
 
projected market
 
conditions and
 
generally seek
 
to acquire
 
the inputs
 
at as
close as possible to or below our planned cost.
We
 
use derivatives
 
to manage
 
our exposure
 
to changes
 
in commodity
 
prices. We
 
do not
 
perform the
 
assessments required
 
to achieve
hedge
 
accounting
 
for
 
commodity
 
derivative
 
positions.
 
Accordingly,
 
the
 
changes
 
in
 
the
 
values
 
of
 
these
 
derivatives
 
are
 
recorded
currently in cost of sales in our Consolidated Statements of Earnings.
Although we do
 
not meet the
 
criteria for
 
cash flow hedge
 
accounting, we believe
 
that these instruments
 
are effective
 
in achieving our
objective of providing certainty
 
in the future price of commodities purchased
 
for use in our supply chain.
 
Accordingly, for
 
purposes of
measuring
 
segment
 
operating
 
performance,
 
these
 
gains
 
and
 
losses
 
are
 
reported
 
in
 
unallocated
 
corporate
 
items
 
outside
 
of
 
segment
operating results
 
until such time
 
that the exposure
 
we are managing
 
affects earnings.
 
At that time,
 
we reclassify
 
the gain or
 
loss from
unallocated
 
corporate
 
items
 
to
 
segment
 
operating
 
profit,
 
allowing
 
our
 
operating
 
segments
 
to
 
realize
 
the
 
economic
 
effects
 
of
 
the
derivative without experiencing any resulting mark-to-market volatility,
 
which remains in unallocated corporate items.
 
Unallocated corporate items for the quarters and nine-month periods ended
 
February 23, 2025, and February 25, 2024, included:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Net gain (loss) on mark-to-market valuation of certain
 
 
commodity positions
$
16.0
$
(24.5)
$
(18.3)
$
(34.3)
Net loss on commodity positions reclassified from
 
 
unallocated corporate items to segment operating profit
7.3
11.7
43.6
29.5
Net mark-to-market revaluation of certain grain inventories
(0.1)
(12.9)
(1.5)
(1.1)
Net mark-to-market valuation of certain commodity
 
 
positions recognized in unallocated corporate items
$
23.2
$
(25.7)
$
23.8
$
(5.9)
 
 
 
 
 
 
 
 
 
 
 
As
 
of
 
February
 
23,
 
2025,
 
the
 
net
 
notional
 
value
 
of
 
commodity
 
derivatives
 
was
 
$
266.2
 
million,
 
of
 
which
 
$
172.2
 
million
 
related
 
to
agricultural inputs and
 
$
94.0
 
million related to
 
energy inputs. These
 
contracts relate to
 
inputs that generally
 
will be utilized
 
within the
next
12
 
months.
We
 
also have net
 
investments in
 
foreign subsidiaries
 
that are denominated
 
in euros. As
 
of February
 
23, 2025, we
 
hedged a portion
 
of
these investments with €
3,990.4
 
million of euro-denominated bonds.
During the
 
second quarter of
 
fiscal 2025, in
 
advance of planned
 
debt financing,
 
we entered into
 
$
350.0
 
million of treasury
 
locks. The
treasury locks were terminated during the second quarter
 
of fiscal 2025, in conjunction with the Company’s
 
issuance of $
750.0
 
million
of
 
fixed-rate
 
notes
 
due
January 30, 2035
.
 
Upon
 
termination,
 
a
 
gain
 
of $
0.1
 
million
 
was recognized
 
in AOCI
 
and
 
will be
 
amortized
through interest expense over the respective term of the debt.
During the
 
second quarter
 
of fiscal
 
2025, we
 
entered into
 
a $
750.0
 
million notional
 
amount interest
 
rate swap
 
to convert
 
our $
750.0
million of fixed-rate notes due
January 30, 2030
, to a floating rate.
During the second quarter of fiscal 2025, our
 
$
500.0
 
million notional amount interest rate swap to convert
 
our $
500.0
 
million of fixed-
rate notes due
November 18, 2025
 
to a floating
 
rate was called
 
by the counterparty
 
prior to the
 
maturity date. The
 
previously existing
swap was designated
 
as a fair value
 
hedge, and concurrent
 
with the swap
 
being called, we
 
ceased recording
 
market value adjustments
to the associated hedged debt.
During the
 
third quarter
 
of fiscal 2024,
 
in advance
 
of our
 
$
500.0
 
million debt
 
issuance, we
 
entered into
 
and settled
 
$
250.0
 
million of
treasury locks, resulting in a gain of $
0.3
 
million.
 
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 23, 2025,
 
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, including
 
not providing
 
any form
 
of guarantee
 
and not
 
pledging assets
 
as security
 
to
the third
 
parties or
 
financial institutions.
 
All of
 
our accounts
 
payable remain
 
as obligations
 
to our
 
suppliers as
 
stated in
 
our supplier
agreements. As of February
 
23, 2025, $
1,424.9
 
million of our total accounts
 
payable were payable to
 
suppliers who utilize these third-
party services.
 
As of
 
May 26,
 
2024, $
1,404.4
 
million of
 
our total
 
accounts payable
 
were payable
 
to suppliers
 
who utilize
 
these third-
party services.
v3.25.1
Debt
 9 Months Ended
Feb. 23, 2025
Debt [Abstract]  
Debt
 
(7) 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.
The following table details the fee-paid committed and uncommitted credit
 
lines we had available as of February 23, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Billions
Facility
 
Amount
Borrowed
Amount
Committed credit facility expiring October 2029
$
2.7
$
-
Uncommitted credit facilities
0.7
-
Total committed
 
and uncommitted credit facilities
$
3.4
$
-
In
 
the
 
second
 
quarter
 
of fiscal
 
2025,
 
we
 
entered
 
into
 
a
 
$
2.7
 
billion
 
fee-paid
 
committed
 
credit
 
facility
 
that
 
is
 
scheduled
 
to
 
expire
 
in
October 2029
. Concurrent with the execution of this credit facility,
 
we terminated our existing $
2.7
 
billion credit facility.
 
The
 
credit
 
facilities
 
contain
 
covenants,
 
including
 
a
 
requirement
 
to
 
maintain
 
a
 
fixed
 
charge
 
coverage
 
ratio
 
of
 
at
 
least
2.5
 
times.
We
were in compliance with all credit facility covenants as of February 23, 2025.
Long-Term
 
Debt
 
The
 
fair
 
values
 
and
 
carrying
 
amounts
 
of
 
long-term
 
debt,
 
including
 
the
 
current
 
portion,
 
were
 
$
13,233.5
 
and
 
$
13,780.6
 
million,
respectively,
 
as of
 
February
 
23,
 
2025.
 
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 2025,
 
we repaid $
500.0
 
million of
5.241
 
percent fixed-rate notes
 
due
November 18, 2025
, using proceeds
from the issuance of commercial paper.
In the second quarter of
 
fiscal 2025, we issued $
750.0
 
million of
4.875
 
percent fixed-rate notes due
January 30, 2030
. We
 
used the net
proceeds to fund the Whitebridge Pet Brands acquisition.
In the second
 
quarter of fiscal
 
2025, we issued
 
$
750.0
 
million of
5.25
 
percent fixed-rate notes
 
due
January 30, 2035
. We
 
used the net
proceeds to fund the Whitebridge Pet Brands acquisition.
 
In the
 
second quarter
 
of fiscal
 
2025, we
 
issued €
250.0
 
million of
 
floating-rate notes
 
due
April 22, 2026
. We
 
used the
 
net proceeds
 
to
repay €
250.0
 
million of floating-rate notes due
November 8, 2024
.
 
In the
 
second quarter
 
of fiscal
 
2025, we
 
issued €
500.0
 
million of
 
floating-rate notes
 
due
October 22, 2026
. We
 
used the
 
net proceeds
to repay €
500.0
 
million of floating-rate notes due
November 8, 2024
.
 
In the
 
fourth quarter
 
of fiscal 2024,
 
we issued €
500.0
 
million of
3.65
 
percent fixed-rate
 
notes due
October 23, 2030
. We
 
used the
 
net
proceeds for general corporate purposes.
In
 
the fourth
 
quarter
 
of fiscal
 
2024,
 
we issued
 
€
500.0
 
million
 
of
3.85
 
percent
 
fixed-rate notes
 
due
April 23, 2034
.
 
We
 
used
 
the net
proceeds for general corporate purposes.
In
 
the
 
third
 
quarter of
 
fiscal
 
2024,
 
we
 
issued
 
$
500.0
 
million
 
of
4.7
 
percent
 
fixed-rate
 
notes due
January 30, 2027
. We
 
used
 
the
 
net
proceeds to repay $
500.0
 
million of
3.65
 
percent fixed-rate notes due
February 15, 2024
.
 
In the second
 
quarter of fiscal 2024,
 
we issued €
250.0
 
million of floating-rate
 
notes due
November 8, 2024
. We
 
used the net proceeds
to repay €
250.0
 
million of floating-rate notes due
November 10, 2023
.
 
In the
 
second quarter
 
of fiscal
 
2024, we
 
issued $
500.0
 
million of
5.5
 
percent fixed-rate
 
notes due
October 17, 2028
. We
 
used the
 
net
proceeds to repay $
400.0
 
million of floating-rate notes due
October 17, 2023
, and for general corporate purposes.
 
In the first
 
quarter of fiscal
 
2024, we issued
 
€
500.0
 
million of floating-rate
 
notes due
November 8, 2024
. We
 
used the net proceeds
 
to
repay €
500.0
 
million of floating-rate notes due
July 27, 2023
.
Certain of
 
our long-term
 
debt agreements
 
contain restrictive
 
covenants.
As of February 23, 2025, we were in compliance with all of
these covenants.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Feb. 23, 2025
May 26, 2024
In Millions
Notes Payable
Weighted-
Average
Interest Rate
Notes Payable
Weighted-
Average
Interest Rate
U.S. commercial paper
$
403.0
4.4
%
$
-
-
%
Financial institutions
3.7
4.3
11.8
8.8
Total
$
406.7
4.4
%
$
11.8
8.8
%
v3.25.1
Noncontrolling Interests
 9 Months Ended
Feb. 23, 2025
Noncontrolling Interests [Abstract]  
Noncontrolling Interests
 
(8) Noncontrolling Interests
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,
 
2024,
 
the
 
floating
 
preferred
 
return
 
rate
 
on
 
GMC’s
Class A Interests was reset to the sum of the
three-month Term SOFR
 
plus
261
 
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 23, 2025, we were in compliance with all of these
covenants.
v3.25.1
Stockholders' Equity
 9 Months Ended
Feb. 23, 2025
Stockholders' Equity [Abstract]  
Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Quarter Ended
Feb. 23, 2025
Feb. 25, 2024
General Mills
Noncontrolling
Interests
 
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Pretax
Tax
Net
Net
Net earnings, including earnings
 
 
attributable to noncontrolling interests
 
$
625.6
$
5.4
$
670.1
$
6.2
Other comprehensive income (loss):
Foreign currency translation
$
2.5
$
3.7
6.2
-
$
10.7
$
(8.1)
2.6
(0.2)
Other fair value changes:
Hedge derivatives
2.3
(1.2)
1.1
-
(8.8)
1.9
(6.9)
-
Reclassification to earnings:
Foreign currency translation (a)
33.9
-
33.9
-
-
-
-
-
Hedge derivatives (b)
(3.7)
0.7
(3.0)
-
(0.3)
0.2
(0.1)
-
Amortization of losses and
 
prior service costs (c)
14.1
(2.9)
11.2
-
11.5
(2.4)
9.1
-
Other comprehensive income (loss)
$
49.1
$
0.3
49.4
-
$
13.1
$
(8.4)
4.7
(0.2)
Total comprehensive income
$
675.0
$
5.4
$
674.8
$
6.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
Nine-Month Period Ended
Feb. 23, 2025
Feb. 25, 2024
General Mills
Noncontrolling
Interests
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Pretax
Tax
Net
Net
Net earnings, including earnings
 
 
attributable to noncontrolling interests
 
$
2,001.2
$
15.7
$
1,939.1
$
19.8
Other comprehensive income (loss):
Foreign currency translation
$
9.5
$
(35.6)
(26.1)
(0.8)
$
(43.7)
$
5.5
(38.2)
0.2
Other fair value changes:
Hedge derivatives
6.6
(2.3)
4.3
-
(9.0)
1.7
(7.3)
-
Reclassification to earnings:
Foreign currency translation (a)
33.9
-
33.9
-
-
-
-
-
Hedge derivatives (b)
(2.9)
1.6
(1.3)
-
(5.0)
2.7
(2.3)
-
Amortization of losses and
 
prior service costs (c)
43.2
(8.7)
34.5
-
34.5
(7.1)
27.4
-
Other comprehensive income (loss)
$
90.3
$
(45.0)
45.3
(0.8)
$
(23.2)
$
2.8
(20.4)
0.2
Total comprehensive income
$
2,046.5
$
14.9
$
1,918.7
$
20.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Feb. 23, 2025
May 26, 2024
Foreign currency translation adjustments
$
(787.5)
$
(795.3)
Unrealized gain from hedge derivatives
3.2
0.2
Pension, other postretirement, and postemployment benefits:
Net actuarial loss
(1,760.0)
(1,806.3)
Prior service credits
69.9
81.7
Accumulated other comprehensive loss
$
(2,474.4)
$
(2,519.7)
 
(9) Stockholders’ Equity
The following tables provide details of total comprehensive income:
(a)
 
Loss reclassified from AOCI into earnings is reported in divestiture gain.
(b)
 
Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.
(c)
 
Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.
(a)
 
Loss reclassified from AOCI into earnings is reported in divestiture gain.
(b)
 
Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.
(c)
 
Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.
Accumulated other comprehensive loss balances, net of tax effects,
 
were as follows:
v3.25.1
Stock Plans
 9 Months Ended
Feb. 23, 2025
Stock Plans [Abstract]  
Stock Plans
 
(10) Stock Plans
We
have various
 
stock-based compensation
 
programs under
 
which awards,
 
including stock
 
options, restricted
 
stock, restricted
 
stock
units, and performance
 
awards, may be granted
 
to employees and non-employee
 
directors. These programs
 
and related accounting
 
are
described in Note
 
12 to the
 
Consolidated Financial
 
Statements included
 
in our Annual
 
Report on Form
 
10-K for the
 
fiscal year ended
May 26, 2024.
Compensation expense related to stock-based payments recognized
 
in the Consolidated Statements of Earnings was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Compensation expense related to stock-based payments
$
20.5
$
18.2
$
67.1
$
76.7
Windfall tax benefits from stock-based
 
payments in income tax expense in our Consolidated Statements of Earnings
 
were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Windfall tax benefits from stock-based payments
$
1.1
$
1.2
$
5.9
$
10.1
As
 
of
 
February
 
23,
 
2025,
 
unrecognized
 
compensation
 
expense
 
related
 
to
 
non-vested
 
stock
 
options,
 
restricted
 
stock
 
units,
 
and
performance share units was $
141.5
 
million. This expense will be recognized over
22
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Net cash proceeds
$
38.4
$
11.1
Intrinsic value of options exercised
$
11.0
$
3.4
We
 
estimate the
 
fair value
 
of each
 
option on
 
the grant
 
date using
 
a Black-Scholes
 
option-pricing
 
model, which
 
requires us
 
to make
predictive assumptions
 
regarding future
 
stock price volatility,
 
employee exercise
 
behavior, dividend
 
yield, and
 
the forfeiture
 
rate. 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 26, 2024.
The
 
estimated
 
fair
 
values
 
of
 
stock
 
options
 
granted
 
and
 
the
 
assumptions
 
used
 
for
 
the
 
Black-Scholes
 
option-pricing
 
model
 
were
 
as
follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
Feb. 23, 2025
Feb. 25, 2024
Estimated fair values of stock options granted
 
$
13.26
$
17.47
Assumptions:
Risk-free interest rate
4.5
%
4.0
%
Expected term
8.5
years
8.5
years
Expected volatility
21.6
%
21.5
%
Dividend yield
3.8
%
2.8
%
The total grant date fair value of restricted stock unit awards that vested during
 
the period was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Total grant date fair
 
value
$
111.3
$
91.1
v3.25.1
Earnings Per Share
 9 Months Ended
Feb. 23, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
 
(11) Earnings Per Share
Basic and diluted earnings per share (EPS) were calculated using the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions, Except per Share Data
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Net earnings attributable to General Mills
$
625.6
$
670.1
$
2,001.2
$
1,939.1
Average number
 
of common shares – basic EPS
552.6
569.5
556.6
578.6
Incremental share effect from: (a)
Stock options
1.0
1.3
1.4
1.8
Restricted stock units and performance share units
1.4
2.0
1.8
2.1
Average number
 
of common shares – diluted EPS
555.0
572.8
559.8
582.5
Earnings per share – basic
$
1.14
$
1.18
$
3.60
$
3.35
Earnings per share – diluted
$
1.12
$
1.17
$
3.57
$
3.33
(a)
 
Incremental
 
shares
 
from
 
stock
 
options,
 
restricted
 
stock
 
units,
 
and
 
performance
 
share
 
units
 
are
 
computed
 
by
 
the
 
treasury
 
stock
method. Stock options, restricted
 
stock units, and performance
 
share units excluded from
 
our computation of diluted
 
EPS because
they were not dilutive were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Anti-dilutive stock options, restricted stock units, and
 
performance share units
 
5.3
4.2
4.7
2.6
v3.25.1
Share Repurchases
 9 Months Ended
Feb. 23, 2025
Share Repurchases [Abstract]  
Share Repurchases
 
(12) Share Repurchases
Share repurchases were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Shares of common stock
4.8
4.7
13.5
23.5
Aggregate purchase price
$
304.4
$
303.1
$
909.6
$
1,616.6
v3.25.1
Statements Of Cash Flows
 9 Months Ended
Feb. 23, 2025
Statements Of Cash Flows [Abstract]  
Statements Of Cash Flows
 
(13) Statements of Cash Flows
Our Consolidated Statements of Cash Flows include the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Net cash interest payments
$
302.2
$
294.6
Net income tax payments
$
444.6
$
462.3
v3.25.1
Retirement And Postemployment Benefits
 9 Months Ended
Feb. 23, 2025
Retirement And Postemployment Benefits [Abstract]  
Retirement And Postemployment Benefits
 
(14) Retirement and Postemployment Benefits
Components of net periodic benefit expense (income) are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit
Pension Plans
Other Postretirement
 
Benefit Plans
Postemployment
Benefit Plans
Quarter Ended
Quarter Ended
Quarter Ended
In Millions
Feb. 23,
2025
Feb. 25,
2024
Feb. 23,
2025
Feb. 25,
2024
Feb. 23,
2025
Feb. 25,
2024
Service cost
$
12.9
$
14.5
$
1.0
$
1.1
$
1.8
$
1.8
Interest cost
76.6
74.1
5.3
5.3
1.0
1.0
Expected return on plan assets
(104.9)
(104.5)
(9.0)
(8.6)
-
-
Amortization of losses (gains)
25.0
21.6
(5.1)
(5.1)
(0.3)
-
Amortization of prior service costs (credits)
0.3
0.4
(5.5)
(5.5)
(0.3)
0.1
Other adjustments
-
-
-
-
3.0
2.6
Net expense (income)
$
9.9
$
6.1
$
(13.3)
$
(12.8)
$
5.2
$
5.5
Defined Benefit
 
Pension Plans
Other Postretirement
 
Benefit Plans
Postemployment
Benefit Plans
Nine-Month
Period Ended
Nine-Month
Period Ended
Nine-Month
Period Ended
In Millions
Feb. 23,
2025
Feb. 25,
2024
Feb. 23,
2025
Feb. 25,
2024
Feb. 23,
2025
Feb. 25,
2024
Service cost
$
38.8
$
43.1
$
3.2
$
3.5
$
5.3
$
5.5
Interest cost
230.0
222.4
15.9
16.0
3.0
3.0
Expected return on plan assets
(314.9)
(313.4)
(26.9)
(26.0)
-
-
Amortization of losses (gains)
75.0
64.6
(15.4)
(15.3)
-
(0.1)
Amortization of prior service costs (credits)
1.0
1.3
(16.6)
(16.4)
(0.8)
0.4
Other adjustments
-
-
-
-
8.1
7.8
Curtailment gain
-
(3.4)
-
-
-
-
Net expense (income)
$
29.9
$
14.6
$
(39.8)
$
(38.2)
$
15.6
$
16.6
In addition, we had $
0.9
 
million of net plan assets classified as held for sale as of February 23, 2025.
v3.25.1
Income Taxes
 9 Months Ended
Feb. 23, 2025
Income Taxes [Abstract]  
Income Taxes
 
(15) Income Taxes
In
 
December
 
2021,
 
the
 
Organization
 
for
 
Economic
 
Cooperation
 
and
 
Development
 
(OECD)
 
established
 
a
 
framework,
 
referred
 
to
 
as
Pillar
 
2,
 
designed
 
to
 
ensure
 
large
 
multinational
 
enterprises
 
pay
 
a
 
minimum
 
15
 
percent
 
level
 
of
 
tax
 
on
 
the
 
income
 
arising
 
in
 
each
jurisdiction
 
in
 
which
 
they
 
operate.
 
Numerous
 
countries
 
have
 
already
 
enacted
 
the
 
OECD
 
model
 
rules
 
effective
 
for
 
taxable
 
years
beginning
 
after
 
December
 
31,
 
2023,
 
which
 
for
 
us
 
is
 
fiscal
 
2025.
 
There
 
was
 
no
 
material
 
impact
 
on
 
our
 
consolidated
 
financial
statements.
 
Several
 
other
 
countries
 
have
 
enacted
 
or
 
drafted
 
legislation
 
that
 
is
 
not
 
yet
 
effective
 
for
 
us,
 
and
 
we
 
do
 
not
 
expect
 
this
legislation
 
to
 
have
 
a
 
material
 
impact
 
on
 
our
 
consolidated
 
financial
 
statements.
 
We
 
will
 
continue
 
to monitor
 
for
 
new
 
legislation
 
and
guidance and evaluate potential impact on our consolidated financial
 
statements.
 
During the
 
second quarter
 
of fiscal
 
2024, we
 
received a
 
notice of
 
proposed adjustment
 
from the
 
Internal Revenue
 
Service associated
with a capital loss
 
from fiscal 2019.
 
We
 
believe that we
 
have meritorious defenses
 
against this assessment
 
and will vigorously
 
defend
our
 
position. We
 
do
 
not
 
expect
 
the
 
resolution
 
of
 
the
 
proposed
 
adjustment
 
to
 
have
 
a
 
material
 
impact
 
on
 
our
 
financial
 
position
 
or
liquidity.
v3.25.1
Business Segment And Geographic Information
 9 Months Ended
Feb. 23, 2025
Business Segment And Geographic Information [Abstract]  
Business Segment And Geographic Information
 
 
 
 
 
 
(16) Business Segment and Geographic Information
We
operate
 
in
 
the
 
packaged
 
foods
 
industry.
 
Our
 
operating
 
segments
 
are
 
as
 
follows:
 
North
 
America
 
Retail,
 
International,
 
North
America Pet,
 
and North
 
America Foodservice.
 
In the
 
first quarter
 
of fiscal
 
2025, we
 
renamed the
 
Pet segment
 
to the
 
North America
Pet segment to reflect that
 
pet food results outside
 
North America are recorded
 
in the International segment.
 
There were no changes to
the
 
composition
 
of
 
our
 
reportable
 
segments
 
or
 
information
 
reviewed
 
by
 
our
 
chief
 
operating
 
decision
 
maker
 
and
 
no
 
impact
 
on
 
our
historical segment operating results.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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,
 
convenience
 
stores,
 
and
 
e-commerce
 
grocery
 
providers.
 
Our
 
product
categories
 
in
 
this
 
business
 
segment
 
include
 
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, and snack bars.
Our
 
International
 
operating
 
segment
 
consists
 
of
 
retail
 
and
 
foodservice
 
businesses
 
outside
 
of
 
the
 
United
 
States
 
and
 
Canada.
 
Our
product categories include super-premium
 
ice cream and frozen desserts, meal kits, salty snacks,
 
snack bars, dessert and baking mixes,
shelf-stable
 
vegetables,
 
and
 
pet
 
food
 
products.
 
We
 
also
 
sell
 
super-premium
 
ice
 
cream
 
and
 
frozen
 
desserts
 
directly
 
to
 
consumers
through owned
 
retail shops. Our
 
International 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 are reported in the region or country where the end customer
 
is located.
Our North
 
America Pet
 
operating segment
 
includes pet
 
food products
 
sold primarily
 
in the
 
United States
 
and Canada
 
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,
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, life-stages,
 
flavors, product
 
functions,
 
and textures
 
and
cuts for wet foods.
Our
 
North
 
America
 
Foodservice
 
segment
 
consists
 
of
 
foodservice
 
businesses
 
in
 
the
 
United
 
States
 
and
 
Canada.
 
Our
 
major
 
product
categories
 
in
 
our
 
North
 
America
 
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,
vending, and supermarket bakeries.
Operating profit
 
for these
 
segments excludes
 
unallocated corporate
 
items, gain
 
or loss
 
on divestitures,
 
and restructuring,
 
impairment,
and other
 
exit costs.
 
Results from
 
certain businesses
 
managed by
 
our Gold
 
Medal Ventures
 
entity are
 
included within
 
corporate and
other net
 
sales and
 
unallocated corporate
 
items within
 
operating
 
profit. Unallocated
 
corporate items
 
also include
 
corporate overhead
expenses,
 
variances
 
to
 
planned
 
North
 
American
 
employee
 
benefits
 
and
 
incentives,
 
certain
 
charitable
 
contributions,
 
restructuring
initiative
 
project-related
 
costs,
 
gains
 
and
 
losses
 
on
 
corporate
 
investments,
 
and
 
other
 
items
 
that
 
are
 
not
 
part
 
of
 
our
 
measurement
 
of
segment operating performance.
 
These include gains and
 
losses arising from the
 
revaluation of certain grain
 
inventories and gains
 
and
losses
 
from
 
mark-to-market
 
valuation
 
of
 
certain
 
commodity
 
positions
 
until
 
passed
 
back
 
to
 
our
 
operating
 
segments.
 
These
 
items
affecting
 
operating
 
profit
 
are
 
centrally
 
managed
 
at
 
the
 
corporate
 
level
 
and
 
are
 
excluded
 
from
 
the
 
measure
 
of
 
segment
 
profitability
reviewed
 
by executive
 
management.
 
Under our
 
supply chain
 
organization,
 
our manufacturing,
 
warehouse,
 
and distribution
 
activities
are
 
substantially
 
integrated
 
across
 
our
 
operations
 
in
 
order
 
to
 
maximize
 
efficiency
 
and
 
productivity.
 
As
 
a
 
result,
 
fixed
 
assets
 
and
depreciation and amortization expenses are neither maintained nor available
 
by operating segment.
 
Our operating segment results were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Net sales:
North America Retail
$
3,009.1
$
3,242.1
$
9,347.2
$
9,620.1
International
651.3
680.1
2,058.9
2,079.0
North America Pet
623.7
624.5
1,795.6
1,773.7
North America Foodservice
555.3
551.7
1,721.5
1,669.7
Total segment net
 
sales
$
4,839.4
$
5,098.4
$
14,923.2
$
15,142.5
Corporate and other
2.8
0.8
7.2
0.8
Total net sales
$
4,842.2
$
5,099.2
$
14,930.4
$
15,143.3
Operating profit:
North America Retail
$
648.1
$
752.2
$
2,256.1
$
2,410.3
International
18.0
18.2
62.7
102.8
North America Pet
102.2
128.3
360.9
342.0
North America Foodservice
82.3
81.7
272.3
236.3
Total segment operating
 
profit
$
850.6
$
980.4
$
2,952.0
$
3,091.4
Unallocated corporate items
55.9
63.9
244.5
308.3
Divestiture gain
(95.9)
-
(95.9)
-
Restructuring, impairment, and other exit (recoveries) costs
(0.8)
5.8
2.6
130.6
Operating profit
$
891.4
$
910.7
$
2,800.8
$
2,652.5
Net sales for our North America Retail operating units were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
U.S. Meals & Baking Solutions
$
1,130.4
$
1,168.5
$
3,404.6
$
3,453.7
U.S. Morning Foods
846.3
940.7
2,642.1
2,725.4
U.S. Snacks
818.0
869.2
2,571.6
2,660.0
Canada
214.4
263.7
728.9
781.0
Total
$
3,009.1
$
3,242.1
$
9,347.2
$
9,620.1
Net sales by class of similar products were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Snacks
$
996.0
$
1,052.4
$
3,157.8
$
3,226.4
Cereal
762.8
843.4
2,385.4
2,438.2
Convenient meals
754.1
840.2
2,228.1
2,290.8
Dough
647.5
605.1
1,887.9
1,915.1
Pet
651.7
627.6
1,880.1
1,779.8
Baking mixes and ingredients
467.5
507.5
1,501.8
1,536.3
Yogurt
333.1
367.0
1,082.8
1,100.3
Super-premium ice cream
137.5
142.0
514.0
534.3
Other
92.0
114.0
292.5
322.1
Total
$
4,842.2
$
5,099.2
$
14,930.4
$
15,143.3
v3.25.1
Acquisitions And Divestitures (Tables)
 9 Months Ended
Feb. 23, 2025
Acquisitions And Divestitures [Abstract]  
Components Of Assets Held For Sale And Liabilities Held For Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Feb. 23, 2025
Inventories
$
52.4
Prepaid expenses and other current assets
15.1
Land, buildings, and equipment
224.3
Goodwill
252.6
Other intangible assets
160.7
Other assets
25.1
Assets held for sale
$
730.2
Other current liabilities
$
8.8
Other liabilities
11.7
Liabilities held for sale
$
20.5
v3.25.1
Restructuring, Impairment, And Other Exit Costs (Tables)
 9 Months Ended
Feb. 23, 2025
Restructuring, Impairment, And Other Exit Costs [Abstract]  
Restructuring And Impairment Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
(Recoveries) charges associated with restructuring actions
 
previously announced
$
(0.6)
$
5.9
$
3.6
$
30.5
Goodwill impairment
-
-
-
117.1
Total
 
$
(0.6)
$
5.9
$
3.6
$
147.6
Restructuring, Impairment Charges And Project-Related Costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Restructuring, impairment, and other exit (recoveries) costs
$
(0.8)
$
5.8
$
2.6
$
130.6
Cost of sales
0.2
0.1
1.0
17.0
Total restructuring
 
and impairment (recoveries) charges
$
(0.6)
$
5.9
$
3.6
$
147.6
Project-related costs classified in cost of sales
$
0.2
$
0.5
$
0.4
$
1.6
v3.25.1
Goodwill And Other Intangible Assets (Tables)
 9 Months Ended
Feb. 23, 2025
Goodwill And Other Intangible Assets [Abstract]  
Components Of Goodwill And Other Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Feb. 23, 2025
May 26, 2024
Goodwill
$
15,518.7
$
14,750.7
Other intangible assets:
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles
6,792.1
6,728.6
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles
418.4
402.2
Less accumulated amortization
(151.5)
(150.9)
Intangible assets subject to amortization, net
266.9
251.3
Other intangible assets
7,059.0
6,979.9
Total
$
22,577.7
$
21,730.6
Changes In Carrying Amount Of Goodwill
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
North
America
Retail
North
America
Pet
North
America
Foodservice
International
(a)
Corporate
and Joint
Ventures
Total
Balance as of May 26, 2024
$
6,541.9
$
6,062.8
$
805.5
$
917.1
$
423.4
$
14,750.7
Acquisition
-
1,087.4
-
-
-
1,087.4
Divestiture
(14.6)
-
-
-
-
(14.6)
Reclassified to assets held
 
for sale
(202.6)
-
(50.0)
-
-
(252.6)
Other activity, primarily
 
 
foreign currency translation
(4.9)
-
-
(33.1)
(14.2)
(52.2)
Balance as of Feb. 23, 2025
$
6,319.8
$
7,150.2
$
755.5
$
884.0
$
409.2
$
15,518.7
 
 
(a)
The carrying amounts of goodwill within the International segment as of
 
May 26, 2024, and February 23, 2025, were net of
accumulated impairment losses of $
117.1
 
million. For additional information, see Note 6 to the Consolidated Financial
Statements included in our Annual Report on Form 10-K for the fiscal year
 
ended May 26, 2024.
Changes In Carrying Amount Of Other Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Balance as of May 26, 2024
$
6,979.9
Acquisition
320.0
Divestiture
(44.4)
Reclassified to assets held for sale
(160.7)
Other activity, primarily
 
foreign currency translation and amortization
(35.8)
Balance as of Feb. 23, 2025
$
7,059.0
v3.25.1
Inventories (Tables)
 9 Months Ended
Feb. 23, 2025
Inventories [Abstract]  
Schedule Of Components Of Inventories
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Feb. 23, 2025
May 26, 2024
Finished goods
$
1,801.5
$
1,827.7
Raw materials and packaging
447.2
500.5
Grain
106.2
111.1
Excess of FIFO over LIFO cost
(543.3)
(541.1)
Total
$
1,811.6
$
1,898.2
v3.25.1
Risk Management Activities (Tables)
 9 Months Ended
Feb. 23, 2025
Risk Management Activities [Abstract]  
Schedule of Unallocated Corporate items
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Net gain (loss) on mark-to-market valuation of certain
 
 
commodity positions
$
16.0
$
(24.5)
$
(18.3)
$
(34.3)
Net loss on commodity positions reclassified from
 
 
unallocated corporate items to segment operating profit
7.3
11.7
43.6
29.5
Net mark-to-market revaluation of certain grain inventories
(0.1)
(12.9)
(1.5)
(1.1)
Net mark-to-market valuation of certain commodity
 
 
positions recognized in unallocated corporate items
$
23.2
$
(25.7)
$
23.8
$
(5.9)
v3.25.1
Debt (Tables)
 9 Months Ended
Feb. 23, 2025
Debt [Abstract]  
Schedule Of Components Of Notes Payable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Feb. 23, 2025
May 26, 2024
In Millions
Notes Payable
Weighted-
Average
Interest Rate
Notes Payable
Weighted-
Average
Interest Rate
U.S. commercial paper
$
403.0
4.4
%
$
-
-
%
Financial institutions
3.7
4.3
11.8
8.8
Total
$
406.7
4.4
%
$
11.8
8.8
%
Schedule Of Fee-Paid Committed and Uncommitted Credit Lines
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Billions
Facility
 
Amount
Borrowed
Amount
Committed credit facility expiring October 2029
$
2.7
$
-
Uncommitted credit facilities
0.7
-
Total committed
 
and uncommitted credit facilities
$
3.4
$
-
v3.25.1
Stockholders' Equity (Tables)
 9 Months Ended
Feb. 23, 2025
Stockholders' Equity [Abstract]  
Schedule of Total Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Quarter Ended
Feb. 23, 2025
Feb. 25, 2024
General Mills
Noncontrolling
Interests
 
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Pretax
Tax
Net
Net
Net earnings, including earnings
 
 
attributable to noncontrolling interests
 
$
625.6
$
5.4
$
670.1
$
6.2
Other comprehensive income (loss):
Foreign currency translation
$
2.5
$
3.7
6.2
-
$
10.7
$
(8.1)
2.6
(0.2)
Other fair value changes:
Hedge derivatives
2.3
(1.2)
1.1
-
(8.8)
1.9
(6.9)
-
Reclassification to earnings:
Foreign currency translation (a)
33.9
-
33.9
-
-
-
-
-
Hedge derivatives (b)
(3.7)
0.7
(3.0)
-
(0.3)
0.2
(0.1)
-
Amortization of losses and
 
prior service costs (c)
14.1
(2.9)
11.2
-
11.5
(2.4)
9.1
-
Other comprehensive income (loss)
$
49.1
$
0.3
49.4
-
$
13.1
$
(8.4)
4.7
(0.2)
Total comprehensive income
$
675.0
$
5.4
$
674.8
$
6.0
(a)
 
Loss reclassified from AOCI into earnings is reported in divestiture gain.
(b)
 
Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.
(c)
 
Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
Nine-Month Period Ended
Feb. 23, 2025
Feb. 25, 2024
General Mills
Noncontrolling
Interests
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Pretax
Tax
Net
Net
Net earnings, including earnings
 
 
attributable to noncontrolling interests
 
$
2,001.2
$
15.7
$
1,939.1
$
19.8
Other comprehensive income (loss):
Foreign currency translation
$
9.5
$
(35.6)
(26.1)
(0.8)
$
(43.7)
$
5.5
(38.2)
0.2
Other fair value changes:
Hedge derivatives
6.6
(2.3)
4.3
-
(9.0)
1.7
(7.3)
-
Reclassification to earnings:
Foreign currency translation (a)
33.9
-
33.9
-
-
-
-
-
Hedge derivatives (b)
(2.9)
1.6
(1.3)
-
(5.0)
2.7
(2.3)
-
Amortization of losses and
 
prior service costs (c)
43.2
(8.7)
34.5
-
34.5
(7.1)
27.4
-
Other comprehensive income (loss)
$
90.3
$
(45.0)
45.3
(0.8)
$
(23.2)
$
2.8
(20.4)
0.2
Total comprehensive income
$
2,046.5
$
14.9
$
1,918.7
$
20.0
(a)
 
Loss reclassified from AOCI into earnings is reported in divestiture gain.
(b)
 
Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.
(c)
 
Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.
Schedule Of Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Feb. 23, 2025
May 26, 2024
Foreign currency translation adjustments
$
(787.5)
$
(795.3)
Unrealized gain from hedge derivatives
3.2
0.2
Pension, other postretirement, and postemployment benefits:
Net actuarial loss
(1,760.0)
(1,806.3)
Prior service credits
69.9
81.7
Accumulated other comprehensive loss
$
(2,474.4)
$
(2,519.7)
v3.25.1
Stock Plans (Tables)
 9 Months Ended
Feb. 23, 2025
Stock Plans [Abstract]  
Schedule Of Compensation Expense Related To Stock-Based Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Compensation expense related to stock-based payments
$
20.5
$
18.2
$
67.1
$
76.7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Windfall tax benefits from stock-based payments
$
1.1
$
1.2
$
5.9
$
10.1
Net Cash Proceeds And Intrinsic Value Of Options Exercised
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Net cash proceeds
$
38.4
$
11.1
Intrinsic value of options exercised
$
11.0
$
3.4
Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
Feb. 23, 2025
Feb. 25, 2024
Estimated fair values of stock options granted
 
$
13.26
$
17.47
Assumptions:
Risk-free interest rate
4.5
%
4.0
%
Expected term
8.5
years
8.5
years
Expected volatility
21.6
%
21.5
%
Dividend yield
3.8
%
2.8
%
Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Total grant date fair
 
value
$
111.3
$
91.1
v3.25.1
Earnings Per Share (Tables)
 9 Months Ended
Feb. 23, 2025
Earnings Per Share [Abstract]  
Schedule Of Basic And Diluted EPS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions, Except per Share Data
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Net earnings attributable to General Mills
$
625.6
$
670.1
$
2,001.2
$
1,939.1
Average number
 
of common shares – basic EPS
552.6
569.5
556.6
578.6
Incremental share effect from: (a)
Stock options
1.0
1.3
1.4
1.8
Restricted stock units and performance share units
1.4
2.0
1.8
2.1
Average number
 
of common shares – diluted EPS
555.0
572.8
559.8
582.5
Earnings per share – basic
$
1.14
$
1.18
$
3.60
$
3.35
Earnings per share – diluted
$
1.12
$
1.17
$
3.57
$
3.33
(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:
Stock Options And Restricted Units Not Dilutive
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Anti-dilutive stock options, restricted stock units, and
 
performance share units
 
5.3
4.2
4.7
2.6
v3.25.1
Share Repurchases (Tables)
 9 Months Ended
Feb. 23, 2025
Share Repurchases [Abstract]  
Share Repurchases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Shares of common stock
4.8
4.7
13.5
23.5
Aggregate purchase price
$
304.4
$
303.1
$
909.6
$
1,616.6
v3.25.1
Statements Of Cash Flows (Tables)
 9 Months Ended
Feb. 23, 2025
Statements Of Cash Flows [Abstract]  
Consolidated Statements Of Cash Flows Supplemental Disclosures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Net cash interest payments
$
302.2
$
294.6
Net income tax payments
$
444.6
$
462.3
v3.25.1
Retirement And Postemployment Benefits (Tables)
 9 Months Ended
Feb. 23, 2025
Retirement And Postemployment Benefits [Abstract]  
Components Of Net Periodic Benefit Expense (Income)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit
Pension Plans
Other Postretirement
 
Benefit Plans
Postemployment
Benefit Plans
Quarter Ended
Quarter Ended
Quarter Ended
In Millions
Feb. 23,
2025
Feb. 25,
2024
Feb. 23,
2025
Feb. 25,
2024
Feb. 23,
2025
Feb. 25,
2024
Service cost
$
12.9
$
14.5
$
1.0
$
1.1
$
1.8
$
1.8
Interest cost
76.6
74.1
5.3
5.3
1.0
1.0
Expected return on plan assets
(104.9)
(104.5)
(9.0)
(8.6)
-
-
Amortization of losses (gains)
25.0
21.6
(5.1)
(5.1)
(0.3)
-
Amortization of prior service costs (credits)
0.3
0.4
(5.5)
(5.5)
(0.3)
0.1
Other adjustments
-
-
-
-
3.0
2.6
Net expense (income)
$
9.9
$
6.1
$
(13.3)
$
(12.8)
$
5.2
$
5.5
Defined Benefit
 
Pension Plans
Other Postretirement
 
Benefit Plans
Postemployment
Benefit Plans
Nine-Month
Period Ended
Nine-Month
Period Ended
Nine-Month
Period Ended
In Millions
Feb. 23,
2025
Feb. 25,
2024
Feb. 23,
2025
Feb. 25,
2024
Feb. 23,
2025
Feb. 25,
2024
Service cost
$
38.8
$
43.1
$
3.2
$
3.5
$
5.3
$
5.5
Interest cost
230.0
222.4
15.9
16.0
3.0
3.0
Expected return on plan assets
(314.9)
(313.4)
(26.9)
(26.0)
-
-
Amortization of losses (gains)
75.0
64.6
(15.4)
(15.3)
-
(0.1)
Amortization of prior service costs (credits)
1.0
1.3
(16.6)
(16.4)
(0.8)
0.4
Other adjustments
-
-
-
-
8.1
7.8
Curtailment gain
-
(3.4)
-
-
-
-
Net expense (income)
$
29.9
$
14.6
$
(39.8)
$
(38.2)
$
15.6
$
16.6
v3.25.1
Business Segment And Geographic Information (Tables)
 9 Months Ended
Feb. 23, 2025
Business Segment And Geographic Information [Abstract]  
Operating Segment Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Net sales:
North America Retail
$
3,009.1
$
3,242.1
$
9,347.2
$
9,620.1
International
651.3
680.1
2,058.9
2,079.0
North America Pet
623.7
624.5
1,795.6
1,773.7
North America Foodservice
555.3
551.7
1,721.5
1,669.7
Total segment net
 
sales
$
4,839.4
$
5,098.4
$
14,923.2
$
15,142.5
Corporate and other
2.8
0.8
7.2
0.8
Total net sales
$
4,842.2
$
5,099.2
$
14,930.4
$
15,143.3
Operating profit:
North America Retail
$
648.1
$
752.2
$
2,256.1
$
2,410.3
International
18.0
18.2
62.7
102.8
North America Pet
102.2
128.3
360.9
342.0
North America Foodservice
82.3
81.7
272.3
236.3
Total segment operating
 
profit
$
850.6
$
980.4
$
2,952.0
$
3,091.4
Unallocated corporate items
55.9
63.9
244.5
308.3
Divestiture gain
(95.9)
-
(95.9)
-
Restructuring, impairment, and other exit (recoveries) costs
(0.8)
5.8
2.6
130.6
Operating profit
$
891.4
$
910.7
$
2,800.8
$
2,652.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
U.S. Meals & Baking Solutions
$
1,130.4
$
1,168.5
$
3,404.6
$
3,453.7
U.S. Morning Foods
846.3
940.7
2,642.1
2,725.4
U.S. Snacks
818.0
869.2
2,571.6
2,660.0
Canada
214.4
263.7
728.9
781.0
Total
$
3,009.1
$
3,242.1
$
9,347.2
$
9,620.1
Net Sales By Class Of Similar Products
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
Nine-Month Period Ended
In Millions
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Snacks
$
996.0
$
1,052.4
$
3,157.8
$
3,226.4
Cereal
762.8
843.4
2,385.4
2,438.2
Convenient meals
754.1
840.2
2,228.1
2,290.8
Dough
647.5
605.1
1,887.9
1,915.1
Pet
651.7
627.6
1,880.1
1,779.8
Baking mixes and ingredients
467.5
507.5
1,501.8
1,536.3
Yogurt
333.1
367.0
1,082.8
1,100.3
Super-premium ice cream
137.5
142.0
514.0
534.3
Other
92.0
114.0
292.5
322.1
Total
$
4,842.2
$
5,099.2
$
14,930.4
$
15,143.3
v3.25.1
Acquisitions And Divestitures (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Aug. 25, 2024
May 26, 2024
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Nov. 24, 2024
Business Acquisition [Line Items]              
Goodwill $ 15,518.7   $ 14,750.7   $ 15,518.7    
Pre-tax gain (loss) on sale of business 95.9     $ 0.0 95.9 $ 0.0  
North American Yogurt Businesses [Member]              
Business Acquisition [Line Items]              
Sale price of businesses             $ 2,100.0
Canada Yogurt Business [Member]              
Business Acquisition [Line Items]              
Pre-tax gain (loss) on sale of business 95.9            
Whitebridge Pet Brands' North American Premium Cat Feeding and Pet Treating Business [Member]              
Business Acquisition [Line Items]              
Purchase price 1,400.0            
Goodwill 1,087.4       1,087.4    
Indefinite-Lived Intangible Assets 289.0       289.0    
Finite-Lived Intangibles $ 31.0       $ 31.0    
European Pet Business [Member]              
Business Acquisition [Line Items]              
Purchase price     $ 434.1        
Payment of acquisition amount heldback   $ 7.7          
Goodwill   317.5          
Indefinite-Lived Intangible Assets   118.4          
Finite-Lived Intangibles   $ 14.2          
v3.25.1
Acquisitions And Divestitures (Components Of Assets Held For Sale And Liabilities Held For Sale) (Details)
$ in Millions
Feb. 23, 2025
USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]  
Inventories $ 52.4
North American Yogurt Businesses [Member]  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]  
Inventories 52.4
Prepaid expenses and other current assets 15.1
Land, buildings, and equipment 224.3
Goodwill 252.6
Other intangible assets 160.7
Other assets 25.1
Assets held for sale 730.2
Other current liabilities 8.8
Other liabilities 11.7
Liabilities held for sale $ 20.5
v3.25.1
Restructuring, Impairment, and Other Exit Costs (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Nov. 26, 2023
Feb. 23, 2025
Feb. 25, 2024
Restructuring and Related Cost [Line Items]          
Restructuring (recoveries) charges $ (0.6) $ 5.9   $ 3.6 $ 147.6
Goodwill impairment 0.0 0.0 $ 117.1 0.0 117.1
Restructuring charges, cash       7.0 27.9
Charges associated with restructuring actions previously announced [Member]          
Restructuring and Related Cost [Line Items]          
Restructuring (recoveries) charges $ (0.6) $ 5.9   $ 3.6 $ 30.5
v3.25.1
Restructuring, Impairment, and Other Exit Costs (Restructuring And Impairment Charges) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Nov. 26, 2023
Feb. 23, 2025
Feb. 25, 2024
Restructuring and Related Cost [Line Items]          
Goodwill impairment $ 0.0 $ 0.0 $ 117.1 $ 0.0 $ 117.1
Restructuring and impairment charges (0.6) 5.9   3.6 147.6
Charges associated with restructuring actions previously announced [Member]          
Restructuring and Related Cost [Line Items]          
Restructuring and impairment charges $ (0.6) $ 5.9   $ 3.6 $ 30.5
v3.25.1
Restructuring, Impairment, and Other Exit Costs (Restructuring, Impairment Charges And Project-Related Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Restructuring and Related Cost [Line Items]        
Restructuring and impairment charges $ (0.6) $ 5.9 $ 3.6 $ 147.6
Project-related costs classified in cost of sales 0.2 0.5 0.4 1.6
Restructuring, Impairment and Other Exit Costs [Member]        
Restructuring and Related Cost [Line Items]        
Restructuring and impairment charges (0.8) 5.8 2.6 130.6
Cost of Sales [Member]        
Restructuring and Related Cost [Line Items]        
Restructuring and impairment charges $ 0.2 $ 0.1 $ 1.0 $ 17.0
v3.25.1
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Nov. 26, 2023
Feb. 23, 2025
Feb. 25, 2024
Goodwill and Intangible Assets [Line Items]          
Future amortization expense, year one $ 20,000,000     $ 20,000,000  
Future amortization expense, year two 20,000,000     20,000,000  
Future amortization expense, year three 20,000,000     20,000,000  
Future amortization expense, year four 20,000,000     20,000,000  
Future amortization expense, year five 20,000,000     20,000,000  
Goodwill impairment 0 $ 0 $ 117,100,000 $ 0 $ 117,100,000
Impairment of intangible assets $ 0        
v3.25.1
Goodwill and Other Intangible Assets (Components Of Goodwill And Other Intangible Assets) (Details) - USD ($)
$ in Millions
Feb. 23, 2025
May 26, 2024
Goodwill And Other Intangible Assets [Abstract]    
Goodwill $ 15,518.7 $ 14,750.7
Intangible assets not subject to amortization:    
Brands and other indefinite-lived intangibles 6,792.1 6,728.6
Intangible assets subject to amortization:    
Customer relationships and other finite-lived intangibles 418.4 402.2
Less accumulated amortization (151.5) (150.9)
Intangible assets subject to amortization, net 266.9 251.3
Other intangible assets 7,059.0 6,979.9
Total $ 22,577.7 $ 21,730.6
v3.25.1
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Nov. 26, 2023
Feb. 23, 2025
Feb. 25, 2024
May 26, 2024
Goodwill [Line Items]            
Beginning balance       $ 14,750.7    
Acquisitions       1,087.4    
Divestitures       (14.6)    
Impairment charge $ 0.0 $ 0.0 $ (117.1) 0.0 $ (117.1)  
Reclassified to assets held for sale       (252.6)    
Other activity, primarily foreign currency translation       (52.2)    
Ending balance 15,518.7     15,518.7    
North America Retail Segment [Member]            
Goodwill [Line Items]            
Beginning balance       6,541.9    
Acquisitions       0.0    
Divestitures       (14.6)    
Reclassified to assets held for sale       (202.6)    
Other activity, primarily foreign currency translation       (4.9)    
Ending balance 6,319.8     6,319.8    
North America Pet [Member]            
Goodwill [Line Items]            
Beginning balance       6,062.8    
Acquisitions       1,087.4    
Divestitures       0.0    
Reclassified to assets held for sale       0.0    
Other activity, primarily foreign currency translation       0.0    
Ending balance 7,150.2     7,150.2    
North America Foodservice [Member]            
Goodwill [Line Items]            
Beginning balance       805.5    
Acquisitions       0.0    
Divestitures       0.0    
Reclassified to assets held for sale       (50.0)    
Other activity, primarily foreign currency translation       0.0    
Ending balance 755.5     755.5    
International [Member]            
Goodwill [Line Items]            
Beginning balance       917.1    
Acquisitions       0.0    
Divestitures       0.0    
Reclassified to assets held for sale       0.0    
Other activity, primarily foreign currency translation       (33.1)    
Ending balance 884.0     884.0    
Accumulated impairment losses 117.1     117.1   $ 117.1
Corporate and Joint Ventures [Member]            
Goodwill [Line Items]            
Beginning balance       423.4    
Acquisitions       0.0    
Divestitures       0.0    
Reclassified to assets held for sale       0.0    
Other activity, primarily foreign currency translation       (14.2)    
Ending balance $ 409.2     $ 409.2    
v3.25.1
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Other Intangible Assets) (Details)
$ in Millions
 9 Months Ended
Feb. 23, 2025
USD ($)
Indefinite Lived Intangible Assets By Major Class [Line Items]  
Beginning balance - carrying value $ 6,979.9
Acquisitions 320.0
Divestiture (44.4)
Reclassified to assets held for sale (160.7)
Other activity, primarily foreign currency translation and amortization (35.8)
Ending balance - carrying value $ 7,059.0
v3.25.1
Inventories (Narrative) (Details)
$ in Millions
Feb. 23, 2025
USD ($)
Inventories [Abstract]  
Inventories held for sale $ 52.4
v3.25.1
Inventories (Schedule Of Components Of Inventories) (Details) - USD ($)
$ in Millions
Feb. 23, 2025
May 26, 2024
Inventories [Abstract]    
Finished goods $ 1,801.5 $ 1,827.7
Raw materials and packaging 447.2 500.5
Grain 106.2 111.1
Excess of FIFO over LIFO cost (543.3) (541.1)
Total $ 1,811.6 $ 1,898.2
v3.25.1
Risk Management Activities (Narrative) (Details)
€ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
USD ($)
Nov. 24, 2024
USD ($)
Feb. 25, 2024
USD ($)
Feb. 23, 2025
USD ($)
Feb. 25, 2024
USD ($)
Feb. 23, 2025
EUR (€)
May 26, 2024
USD ($)
Derivative [Line Items]              
Accounts payable to suppliers who utilize third party service $ 1,424.9     $ 1,424.9     $ 1,404.4
Issuance of long-term debt     $ 500.0 1,500.0 $ 1,000.0    
Euro Denominated Bonds Used For Hedging [Member]              
Derivative [Line Items]              
Long-term debt, carrying value | €           € 3,990.4  
Fixed rate notes due November 18, 2025              
Derivative [Line Items]              
Issuance of long-term debt   $ 500.0          
Maturity date Nov. 18, 2025 Nov. 18, 2025          
Fixed rate notes due November 18, 2025 | Interest Rate Swap [Member]              
Derivative [Line Items]              
Derivative, Notional Amount   $ 500.0          
4.7% Fixed-rate notes due January 30, 2027 [Member]              
Derivative [Line Items]              
Issuance of long-term debt     $ 500.0        
Maturity date     Jan. 30, 2027        
Fixed-rate notes due January 30, 2030 [Member]              
Derivative [Line Items]              
Issuance of long-term debt   $ 750.0          
Maturity date   Jan. 30, 2030          
Fixed-rate notes due January 30, 2030 [Member] | Interest Rate Swap [Member]              
Derivative [Line Items]              
Derivative, Notional Amount   $ 750.0          
Fixed-rate notes due January 30, 2035 [Member]              
Derivative [Line Items]              
Issuance of long-term debt   $ 750.0          
Maturity date   Jan. 30, 2035          
Commodity Contracts [Member]              
Derivative [Line Items]              
Derivative, Notional Amount $ 266.2     $ 266.2      
Average period of utilization       12 months      
Agricultural Related Derivative [Member]              
Derivative [Line Items]              
Derivative, Notional Amount 172.2     $ 172.2      
Energy Related Derivative [Member]              
Derivative [Line Items]              
Derivative, Notional Amount 94.0     94.0      
Treasury Lock [Member]              
Derivative [Line Items]              
Settled amount   $ 350.0 $ 250.0        
Pre-tax hedge gain (loss) in AOCI   $ 0.1 $ 0.3        
Level 2 [Member]              
Derivative [Line Items]              
Long-term debt, carrying value $ 13,780.6     $ 13,780.6      
v3.25.1
Risk Management Activities (Schedule Of Unallocated Corporate items) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Commodity Price Risk [Abstract]        
Net gain (loss) on mark-to-market valuation of certain commodity positions $ 16.0 $ (24.5) $ (18.3) $ (34.3)
Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit 7.3 11.7 43.6 29.5
Net mark-to-market revaluation of certain grain inventories (0.1) (12.9) (1.5) (1.1)
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 23.2 $ (25.7) $ 23.8 $ (5.9)
v3.25.1
Debt (Narrative) (Details)
€ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
USD ($)
Nov. 24, 2024
USD ($)
Nov. 24, 2024
EUR (€)
May 26, 2024
EUR (€)
Feb. 25, 2024
USD ($)
Nov. 26, 2023
USD ($)
Nov. 26, 2023
EUR (€)
Aug. 27, 2023
EUR (€)
Feb. 23, 2025
USD ($)
Feb. 25, 2024
USD ($)
Debt Instrument [Line Items]                    
Facility Amount $ 3,400.0               $ 3,400.0  
Issuance of long-term debt         $ 500.0       1,500.0 $ 1,000.0
Repayment of long-term debt                 $ 500.0 $ 900.0
Committed Credit Facilities [Member]                    
Debt Instrument [Line Items]                    
Minimum fixed charge coverage ratio 2.5               2.5  
Line Of Credit Expiring April 2026 [Member]                    
Debt Instrument [Line Items]                    
Facility Amount $ 2,700.0               $ 2,700.0  
Line Of Credit Expiring October 2029 [Member]                    
Debt Instrument [Line Items]                    
Facility Amount $ 2,700.0               2,700.0  
Expiration date of credit facility Oct. 09, 2029                  
Level 2 [Member]                    
Debt Instrument [Line Items]                    
Long-term debt, fair value $ 13,233.5               13,233.5  
Long-term debt, carrying value 13,780.6               $ 13,780.6  
5.241% Fixed-rate notes due November 18, 2025 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt   $ 500.0                
Repayment of long-term debt $ 500.0                  
Fixed interest rate percentage 5.241%               5.241%  
Maturity date Nov. 18, 2025 Nov. 18, 2025 Nov. 18, 2025              
Long-Term Debt Agreements Containing Restrictive Covenants [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Covenant Compliance                 We were in compliance with all credit facility covenants as of February 23, 2025.  
Certain Long Term Debt Agreements Containing Restrictive Covenants [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Covenant Compliance                 As of February 23, 2025, we were in compliance with all of these covenants.  
4.875% Fixed-rate notes due January 30, 2030 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt   $ 750.0                
Fixed interest rate percentage   4.875% 4.875%              
Maturity date   Jan. 30, 2030 Jan. 30, 2030              
5.25% Fixed-rate notes due January 30, 2035 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt   $ 750.0                
Fixed interest rate percentage   5.25% 5.25%              
Maturity date   Jan. 30, 2035 Jan. 30, 2035              
Floating-rate notes due April 22, 2026 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt | €     € 250.0              
Maturity date   Apr. 22, 2026 Apr. 22, 2026              
Floating-rate notes due November 8, 2024 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt | €             € 250.0 € 500.0    
Maturity date   Nov. 08, 2024 Nov. 08, 2024     Nov. 08, 2024 Nov. 08, 2024 Nov. 08, 2024    
Floating-rate notes due November 8, 2024 - Repayment 1 [Member]                    
Debt Instrument [Line Items]                    
Repayment of long-term debt | €     € 250.0              
Floating-rate notes due November 8, 2024 - Repayment 2 [Member]                    
Debt Instrument [Line Items]                    
Repayment of long-term debt | €     500.0              
Floating-rate notes due October 22, 2026 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt | €     € 500.0              
Maturity date   Oct. 22, 2026 Oct. 22, 2026              
3.650% Fixed-rate notes due October 23, 2030 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt | €       € 500.0            
Fixed interest rate percentage       3.65%            
Maturity date       Oct. 23, 2030            
3.850% Fixed-rate notes due April 23, 2034 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt | €       € 500.0            
Fixed interest rate percentage       3.85%            
Maturity date       Apr. 23, 2034            
4.7% Fixed-rate notes due January 30, 2027 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt         $ 500.0          
Fixed interest rate percentage         4.70%         4.70%
Maturity date         Jan. 30, 2027          
3.65% Fixed-rate notes due February 15, 2024 [Member]                    
Debt Instrument [Line Items]                    
Repayment of long-term debt         $ 500.0          
Fixed interest rate percentage         3.65%         3.65%
Maturity date         Feb. 15, 2024          
Floating-rate notes due November 10, 2023 [Member]                    
Debt Instrument [Line Items]                    
Repayment of long-term debt | €             € 250.0      
Maturity date           Nov. 10, 2023 Nov. 10, 2023      
5.5% Fixed-rate notes due October 17, 2028 [Member]                    
Debt Instrument [Line Items]                    
Issuance of long-term debt           $ 500.0        
Fixed interest rate percentage           5.50% 5.50%      
Maturity date           Oct. 17, 2028 Oct. 17, 2028      
Floating-rate notes due October 17, 2023 [Member]                    
Debt Instrument [Line Items]                    
Repayment of long-term debt           $ 400.0        
Maturity date           Oct. 17, 2023 Oct. 17, 2023      
Floating-rate notes due July 27, 2023 [Member]                    
Debt Instrument [Line Items]                    
Repayment of long-term debt | €               € 500.0    
Maturity date               Jul. 27, 2023    
v3.25.1
Debt (Schedule Of Components Of Notes Payable) (Details) - USD ($)
$ in Millions
Feb. 23, 2025
May 26, 2024
Short-term Debt [Line Items]    
Notes payable $ 406.7 $ 11.8
Weighted Average Interest Rate 4.40% 8.80%
U.S. commercial paper [Member]    
Short-term Debt [Line Items]    
Notes payable $ 403.0 $ 0.0
Weighted Average Interest Rate 4.40% 0.00%
Financial Institutions [Member]    
Short-term Debt [Line Items]    
Notes payable $ 3.7 $ 11.8
Weighted Average Interest Rate 4.30% 8.80%
v3.25.1
Debt (Schedule Of Fee-Paid Committed And Uncommitted Credit Lines) (Details)
$ in Billions
 3 Months Ended
Feb. 23, 2025
USD ($)
Line of Credit Facility [Line Items]  
Facility Amount $ 3.4
Borrowed Amount 0.0
Line Of Credit Expiring April 2026 [Member]  
Line of Credit Facility [Line Items]  
Facility Amount 2.7
Line Of Credit Expiring October 2029 [Member]  
Line of Credit Facility [Line Items]  
Facility Amount 2.7
Borrowed Amount $ 0.0
Expiration date of credit facility Oct. 09, 2029
Uncommitted Credit Facility [Member]  
Line of Credit Facility [Line Items]  
Facility Amount $ 0.7
Borrowed Amount $ 0.0
v3.25.1
Noncontrolling Interests (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Jun. 01, 2024
Feb. 23, 2025
Noncontrolling Interest [Line Items]    
Noncontrolling interests covenant compliance   Our noncontrolling interests contain restrictive covenants. As of February 23, 2025, 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 2.61%  
Preferred return rate adjustment period 3 years  
v3.25.1
Stockholders' Equity (Schedule Of Total Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Reclassification to earnings:        
Foreign currency translation $ 33.9 $ 0.0 $ 33.9 $ 0.0
Other comprehensive income (loss), net of tax:        
Foreign currency translation 6.2 2.4 (26.9) (38.0)
Other fair value changes:        
Hedge derivatives 1.1 (6.9) 4.3 (7.3)
Reclassification to earnings:        
Hedge derivatives (3.0) (0.1) (1.3) (2.3)
Amortization of losses and prior service costs 11.2 9.1 34.5 27.4
Other comprehensive income (loss), net of tax 49.4 4.5 44.5 (20.2)
Comprehensive Income:        
Net earnings, including earnings attributable to noncontrolling interests 625.6 670.1 2,001.2 1,939.1
Net earnings attributable to noncontrolling interests 5.4 6.2 15.7 19.8
Total comprehensive income attributable to General Mills 675.0 674.8 2,046.5 1,918.7
General Mills [Member]        
Other comprehensive income (loss), before tax:        
Foreign currency translation 2.5 10.7 9.5 (43.7)
Other fair value changes:        
Hedge derivatives 2.3 (8.8) 6.6 (9.0)
Reclassification to earnings:        
Foreign currency translation 33.9 0.0 33.9 0.0
Hedge derivatives (3.7) (0.3) (2.9) (5.0)
Amortization of losses and prior service costs 14.1 11.5 43.2 34.5
Other comprehensive income (loss), before tax 49.1 13.1 90.3 (23.2)
Other comprehensive (loss) income, tax:        
Foreign currency translation 3.7 (8.1) (35.6) 5.5
Other fair value changes:        
Hedge derivatives (1.2) 1.9 (2.3) 1.7
Reclassification to earnings:        
Foreign currency translation 0.0 0.0 0.0 0.0
Hedge derivatives 0.7 0.2 1.6 2.7
Amortization of losses and prior service costs (2.9) (2.4) (8.7) (7.1)
Other comprehensive income (loss), tax 0.3 (8.4) (45.0) 2.8
Other comprehensive income (loss), net of tax:        
Foreign currency translation 6.2 2.6 (26.1) (38.2)
Other fair value changes:        
Hedge derivatives 1.1 (6.9) 4.3 (7.3)
Reclassification to earnings:        
Foreign currency translation 33.9 0.0 33.9 0.0
Hedge derivatives (3.0) (0.1) (1.3) (2.3)
Amortization of losses and prior service costs 11.2 9.1 34.5 27.4
Other comprehensive income (loss), net of tax 49.4 4.7 45.3 (20.4)
Comprehensive Income:        
Net earnings, including earnings attributable to noncontrolling interests 625.6 670.1 2,001.2 1,939.1
Total comprehensive income attributable to General Mills 675.0 674.8 2,046.5 1,918.7
Noncontrolling Interests [Member]        
Other comprehensive income (loss), net of tax:        
Foreign currency translation 0.0 (0.2) (0.8) 0.2
Other fair value changes:        
Hedge derivatives 0.0 0.0 0.0 0.0
Reclassification to earnings:        
Foreign currency translation 0.0 0.0 0.0 0.0
Hedge derivatives 0.0 0.0 0.0 0.0
Amortization of losses and prior service costs 0.0 0.0 0.0 0.0
Other comprehensive income (loss), net of tax 0.0 (0.2) (0.8) 0.2
Comprehensive Income:        
Total comprehensive income attributable to noncontrolling interests $ 5.4 $ 6.0 $ 14.9 $ 20.0
v3.25.1
Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
Feb. 23, 2025
May 26, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax:    
Foreign currency translation adjustments $ (787.5) $ (795.3)
Unrealized gain from hedge derivatives 3.2 0.2
Pension, other postretirement, and postemployment benefits:    
Net actuarial loss (1,760.0) (1,806.3)
Prior service credits 69.9 81.7
Accumulated other comprehensive loss $ (2,474.4) $ (2,519.7)
v3.25.1
Stock Plans (Narrative) (Details)
$ in Millions
 9 Months Ended
Feb. 23, 2025
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 $ 141.5
Unrecognized compensation expense on non-vested awards, weighted average period of recognition 22 months
v3.25.1
Stock Plans (Schedule Of Compensation Expense Related To Stock-Based Payments) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation expense related to stock-based payments $ 20.5 $ 18.2 $ 67.1 $ 76.7
Windfall tax benefits from stock-based payments $ 1.1 $ 1.2 $ 5.9 $ 10.1
v3.25.1
Stock Plans (Net Cash Proceeds And Intrinsic Value Of Options Exercised) (Details) - USD ($)
$ in Millions
 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Stock Plans [Abstract]    
Net cash proceeds $ 38.4 $ 11.1
Intrinsic value of options exercised $ 11.0 $ 3.4
v3.25.1
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. 23, 2025
Feb. 25, 2024
Stock Plans [Abstract]    
Estimated fair values of stock options granted $ 13.26 $ 17.47
Assumptions:    
Risk-free interest rate 4.50% 4.00%
Expected term 8 years 6 months 8 years 6 months
Expected volatility 21.60% 21.50%
Dividend yield 3.80% 2.80%
v3.25.1
Stock Plans (Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity) (Details) - USD ($)
$ in Millions
 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Stock Plans [Abstract]    
Total grant date fair value $ 111.3 $ 91.1
v3.25.1
Earnings Per Share (Schedule Of Basic And Diluted EPS And Stock Options And Restricted Units Not Dilutive) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Net earnings attributable to General Mills $ 625.6 $ 670.1 $ 2,001.2 $ 1,939.1
Average number of common shares - basic EPS 552.6 569.5 556.6 578.6
Average number of common shares - diluted EPS 555.0 572.8 559.8 582.5
Earnings per share - basic $ 1.14 $ 1.18 $ 3.60 $ 3.35
Earnings per share - diluted $ 1.12 $ 1.17 $ 3.57 $ 3.33
Other Disclosures [Abstract]        
Anti-dilutive stock options, restricted stock units, and performance share units 5.3 4.2 4.7 2.6
Stock options [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Incremental share effect 1.0 1.3 1.4 1.8
Restricted stock units and performance share units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Incremental share effect 1.4 2.0 1.8 2.1
v3.25.1
Share Repurchases (Share Repurchases) (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Share Repurchases [Abstract]        
Shares of common stock 4.8 4.7 13.5 23.5
Aggregate purchase price $ 304.4 $ 303.1 $ 909.6 $ 1,616.6
v3.25.1
Statements of Cash Flows (Consolidated Statements of Cash Flows) (Details) - USD ($)
$ in Millions
 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Statements Of Cash Flows [Abstract]    
Net cash interest payments $ 302.2 $ 294.6
Net income tax payments $ 444.6 $ 462.3
v3.25.1
Retirement And Postemployment Benefits (Narrative) (Details)
$ in Millions
Feb. 23, 2025
USD ($)
Retirement And Postemployment Benefits [Abstract]  
Net plan assets classified as held for sale $ 0.9
v3.25.1
Retirement And Postemployment Benefits (Components Of Net Periodic Benefit Expense(Income)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Defined Benefit Pension Plans [Member]        
Components of Net Periodic Benefit Cost [Abstract]        
Service cost $ 12.9 $ 14.5 $ 38.8 $ 43.1
Interest cost 76.6 74.1 230.0 222.4
Expected return on plan assets (104.9) (104.5) (314.9) (313.4)
Amortization of losses (gains) 25.0 21.6 75.0 64.6
Amortization of prior service costs (credits) 0.3 0.4 1.0 1.3
Other adjustments 0.0 0.0 0.0 0.0
Curtailment gain     0.0 (3.4)
Net expense (income) 9.9 6.1 29.9 14.6
Other Postretirement Benefit Plans [Member]        
Components of Net Periodic Benefit Cost [Abstract]        
Service cost 1.0 1.1 3.2 3.5
Interest cost 5.3 5.3 15.9 16.0
Expected return on plan assets (9.0) (8.6) (26.9) (26.0)
Amortization of losses (gains) (5.1) (5.1) (15.4) (15.3)
Amortization of prior service costs (credits) (5.5) (5.5) (16.6) (16.4)
Other adjustments 0.0 0.0 0.0 0.0
Curtailment gain     0.0 0.0
Net expense (income) (13.3) (12.8) (39.8) (38.2)
Postemployment Benefit Plans [Member]        
Components of Net Periodic Benefit Cost [Abstract]        
Service cost 1.8 1.8 5.3 5.5
Interest cost 1.0 1.0 3.0 3.0
Expected return on plan assets 0.0 0.0 0.0 0.0
Amortization of losses (gains) (0.3) 0.0 0.0 (0.1)
Amortization of prior service costs (credits) (0.3) 0.1 (0.8) 0.4
Other adjustments 3.0 2.6 8.1 7.8
Curtailment gain     0.0 0.0
Net expense (income) $ 5.2 $ 5.5 $ 15.6 $ 16.6
v3.25.1
Business Segment And Geographic Information (Operating Segment Results) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Segment Reporting Information [Line Items]        
Net sales $ 4,842.2 $ 5,099.2 $ 14,930.4 $ 15,143.3
Divestitures gain (95.9) 0.0 (95.9) 0.0
Restructuring, impairment, and other exit costs (recoveries) (0.8) 5.8 2.6 130.6
Operating profit 891.4 910.7 2,800.8 2,652.5
Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 4,839.4 5,098.4 14,923.2 15,142.5
Operating profit 850.6 980.4 2,952.0 3,091.4
Unallocated Corporate Items [Member]        
Segment Reporting Information [Line Items]        
Operating profit 55.9 63.9 244.5 308.3
North America Retail [Member] | Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 3,009.1 3,242.1 9,347.2 9,620.1
Operating profit 648.1 752.2 2,256.1 2,410.3
U.S. Meals & Baking Solutions [Member] | Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 1,130.4 1,168.5 3,404.6 3,453.7
U.S. Morning Foods [Member] | Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 846.3 940.7 2,642.1 2,725.4
U.S. Snacks [Member] | Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 818.0 869.2 2,571.6 2,660.0
Canada [Member] | Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 214.4 263.7 728.9 781.0
International [Member] | Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 651.3 680.1 2,058.9 2,079.0
Operating profit 18.0 18.2 62.7 102.8
North America Pet [Member] | Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 623.7 624.5 1,795.6 1,773.7
Operating profit 102.2 128.3 360.9 342.0
North America Foodservice [Member] | Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Net sales 555.3 551.7 1,721.5 1,669.7
Operating profit 82.3 81.7 272.3 236.3
Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Net sales $ 2.8 $ 0.8 $ 7.2 $ 0.8
v3.25.1
Business Segment And Geographic Information (Net Sales By Class Of Similar Products) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 23, 2025
Feb. 25, 2024
Feb. 23, 2025
Feb. 25, 2024
Product Information [Line Items]        
Net sales $ 4,842.2 $ 5,099.2 $ 14,930.4 $ 15,143.3
Snacks [Member]        
Product Information [Line Items]        
Net sales 996.0 1,052.4 3,157.8 3,226.4
Cereal [Member]        
Product Information [Line Items]        
Net sales 762.8 843.4 2,385.4 2,438.2
Convenient meals [Member]        
Product Information [Line Items]        
Net sales 754.1 840.2 2,228.1 2,290.8
Dough [Member]        
Product Information [Line Items]        
Net sales 647.5 605.1 1,887.9 1,915.1
Pet [Member]        
Product Information [Line Items]        
Net sales 651.7 627.6 1,880.1 1,779.8
Baking mixes and ingredients [Member]        
Product Information [Line Items]        
Net sales 467.5 507.5 1,501.8 1,536.3
Yogurt [Member]        
Product Information [Line Items]        
Net sales 333.1 367.0 1,082.8 1,100.3
Super-premium ice cream [Member]        
Product Information [Line Items]        
Net sales 137.5 142.0 514.0 534.3
Other [Member]        
Product Information [Line Items]        
Net sales $ 92.0 $ 114.0 $ 292.5 $ 322.1
v3.25.1
Insider Trading Arrangements (Details)
 3 Months Ended
Feb. 23, 2025
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