DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
Jun. 13, 2016 |
Nov. 27, 2015 |
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| Document and Entity Information [Abstract] | |||
| Document Type | 10-K | ||
| Document Period End Date | May 29, 2016 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2016 | ||
| Document Fiscal Period Focus | FY | ||
| Current Fiscal Year End Date | --05-29 | ||
| Entity Central Index Key | 0000040704 | ||
| Trading Symbol | GIS | ||
| Entity Registrant Name | GENERAL MILLS INC | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Well Known Seasoned Issuer | Yes | ||
| Entity Common Stock, Shares Outstanding | 597,020,906 | ||
| Entity Public Float | $ 34,654.2 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
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| Statement of Other Comprehensive Income [Abstract] | |||
| Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 1,736.8 | $ 1,259.4 | $ 1,861.3 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation | (108.7) | (957.9) | (11.3) |
| Net actuarial income (loss) | (325.9) | (358.4) | 206.0 |
| Other fair value changes: | |||
| Securities | 0.1 | 0.8 | 0.3 |
| Hedge derivatives | 16.0 | 4.1 | 5.0 |
| Reclassification to earnings: | |||
| Hedge derivatives | (9.5) | 4.9 | (4.6) |
| Amortization of losses and prior service costs | 128.6 | 105.1 | 107.6 |
| Other comprehensive income (loss), net of tax | (299.4) | (1,201.4) | 303.0 |
| Total comprehensive income | 1,437.4 | 58.0 | 2,164.3 |
| Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 41.5 | (192.9) | 94.9 |
| Comprehensive income attributable to General Mills | $ 1,395.9 | $ 250.9 | $ 2,069.4 |
CONSOLIDATED BALANCE SHEETS (Paranthetical) - $ / shares shares in Millions |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|---|---|---|---|
| Stockholders' equity: | |||
| Common stock, shares issued | 754.6 | 754.6 | |
| Common stock, par value | $ 0.1 | $ 0.1 | $ 0.1 |
| Common stock in treasury, shares | 157.8 | 155.9 |
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Parenthetical) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
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| CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST | |||
| Par Value Common Stock | $ 0.1 | $ 0.1 | $ 0.1 |
| Shares Authorized | 1,000.0 | 1,000.0 | 1,000.0 |
| Cash dividends declared per share | $ 1.78 | $ 1.67 | $ 1.17 |
| Stock compensation plans, income tax benefits | $ 94.1 | $ 74.6 | $ 69.3 |
BASIS OF PRESENTATION AND RECLASSIFICATIONS |
12 Months Ended |
|---|---|
May 29, 2016 | |
| BASIS OF PRESENTATION AND RECLASSIFICATIONS [Abstract] | |
| BASIS OF PRESENTATION AND RECLASSIFICATIONS | NOTE 1. BASIS OF PRESENTATION AND RECLASSIFICATIONS Basis of Presentation Our Consolidated Financial Statements include the accounts of General Mills, Inc. and all subsidiaries in which we have a controlling financial interest. Intercompany transactions and accounts, including any noncontrolling and redeemable interests’ share of those transactions, are eliminated in consolidation. Our fiscal year ends on the last Sunday in May. Fiscal years 2016 and 2014 consisted of 52 weeks, while fiscal year 2015 consisted of 53 weeks. Change in Reporting Period As part of a long-term plan to conform the fiscal year ends of all our operations, in fiscal 2016 we changed the reporting period of Yoplait SAS and Yoplait Marques SNC within our International segment and Annie’s, Inc. (Annie’s) within our U.S. Retail segment from an April fiscal year-end to a May fiscal year-end to match our fiscal calendar. Accordingly, in fiscal 2016, our results included 13 months of results from the affected operations. The impact of these changes was not material to our consolidated results of operations. Our General Mills Brasil Alimentos Ltda (Yoki) and India businesses remain on an April fiscal year end. Certain reclassifications to our previously reported financial information have been made to conform to the current period presentation. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
|---|---|
May 29, 2016 | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents We consider all investments purchased with an original maturity of three months or less to be cash equivalents. Inventories All inventories in the United States other than grain are valued at the lower of cost, using the last-in, first-out (LIFO) method, or market. Grain inventories and all related cash contracts and derivatives are valued at market with all net changes in value recorded in earnings currently. Inventories outside of the United States are generally valued at the lower of cost, using the first-in, first-out (FIFO) method, or market. Shipping costs associated with the distribution of finished product to our customers are recorded as cost of sales, and are recognized when the related finished product is shipped to and accepted by the customer. Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. Buildings and equipment, including capitalized interest and internal engineering costs, are recorded at cost and depreciated over estimated useful lives, primarily using the straight-line method. Ordinary maintenance and repairs are charged to cost of sales. Buildings are usually depreciated over 40 years, and equipment, furniture, and software are usually depreciated over 3 to 10 years. Fully depreciated assets are retained in buildings and equipment until disposal. When an item is sold or retired, the accounts are relieved of its cost and related accumulated depreciation and the resulting gains and losses, if any, are recognized in earnings. As of May 29, 2016, assets held for sale were insignificant. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. Goodwill and Other Intangible Assets Goodwill is not subject to amortization and is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. In fiscal 2016, we changed the date of our annual goodwill and indefinite-lived intangible asset impairment assessment from the first day of the third quarter to the first day of the second quarter to more closely align with the timing of our annual long-range planning process. Impairment testing is performed for each of our reporting units. We compare the carrying value of a reporting unit, including goodwill, to the fair value of the unit. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit, which often requires allocation of shared or corporate items among reporting units. If the carrying amount of a reporting unit exceeds its fair value, we revalue all assets and liabilities of the reporting unit, excluding goodwill, to determine if the fair value of the net assets is greater than the net assets including goodwill. If the fair value of the net assets is less than the carrying amount of net assets including goodwill, impairment has occurred. Our estimates of fair value are determined based on a discounted cash flow model. Growth rates for sales and profits are determined using inputs from our long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. We evaluate the useful lives of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets. Intangible assets that are deemed to have definite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Our indefinite-lived intangible assets, mainly intangible assets primarily associated with the Pillsbury, Totino’s, Progresso, Yoplait, Old El Paso, Yoki, Häagen-Dazs, and Annie’s brands, are also tested for impairment annually and whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs which included projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. Our finite-lived intangible assets, primarily acquired franchise agreements and customer relationships, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the carrying amount of the asset. Assets generally have identifiable cash flows and are largely independent of other assets. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset over its fair value. Fair value is measured using a discounted cash flow model or other similar valuation model, as appropriate. Investments in Unconsolidated Joint Ventures Our investments in companies over which we have the ability to exercise significant influence are stated at cost plus our share of undistributed earnings or losses. We receive royalty income from certain joint ventures, incur various expenses (primarily research and development), and record the tax impact of certain joint venture operations that are structured as partnerships. In addition, we make advances to our joint ventures in the form of loans or capital investments. We also sell certain raw materials, semi-finished goods, and finished goods to the joint ventures, generally at market prices. In addition, we assess our investments in our joint ventures if we have reason to believe an impairment may have occurred including, but not limited to, as a results of ongoing operating losses, projected decreases in earnings, increases in the weighted average cost of capital, or significant business disruptions. The significant assumptions used to estimate fair value include revenue growth and profitability, royalty rates, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. By their nature, these projections and assumptions are uncertain. If we were to determine the current fair value of our investment was less than the carrying value of the investment, then we would assess if the shortfall was of a temporary or permanent nature and write down the investment to its fair value if we concluded the impairment is other than temporary. Redeemable Interest We have a 51 percent controlling interest in Yoplait SAS, a consolidated entity. Sodiaal International (Sodiaal) holds the remaining 49 percent interest in Yoplait SAS. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. This put option requires us to classify Sodiaal’s interest as a redeemable interest outside of equity on our Consolidated Balance Sheets for as long as the put is exercisable by Sodiaal. When the put is no longer exercisable, the redeemable interest will be reclassified to noncontrolling interests on our Consolidated Balance Sheets. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. During the second quarter of fiscal 2016, we adjusted the redeemable interest’s redemption value based on a discounted cash flow model. The significant assumptions used to estimate the redemption value include projected revenue growth and profitability from our long-range plan, capital spending, depreciation, taxes, foreign currency exchange rates, and a discount rate. Revenue Recognition We recognize sales revenue when the shipment is accepted by our customer. Sales include shipping and handling charges billed to the customer and are reported net of consumer coupon redemption, trade promotion and other costs, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, and other excise taxes are not recognized in revenue. Coupons are recorded when distributed, based on estimated redemption rates. Trade promotions are recorded based on estimated participation and performance levels for offered programs at the time of sale. We generally do not allow a right of return. However, on a limited case-by-case basis with prior approval, we may allow customers to return product. In limited circumstances, product returned in saleable condition is resold to other customers or outlets. Receivables from customers generally do not bear interest. Terms and collection patterns vary around the world and by channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem the amount is uncollectible. Environmental Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. Liabilities for anticipated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or our commitment to a plan of action. Advertising Production Costs We expense the production costs of advertising the first time that the advertising takes place. Research and Development All expenditures for research and development (R&D) are charged against earnings in the period incurred. R&D includes expenditures for new product and manufacturing process innovation, and the annual expenditures are comprised primarily of internal salaries, wages, consulting, and supplies attributable to R&D activities. Other costs include depreciation and maintenance of research facilities, including assets at facilities that are engaged in pilot plant activities. Foreign Currency Translation For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates. Income statement accounts are translated using the average exchange rates prevailing during the period. Translation adjustments are reflected within accumulated other comprehensive loss (AOCI) in stockholders’ equity. Gains and losses from foreign currency transactions are included in net earnings for the period, except for gains and losses on investments in subsidiaries for which settlement is not planned for the foreseeable future and foreign exchange gains and losses on instruments designated as net investment hedges. These gains and losses are recorded in AOCI. Derivative Instruments All derivatives are recognized on our Consolidated Balance Sheets at fair value based on quoted market prices or our estimate of their fair value, and are recorded in either current or noncurrent assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on whether the instrument is designated and effective as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in AOCI are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedged transaction ceases to exist, any associated amounts reported in AOCI are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. Stock-based Compensation We generally measure compensation expense for grants of restricted stock units using the value of a share of our stock on the date of grant. We estimate the value of stock option grants using a Black-Scholes valuation model. Stock-based compensation is recognized straight line over the vesting period. Our stock-based compensation expense is recorded in selling, general and administrative (SG&A) expenses and cost of sales in our Consolidated Statements of Earnings and allocated to each reportable segment in our segment results. Certain equity-based compensation plans contain provisions that accelerate vesting of awards upon retirement, termination, or death of eligible employees and directors. We consider a stock-based award to be vested when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the related compensation cost is generally recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. We report the benefits of tax deductions in excess of recognized compensation cost as a financing cash flow, thereby reducing net operating cash flows and increasing net financing cash flows. Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans We sponsor several domestic and foreign defined benefit plans to provide pension, health care, and other welfare benefits to retired employees. Under certain circumstances, we also provide accruable benefits to former or inactive employees in the United States, Canada, and Mexico and members of our Board of Directors, including severance and certain other benefits payable upon death. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We recognize the underfunded or overfunded status of a defined benefit pension plan as an asset or liability and recognize changes in the funded status in the year in which the changes occur through AOCI. Use of Estimates Preparing our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for promotional expenditures, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit and postemployment benefit plans. Actual results could differ from our estimates. Other New Accounting Standards In the first quarter of fiscal 2015, we adopted new accounting requirements on the financial statement presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward exists. The adoption of this guidance did not have an impact on our results of operations or financial position. In the second quarter of fiscal 2015, we adopted new accounting requirements for share-based payment awards issued based upon specific performance targets. The adoption of this guidance did not have a material impact on our results of operations or financial position. In the first quarter of fiscal 2016, we adopted new accounting requirements for the classification of debt issuance costs presented in the balance sheet as a direct reduction from the carrying amount of the debt liability. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. In the fourth quarter of fiscal 2016, we adopted new accounting requirements for the presentation of deferred tax assets and liabilities, requiring noncurrent classification for all deferred tax assets and liabilities on the statement of financial position. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. |
ACQUISITION AND DIVESTITURES |
12 Months Ended |
|---|---|
May 29, 2016 | |
| ACQUISTION AND DIVESTITURES [Abstract] | |
| ACQUISITION AND DIVESTITURES | NOTE 3. ACQUISITION AND DIVESTITURES During the fourth quarter of fiscal 2016, we sold our General Mills de Venezuela CA subsidiary to a third party and exited our business in Venezuela. As a result of this transaction, we recorded a pre-tax loss of $37.6 million. In addition, we sold our General Mills Argentina S.A. foodservice business in Argentina to a third party and recorded a pre-tax loss of $14.8 million. During the second quarter of fiscal 2016, we sold our North American Green Giant product lines for $822.7 million in cash, and we recorded a pre-tax gain of $199.1 million. We received net cash proceeds of $788.0 million after transaction related costs. After the divestiture, we retained a brand intangible asset on our Consolidated Balance Sheets of $30.1 million related to our continued use of the Green Giant brand in certain markets outside of North America. During the second quarter of fiscal 2015, we acquired Annie’s, a publicly traded food company headquartered in Berkeley, California, for an aggregate purchase price of $821.2 million, which we funded by issuing debt. We consolidated Annie’s into our Consolidated Balance Sheets and recorded goodwill of $589.8 million, an indefinite lived intangible asset for the Annie’s brand of $244.5 million, and a finite lived customer relationship asset of $23.9 million. The pro forma effects of this acquisition were not material. |
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS |
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| RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS | NOTE 4. RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS INTANGIBLE ASSET IMPAIRMENT In fiscal 2015, we recorded a $260.0 million charge related to the impairment of our Green Giant brand intangible asset in restructuring, impairment, and other exit costs. See Note 6 for additional information. RESTRUCTURING INITIATIVES We view our restructuring activities as actions that help us meet our long-term growth targets. Activities we undertake must meet internal rate of return and net present value targets. Each restructuring action normally takes one to two years to complete. At completion (or as each major stage is completed in the case of multi-year programs), the project begins to deliver cash savings and/or reduced depreciation. These activities result in various restructuring costs, including asset write-offs, exit charges including severance, contract termination fees, and decommissioning and other costs. Accelerated depreciation associated with restructured assets, as used in the context of our disclosures regarding restructuring activity, refers to the increase in depreciation expense caused by shortening the useful life or updating the salvage value of depreciable fixed assets to coincide with the end of production under an approved restructuring plan. Any impairment of the asset is recognized immediately in the period the plan is approved. We are currently pursuing several multi-year restructuring initiatives designed to increase our efficiency and focus our business behind our key growth strategies. Charges recorded in fiscal 2016 and 2015 related to these initiatives were as follows:
In the first quarter of fiscal 2016, we approved Project Compass, a restructuring plan designed to enable our International segment to accelerate long-term growth through increased organizational effectiveness and reduced administrative expense. In connection with this project, we expect to eliminate approximately 725 to 775 positions. We expect to incur approximately $60 million of net expenses relating to this action of which approximately $60 million will be cash. We recorded $54.7 million of restructuring charges relating to this action in fiscal 2016. We expect this action to be completed by the end of fiscal 2017. Project Century (Century) began in fiscal 2015 as a review of our North American manufacturing and distribution network to streamline operations and identify potential capacity reductions. In the second quarter of fiscal 2016, we broadened the scope of Project Century to identify opportunities to streamline our supply chain outside of North America. As part of the expanded project, we approved a restructuring plan to close manufacturing facilities in our International segment supply chain located in Berwick, United Kingdom and East Tamaki, New Zealand. These actions affected approximately 285 positions. We expect to incur total restructuring charges of approximately $41 million relating to these actions, of which approximately $20 million will be cash. We recorded $30.0 million of restructuring charges relating to these actions in fiscal 2016. We expect these actions to be completed by the end of fiscal 2018. As part of Century, in the first quarter of fiscal 2016, we approved a restructuring plan to close our West Chicago, Illinois cereal and dry dinner manufacturing plant in our U.S. Retail segment supply chain. This action will affect approximately 500 positions, and we expect to incur approximately $117 million of net expenses relating to this action, of which approximately $53 million will be cash. We recorded $79.2 million of restructuring charges relating to this action in fiscal 2016. We expect this action to be completed by the end of fiscal 2019. As part of Century, in the first quarter of fiscal 2016, we approved a restructuring plan to close our Joplin, Missouri snacks plant in our U.S. Retail segment supply chain. This action affected approximately 120 positions, and we incurred $6.3 million of net expenses relating to this action, of which less than $1 million was cash. We recorded $6.3 million of restructuring charges relating to this action in fiscal 2016. This action was completed in fiscal 2016. As part of Century, in the third quarter of fiscal 2015, we approved a restructuring plan to reduce our refrigerated dough capacity and exit our Midland, Ontario, Canada and New Albany, Indiana facilities, which support our U.S. Retail, International, and Convenience Stores and Foodservice supply chains. The Midland action will affect approximately 100 positions, and we expect to incur approximately $23 million of net expenses relating to this action, of which approximately $16 million will be cash. We recorded $2.7 million of restructuring charges relating to this action in fiscal 2016. We recorded $6.5 million of restructuring charges relating to this action in fiscal 2015. The New Albany action will affect approximately 400 positions, and we expect to incur approximately $82 million of net expenses relating to this action of which approximately $40 million will be cash. We recorded $17.1 million of restructuring charges relating to this action in fiscal 2016 and $51.3 million in fiscal 2015. We expect these actions to be completed by the end of fiscal 2018. As part of Century, in the second quarter of fiscal 2015, we approved a restructuring plan to consolidate yogurt manufacturing capacity and exit our Methuen, Massachusetts facility in our U.S. Retail segment and Convenience Stores and Foodservice segment supply chains. This action affected approximately 175 positions. We expect to incur approximately $58 million of net expenses relating to this action of which approximately $12 million will be cash. We recorded $15.6 million of restructuring charges relating to this action in fiscal 2016 and $43.6 million in fiscal 2015. This action was largely completed in fiscal 2016. As part of Century, in the second quarter of fiscal 2015, we approved a restructuring plan to eliminate excess cereal and dry mix capacity and exit our Lodi, California facility in our U.S. Retail supply chain. This action affected approximately 430 positions. We incurred $93.8 million of net expenses relating to this action of which $20 million was cash. We recorded $30.6 million of restructuring charges relating to this action in fiscal 2016 and $63.2 million in fiscal 2015. This action was completed in fiscal 2016. In addition to the actions taken at certain facilities described above, we incurred $1.1 million of restructuring charges in fiscal 2016, relating to Century, and $17.2 million in fiscal 2015, of which $6 million was cash. During the second quarter of fiscal 2015, we approved Project Catalyst, a restructuring plan to increase organizational effectiveness and reduce overhead expense. In connection with this project, we eliminated approximately 750 positions primarily in the United States. We incurred $140.9 million of net expenses relating to these actions of which $118 million will be cash. In fiscal 2016, we reduced the estimate of charges related to this action by $7.5 million. We recorded $148.4 million of restructuring charges relating to this action in fiscal 2015. These actions were largely completed in fiscal 2015. During the first quarter of fiscal 2015, we approved a plan to combine certain Yoplait and General Mills operational facilities within our International segment to increase efficiencies and reduce costs. This action will affect approximately 240 positions. We expect to incur approximately $15 million of net expenses relating to this action of which approximately $12 million will be cash. We recorded $13.9 million of restructuring charges relating to this action in fiscal 2015. We expect this action to be completed in fiscal 2017. In fiscal 2014, we recorded $3.6 million of restructuring charges related to a productivity and cost savings plan approved in the fourth quarter of fiscal 2012. These restructuring actions were completed in fiscal 2014. In fiscal 2016, we paid $122.6 million in cash relating to restructuring initiatives. In fiscal 2015, we paid $63.6 million in cash relating to restructuring initiatives. In fiscal 2014, we paid $22.4 million in cash related to restructuring actions. In addition to restructuring charges, we expect to incur approximately $109 million of additional project-related costs, which will be recorded in cost of sales, all of which will be cash. We recorded project-related costs in cost of sales of $57.5 million in fiscal 2016 and $13.2 million in fiscal 2015. In addition, we paid $54.5 million in cash in fiscal 2016 and $9.7 million in fiscal 2015 for project-related costs. Restructuring charges and project-related costs are classified in our Consolidated Statements of Earnings as follows:
The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows:
The charges recognized in the roll forward of our reserves for restructuring and other exit costs do not include items charged directly to expense (e.g., asset impairment charges, the gain or loss on the sale of restructured assets, and the write-off of spare parts) and other periodic exit costs recognized as incurred, as those items are not reflected in our restructuring and other exit cost reserves on our Consolidated Balance Sheets. |
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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES |
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| INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | NOTE 5. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES We have a 50 percent equity interest in Cereal Partners Worldwide (CPW), which manufactures and markets ready-to-eat cereal products in more than 130 countries outside the United States and Canada. CPW also markets cereal bars in several European countries and manufactures private label cereals for customers in the United Kingdom. We have guaranteed a portion of CPW’s debt and its pension obligation in the United Kingdom. We also have a 50 percent equity interest in Häagen-Dazs Japan, Inc. (HDJ). This joint venture manufactures and markets Häagen-Dazs ice cream products and frozen novelties. Results from our CPW and HDJ joint ventures are reported for the 12 months ended March 31. Joint venture related balance sheet activity follows:
Joint venture earnings and cash flow activity follows:
Summary combined financial information for the joint ventures on a 100 percent basis follows:
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GOODWILL AND OTHER INTANGIBLE ASSETS |
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| GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 6. 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 May 29, 2016, amortization expense for each of the next five fiscal years is estimated to be approximately $28 million. The changes in the carrying amount of goodwill for fiscal 2014, 2015, and 2016 are as follows:
In fiscal 2015, we reorganized certain reporting units within our U.S. Retail operating segment. Our chief operating decision maker continues to assess performance and make decisions about resources to be allocated to our segments at the U.S. Retail, International, and Convenience Stores and Foodservice operating segment level. We performed our fiscal 2016 impairment assessment as of the first day of the second quarter of fiscal 2016, and determined there was no impairment of goodwill for any of our reporting units as their related fair values were substantially in excess of their carrying values. The changes in the carrying amount of other intangible assets for fiscal 2014, 2015, and 2016 are as follows:
As of our fiscal 2016 assessment date, there was no impairment of any of our indefinite-lived intangible assets as their related fair values were substantially in excess of the carrying values, except for the Mountain High and Uncle Toby’s brand assets. The excess fair value above the carrying value of these brand assets is as follows:
Our strategies for fiscal 2017 and fiscal 2018 will focus on growth investments on our brands and platforms with the strongest profitable growth potential. As a result, select brands in our U.S. Retail segment could experience reduced future sales projections for these brands. We performed a sensitivity analysis for certain brand intangible assets and determined that, while not impaired as of May 29, 2016, the Progresso and Food Should Taste Good brands had risk of decreasing coverage if we proceed with these strategies. We will continue to monitor these businesses. In fiscal 2015, we made a strategic decision to redirect certain resources supporting our Green Giant business in our U.S. Retail segment to other businesses within the segment. Therefore, future sales and profitability projections in our long-range plan for this business declined. As a result of this triggering event, we performed an interim impairment assessment of the Green Giant brand intangible asset as of May 31, 2015, and determined that the fair value of the brand asset no longer exceeded the carrying value of the asset. Significant assumptions used in that assessment included our updated long-range cash flow projections for the Green Giant business, an updated royalty rate, a weighted-average cost of capital, and a tax rate. We recorded a $260.0 million impairment charge in restructuring, impairment, and other exit costs in fiscal 2015 related to this asset. |
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES |
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| FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES | NOTE 7. FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents, receivables, accounts payable, other current liabilities, and notes payable approximate fair value. Marketable securities are carried at fair value. As of May 29, 2016 and May 31, 2015, a comparison of cost and market values of our marketable debt and equity securities is as follows:
There were no realized gains or losses from sales of available-for-sale marketable securities. Gains and losses are determined by specific identification. Classification of marketable securities as current or noncurrent is dependent upon our intended holding period, and/or the security’s maturity date. The aggregate unrealized gains and losses on available-for-sale securities, net of tax effects, are classified in AOCI within stockholders’ equity. Scheduled maturities of our marketable securities are as follows:
As of May 29, 2016, cash and cash equivalents totaling $7.5 million were pledged as collateral for derivative contracts. As of May 29, 2016, $9.1 million of certain accounts receivable were pledged as collateral against a foreign uncommitted line of credit. The fair value and carrying amounts of long-term debt, including the current portion, were $8,629.0 million and $8,161.1 million, respectively, as of May 29, 2016. 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. RISK MANAGEMENT ACTIVITIES As a part of our ongoing operations, we are exposed to market risks such as changes in interest and foreign currency exchange rates and commodity and equity prices. To manage these risks, we may enter into various derivative transactions (e.g., futures, options, and swaps) pursuant to our established policies. COMMODITY PRICE RISK Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible. We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded currently in cost of sales in our Consolidated Statements of Earnings. Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of measuring segment operating performance these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure we are managing affects earnings. At that time we reclassify the gain or loss from unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items. Unallocated corporate items for fiscal 2016, 2015 and 2014 included:
As of May 29, 2016, the net notional value of commodity derivatives was $295.4 million, of which $189.1 million related to agricultural inputs and $106.3 million related to energy inputs. These contracts relate to inputs that generally will be utilized within the next 12 months. INTEREST RATE RISK We are exposed to interest rate volatility with regard to future issuances of fixed-rate debt, and existing and future issuances of floating-rate debt. Primary exposures include U.S. Treasury rates, LIBOR, Euribor, and commercial paper rates in the United States and Europe. We use interest rate swaps, forward-starting interest rate swaps, and treasury locks to hedge our exposure to interest rate changes, to reduce the volatility of our financing costs, and to achieve a desired proportion of fixed rate versus floating-rate debt, based on current and projected market conditions. Generally under these swaps, we agree with a counterparty to exchange the difference between fixed-rate and floating-rate interest amounts based on an agreed upon notional principal amount. Floating Interest Rate Exposures — Floating-to-fixed interest rate swaps are accounted for as cash flow hedges, as are all hedges of forecasted issuances of debt. Effectiveness is assessed based on either the perfectly effective hypothetical derivative method or changes in the present value of interest payments on the underlying debt. Effective gains and losses deferred to AOCI are reclassified into earnings over the life of the associated debt. Ineffective gains and losses are recorded as net interest. The amount of hedge ineffectiveness was less than $1 million in each of fiscal 2016, 2015, and 2014. Fixed Interest Rate Exposures — Fixed-to-floating interest rate swaps are accounted for as fair value hedges with effectiveness assessed based on changes in the fair value of the underlying debt and derivatives, using incremental borrowing rates currently available on loans with similar terms and maturities. Ineffective gains and losses on these derivatives and the underlying hedged items are recorded as net interest. The amount of hedge ineffectiveness was less than $1 million in fiscal 2016, an $1.6 million gain in fiscal 2015, and less than $1 million in fiscal 2014. In fiscal 2016, in advance of planned debt financing, we entered into $400.0 million of treasury locks with an average fixed rate of 2.1 percent due February 15, 2017. In advance of planned debt financing, we entered into €600.0 million of forward starting swaps with an average fixed rate of 0.5 percent. All of these forward starting swaps were cash settled for $6.5 million in fiscal 2015, coincident with the issuance of our €500 million 8-year fixed-rate notes and €400 million 12-year fixed-rate notes. In fiscal 2015, we entered into swaps to convert $500.0 million of 1.4 percent fixed-rate notes due October 20, 2017, and $500.0 million of 2.2 percent fixed-rate notes due October 21, 2019, to floating rates. In advance of planned debt financing, we entered into $250.0 million of treasury locks with an average fixed rate of 1.99 percent. All of these treasury locks were cash settled for $17.9 million in fiscal 2014, coincident with the issuance of our $500.0 million 10-year fixed-rate notes. As of May 29, 2016, the pre-tax amount of cash-settled interest rate hedge gain or loss remaining in AOCI, which will be reclassified to earnings over the remaining term of the related underlying debt, follows:
The following table summarizes the notional amounts and weighted-average interest rates of our interest rate derivatives. Average floating rates are based on rates as of the end of the reporting period.
The swap contracts mature as follows:
The following tables reconcile the net fair values of assets and liabilities subject to offsetting arrangements that are recorded in our Consolidated Balance Sheets to the net fair values that could be reported in our Consolidated Balance Sheets:
(a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.
(a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. FOREIGN EXCHANGE RISK Foreign currency fluctuations affect our net investments in foreign subsidiaries and foreign currency cash flows related to third party purchases, intercompany loans, product shipments, and foreign-denominated debt. We are also exposed to the translation of foreign currency earnings to the U.S. dollar. Our principal exposures are to the Australian dollar, Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, euro, Japanese yen, Mexican peso, and Swiss franc. We primarily use foreign currency forward contracts to selectively hedge our foreign currency cash flow exposures. We also generally swap our foreign-denominated commercial paper borrowings and nonfunctional currency intercompany loans back to U.S. dollars or the functional currency of the entity with foreign exchange exposure. The gains or losses on these derivatives offset the foreign currency revaluation gains or losses recorded in earnings on the associated borrowings. We generally do not hedge more than 18 months in advance. As of May 29, 2016, the net notional value of foreign exchange derivatives was $997.7 million. The amount of hedge ineffectiveness was less than $1 million in each of fiscal 2016, 2015, and 2014. We also have many net investments in foreign subsidiaries that are denominated in euros. We previously hedged a portion of these net investments by issuing euro-denominated commercial paper and foreign exchange forward contracts. In fiscal 2016, we entered into a net investment hedge for a portion of our net investment in foreign operations denominated in euros by issuing €500.0 million of euro-denominated bonds. In fiscal 2015, we entered into a net investment hedge for a portion of our net investment in foreign operations denominated in euros by issuing €900.0 million of euro-denominated bonds. In fiscal 2014, we entered into a net investment hedge for a portion of our net investment in foreign operations denominated in euros by issuing €500.0 million of euro-denominated bonds. As of May 29, 2016, we had deferred net foreign currency transaction losses of $20.1 million in AOCI associated with hedging activity. Venezuela is a highly inflationary economy and as such, we remeasured the value of the assets and liabilities of our former Venezuelan subsidiary based on the exchange rate at which we expected to remit dividends in U.S. dollars from the SIMADI market. In fiscal 2015, we recorded an $8 million foreign exchange loss. In the fourth quarter of fiscal 2016, we sold our General Mills de Venezuela CA subsidiary to a third party and exited our business in Venezuela. EQUITY INSTRUMENTS Equity price movements affect our compensation expense as certain investments made by our employees in our deferred compensation plan are revalued. We use equity swaps to manage this risk. As of May 29, 2016, the net notional amount of our equity swaps was $113.5 million. These swap contracts mature in fiscal 2017. FAIR VALUE MEASUREMENTS AND FINANCIAL STATEMENT PRESENTATION The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of May 29, 2016 and May 31, 2015, were as follows:
(a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recently reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $11.4 million in non-cash impairment charges in fiscal 2016 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $28.2 million and were associated with the restructuring actions described in Note 4.
(a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recently reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $30.3 million in non-cash impairment charges in fiscal 2015 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $68.1 million and were associated with the restructuring actions described in Note 4. (h) We recorded a $260.0 million non-cash impairment charge in fiscal 2015 to write down our Green Giant brand asset to its fair value of $154.3 million. This asset had a carrying value of $414.3 million. See Note 6 for additional information. We did not significantly change our valuation techniques from prior periods. Information related to our cash flow hedges, fair value hedges, and other derivatives not designated as hedging instruments for the fiscal years ended May 29, 2016 and May 31, 2015, follows:
(a) Effective portion. (b) Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Gain (loss) recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness. (d) Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS As of May 29, 2016, the after-tax amounts of unrealized gains and losses in AOCI related to hedge derivatives follows:
The net amount of pre-tax gains and losses in AOCI as of May 29, 2016, that we expect to be reclassified into net earnings within the next 12 months is $1.2 million of loss. CREDIT-RISK-RELATED CONTINGENT FEATURES Certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rating agencies. If our debt were to fall below investment grade, the counterparties to the derivative instruments could request full collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on May 29, 2016, was $21.9 million. We have posted $7.5 million of collateral under these contracts. If the credit-risk-related contingent features underlying these agreements had been triggered on May 29, 2016, we would have been required to post $14.4 million of collateral to counterparties. CONCENTRATIONS OF CREDIT AND COUNTERPARTY CREDIT RISK During fiscal 2016, customer concentration was as follows:
(a) Includes Wal-Mart Stores, Inc. and its affiliates. No customer other than Wal-Mart accounted for 10 percent or more of our consolidated net sales. We enter into interest rate, foreign exchange, and certain commodity and equity derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and, by policy, limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties; however, we have not incurred a material loss. We also enter into commodity futures transactions through various regulated exchanges. The amount of loss due to the credit risk of the counterparties, should the counterparties fail to perform according to the terms of the contracts, is $14.8 million against which we do not hold collateral. Under the terms of our swap agreements, some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk. Collateral assets are either cash or U.S. Treasury instruments and are held in a trust account that we may access if the counterparty defaults. We offer certain suppliers access to a third party service that allows them to view our scheduled payments online. The third party service also allows 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 party, or any financial institutions concerning this service. All of our accounts payable remain as obligations to our suppliers as stated in our supplier agreements. As of May 29, 2016, $537.0 million of our total accounts payable is payable to suppliers who utilize this third party service. |
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DEBT |
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| DEBT | NOTE 8. DEBT Notes Payable The components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows:
To ensure availability of funds, we maintain bank credit lines sufficient to cover our outstanding notes payable. Commercial paper is a continuing source of short-term financing. We have commercial paper programs available to us in the United States and Europe. We also have uncommitted and asset-backed credit lines that support our foreign operations. The following table details the fee-paid committed and uncommitted credit lines we had available as of May 29, 2016:
In fiscal 2016, we entered into a $2.7 billion fee-paid committed credit facility that is scheduled to expire in May 2021. Concurrent with the execution of this credit facility, we terminated our $1.7 billion and $1.0 billion credit facilities. In fiscal 2015, our subsidiary, Yoplait S.A.S., entered into a €200.0 million fee-paid committed credit facility that is scheduled to expire in June 2019. 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 May 29, 2016. Long-Term Debt In January 2016, we issued €500.0 million principal amount of floating-rate notes due January 15, 2020. Interest on the notes are payable quarterly in arrears. The notes are not generally redeemable prior to maturity. These notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to repay a portion of our maturing long-term debt. In January 2016, we repaid $250 million of 0.875 percent fixed-rate notes and $750 million of floating-rate notes. In April 2015, we issued €500.0 million principal amount of 1.0 percent fixed-rate notes due April 27, 2023 and €400.0 million principal amount of 1.5 percent fixed-rate notes due April 27, 2027. Interest on the notes is payable annually in arrears. The notes may be redeemed in whole, or in part, at our option at any time at the applicable redemption price. These notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used for general corporate purposes and to reduce our commercial paper borrowings. In March 2015, we repaid $750.0 million of 5.2 percent notes. In October 2014, we issued $500.0 million aggregate principal amount of 1.4 percent fixed-rate notes due October 20, 2017 and $500.0 million aggregate principal amount of 2.2 percent fixed-rate notes due October 21, 2019. Interest on the notes is payable semi-annually in arrears. The notes may be redeemed in whole, or in part, at our option at any time at the applicable redemption price. The notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to fund our acquisition of Annie's and for general corporate purposes. In June 2014, our subsidiary, Yoplait S.A.S., issued €200.0 million principal amount of 2.2 percent fixed-rate senior notes due June 24, 2021 in a private placement offering. Interest on the notes is payable semi-annually in arrears. The notes may be redeemed in whole, or in part, at our subsidiary’s option at any time at the applicable redemption price. The notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to refinance existing debt. In June 2014, we repaid €290.0 million of floating-rate notes. A summary of our long-term debt is as follows:
Principal payments due on long-term debt in the next five years based on stated contractual maturities, our intent to redeem, or put rights of certain note holders are $1,103.4 million in fiscal 2017, $604.7 million in fiscal 2018, $1,150.4 million in fiscal 2019, $1,056.0 million in fiscal 2020, and $555.9 million in fiscal 2021. Certain of our long-term debt agreements contain restrictive covenants. As of May 29, 2016, we were in compliance with all of these covenants. As of May 29, 2016, the $49.5 million pre-tax loss recorded in AOCI associated with our previously designated interest rate swaps will be reclassified to net interest over the remaining lives of the hedged transactions. The amount expected to be reclassified from AOCI to net interest in fiscal 2017 is a $10.0 million pre-tax loss. |
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REDEEMABLE AND NONCONTROLLING INTERESTS |
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| REDEEMABLE AND NONCONTROLLING INTERESTS [Abstract] | |
| REDEEMABLE AND NONCONTROLLING INTERESTS | NOTE 9. REDEEMABLE AND NONCONTROLLING INTERESTS Our principal redeemable and noncontrolling interests relate to our Yoplait SAS, Yoplait Marques SNC, Liberté Marques Sàrl, and General Mills Cereals, LLC (GMC) subsidiaries. In addition, we have six foreign subsidiaries that have noncontrolling interests totaling $7.0 million as of May 29, 2016. We have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl. Sodiaal holds the remaining interests in each of the entities. On the acquisition date, we recorded the $904.4 million fair value of Sodiaal’s 49 percent euro-denominated interest in Yoplait SAS as a redeemable interest on our Consolidated Balance Sheets. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. Yoplait SAS pays dividends annually if it meets certain financial metrics set forth in its shareholders agreement. As of May 29, 2016, the redemption value of the euro-denominated redeemable interest was $845.6 million. On the acquisition dates, we recorded the $281.4 million fair value of Sodiaal’s 50 percent euro-denominated interest in Yoplait Marques SNC and 50 percent Canadian dollar-denominated interest in Liberté Marques Sàrl as noncontrolling interests on our Consolidated Balance Sheets. Yoplait Marques SNC earns a royalty stream through a licensing agreement with Yoplait SAS for the rights to Yoplait and related trademarks. Liberté Marques Sàrl earns a royalty stream through licensing agreements with certain Yoplait group companies for the rights to Liberté and related trademarks. These entities pay dividends annually based on their available cash as of their fiscal year end. During fiscal 2016, we paid $74.5 million of dividends to Sodiaal under the terms of the Yoplait SAS and Yoplait Marques SNC shareholder agreements. A subsidiary of Yoplait SAS has entered into an exclusive milk supply agreement for its European operations with Sodiaal at market-determined prices through July 1, 2021. Net purchases totaled $321.0 million for fiscal 2016 and $271.3 million for fiscal 2015. The holder of the 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, 2015, the floating preferred return rate on GMC’s Class A interests was reset to the sum of three-month LIBOR plus 125 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. For financial reporting purposes, the assets, liabilities, results of operations, and cash flows of our non-wholly owned subsidiaries are included in our Consolidated Financial Statements. The third-party investor’s share of the net earnings of these subsidiaries is reflected in net earnings attributable to redeemable and noncontrolling interests in our Consolidated Statements of Earnings. Our noncontrolling interests contain restrictive covenants. As of May 29, 2016, we were in compliance with all of these covenants. |
STOCKHOLDERS' EQUITY |
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| STOCKHOLDERS' EQUITY | NOTE 10. STOCKHOLDERS’ EQUITY Cumulative preference stock of 5.0 million shares, without par value, is authorized but unissued. On May 6, 2014, our Board of Directors authorized the repurchase of up to 100 million shares of our common stock. Purchases under the authorization can be made in the open market or in privately negotiated transactions, including the use of call options and other derivative instruments, Rule 10b5-1 trading plans, and accelerated repurchase programs. The authorization has no specified termination date. Share repurchases were as follows:
The following table provides details of total comprehensive income:
(a) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense.
(a) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense.
(a) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense. In fiscal 2016, 2015, and 2014, except for reclassifications to earnings, changes in other comprehensive income (loss) were primarily non-cash items. Accumulated other comprehensive loss balances, net of tax effects, were as follows:
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| STOCK PLANS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK PLANS | NOTE 11. STOCK PLANS We use broad-based stock plans to help ensure that management’s interests are aligned with those of our shareholders. As of May 29, 2016, a total of 24.3 million shares were available for grant in the form of stock options, restricted stock, restricted stock units, and shares of unrestricted stock under the 2011 Stock Compensation Plan (2011 Plan) and the 2011 Compensation Plan for Non-Employee Directors. The 2011 Plan also provides for the issuance of cash-settled share-based units, stock appreciation rights, and performance-based stock awards. Stock-based awards now outstanding include some granted under the 2005, 2006, 2007, and 2009 stock plans, under which no further awards may be granted. The stock plans provide for potential accelerated vesting of awards upon retirement, termination, or death of eligible employees and directors. Stock Options The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows:
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 expected term represents the period of time that options granted are expected to be outstanding based on historical data to estimate option exercises and employee terminations within the valuation model. Separate groups of employees have similar historical exercise behavior and therefore were aggregated into a single pool for valuation purposes. The weighted-average expected term for all employee groups is presented in the table above. The risk-free interest rate for periods during the expected term of the options is based on the U.S. Treasury zero-coupon yield curve in effect at the time of grant. Any corporate income tax benefit realized upon exercise or vesting of an award in excess of that previously recognized in earnings (referred to as a windfall tax benefit) is presented in our Consolidated Statements of Cash Flows as a financing cash flow. Realized windfall tax benefits are credited to additional paid-in capital within our Consolidated Balance Sheets. Realized shortfall tax benefits (amounts which are less than that previously recognized in earnings) are first offset against the cumulative balance of windfall tax benefits, if any, and then charged directly to income tax expense, potentially resulting in volatility in our consolidated effective income tax rate. We calculated a cumulative memo balance of windfall tax benefits for the purpose of accounting for future shortfall tax benefits. Options may be priced at 100 percent or more of the fair market value on the date of grant, and generally vest four years after the date of grant. Options generally expire within 10 years and one month after the date of grant. Information on stock option activity follows:
Stock-based compensation expense related to stock option awards was $14.8 million in fiscal 2016, $18.1 million in fiscal 2015, and $18.2 million in fiscal 2014. Compensation expense related to stock-based payments recognized in our Consolidated Statements of Earnings includes amounts recognized in restructuring, impairment, and other exit costs for fiscal 2016 and 2015. Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows:
Restricted Stock, Restricted Stock Units, and Performance Share Units Stock and units settled in stock subject to a restricted period and a purchase price, if any (as determined by the Compensation Committee of the Board of Directors), may be granted to key employees under the 2011 Plan. Restricted stock and restricted stock units generally vest and become unrestricted four years after the date of grant. Performance share units are earned based on our future achievement of three-year goals for average organic net sales growth and cumulative free cash flow. Performance share units are settled in common stock and are generally subject to a three year performance and vesting period. The sale or transfer of these awards is restricted during the vesting period. Participants holding restricted stock, but not restricted stock units or performance share units, are entitled to vote on matters submitted to holders of common stock for a vote. These awards accumulate dividends from the date of grant, but participants only receive payment if the awards vest. Information on restricted stock unit and performance share units activity follows:
The total grant-date fair value of restricted stock unit awards that vested during fiscal 2016 was $101.8 million and $133.7 million vested during fiscal 2015. As of May 29, 2016, unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $93.9 million. This expense will be recognized over 18 months, on average. Stock-based compensation expense related to restricted stock units and performance share units was $76.8 million for fiscal 2016, $96.6 million for fiscal 2015, and $107.0 million for fiscal 2014. Compensation expense related to stock-based payments recognized in our Consolidated Statements of Earnings includes amounts recognized in restructuring, impairment, and other exit costs for fiscal 2016 and 2015. |
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EARNINGS PER SHARE |
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| EARNINGS PER SHARE | NOTE 12. EARNINGS PER SHARE Basic and diluted EPS were calculated using the following:
(a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because they were not dilutive were as follows:
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RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS |
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| RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS | NOTE 13. RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS Defined Benefit Pension Plans We have defined benefit pension plans covering many employees in the United States, Canada, France, and the United Kingdom. Benefits for salaried employees are based on length of service and final average compensation. Benefits for hourly employees include various monthly amounts for each year of credited service. Our funding policy is consistent with the requirements of applicable laws. We made no voluntary contributions to our principal U.S. plans in fiscal 2016, 2015 and 2014. We do not expect to be required to make any contributions in fiscal 2017. Our principal domestic retirement plan covering salaried employees has a provision that any excess pension assets would be allocated to active participants if the plan is terminated within five years of a change in control. All salaried employees hired on or after June 1, 2013 are eligible for a retirement program that does not include a defined benefit pension plan. Other Postretirement Benefit Plans We also sponsor plans that provide health care benefits to many of our retirees in the United States, Canada, and Brazil. The United States salaried health care benefit plan is contributory, with retiree contributions based on years of service. We make decisions to fund related trusts for certain employees and retirees on an annual basis. We made $24.0 million in voluntary contributions to these plans in fiscal 2016 and $24.0 million in voluntary contributions to these plans in fiscal 2015. Health Care Cost Trend Rates Assumed health care cost trends are as follows:
We review our health care cost trend rates annually. Our review is based on data we collect about our health care claims experience and information provided by our actuaries. This information includes recent plan experience, plan design, overall industry experience and projections, and assumptions used by other similar organizations. Our initial health care cost trend rate is adjusted as necessary to remain consistent with this review, recent experiences, and short-term expectations. Our initial health care cost trend rate assumption is 7.5 percent for retirees age 65 and over and 7.3 percent for retirees under age 65 at the end of fiscal 2016. Rates are graded down annually until the ultimate trend rate of 5.0 percent is reached in 2024 for all retirees. The trend rates are applicable for calculations only if the retirees’ benefits increase as a result of health care inflation. The ultimate trend rate is adjusted annually, as necessary, to approximate the current economic view on the rate of long-term inflation plus an appropriate health care cost premium. Assumed trend rates for health care costs have an important effect on the amounts reported for the other postretirement benefit plans. A one percentage point change in the health care cost trend rate would have the following effects:
The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (collectively, the Act) was signed into law in March 2010. The Act codifies health care reforms with staggered effective dates from 2010 to 2018. Estimates of the future impacts of several of the Act’s provisions are incorporated into our postretirement benefit liability. Postemployment Benefit Plans Under certain circumstances, we also provide accruable benefits to former or inactive employees in the United States, Canada, and Mexico, and members of our Board of Directors, including severance and certain other benefits payable upon death. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We use our fiscal year end as the measurement date for our defined benefit pension and other postretirement benefit plans. Summarized financial information about defined benefit pension, other postretirement benefit, and postemployment benefit plans is presented below:
Assumed mortality rates of plan participants are a critical estimate in measuring the expected payments a participant will receive over their lifetime and the amount of expense we recognize. On October 27, 2014, the Society of Actuaries published RP-2014 Mortality Tables and Mortality Improvement Scale MP-2014, which both reflect improved longevity. We adopted the change to the mortality assumptions to remeasure our defined benefit pension plans and other postretirement benefit plans obligations which increased the total of these obligations by $436.7 million in fiscal 2015. The accumulated benefit obligation for all defined benefit pension plans was $5,950.7 million as of May 29, 2016, and $5,750.4 million as of May 31, 2015. Amounts recognized in AOCI as of May 29, 2016 and May 31, 2015, are as follows:
Plans with accumulated benefit obligations in excess of plan assets are as follows:
Components of net periodic benefit expense are as follows:
We expect to recognize the following amounts in net periodic benefit expense in fiscal 2017:
Assumptions Weighted-average assumptions used to determine fiscal year-end benefit obligations are as follows:
Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows:
Discount Rates Our discount rate assumptions are determined annually as of the last day of our fiscal year for our defined benefit pension, other postretirement, and postemployment benefit plan obligations. We also use the same discount rates to determine defined benefit pension, other postretirement, and postemployment benefit plan income and expense for the following fiscal year. We work with our outside actuaries to determine the timing and amount of expected future cash outflows to plan participants and, using the Aa Above Median corporate bond yield, to develop a forward interest rate curve, including a margin to that index based on our credit risk. This forward interest rate curve is applied to our expected future cash outflows to determine our discount rate assumptions. Fair Value of Plan Assets The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy at May 29, 2016 and May 31, 2015, by asset category were as follows:
(a) Primarily publicly traded common stock and private equity partnerships for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges; and commingled funds, privately held securities, and private equity partnerships valued at unit values or net asset values provided by the investment managers, which are based on the fair value of the underlying investments. Various methods are used to determine fair values and may include the cost of the investment, most recent financing, and expected cash flows. For some of these investments, realization of the estimated fair value is dependent upon transactions between willing sellers and buyers. (b) Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and managing duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (c) Publicly traded common stock and limited partnerships in the energy and real estate sectors for purposes of total return. Investments include: energy and real estate securities generally valued at closing prices from national exchanges; and commingled funds, private securities, and limited partnerships valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. (d) Global balanced fund of equity, fixed income, and real estate securities for purposes of meeting Canadian pension plan asset allocation policies, and insurance and annuity contracts to provide a stable stream of income for retirees and to fund postretirement medical benefits. Fair values are derived from unit values provided by the investment managers, which are generally based on the fair value of the underlying investments and contract fair values from the providers. The following table is a roll forward of the Level 3 investments of our pension and postretirement benefit plans’ assets during the years ended May 29, 2016 and May 31, 2015:
The net change in level 3 assets attributable to unrealized losses at May 29, 2016, was $108.2 million for our pension plan assets and $3.2 million for our postretirement benefit plan assets. Expected Rate of Return on Plan Assets Our expected rate of return on plan assets is determined by our asset allocation, our historical long-term investment performance, our estimate of future long-term returns by asset class (using input from our actuaries, investment services, and investment managers), and long-term inflation assumptions. We review this assumption annually for each plan, however, our annual investment performance for one particular year does not, by itself, significantly influence our evaluation. Weighted-average asset allocations for the past two fiscal years for our defined benefit pension and other postretirement benefit plans are as follows:
The investment objective for our defined benefit pension and other postretirement benefit plans is to secure the benefit obligations to participants at a reasonable cost to us. Our goal is to optimize the long-term return on plan assets at a moderate level of risk. The defined benefit pension plan and other postretirement benefit plan portfolios are broadly diversified across asset classes. Within asset classes, the portfolios are further diversified across investment styles and investment organizations. For the defined benefit pension plans, the long-term investment policy allocation is: 25 percent to equities in the United States; 15 percent to international equities; 10 percent to private equities; 35 percent to fixed income; and 15 percent to real assets (real estate, energy, and timber). For other postretirement benefit plans, the long-term investment policy allocations are: 30 percent to equities in the United States; 20 percent to international equities; 10 percent to private equities; 30 percent to fixed income; and 10 percent to real assets (real estate, energy, and timber). The actual allocations to these asset classes may vary tactically around the long-term policy allocations based on relative market valuations. Contributions and Future Benefit Payments We do not expect to be required to make contributions to our defined benefit pension, other postretirement benefit, and postemployment benefit plans in fiscal 2017. Actual fiscal 2017 contributions could exceed our current projections, as influenced by our decision to undertake discretionary funding of our benefit trusts and future changes in regulatory requirements. Estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid from fiscal 2017 to 2026 as follows:
Defined Contribution Plans The General Mills Savings Plan is a defined contribution plan that covers domestic salaried, hourly, nonunion, and certain union employees. This plan is a 401(k) savings plan that includes a number of investment funds, including a Company stock fund and an Employee Stock Ownership Plan (ESOP). We sponsor another money purchase plan for certain domestic hourly employees with net assets of $21.0 million as of May 29, 2016, and $21.9 million as of May 31, 2015. We also sponsor defined contribution plans in many of our foreign locations. Our total recognized expense related to defined contribution plans was $61.2 million in fiscal 2016, $44.0 million in fiscal 2015, and $44.8 million in fiscal 2014. We match a percentage of employee contributions to the General Mills Savings Plan. The Company match is directed to investment options of the participant’s choosing. The number of shares of our common stock allocated to participants in the ESOP was 6.9 million as of May 29, 2016, and 7.5 million as of May 31, 2015. The ESOP’s only assets are our common stock and temporary cash balances. The Company stock fund and the ESOP collectively held $711.5 million and $655.6 million of Company common stock as of May 29, 2016 and May 31, 2015, respectively.
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INCOME TAXES |
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| INCOME TAXES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | NOTE 14. INCOME TAXES The components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon are as follows:
The following table reconciles the United States statutory income tax rate with our effective income tax rate:
(a) Fiscal 2016 includes 0.6 percent tax benefit related to the divestiture of our business in Venezuela. See Note 3 for additional information. The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:
We have established a valuation allowance against certain of the categories of deferred tax assets described above as current evidence does not suggest we will realize sufficient taxable income of the appropriate character (e.g., ordinary income versus capital gain income) within the carryforward period to allow us to realize these deferred tax benefits. Of the total valuation allowance of $227.0 million, the majority relates to a deferred tax asset for losses recorded as part of the Pillsbury acquisition in the amount of $167.9 million, $44.1 million relates to various state and foreign loss carryforwards, and $13.0 million relates to various foreign capital loss carryforwards. As of May 29, 2016, we believe it is more-likely-than-not that the remainder of our deferred tax assets are realizable.
We have $113.1 million of tax loss carryforwards. Of this amount, $100.5 million is foreign loss carryforwards. The carryforward periods are as follows: $72.6 million do not expire; $4.7 million expire in fiscal 2017 and 2018; and $23.2 million expire in fiscal 2019 and beyond. The remaining $12.6 million are state operating loss carryforwards, the majority of which expire after fiscal 2024. We have not recognized a deferred tax liability for unremitted earnings of approximately $2.0 billion from our foreign operations because our subsidiaries have invested or will invest the undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction. It is not practicable for us to determine the amount of unrecognized deferred tax liabilities on these indefinitely reinvested earnings. Deferred taxes are recorded for earnings of our foreign operations when we determine that such earnings are no longer indefinitely reinvested. In fiscal 2015, we approved a one-time repatriation of $606.1 million of historical foreign earnings to reduce the economic cost of funding restructuring initiatives and the acquisition of Annie’s. We recorded a discrete tax charge of $78.6 million in fiscal 2015 related to this action. We have previously asserted that our historical foreign earnings are permanently reinvested and will only be repatriated in a tax-neutral manner, and this one-time repatriation does not change this on-going assertion. We are subject to federal income taxes in the United States as well as various state, local, and foreign jurisdictions. A number of years may elapse before an uncertain tax position is audited and finally resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our liabilities for income taxes reflect the most likely outcome. We adjust these liabilities, as well as the related interest, in light of changing facts and circumstances. Settlement of any particular position would usually require the use of cash. The number of years with open tax audits varies depending on the tax jurisdiction. Our major taxing jurisdictions include the United States (federal and state) and Canada. Various tax examinations by United States state taxing authorities could be conducted for any open tax year, which vary by jurisdiction, but are generally from 3 to 5 years. The Internal Revenue Service (IRS) is currently auditing our federal tax returns for fiscal 2013 and 2014. Several state and foreign examinations are currently in progress. We do not expect these examinations to result in a material impact on our results of operations or financial position. During fiscal 2014, the IRS concluded its field examination of our federal tax returns for fiscal 2011 and 2012. The audit closure and related adjustments did not have a material impact on our results of operations or financial position. As of May 29, 2016, we have effectively settled all issues with the IRS for fiscal years 2012 and prior. We apply a more-likely-than-not threshold to the recognition and derecognition of uncertain tax positions. Accordingly, we recognize the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect earnings in the period of such change. The following table sets forth changes in our total gross unrecognized tax benefit liabilities, excluding accrued interest, for fiscal 2016 and fiscal 2015. Approximately $79 million of this total in fiscal 2016 represents the amount that, if recognized, would affect our effective income tax rate in future periods. This amount differs from the gross unrecognized tax benefits presented in the table because certain of the liabilities below would impact deferred taxes if recognized. We also would record a decrease in U.S. federal income taxes upon recognition of the state tax benefits included therein.
As of May 29, 2016, we expect to pay approximately $14.7 million of unrecognized tax benefit liabilities and accrued interest within the next 12 months. We are not able to reasonably estimate the timing of future cash flows beyond 12 months due to uncertainties in the timing of tax audit outcomes. The remaining amount of our unrecognized tax liability was classified in other liabilities. We report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense. For fiscal 2016, we recognized a net benefit of $2.7 million of tax-related net interest and penalties, and had $32.1 million of accrued interest and penalties as of May 29, 2016. For fiscal 2015, we recognized a net benefit of $0.2 million of tax-related net interest and penalties, and had $35.2 million of accrued interest and penalties as of May 31, 2015. |
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LEASES, OTHER COMMITMENTS, AND CONTINGENCIES |
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| LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES, OTHER COMMITMENTS, AND CONTINGENCIES | NOTE 15. LEASES, OTHER COMMITMENTS, AND CONTINGENCIES The Company’s leases are generally for warehouse space and equipment. Rent expense under all operating leases from continuing operations was $189.1 million, $193.5 million, and $189.0 million in fiscal 2016, 2015, and 2014, respectively. Some operating leases require payment of property taxes, insurance, and maintenance costs in addition to the rent payments. Contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant. Noncancelable future lease commitments are:
These future lease commitments will be partially offset by estimated future sublease receipts of approximately $1 million. Depreciation on capital leases is recorded as depreciation expense in our results of operations. As of May 29, 2016, we have issued guarantees and comfort letters of $383.2 million for the debt and other obligations of consolidated subsidiaries, and guarantees and comfort letters of $239.1 million for the debt and other obligations of non-consolidated affiliates, mainly CPW. In addition, off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases, which totaled $397.6 million as of May 29, 2016. |
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION |
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| BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION | NOTE 16. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION We operate in the consumer foods industry. We have three operating segments by type of customer and geographic region as follows: U.S. Retail, 60.4 percent of our fiscal 2016 consolidated net sales; International, 28.0 percent of our fiscal 2016 consolidated net sales; and Convenience Stores and Foodservice, 11.6 percent of our fiscal 2016 consolidated net sales. In fiscal 2015, we changed how we assess operating segment performance to exclude the asset and liability remeasurement impact from hyperinflationary economies. This impact is now included in unallocated corporate items. All periods presented have been changed to conform to this presentation. In fiscal 2015, we realigned certain operating units within our U.S. Retail operating segment. We also changed the name of our Yoplait operating unit to Yogurt and our Big G operating unit to Cereal. Frozen Foods transitioned into Meals and Baking Products. Small Planet Foods transitioned into Snacks, Cereal, and Meals. The Yogurt operating unit was unchanged. We revised the amounts previously reported in the net sales and net sales percentage change by operating unit within our U.S. Retail segment to conform to the new operating unit structure. These realignments had no effect on previously reported consolidated net sales, operating segments’ net sales, operating profit, segment operating profit, net earnings attributable to General Mills, or EPS. In addition, results from the acquired Annie’s business are included in the Meals and Snacks operating units. Our chief operating decision maker continues to assess performance and make decisions about resources to be allocated to our segments at the U.S. Retail, International, and Convenience Stores and Foodservice operating segment level. Our U.S. Retail segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers operating throughout the United States. Our product categories in this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide variety of organic products including meal kits, granola bars, and cereal. Our International segment consists of retail and foodservice businesses outside of the United States. Our product categories include ready-to-eat cereals, shelf stable and frozen vegetables, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza snacks, refrigerated yogurt, grain and fruit snacks, and super-premium ice cream and frozen desserts. 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 and franchise fees are reported in the region or country where the end customer is located. In our Convenience Stores and Foodservice segment our major product categories are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, convenience stores, vending, and supermarket bakeries. Substantially all of this segment’s operations are located in the United States. Operating profit for these segments excludes unallocated corporate items, gain on divestitures, and restructuring, impairment, and other exit costs. Unallocated corporate items include corporate overhead expenses, variances to planned domestic employee benefits and incentives, contributions to the General Mills Foundation, asset and liability remeasurement impact of hyperinflationary economies, restructuring initiative project-related costs, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment. Our operating segment results were as follows:
Net sales by class of similar products were as follows:
The following table provides financial information by geographic area:
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SUPPLEMENTAL INFORMATION |
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| SUPPLEMENTAL INFORMATION [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTAL INFORMATION | NOTE 17. SUPPLEMENTAL INFORMATION The components of certain Consolidated Balance Sheet accounts are as follows:
(a) Inventories of $841.0 million as of May 29, 2016, and $867.5 million as of May 31, 2015, were valued at LIFO. During fiscal 2015, LIFO inventory layers were reduced. Results of operations were not materially affected by these liquidations of LIFO inventory. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.
Certain Consolidated Statements of Earnings amounts are as follows:
The components of interest, net are as follows:
Certain Consolidated Statements of Cash Flows amounts are as follows:
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QUARTERLY DATA (UNAUDITED) |
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| QUARTERLY DATA (UNAUDITED) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| QUARTERLY DATA (UNAUDITED) | NOTE 18. QUARTERLY DATA (UNAUDITED) Summarized quarterly data for fiscal 2016 and fiscal 2015 follows:
During the fourth quarter of fiscal 2016, we sold our General Mills de Venezuela CA subsidiary to a third party and exited our business in Venezuela. As a result of this transaction, we recorded a pre-tax loss of $37.6 million. In addition, we sold our General Mills Argentina S.A. foodservice business in Argentina to a third party and recorded a pre-tax loss of $14.8 million. The effective tax rate for the fourth quarter of fiscal 2016 was 19.2 percent, primarily driven by tax credits and the impact of the divestiture of our business in Venezuela. During the fourth quarter of fiscal 2015, we made a strategic decision to redirect certain resources supporting our Green Giant business in our U.S. Retail segment to other businesses within the segment. Therefore, we recorded a $260 million impairment charge in the fourth quarter of fiscal 2015 related to the Green Giant brand intangible asset. See Note 6 for additional information. During the fourth quarter of fiscal 2015, we approved a one-time repatriation of $606.1 million of foreign earnings and recorded a discrete income tax charge of $78.6 million. |
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SCHEDULE II - VALUATION OF QUALIFYING ACCOUNTS |
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| SCHEDULE II - Valuation of Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II - VALUATION OF QUALIFYING ACCOUNTS |
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Summary of Significant Accounting Policies (Policies) |
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| Cash and Cash Equivalents | Cash and Cash Equivalents We consider all investments purchased with an original maturity of three months or less to be cash equivalents. |
| Inventories | Inventories All inventories in the United States other than grain are valued at the lower of cost, using the last-in, first-out (LIFO) method, or market. Grain inventories and all related cash contracts and derivatives are valued at market with all net changes in value recorded in earnings currently. Inventories outside of the United States are generally valued at the lower of cost, using the first-in, first-out (FIFO) method, or market. Shipping costs associated with the distribution of finished product to our customers are recorded as cost of sales, and are recognized when the related finished product is shipped to and accepted by the customer. |
| Land, Buildings, Equipment, and Depreciation | Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. Buildings and equipment, including capitalized interest and internal engineering costs, are recorded at cost and depreciated over estimated useful lives, primarily using the straight-line method. Ordinary maintenance and repairs are charged to cost of sales. Buildings are usually depreciated over 40 years, and equipment, furniture, and software are usually depreciated over 3 to 10 years. Fully depreciated assets are retained in buildings and equipment until disposal. When an item is sold or retired, the accounts are relieved of its cost and related accumulated depreciation and the resulting gains and losses, if any, are recognized in earnings. As of May 29, 2016, assets held for sale were insignificant. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. |
| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is not subject to amortization and is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. In fiscal 2016, we changed the date of our annual goodwill and indefinite-lived intangible asset impairment assessment from the first day of the third quarter to the first day of the second quarter to more closely align with the timing of our annual long-range planning process. Impairment testing is performed for each of our reporting units. We compare the carrying value of a reporting unit, including goodwill, to the fair value of the unit. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit, which often requires allocation of shared or corporate items among reporting units. If the carrying amount of a reporting unit exceeds its fair value, we revalue all assets and liabilities of the reporting unit, excluding goodwill, to determine if the fair value of the net assets is greater than the net assets including goodwill. If the fair value of the net assets is less than the carrying amount of net assets including goodwill, impairment has occurred. Our estimates of fair value are determined based on a discounted cash flow model. Growth rates for sales and profits are determined using inputs from our long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. We evaluate the useful lives of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets. Intangible assets that are deemed to have definite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Our indefinite-lived intangible assets, mainly intangible assets primarily associated with the Pillsbury, Totino’s, Progresso, Yoplait, Old El Paso, Yoki, Häagen-Dazs, and Annie’s brands, are also tested for impairment annually and whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs which included projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. Our finite-lived intangible assets, primarily acquired franchise agreements and customer relationships, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the carrying amount of the asset. Assets generally have identifiable cash flows and are largely independent of other assets. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset over its fair value. Fair value is measured using a discounted cash flow model or other similar valuation model, as appropriate. |
| Investments in Unconsolidated Joint Ventures and Redeemable Interest | Investments in Unconsolidated Joint Ventures Our investments in companies over which we have the ability to exercise significant influence are stated at cost plus our share of undistributed earnings or losses. We receive royalty income from certain joint ventures, incur various expenses (primarily research and development), and record the tax impact of certain joint venture operations that are structured as partnerships. In addition, we make advances to our joint ventures in the form of loans or capital investments. We also sell certain raw materials, semi-finished goods, and finished goods to the joint ventures, generally at market prices. In addition, we assess our investments in our joint ventures if we have reason to believe an impairment may have occurred including, but not limited to, as a results of ongoing operating losses, projected decreases in earnings, increases in the weighted average cost of capital, or significant business disruptions. The significant assumptions used to estimate fair value include revenue growth and profitability, royalty rates, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. By their nature, these projections and assumptions are uncertain. If we were to determine the current fair value of our investment was less than the carrying value of the investment, then we would assess if the shortfall was of a temporary or permanent nature and write down the investment to its fair value if we concluded the impairment is other than temporary. Redeemable Interest We have a 51 percent controlling interest in Yoplait SAS, a consolidated entity. Sodiaal International (Sodiaal) holds the remaining 49 percent interest in Yoplait SAS. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. This put option requires us to classify Sodiaal’s interest as a redeemable interest outside of equity on our Consolidated Balance Sheets for as long as the put is exercisable by Sodiaal. When the put is no longer exercisable, the redeemable interest will be reclassified to noncontrolling interests on our Consolidated Balance Sheets. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. During the second quarter of fiscal 2016, we adjusted the redeemable interest’s redemption value based on a discounted cash flow model. The significant assumptions used to estimate the redemption value include projected revenue growth and profitability from our long-range plan, capital spending, depreciation, taxes, foreign currency exchange rates, and a discount rate. |
| Revenue Recognition | Revenue Recognition We recognize sales revenue when the shipment is accepted by our customer. Sales include shipping and handling charges billed to the customer and are reported net of consumer coupon redemption, trade promotion and other costs, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, and other excise taxes are not recognized in revenue. Coupons are recorded when distributed, based on estimated redemption rates. Trade promotions are recorded based on estimated participation and performance levels for offered programs at the time of sale. We generally do not allow a right of return. However, on a limited case-by-case basis with prior approval, we may allow customers to return product. In limited circumstances, product returned in saleable condition is resold to other customers or outlets. Receivables from customers generally do not bear interest. Terms and collection patterns vary around the world and by channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem the amount is uncollectible. |
| Environmental | Environmental Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. Liabilities for anticipated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or our commitment to a plan of action. |
| Advertising Production Costs | Advertising Production Costs We expense the production costs of advertising the first time that the advertising takes place. |
| Research and Development | Research and Development All expenditures for research and development (R&D) are charged against earnings in the period incurred. R&D includes expenditures for new product and manufacturing process innovation, and the annual expenditures are comprised primarily of internal salaries, wages, consulting, and supplies attributable to R&D activities. Other costs include depreciation and maintenance of research facilities, including assets at facilities that are engaged in pilot plant activities. |
| Foreign Currency Translation | Foreign Currency Translation For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates. Income statement accounts are translated using the average exchange rates prevailing during the period. Translation adjustments are reflected within accumulated other comprehensive loss (AOCI) in stockholders’ equity. Gains and losses from foreign currency transactions are included in net earnings for the period, except for gains and losses on investments in subsidiaries for which settlement is not planned for the foreseeable future and foreign exchange gains and losses on instruments designated as net investment hedges. These gains and losses are recorded in AOCI. |
| Derivative Instruments | Derivative Instruments All derivatives are recognized on our Consolidated Balance Sheets at fair value based on quoted market prices or our estimate of their fair value, and are recorded in either current or noncurrent assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on whether the instrument is designated and effective as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in AOCI are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedged transaction ceases to exist, any associated amounts reported in AOCI are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. |
| Stock-based Compensation | Stock-based Compensation We generally measure compensation expense for grants of restricted stock units using the value of a share of our stock on the date of grant. We estimate the value of stock option grants using a Black-Scholes valuation model. Stock-based compensation is recognized straight line over the vesting period. Our stock-based compensation expense is recorded in selling, general and administrative (SG&A) expenses and cost of sales in our Consolidated Statements of Earnings and allocated to each reportable segment in our segment results. Certain equity-based compensation plans contain provisions that accelerate vesting of awards upon retirement, termination, or death of eligible employees and directors. We consider a stock-based award to be vested when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the related compensation cost is generally recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. We report the benefits of tax deductions in excess of recognized compensation cost as a financing cash flow, thereby reducing net operating cash flows and increasing net financing cash flows. |
| Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans | Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans We sponsor several domestic and foreign defined benefit plans to provide pension, health care, and other welfare benefits to retired employees. Under certain circumstances, we also provide accruable benefits to former or inactive employees in the United States, Canada, and Mexico and members of our Board of Directors, including severance and certain other benefits payable upon death. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We recognize the underfunded or overfunded status of a defined benefit pension plan as an asset or liability and recognize changes in the funded status in the year in which the changes occur through AOCI. |
| Use of Estimates | Use of Estimates Preparing our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for promotional expenditures, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit and postemployment benefit plans. Actual results could differ from our estimates. |
| Other New Accounting Standards | Other New Accounting Standards In the first quarter of fiscal 2015, we adopted new accounting requirements on the financial statement presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward exists. The adoption of this guidance did not have an impact on our results of operations or financial position. In the second quarter of fiscal 2015, we adopted new accounting requirements for share-based payment awards issued based upon specific performance targets. The adoption of this guidance did not have a material impact on our results of operations or financial position. In the first quarter of fiscal 2016, we adopted new accounting requirements for the classification of debt issuance costs presented in the balance sheet as a direct reduction from the carrying amount of the debt liability. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. In the fourth quarter of fiscal 2016, we adopted new accounting requirements for the presentation of deferred tax assets and liabilities, requiring noncurrent classification for all deferred tax assets and liabilities on the statement of financial position. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. |
Restructuring, Impairment, and Other Exit Costs (Tables) |
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| RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring, Impairment, and Other Exit Costs [Table Text Block] |
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| Schedule of Restructuring Charges and Project-Related Costs Classification [Table Text Block] |
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| Rollforward of Restructuring and Other Exit Cost Reserves [Table Text Block] |
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Investments in Unconsolidated Joint Ventures (Tables) |
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| INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Joint Venture Related Financial Statement Activity [Table Text Block] |
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| Summarized Joint Venture Income Statement on 100% Basis [Table Text Block] |
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| Summarized Joint Venture Balance Sheet on 100% Basis [Table Text Block] |
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Goodwill and Other Intangible Assets (Tables) |
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| GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of goodwill and other intangible assets [Table Text Block] |
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| Changes in the carrying amount of goodwill [Table Text Block] |
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| Changes in the carrying amount of other intangible assets [Table Text Block] |
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| Schedule of at-risk brand intangibles [Table Text Block] | As of our fiscal 2016 assessment date, there was no impairment of any of our indefinite-lived intangible assets as their related fair values were substantially in excess of the carrying values, except for the Mountain High and Uncle Toby’s brand assets. The excess fair value above the carrying value of these brand assets is as follows:
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Financial Instruments, Risk Management Activities, and Fair Values (Tables) |
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| FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Marketable Debt and Equity Securities and Maturities [Table Text Block] |
Scheduled maturities of our marketable securities are as follows:
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| Schedule of Unallocated Corporate items [Table Text Block] |
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| Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI [Table Text Block] |
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| Schedule of Interest Rate Swaps [Table Text Block] |
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| Schedule of Swap Contract Maturities [Table Text Block] |
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| Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements [Table Text Block] |
(a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.
(a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
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| Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements [Table Text Block] |
(a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets.
(a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
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| Schedule of Fair Value Measurement Inputs [Table Text Block] |
(a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recently reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $11.4 million in non-cash impairment charges in fiscal 2016 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $28.2 million and were associated with the restructuring actions described in Note 4.
(a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets or as other current liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recently reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $30.3 million in non-cash impairment charges in fiscal 2015 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $68.1 million and were associated with the restructuring actions described in Note 4. (h) We recorded a $260.0 million non-cash impairment charge in fiscal 2015 to write down our Green Giant brand asset to its fair value of $154.3 million. This asset had a carrying value of $414.3 million. See Note 6 for additional information. |
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| Schedule of Gains and Losses on Hedges [Table Text Block] |
(a) Effective portion. (b) Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Gain (loss) recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness. (d) Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. |
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| Schedule of After-tax Amounts of Cash Flow Hedges in AOCI [Table Text Block] |
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| Customer Concentractions [Table Text Block] | During fiscal 2016, customer concentration was as follows:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| DEBT [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Short-term Debt [Table Text Block] |
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| Schedule of Fee-Paid Committed and Uncommitted Credit Lines [Table Text Block] |
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| Schedule of Long-term Debt Instruments [Table Text Block] |
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Stockholders' Equity (Tables) |
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| STOCKHOLDERS' EQUITY [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Repurchases [Table Text Block] |
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| Schedule of Total Comprehensive Income [Table Text Block] |
(a) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense.
(a) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense.
(a) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expense. |
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| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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Stock Plans (Tables) |
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| STOCK PLANS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] |
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| Information on stock option activity [Table Text Block] |
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| Net cash proceeds and intrinsic value of options exercised [Table Text Block] |
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| Information on restricted stock unit and performance share units activity [Table Text Block] |
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Earnings Per Share (Tables) |
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| EARNINGS PER SHARE [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
(a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
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Retirement Benefits and Postemployment Benefits (Tables) |
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| RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Health Care Cost Trend Rates [Table Text Block] |
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| Effect of One Percentage Point Change in Health Care Cost Trend Rate [Table Text Block] |
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| Summarized Financial Information [Table Text Block] |
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| Amounts Recognized in AOCI [Table Text Block] |
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| Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] |
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| Components of Net Periodic Benefit Expense [Table Text Block] |
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| Amounts Expected to be Recognized Over Next Fiscal Year [Table Text Block] |
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| Weighted-Average Assumptions [Table Text Block] | Weighted-average assumptions used to determine fiscal year-end benefit obligations are as follows:
Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows:
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| Schedule of Allocation of Plan Assets, Including Fair Value Hierarchy Levels and Weighted-Average Target Asset Allocations [Table Text Block] | The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy at May 29, 2016 and May 31, 2015, by asset category were as follows:
(a) Primarily publicly traded common stock and private equity partnerships for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges; and commingled funds, privately held securities, and private equity partnerships valued at unit values or net asset values provided by the investment managers, which are based on the fair value of the underlying investments. Various methods are used to determine fair values and may include the cost of the investment, most recent financing, and expected cash flows. For some of these investments, realization of the estimated fair value is dependent upon transactions between willing sellers and buyers. (b) Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and managing duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (c) Publicly traded common stock and limited partnerships in the energy and real estate sectors for purposes of total return. Investments include: energy and real estate securities generally valued at closing prices from national exchanges; and commingled funds, private securities, and limited partnerships valued at unit values or net asset values provided by the investment managers, which are generally based on the fair value of the underlying investments. (d) Global balanced fund of equity, fixed income, and real estate securities for purposes of meeting Canadian pension plan asset allocation policies, and insurance and annuity contracts to provide a stable stream of income for retirees and to fund postretirement medical benefits. Fair values are derived from unit values provided by the investment managers, which are generally based on the fair value of the underlying investments and contract fair values from the providers. Weighted-average asset allocations for the past two fiscal years for our defined benefit pension and other postretirement benefit plans are as follows:
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| Rollforward of Level 3 Investments of Pension and Postretirement Benefit Plans' Assets [Table Text Block] |
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| Estimated Benefit Payments [Table Text Block] |
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Income Taxes (Tables) |
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| INCOME TAXES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon [Table Text Block] |
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| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
(a) Fiscal 2016 includes 0.6 percent tax benefit related to the divestiture of our business in Venezuela. See Note 3 for additional information. |
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| Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Table Text Block] |
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| Schedule of Changes in Total Gross Unrecognized Tax Benefit Liabilities [Table Text Block] |
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Leases, Other Commitments, and Contingencies (Tables) |
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May 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncancelable Future Lease Commitments [Table Text Block] |
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Business Segment and Geographic Information (Tables) |
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| BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Segment Results [Table Text Block] |
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| Net sales by class of similar products [Table Text Block] |
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| Financial information by geographic area [Table Text Block] |
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Supplemental Information (Tables) |
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May 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTAL INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of receivables [Table Text Block] |
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| Components of inventories [Table Text Block] |
(a) Inventories of $841.0 million as of May 29, 2016, and $867.5 million as of May 31, 2015, were valued at LIFO. |
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| Components of prepaid expenses and other current assets [Table Text Block] |
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| Components of land, buildings and equipment [Table Text Block] |
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| Components of other assets [Table Text Block] |
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| Components of other current liabilities [Table Text Block] |
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| Components of other noncurrent liabilities [Table Text Block] |
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| Consolidated statements of earnings amounts [Table Text Block] |
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| Components of interest, net [Table Text Block] |
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| Consolidated statements of cash flows supplemental disclosures [Table Text Block] |
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Quarterly Data (Unaudited) (Tables) |
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| QUARTERLY DATA (UNAUDITED) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summarized quarterly data [Table Text Block] |
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Basis of Presentation and Reclassifications (Details) |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
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| Annual Reporting Period | 364 days | 371 days | 364 days |
| Yoplait SAS [Member] | International [Member] | |||
| Annual Reporting Period | 13 months | ||
| Yoplait Marques SNC [Member] | International [Member] | |||
| Annual Reporting Period | 13 months | ||
| Annie's, Inc [Member] | U S Retail [Member] | |||
| Annual Reporting Period | 13 months | ||
Acquisition and Divestitures (Divestitures) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
May 29, 2016 |
Nov. 29, 2015 |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Divestitures [Line Items] | |||||
| Proceeds from divestitures | $ 828.5 | $ 0.0 | $ 121.6 | ||
| Pre-tax gain (loss) on sale of business | 148.2 | 0.0 | $ 65.5 | ||
| Brand asset retained | $ 4,147.5 | $ 4,147.5 | $ 4,262.1 | ||
| Green Giant Brand [Member] | International [Member] | |||||
| Divestitures [Line Items] | |||||
| Brand asset retained | $ 30.1 | ||||
| Sale of North American Green Giant Product Lines [Member] | |||||
| Divestitures [Line Items] | |||||
| Proceeds from divestitures | 822.7 | ||||
| Pre-tax gain (loss) on sale of business | 199.1 | ||||
| Net cash proceeds | $ 788.0 | ||||
| General Mills de Venezuela CA Subsidiary [Member] | |||||
| Divestitures [Line Items] | |||||
| Pre-tax gain (loss) on sale of business | (37.6) | ||||
| General Mills Argentina S.A. Foodservice Business [Member] | |||||
| Divestitures [Line Items] | |||||
| Pre-tax gain (loss) on sale of business | $ (14.8) | ||||
Acquisition and Divestitures (Acquisition) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Nov. 23, 2014 |
May 29, 2016 |
May 31, 2015 |
|
| Business Acquisition [Line Items] | |||
| Goodwill, Acquired During Period | $ 83.5 | $ 589.8 | |
| Indefinite-lived Intangible Assets Acquired | $ 30.1 | $ 268.4 | |
| Business Acquisition, Annie's Inc [Member] | |||
| Business Acquisition [Line Items] | |||
| Aggregate purchase price | $ 821.2 | ||
| Goodwill, Acquired During Period | 589.8 | ||
| Business Acquisition, Annie's Inc [Member] | Annie's Brand [Member] | |||
| Business Acquisition [Line Items] | |||
| Indefinite-lived Intangible Assets Acquired | 244.5 | ||
| Business Acquisition, Annie's Inc [Member] | Customer Relationships [Member] | |||
| Business Acquisition [Line Items] | |||
| Finite-lived Intangible Assets Acquired | $ 23.9 | ||
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges classification) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Restructuring and Related Cost [Line Items] | |||
| Restructuring, impairment, and other exit costs | $ 229.8 | $ 343.5 | $ 3.6 |
| Project-related costs classified in cost of sales | 57.5 | 13.2 | 0.0 |
| Cost of Sales [Member] | |||
| Restructuring and Related Cost [Line Items] | |||
| Restructuring, impairment, and other exit costs | 78.4 | 59.6 | 0.0 |
| Restructuring Charges [Member] | |||
| Restructuring and Related Cost [Line Items] | |||
| Restructuring, impairment, and other exit costs | $ 151.4 | $ 283.9 | $ 3.6 |
Investments in Unconsolidated Joint Ventures (Narrative) (Details) - country |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Annual reporting period ended March 31 | 364 days | 371 days | 364 days |
| Cereal Partners Worldwide [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Ownership percentage | 50.00% | ||
| Annual reporting period ended March 31 | 12 months | ||
| Cereal Partners Worldwide [Member] | Minimum [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Number of countries in which entity operates | 130 | ||
| Haagen Dazs Japan [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Ownership percentage | 50.00% | ||
| Annual reporting period ended March 31 | 12 months | ||
Investments in Unconsolidated Joint Ventures (Schedule of joint venture related balance sheet activity) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Goodwill and other intangibles | $ 13,279.8 | $ 13,551.9 |
| Corporate Joint Venture [Member] | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Cumulative investments | 518.9 | 530.6 |
| Goodwill and other intangibles | 469.2 | 465.1 |
| Aggregate advances included in cumulative investments | $ 300.3 | $ 390.3 |
Investments in Unconsolidated Joint Ventures (Schedule of joint venture earnings and cash flow activity) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Dividends received | $ 75.1 | $ 72.6 | $ 90.5 |
| Corporate Joint Venture [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Sales to joint ventures | 10.5 | 11.6 | 12.1 |
| Net advances (repayments) | (63.9) | 102.4 | 54.9 |
| Dividends received | $ 75.1 | $ 72.6 | $ 90.5 |
Investments in Unconsolidated Joint Ventures (Schedule of combined financial information for the joint ventures on a 100% basis) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Net sales | $ 2,044.2 | $ 2,264.7 | $ 2,494.8 |
| Gross margin | 867.6 | 925.4 | 1,030.3 |
| Earnings before income taxes | 234.8 | 220.9 | 219.1 |
| Earnings after income taxes | 186.7 | 170.7 | 168.8 |
| Current assets | 814.1 | 800.1 | |
| Noncurrent assets | 959.9 | 962.1 | |
| Current liabilities | 1,457.3 | 1,484.8 | |
| Noncurrent liabilities | 81.7 | 118.2 | |
| Cereal Partners Worldwide [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net sales | 1,674.8 | 1,894.5 | 2,107.9 |
| Haagen Dazs Japan [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net sales | $ 369.4 | $ 370.2 | $ 386.9 |
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 29, 2016 |
May 31, 2015 |
|
| GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||
| Future amortization expense, year one | $ 28.0 | |
| Future amortization expense, year two | 28.0 | |
| Future amortization expense, year three | 28.0 | |
| Future amortization expense, year four | 28.0 | |
| Future amortization expense, year five | 28.0 | |
| Goodwill impairment | 0.0 | |
| Indefinite-lived intangible assets impairment | $ 0.0 | $ 260.0 |
Goodwill and Other Intangible Assets (Schedule of goodwill and other intangible assets) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
May 26, 2013 |
|---|---|---|---|---|
| GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||
| Goodwill | $ 8,741.2 | $ 8,874.9 | $ 8,650.5 | $ 8,622.2 |
| Intangible assets not subject to amortization: | ||||
| Brands and other indefinite-lived intangibles | 4,147.5 | 4,262.1 | ||
| Intangible assets subject to amortization: | ||||
| Franchise agreements, customer relationships and other finite-lived intangibles | 536.9 | 544.0 | ||
| Less accumulated amortization | (145.8) | (129.1) | ||
| Intangible assets subject to amortization | 391.1 | 414.9 | ||
| Other intangible assets | 4,538.6 | 4,677.0 | $ 5,014.3 | $ 5,015.1 |
| Total goodwill and intangible assets | $ 13,279.8 | $ 13,551.9 |
Goodwill and Other Intangible Assets (Schedule of at-risk brand intangible assets) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
May 26, 2013 |
|
| Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
| Book value of indefinite-lived intangible assets | $ 4,538.6 | $ 4,677.0 | $ 5,014.3 | $ 5,015.1 |
| Mountain High [Member] | ||||
| Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
| Book value of indefinite-lived intangible assets | $ 35.4 | |||
| Excess Fair Value Above Carrying Value, Percentage | 20.00% | |||
| Uncle Toby's [Member] | ||||
| Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
| Book value of indefinite-lived intangible assets | $ 52.2 | |||
| Excess Fair Value Above Carrying Value, Percentage | 11.00% |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of available for sale securities) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | $ 167.5 | $ 4.4 |
| Fair Value | 174.2 | 10.9 |
| Gross Gain | 6.7 | 6.5 |
| Gross Loss | 0.0 | 0.0 |
| Debt Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 165.7 | 2.6 |
| Fair Value | 165.8 | 2.6 |
| Gross Gain | 0.1 | 0.0 |
| Gross Loss | 0.0 | 0.0 |
| Equity Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 1.8 | 1.8 |
| Fair Value | 8.4 | 8.3 |
| Gross Gain | 6.6 | 6.5 |
| Gross Loss | $ 0.0 | $ 0.0 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of maturities of available for sale securities) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | $ 167.5 | $ 4.4 |
| Fair Value | 174.2 | 10.9 |
| Debt Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 165.7 | 2.6 |
| Fair Value | 165.8 | 2.6 |
| Debt Securities [Member] | Available-for-Sale Securities Debt Maturities Within One Year [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 165.7 | |
| Fair Value | 165.8 | |
| Equity Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 1.8 | 1.8 |
| Fair Value | $ 8.4 | $ 8.3 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Commodity Price Risk [Abstract] | |||
| Net gain (loss) on mark-to-market valuation of commodity positions | $ (69.1) | $ (163.7) | $ (4.9) |
| Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit | 127.9 | 84.4 | 51.2 |
| Net mark-to-market revaluation of certain grain inventories | 4.0 | (10.4) | 2.2 |
| Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 62.8 | $ (89.7) | $ 48.5 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of interest rate hedge in AOCI) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
May 29, 2016
USD ($)
| |
| Debt Instrument [Line Items] | |
| Pre-tax hedge gain (loss) in AOCI | $ (49.5) |
| 5.7% Notes Due February 15, 2017 [Member] | |
| Debt Instrument [Line Items] | |
| Pre-tax hedge gain (loss) in AOCI | $ (1.6) |
| Derivative, Maturity Date | Feb. 15, 2017 |
| Debt Instrument, Interest Rate, Stated Percentage | 5.70% |
| 5.65% Notes Due February 15, 2019 [Member] | |
| Debt Instrument [Line Items] | |
| Pre-tax hedge gain (loss) in AOCI | $ 1.4 |
| Derivative, Maturity Date | Feb. 15, 2019 |
| Debt Instrument, Interest Rate, Stated Percentage | 5.65% |
| 3.15% Notes Due December 15, 2021 [Member] | |
| Debt Instrument [Line Items] | |
| Pre-tax hedge gain (loss) in AOCI | $ (54.9) |
| Derivative, Maturity Date | Dec. 15, 2021 |
| Debt Instrument, Interest Rate, Stated Percentage | 3.15% |
| Euro-denominated 1.0% Notes Due April 27, 2023 [Member] | |
| Debt Instrument [Line Items] | |
| Pre-tax hedge gain (loss) in AOCI | $ (1.7) |
| Derivative, Maturity Date | Apr. 27, 2023 |
| Debt Instrument, Interest Rate, Stated Percentage | 1.00% |
| 3.65% Notes Due February 15, 2024 [Member] | |
| Debt Instrument [Line Items] | |
| Pre-tax hedge gain (loss) in AOCI | $ 13.8 |
| Derivative, Maturity Date | Feb. 15, 2024 |
| Debt Instrument, Interest Rate, Stated Percentage | 3.65% |
| Euro-denominated 1.5% Notes Due April 27, 2027 [Member] | |
| Debt Instrument [Line Items] | |
| Pre-tax hedge gain (loss) in AOCI | $ (3.6) |
| Derivative, Maturity Date | Feb. 27, 2027 |
| Debt Instrument, Interest Rate, Stated Percentage | 1.50% |
| 5.4% Notes Due June 15, 2040 [Member] | |
| Debt Instrument [Line Items] | |
| Pre-tax hedge gain (loss) in AOCI | $ (13.4) |
| Derivative, Maturity Date | Jun. 15, 2040 |
| Debt Instrument, Interest Rate, Stated Percentage | 5.40% |
| 4.15% Notes Due February 15, 2043 [Member] | |
| Debt Instrument [Line Items] | |
| Pre-tax hedge gain (loss) in AOCI | $ 10.5 |
| Derivative, Maturity Date | Feb. 15, 2043 |
| Debt Instrument, Interest Rate, Stated Percentage | 4.15% |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of interest rate derivatives) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Derivative [Line Items] | ||
| Derivative, Notional Amount | $ 1,000.0 | $ 1,250.0 |
| Average Receive Rate | 1.80% | 1.60% |
| Average Pay Rate | 1.10% | 0.70% |
| Swap Contract Maturities, Year Two | $ 500.0 | |
| Swap Contract Maturities, Year Four | 500.0 | |
| Swap Contract Maturities, Total | $ 1,000.0 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of offsetting assets and liabilities) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | $ 40.7 | $ 40.0 | |||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Assets | [2] | 40.7 | 40.0 | ||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | (12.6) | (13.8) | ||||||||||
| Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [4] | 28.1 | 26.2 | ||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | (38.9) | (124.7) | |||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Liabilities | [2] | (38.9) | (124.7) | ||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 12.6 | 13.8 | ||||||||||
| Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 7.5 | 40.1 | ||||||||||
| Net Amount | [5] | (18.8) | (70.8) | ||||||||||
| Commodity Contracts [Member] | |||||||||||||
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | 4.4 | 10.1 | |||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Assets | [2] | 4.4 | 10.1 | ||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | (3.9) | (1.3) | ||||||||||
| Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [4] | 0.5 | 8.8 | ||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | (22.2) | (59.4) | |||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Liabilities | [2] | (22.2) | (59.4) | ||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 3.9 | 1.3 | ||||||||||
| Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 7.5 | 40.1 | ||||||||||
| Net Amount | [5] | (10.8) | (18.0) | ||||||||||
| Interest Rate Contracts [Member] | |||||||||||||
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | 8.5 | 4.0 | |||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Assets | [2] | 8.5 | 4.0 | ||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [4] | 8.5 | 4.0 | ||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | (3.0) | 0.0 | |||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Liabilities | [2] | (3.0) | 0.0 | ||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [5] | (3.0) | 0.0 | ||||||||||
| Foreign Exchange Contracts [Member] | |||||||||||||
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | 25.4 | 25.9 | |||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Assets | [2] | 25.4 | 25.9 | ||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | (8.7) | (12.5) | ||||||||||
| Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [4] | 16.7 | 13.4 | ||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | (13.7) | (65.3) | |||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Liabilities | [2] | (13.7) | (65.3) | ||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 8.7 | 12.5 | ||||||||||
| Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [5] | (5.0) | $ (52.8) | ||||||||||
| Equity Contracts [Member] | |||||||||||||
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | 2.4 | ||||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | |||||||||||
| Net Amounts of Assets | [2] | 2.4 | |||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | |||||||||||
| Cash Collateral Received, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | |||||||||||
| Net Amount | [4] | 2.4 | |||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | 0.0 | ||||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | |||||||||||
| Net Amounts of Liabilities | [2] | 0.0 | |||||||||||
| Financial Instruments, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | |||||||||||
| Cash Collateral Pledged, Gross Amounts not Offset in the Balance Sheet | [3] | 0.0 | |||||||||||
| Net Amount | [5] | $ 0.0 | |||||||||||
| |||||||||||||
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of fair value measurement inputs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
May 26, 2013 |
||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | $ 40.7 | $ 40.0 | |||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 200.2 | 203.0 | |||||||||||||||||||||||||||||||||||
| Total Assets, Fair Value Disclosure | 239.4 | 246.3 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (38.9) | (124.7) | |||||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Total Liabilities, Fair Value Disclosure | (44.4) | (132.5) | |||||||||||||||||||||||||||||||||||
| Book value of long-lived assets | 3,743.6 | 3,783.3 | |||||||||||||||||||||||||||||||||||
| Proceeds from sale of long-lived assets | 4.4 | 11.0 | $ 6.6 | ||||||||||||||||||||||||||||||||||
| Non-cash impairment charge of indefinite-lived intangible assets | 0.0 | 260.0 | |||||||||||||||||||||||||||||||||||
| Book value of indefinite-lived intangible assets | 4,538.6 | 4,677.0 | $ 5,014.3 | $ 5,015.1 | |||||||||||||||||||||||||||||||||
| Long-Lived Assets [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 26.0 | [1] | 37.8 | [2] | |||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | [1] | 0.0 | [2] | |||||||||||||||||||||||||||||||||
| Non-cash impairment charge of long-lived assets | 11.4 | 30.3 | |||||||||||||||||||||||||||||||||||
| Book value of long-lived assets | 28.2 | 68.1 | |||||||||||||||||||||||||||||||||||
| Indefinite-lived Intangible Asset [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | [3] | 154.3 | |||||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | [3] | 0.0 | |||||||||||||||||||||||||||||||||||
| Green Giant [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Non-cash impairment charge of indefinite-lived intangible assets | 260.0 | ||||||||||||||||||||||||||||||||||||
| Green Giant [Member] | Indefinite-lived Intangible Asset [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 154.3 | ||||||||||||||||||||||||||||||||||||
| Non-cash impairment charge of long-lived assets | 260.0 | ||||||||||||||||||||||||||||||||||||
| Book value of indefinite-lived intangible assets | 414.3 | ||||||||||||||||||||||||||||||||||||
| Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 19.9 | 29.5 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (15.2) | (23.3) | |||||||||||||||||||||||||||||||||||
| Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 19.3 | 13.8 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (29.2) | (109.2) | |||||||||||||||||||||||||||||||||||
| Level 1 [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 8.4 | 8.3 | |||||||||||||||||||||||||||||||||||
| Total Assets, Fair Value Disclosure | 11.0 | 15.5 | |||||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Total Liabilities, Fair Value Disclosure | (0.6) | 0.0 | |||||||||||||||||||||||||||||||||||
| Level 1 [Member] | Long-Lived Assets [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 0.0 | [1] | 0.0 | [2] | |||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | [1] | 0.0 | [2] | |||||||||||||||||||||||||||||||||
| Level 1 [Member] | Indefinite-lived Intangible Asset [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | [3] | 0.0 | |||||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | [3] | 0.0 | |||||||||||||||||||||||||||||||||||
| Level 1 [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Level 1 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 2.6 | 7.2 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (0.6) | 0.0 | |||||||||||||||||||||||||||||||||||
| Level 2 [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 191.8 | 40.4 | |||||||||||||||||||||||||||||||||||
| Total Assets, Fair Value Disclosure | 228.4 | 76.5 | |||||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Total Liabilities, Fair Value Disclosure | (43.8) | (132.5) | |||||||||||||||||||||||||||||||||||
| Level 2 [Member] | Long-Lived Assets [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 26.0 | [1] | 37.8 | [2] | |||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | [1] | 0.0 | [2] | |||||||||||||||||||||||||||||||||
| Level 2 [Member] | Indefinite-lived Intangible Asset [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | [3] | 0.0 | |||||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | [3] | 0.0 | |||||||||||||||||||||||||||||||||||
| Level 2 [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 19.9 | 29.5 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (15.2) | (23.3) | |||||||||||||||||||||||||||||||||||
| Level 2 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 16.7 | 6.6 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (28.6) | (109.2) | |||||||||||||||||||||||||||||||||||
| Level 3 [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 0.0 | 154.3 | |||||||||||||||||||||||||||||||||||
| Total Assets, Fair Value Disclosure | 0.0 | 154.3 | |||||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Total Liabilities, Fair Value Disclosure | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Level 3 [Member] | Long-Lived Assets [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 0.0 | [1] | 0.0 | [2] | |||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | [1] | 0.0 | [2] | |||||||||||||||||||||||||||||||||
| Level 3 [Member] | Indefinite-lived Intangible Asset [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | [3] | 154.3 | |||||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | [3] | 0.0 | |||||||||||||||||||||||||||||||||||
| Level 3 [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Level 3 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||
| Marketable Investments [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 174.2 | [4],[5] | 10.9 | [6],[7] | |||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | [4],[5] | 0.0 | [6],[7] | |||||||||||||||||||||||||||||||||
| Marketable Investments [Member] | Level 1 [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 8.4 | [4],[5] | 8.3 | [6],[7] | |||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | [4],[5] | 0.0 | [6],[7] | |||||||||||||||||||||||||||||||||
| Marketable Investments [Member] | Level 2 [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 165.8 | [4],[5] | 2.6 | [6],[7] | |||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | [4],[5] | 0.0 | [6],[7] | |||||||||||||||||||||||||||||||||
| Marketable Investments [Member] | Level 3 [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Other Assets, Fair Value Disclosure | 0.0 | [4],[5] | 0.0 | [6],[7] | |||||||||||||||||||||||||||||||||
| Other Liabilities, Fair Value Disclosure | 0.0 | [4],[5] | 0.0 | [6],[7] | |||||||||||||||||||||||||||||||||
| Interest Rate Contracts [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 8.5 | 4.0 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (3.0) | 0.0 | |||||||||||||||||||||||||||||||||||
| Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 7.7 | [5],[8] | 4.0 | [7],[9] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (3.0) | [5],[8] | 0.0 | [7],[9] | |||||||||||||||||||||||||||||||||
| Interest Rate Contracts [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | [5],[8] | 0.0 | [7],[9] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | [5],[8] | 0.0 | [7],[9] | |||||||||||||||||||||||||||||||||
| Interest Rate Contracts [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 7.7 | [5],[8] | 4.0 | [7],[9] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (3.0) | [5],[8] | 0.0 | [7],[9] | |||||||||||||||||||||||||||||||||
| Interest Rate Contracts [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | [5],[8] | 0.0 | [7],[9] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | [5],[8] | 0.0 | [7],[9] | |||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 25.4 | 25.9 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (13.7) | (65.3) | |||||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 12.2 | [10],[11] | 25.5 | [12],[13] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (12.2) | [10],[11] | (23.3) | [12],[13] | |||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 13.2 | [10],[11] | 0.4 | [12],[13] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (1.5) | [10],[11] | (42.0) | [12],[13] | |||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | [10],[11] | 0.0 | [12],[13] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | [10],[11] | 0.0 | [12],[13] | |||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | [10],[11] | 0.0 | [12],[13] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | [10],[11] | 0.0 | [12],[13] | |||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 12.2 | [10],[11] | 25.5 | [12],[13] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (12.2) | [10],[11] | (23.3) | [12],[13] | |||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 13.2 | [10],[11] | 0.4 | [12],[13] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (1.5) | [10],[11] | (42.0) | [12],[13] | |||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | [10],[11] | 0.0 | [12],[13] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | [10],[11] | 0.0 | [12],[13] | |||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | [10],[11] | 0.0 | [12],[13] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | [10],[11] | 0.0 | [12],[13] | |||||||||||||||||||||||||||||||||
| Equity Contracts [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 2.4 | ||||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | ||||||||||||||||||||||||||||||||||||
| Commodity Contracts [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 4.4 | 10.1 | |||||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (22.2) | (59.4) | |||||||||||||||||||||||||||||||||||
| Commodity Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 4.3 | [11],[14] | 10.1 | [13],[15] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (22.2) | [11],[14] | (59.4) | [13],[15] | |||||||||||||||||||||||||||||||||
| Commodity Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 2.6 | [11],[14] | 7.2 | [13],[15] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (0.6) | [11],[14] | 0.0 | [13],[15] | |||||||||||||||||||||||||||||||||
| Commodity Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 1.7 | [11],[14] | 2.9 | [13],[15] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (21.6) | [11],[14] | (59.4) | [13],[15] | |||||||||||||||||||||||||||||||||
| Commodity Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | [11],[14] | 0.0 | [13],[15] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | [11],[14] | 0.0 | [13],[15] | |||||||||||||||||||||||||||||||||
| Grain Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 1.8 | [11],[14] | 3.3 | [13],[15] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (5.5) | [11],[14] | (7.8) | [13],[15] | |||||||||||||||||||||||||||||||||
| Grain Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | [11],[14] | 0.0 | [13],[15] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | 0.0 | [11],[14] | 0.0 | [13],[15] | |||||||||||||||||||||||||||||||||
| Grain Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 1.8 | [11],[14] | 3.3 | [13],[15] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | (5.5) | [11],[14] | (7.8) | [13],[15] | |||||||||||||||||||||||||||||||||
| Grain Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | |||||||||||||||||||||||||||||||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||
| Derivative Asset, Fair Value | 0.0 | [11],[14] | 0.0 | [13],[15] | |||||||||||||||||||||||||||||||||
| Derivative Liability, Fair Value | $ 0.0 | [11],[14] | $ 0.0 | [13],[15] | |||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of gains and losses on hedges) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
||||||||||
| Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | $ 18.6 | $ 7.4 | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 11.5 | (5.6) | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | (0.8) | (0.5) | ||||||||
| Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.1 | 1.6 | ||||||||
| Net Investment Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | (0.2) | (6.9) | ||||||||
| Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | (59.5) | (208.4) | ||||||||
| Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | (2.6) | (5.9) | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | (10.6) | (10.6) | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | (0.1) | (0.6) | ||||||||
| Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.1 | 1.6 | ||||||||
| Interest Rate Contracts [Member] | Net Investment Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0.0 | 0.0 | ||||||||
| Interest Rate Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.0 | 0.0 | ||||||||
| Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 21.2 | 13.3 | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 22.1 | 5.0 | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | (0.7) | 0.1 | ||||||||
| Foreign Exchange Contracts [Member] | Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.0 | 0.0 | ||||||||
| Foreign Exchange Contracts [Member] | Net Investment Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | (0.2) | (6.9) | ||||||||
| Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 1.1 | (54.3) | ||||||||
| Equity Contracts [Member] | Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0.0 | 0.0 | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 0.0 | 0.0 | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | 0.0 | 0.0 | ||||||||
| Equity Contracts [Member] | Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.0 | 0.0 | ||||||||
| Equity Contracts [Member] | Net Investment Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0.0 | 0.0 | ||||||||
| Equity Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | (4.5) | 9.6 | ||||||||
| Commodity Contracts [Member] | Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0.0 | 0.0 | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 0.0 | 0.0 | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | 0.0 | 0.0 | ||||||||
| Commodity Contracts [Member] | Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.0 | 0.0 | ||||||||
| Commodity Contracts [Member] | Net Investment Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0.0 | 0.0 | ||||||||
| Commodity Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain Loss [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | $ (56.1) | $ (163.7) | ||||||||
| |||||||||||
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of cashflow hedge in AOCI) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | $ (25.5) | $ (28.8) |
| Interest Rate Contracts [Member] | ||
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | (31.3) | |
| Foreign Exchange Contracts [Member] | ||
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | $ 5.8 |
Financial Instruments, Risk Management Activities, and Fair Values (Concentrations narrative) (Details) |
12 Months Ended | |||
|---|---|---|---|---|
May 29, 2016 | ||||
| Net Sales [Member] | Wal-Mart [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 20.00% | [1] | ||
| Net Sales [Member] | Wal-Mart [Member] | United States [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 30.00% | [1] | ||
| Net Sales [Member] | Wal-Mart [Member] | International [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 5.00% | [1] | ||
| Net Sales [Member] | Wal-Mart [Member] | Convenience Stores and Foodservice Segment [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 8.00% | [1] | ||
| Net Sales [Member] | Five Largest Customers [Member] | United States [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 53.00% | |||
| Net Sales [Member] | Five Largest Customers [Member] | International [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 22.00% | |||
| Net Sales [Member] | Five Largest Customers [Member] | Convenience Stores and Foodservice Segment [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 45.00% | |||
| Receivables [Member] | Wal-Mart [Member] | United States [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 26.00% | [1] | ||
| Receivables [Member] | Wal-Mart [Member] | International [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 4.00% | [1] | ||
| Receivables [Member] | Wal-Mart [Member] | Convenience Stores and Foodservice Segment [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 8.00% | [1] | ||
| ||||
Debt (Narrative) (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jan. 31, 2016
EUR (€)
|
Jan. 31, 2016
USD ($)
|
Apr. 30, 2015
EUR (€)
|
Mar. 31, 2015
USD ($)
|
Oct. 31, 2014
USD ($)
|
Jun. 30, 2014
EUR (€)
|
May 29, 2016
EUR (€)
|
May 29, 2016
USD ($)
|
May 31, 2015
EUR (€)
|
May 31, 2015
USD ($)
|
May 25, 2014
USD ($)
|
|
| Debt Instrument [Line Items] | |||||||||||
| Issuance of long-term debt | $ 542.5 | $ 2,253.2 | $ 1,673.0 | ||||||||
| Repayment of long-term debt | 1,000.4 | $ 1,145.8 | $ 1,444.8 | ||||||||
| Pre-tax hedge gain (loss) in AOCI | (49.5) | ||||||||||
| Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (10.0) | ||||||||||
| Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months | 1,103.4 | ||||||||||
| Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 604.7 | ||||||||||
| Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 1,150.4 | ||||||||||
| Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 1,056.0 | ||||||||||
| Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | $ 555.9 | ||||||||||
| Floating-Rate Euro-denominated Notes Due January 15, 2020 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Issuance of long-term debt | € | € 500.0 | € 500.0 | |||||||||
| Maturity date | Jan. 15, 2020 | Jan. 15, 2020 | |||||||||
| 0.875% Notes Due January 29, 2016 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Maturity date | Jan. 29, 2016 | Jan. 29, 2016 | |||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 0.875% | 0.875% | 0.875% | 0.875% | |||||||
| Repayment of long-term debt | $ 250.0 | ||||||||||
| Floating-Rate Notes Due January 28, 2016 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Maturity date | Jan. 28, 2016 | Jan. 28, 2016 | |||||||||
| Repayment of long-term debt | $ 750.0 | ||||||||||
| Euro-denominated 1.0% Notes Due April 27, 2023 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Issuance of long-term debt | € | € 500.0 | € 500.0 | |||||||||
| Maturity date | Apr. 27, 2023 | Apr. 27, 2023 | |||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||||||||
| Pre-tax hedge gain (loss) in AOCI | $ (1.7) | ||||||||||
| Euro-denominated 1.5% Notes Due April 27, 2027 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Issuance of long-term debt | € | € 400.0 | € 400.0 | |||||||||
| Maturity date | Apr. 27, 2027 | Apr. 27, 2027 | |||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||||||
| Pre-tax hedge gain (loss) in AOCI | $ (3.6) | ||||||||||
| 5.2% Notes Due March 17, 2015 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||||||||||
| Repayment of long-term debt | $ 750.0 | ||||||||||
| 1.4% Notes Due October 20, 2017 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Issuance of long-term debt | $ 500.0 | ||||||||||
| Maturity date | Oct. 20, 2017 | Oct. 20, 2017 | Oct. 20, 2017 | Oct. 20, 2017 | |||||||
| Debt Instrument, Interest Rate, Stated Percentage | 1.40% | 1.40% | 1.40% | ||||||||
| 2.2% Notes Due October 21, 2019 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Issuance of long-term debt | $ 500.0 | ||||||||||
| Maturity date | Oct. 21, 2019 | Oct. 21, 2019 | Oct. 21, 2019 | Oct. 21, 2019 | |||||||
| Debt Instrument, Interest Rate, Stated Percentage | 2.20% | 2.20% | 2.20% | ||||||||
| Euro-denominated 2.2% Senior Unsecured Notes Due June 24, 2021 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Maturity date | Jun. 24, 2021 | Jun. 24, 2021 | |||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 2.20% | ||||||||||
| Euro-denominated 2.2% Senior Unsecured Notes Due June 24, 2021 [Member] | Yoplait SAS [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Issuance of long-term debt | € | € 200.0 | ||||||||||
| Maturity date | Jun. 24, 2021 | Jun. 24, 2021 | |||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 2.20% | ||||||||||
| Floating-Rate Notes Due December 2014 [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Repayment of long-term debt | € | € 290.0 | ||||||||||
| Long-term Debt Agreements Containing Restrictive Covenants [Member] | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Covenant compliance | As of May 29, 2016, we were in compliance with all of these covenants. | As of May 29, 2016, we were in compliance with all of these covenants. | |||||||||
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Short-term Debt [Line Items] | ||
| Notes payable | $ 269.8 | $ 615.8 |
| Weighted Average Interest Rate | 8.60% | 3.00% |
| Commercial Paper [Member] | US [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | $ 0.0 | $ 432.0 |
| Weighted Average Interest Rate | 0.00% | 0.30% |
| Financial Institutions [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | $ 269.8 | $ 183.8 |
| Weighted Average Interest Rate | 8.60% | 9.50% |
Debt (Schedule of credit facilities) (Details) € in Millions, $ in Billions |
12 Months Ended | |
|---|---|---|
|
May 29, 2016
EUR (€)
|
May 29, 2016
USD ($)
|
|
| Line of Credit Facility [Line Items] | ||
| Facility Amount | $ 3.3 | |
| Borrowed Amount | 0.2 | |
| Committed Credit Facilities [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Facility Amount | 2.9 | |
| Borrowed Amount | $ 0.1 | |
| Minimum fixed charge coverage ratio | 2.5 | 2.5 |
| Compliance with credit facility covenants | We were in compliance with all credit facility covenants as of May 29, 2016. | |
| Line of Credit Expiring May 2021 [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Facility Amount | $ 2.7 | |
| Borrowed Amount | 0.0 | |
| Expiration date of credit facility | May 31, 2021 | |
| Line of Credit Expiring June 2019 [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Facility Amount | 0.2 | |
| Borrowed Amount | 0.1 | |
| Expiration date of credit facility | Jun. 30, 2019 | |
| Line of Credit Expiring June 2019 [Member] | Yoplait SAS [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Facility Amount | € | € 200.0 | |
| Expiration date of credit facility | Jun. 30, 2019 | |
| Line of Credit Expiring April 2017 [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Facility Amount | 1.7 | |
| Line of Credit Expiring May 2019 [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Facility Amount | 1.0 | |
| Uncommitted Credit Facility [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Facility Amount | 0.4 | |
| Borrowed Amount | $ 0.1 |
Debt (Schedule of long-term debt) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
Jan. 31, 2016 |
|
| Debt Instrument [Line Items] | |||
| Long-term debt, including current portion | $ 8,161.1 | $ 8,575.7 | |
| Other, including debt issuance costs and capital leases | (26.1) | (36.5) | |
| Current portion of long-term debt | (1,103.4) | (1,000.4) | |
| Total long-term debt | $ 7,057.7 | 7,575.3 | |
| 5.65% Notes Due February 15, 2019 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 5.65% | ||
| Maturity date | Feb. 15, 2019 | ||
| Long-term debt, including current portion | $ 1,150.0 | 1,150.0 | |
| 5.7% Notes Due February 15, 2017 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ||
| Maturity date | Feb. 15, 2017 | ||
| Long-term debt, including current portion | $ 1,000.0 | 1,000.0 | |
| 3.15% Notes Due December 15, 2021 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||
| Maturity date | Dec. 15, 2021 | ||
| Long-term debt, including current portion | $ 1,000.0 | 1,000.0 | |
| Euro-denominated 2.1% Notes Due November 16, 2020 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 2.10% | ||
| Maturity date | Nov. 16, 2020 | ||
| Long-term debt, including current portion | $ 555.8 | 549.4 | |
| Euro-denominated 1.0% Notes Due April 27, 2023 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||
| Maturity date | Apr. 27, 2023 | ||
| Long-term debt, including current portion | $ 555.8 | $ 549.4 | |
| Floating-Rate Euro-denominated Notes Due January 15, 2020 [Member] | |||
| Debt Instrument [Line Items] | |||
| Maturity date | Jan. 15, 2020 | ||
| Long-term debt, including current portion | $ 555.8 | ||
| 1.4% Notes Due October 20, 2017 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 1.40% | 1.40% | |
| Maturity date | Oct. 20, 2017 | Oct. 20, 2017 | |
| Long-term debt, including current portion | $ 500.0 | $ 500.0 | |
| 5.4% Notes Due June 15, 2040 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ||
| Maturity date | Jun. 15, 2040 | ||
| Long-term debt, including current portion | $ 500.0 | 500.0 | |
| 4.15% Notes Due February 15, 2043 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 4.15% | ||
| Maturity date | Feb. 15, 2043 | ||
| Long-term debt, including current portion | $ 500.0 | 500.0 | |
| 3.65% Notes Due February 15, 2024 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 3.65% | ||
| Maturity date | Feb. 15, 2024 | ||
| Long-term debt, including current portion | $ 500.0 | $ 500.0 | |
| 2.2% Notes Due October 21, 2019 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 2.20% | 2.20% | |
| Maturity date | Oct. 21, 2019 | Oct. 21, 2019 | |
| Long-term debt, including current portion | $ 500.0 | $ 500.0 | |
| Floating Rate Notes Due January 29, 2016 [Member] | |||
| Debt Instrument [Line Items] | |||
| Maturity date | Jan. 29, 2016 | ||
| Long-term debt, including current portion | $ 500.0 | ||
| Euro-denominated 1.5% Notes Due April 27, 2027 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||
| Maturity date | Apr. 27, 2027 | ||
| Long-term debt, including current portion | $ 444.6 | $ 439.5 | |
| 0.875% Notes Due January 29, 2016 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 0.875% | 0.875% | |
| Maturity date | Jan. 29, 2016 | ||
| Long-term debt, including current portion | $ 250.0 | ||
| Floating-Rate Notes Due January 28, 2016 [Member] | |||
| Debt Instrument [Line Items] | |||
| Maturity date | Jan. 28, 2016 | ||
| Long-term debt, including current portion | $ 250.0 | ||
| Euro-denominated 2.2% Senior Unsecured Notes Due June 24, 2021 [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage | 2.20% | ||
| Maturity date | Jun. 24, 2021 | ||
| Long-term debt, including current portion | $ 221.0 | 219.7 | |
| Medium-term Notes [Member] | |||
| Debt Instrument [Line Items] | |||
| Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.02% | ||
| Debt Instrument, Interest Rate Stated Percentage Rate Range, Maximum | 6.44% | ||
| Long-term debt, including current portion | $ 204.2 | $ 204.2 | |
Redeemable and Noncontrolling Interests (Details) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
May 29, 2016
USD ($)
subsidiaries
|
May 31, 2015
USD ($)
|
May 25, 2014
USD ($)
|
May 26, 2013
USD ($)
|
Jul. 01, 2011
USD ($)
|
|
| REDEEMABLE AND NONCONTROLLING INTERESTS [Abstract] | |||||
| Number of other noncontrolling interests | subsidiaries | 6 | ||||
| Other noncontrolling interests | $ 7.0 | ||||
| Noncontrolling Interest [Line Items] | |||||
| Redeemable interest value | 845.6 | $ 778.9 | |||
| Noncontrolling interests | 376.9 | 396.0 | |||
| Dividends paid under the terms of shareholder agreements | $ 84.3 | 25.0 | $ 77.4 | ||
| Noncontrolling interests covenant compliancee | Our noncontrolling interests contain restrictive covenants. As of May 29, 2016, we were in compliance with all of these covenants. | ||||
| Yoplait SAS Subsidiary [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Net purchases from related party | $ 321.0 | 271.3 | |||
| General Mills Cereals Llc [Member] | Preferred Class A [Member] | Third Party Interest Holder [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Noncontrolling interest holders capital account, General Mills Cereals, LLC | $ 251.5 | ||||
| Preferred distributions, variable rate | three-month LIBOR | ||||
| Preferred distributions, basis spread on variable rate | 1.25% | ||||
| Preferred return rate adjustment period | 3 years | ||||
| General Mills [Member] | Yoplait SAS [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Ownership interest percentage in consolidated subsidiary | 51.00% | ||||
| General Mills [Member] | Yoplait Marques SNC [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Ownership interest percentage in consolidated subsidiary | 50.00% | ||||
| General Mills [Member] | Liberte Marques Sarl [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Ownership interest percentage in consolidated subsidiary | 50.00% | ||||
| Sodiaal International Redeemable Interest [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Redeemable interest value | $ 845.6 | $ 778.9 | $ 984.1 | $ 967.5 | |
| Redeemable interest terms | Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. | ||||
| Dividends paid under the terms of shareholder agreements | $ 74.5 | ||||
| Sodiaal International Redeemable Interest [Member] | Yoplait SAS [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Redeemable interest value | $ 845.6 | $ 904.4 | |||
| Redeemable interest percentage | 49.00% | ||||
| Sodiaal SAS Noncontrolling Interest [Member] | Yoplait Marques SNC and Liberte Marques Sarl [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Noncontrolling interests | $ 281.4 | ||||
| Sodiaal SAS Noncontrolling Interest [Member] | Yoplait Marques SNC [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Ownership interest percentage held by noncontrolling owners | 50.00% | ||||
| Sodiaal SAS Noncontrolling Interest [Member] | Liberte Marques Sarl [Member] | |||||
| Noncontrolling Interest [Line Items] | |||||
| Ownership interest percentage held by noncontrolling owners | 50.00% | ||||
Stockholders' Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Preferred Stock, Shares Authorized | 5.0 | ||
| Number of shares of common stock authorized for repurchase | 100.0 | ||
| Shares purchased | 10.7 | 22.3 | 35.6 |
| Fair value of treasury stock acquired | $ 606.7 | $ 1,161.9 | $ 1,774.4 |
Stockholders' Equity (Schedule of total comprehensive income) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2016 |
Feb. 28, 2016 |
Nov. 29, 2015 |
Aug. 30, 2015 |
May 31, 2015 |
Feb. 22, 2015 |
Nov. 23, 2014 |
Aug. 24, 2014 |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
||||||||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
| Foreign currency translation | $ (108.7) | $ (957.9) | $ (11.3) | |||||||||||||||||||||||
| Net actuarial income (loss) | (325.9) | (358.4) | 206.0 | |||||||||||||||||||||||
| Other fair value changes: | ||||||||||||||||||||||||||
| Securities | 0.1 | 0.8 | 0.3 | |||||||||||||||||||||||
| Hedge derivatives | 16.0 | 4.1 | 5.0 | |||||||||||||||||||||||
| Reclassification to earnings: | ||||||||||||||||||||||||||
| Hedge derivatives | (9.5) | 4.9 | (4.6) | |||||||||||||||||||||||
| Amortization of losses and prior service costs | 128.6 | 105.1 | 107.6 | |||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | (299.4) | (1,201.4) | 303.0 | |||||||||||||||||||||||
| Comprehensive Income: | ||||||||||||||||||||||||||
| Net earnings attributable to General Mills | $ 379.6 | $ 361.7 | $ 529.5 | $ 426.6 | $ 186.8 | $ 343.2 | $ 346.1 | $ 345.2 | 1,697.4 | 1,221.3 | 1,824.4 | |||||||||||||||
| Net earnings attributable to redeemable and noncontrolling interests | 39.4 | 38.1 | 36.9 | |||||||||||||||||||||||
| Total comprehensive income (loss) attributable to General Mills | 1,395.9 | 250.9 | 2,069.4 | |||||||||||||||||||||||
| General Mills [Member] | ||||||||||||||||||||||||||
| Other comprehensive income (loss), before tax: | ||||||||||||||||||||||||||
| Foreign currency translation | (107.6) | (727.9) | (71.8) | |||||||||||||||||||||||
| Net actuarial income (loss) | (514.2) | (561.1) | 327.2 | |||||||||||||||||||||||
| Other fair value chages: | ||||||||||||||||||||||||||
| Securities | 0.2 | 1.3 | 0.5 | |||||||||||||||||||||||
| Hedge derivaties | 16.5 | 13.6 | 14.4 | |||||||||||||||||||||||
| Reclassification to earnings: | ||||||||||||||||||||||||||
| Hedge derivatives | (13.5) | [1] | 0.7 | [2] | (4.7) | [3] | ||||||||||||||||||||
| Amortization of losses and prior service costs | 206.8 | [4] | 170.2 | [5] | 172.7 | [6] | ||||||||||||||||||||
| Other comprehensive income (loss), before tax | (411.8) | (1,103.2) | 438.3 | |||||||||||||||||||||||
| Other comprehensive income (loss), tax: | ||||||||||||||||||||||||||
| Foreign currency translation | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Net actuarial income (loss) | 188.3 | 202.7 | (121.2) | |||||||||||||||||||||||
| Other fair value changes: | ||||||||||||||||||||||||||
| Securities | (0.1) | (0.5) | (0.2) | |||||||||||||||||||||||
| Hedge derivatives | (2.2) | (4.8) | (7.0) | |||||||||||||||||||||||
| Reclassification to earnings: | ||||||||||||||||||||||||||
| Hedge derivatives | 2.5 | [1] | 0.5 | [2] | 0.2 | [3] | ||||||||||||||||||||
| Amortization of losses and prior service costs | (78.2) | [4] | (65.1) | [5] | (65.1) | [6] | ||||||||||||||||||||
| Other comprehensive income (loss), tax | 110.3 | 132.8 | (193.3) | |||||||||||||||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
| Foreign currency translation | (107.6) | (727.9) | (71.8) | |||||||||||||||||||||||
| Net actuarial income (loss) | (325.9) | (358.4) | 206.0 | |||||||||||||||||||||||
| Other fair value changes: | ||||||||||||||||||||||||||
| Securities | 0.1 | 0.8 | 0.3 | |||||||||||||||||||||||
| Hedge derivatives | 14.3 | 8.8 | 7.4 | |||||||||||||||||||||||
| Reclassification to earnings: | ||||||||||||||||||||||||||
| Hedge derivatives | (11.0) | [1] | 1.2 | [2] | (4.5) | [3] | ||||||||||||||||||||
| Amortization of losses and prior service costs | 128.6 | [4] | 105.1 | [5] | 107.6 | [6] | ||||||||||||||||||||
| Other comprehensive income (loss), net of tax | (301.5) | (970.4) | 245.0 | |||||||||||||||||||||||
| Comprehensive Income: | ||||||||||||||||||||||||||
| Net earnings attributable to General Mills | 1,697.4 | 1,221.3 | 1,824.4 | |||||||||||||||||||||||
| Total comprehensive income (loss) attributable to General Mills | 1,395.9 | 250.9 | 2,069.4 | |||||||||||||||||||||||
| Noncontrolling Interest [Member] | ||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
| Foreign currency translation | 2.8 | (78.2) | 19.1 | |||||||||||||||||||||||
| Net actuarial income (loss) | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Other fair value changes: | ||||||||||||||||||||||||||
| Securities | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Hedge derivatives | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Reclassification to earnings: | ||||||||||||||||||||||||||
| Hedge derivatives | 0.0 | [1] | 0.0 | [2] | 0.0 | [3] | ||||||||||||||||||||
| Amortization of losses and prior service costs | 0.0 | [4] | 0.0 | [5] | 0.0 | [6] | ||||||||||||||||||||
| Other comprehensive income (loss), net of tax | 2.8 | (78.2) | 19.1 | |||||||||||||||||||||||
| Comprehensive Income: | ||||||||||||||||||||||||||
| Net earnings attributable to redeemable and noncontrolling interests | 8.4 | 8.2 | 5.8 | |||||||||||||||||||||||
| Total comprehensive income (loss) attributable to noncontrolling interests | 11.2 | (70.0) | 24.9 | |||||||||||||||||||||||
| Redeemable Interest [Member] | ||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
| Foreign currency translation | (3.9) | (151.8) | 41.4 | |||||||||||||||||||||||
| Net actuarial income (loss) | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Other fair value changes: | ||||||||||||||||||||||||||
| Securities | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
| Hedge derivatives | 1.7 | (4.7) | (2.4) | |||||||||||||||||||||||
| Reclassification to earnings: | ||||||||||||||||||||||||||
| Hedge derivatives | 1.5 | [1] | 3.7 | [2] | (0.1) | [3] | ||||||||||||||||||||
| Amortization of losses and prior service costs | 0.0 | [4] | 0.0 | [5] | 0.0 | [6] | ||||||||||||||||||||
| Other comprehensive income (loss), net of tax | (0.7) | (152.8) | 38.9 | |||||||||||||||||||||||
| Comprehensive Income: | ||||||||||||||||||||||||||
| Net earnings attributable to redeemable and noncontrolling interests | 31.0 | 29.9 | 31.1 | |||||||||||||||||||||||
| Total comprehensive income (loss) attributable to redeemable interests | $ 30.3 | $ (122.9) | $ 70.0 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
Stockholders' Equity (Schedule of accumulated other comprehensive loss balances, net of taxes) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
| Foreign currency translation adjustments | $ (644.2) | $ (536.6) |
| Unrealized gain (loss) from: | ||
| Securities | 3.8 | 3.7 |
| Hedge derivatives | (25.5) | (28.8) |
| Pension, other postretirement, and postemployment benefits: | ||
| Net actuarial gain (loss) | (1,958.2) | (1,756.1) |
| Prior service (costs) credits | 11.9 | 7.1 |
| Accumulated other comprehensive loss | $ (2,612.2) | $ (2,310.7) |
Stock Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of shares available for grant under stock compensation plan | 24.3 | ||
| Fair Value Assumptions Method Used | 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. | ||
| Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
| Unrecognized compensation expense related to non-vested stock options and restricted stock units | $ 93.9 | ||
| Unrecognized compensation expense on non-vested awards, weighted average period of recognition | 1 year 6 months | ||
| Stock Options [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Minimum option pricing percentage of market price | 100.00% | ||
| Award vesting period | 4 years | ||
| Expiration period | 10 years 1 month | ||
| Compensation expense related to stock-based payments | $ 14.8 | $ 18.1 | $ 18.2 |
| Restricted Stock Units (RSUs) [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Award vesting period | 4 years | ||
| Compensation expense related to stock-based payments | $ 76.8 | 96.6 | $ 107.0 |
| Total grant-date fair value of restricted stock units that vested in period | $ 101.8 | $ 133.7 | |
| Performance Share Units [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Performance period | 3 years | ||
Stock Plans (Schedule of estimated fair value of stock options granted and assumptions used for Black-Scholes option-pricing model) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| STOCK PLANS [Abstract] | |||
| Estimated fair values of stock options granted | $ 7.24 | $ 7.22 | $ 6.03 |
| Assumptions: | |||
| Risk-free interest rate | 2.40% | 2.60% | 2.60% |
| Expected term | 8 years 6 months | 8 years 6 months | 9 years |
| Expected volatility | 17.60% | 17.50% | 17.40% |
| Dividend yield | 3.20% | 3.10% | 3.10% |
Stock Plans (Schedule of information on stock option activity) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Options (Thousands) [Abstract] | |||
| Balance Outstanding Beginning Balance | 39,077,200 | 44,169,000 | 47,672,100 |
| Granted | 1,930,200 | 2,253,100 | 2,789,800 |
| Exercised | (8,471,000) | (7,297,200) | (6,181,300) |
| Forfeited or expired | (134,800) | (47,700) | (111,600) |
| Balance Outstanding Ending Balance | 32,401,600 | 39,077,200 | 44,169,000 |
| Balance Exercisable Beginning Balance | 26,991,500 | 29,452,800 | 29,290,300 |
| Balance Exercisable Ending Balance | 22,385,100 | 26,991,500 | 29,452,800 |
| Weighted Average Exercise Price [Abstract] | |||
| Balance Outstanding Beginning Balance | $ 34.35 | $ 32.1 | $ 30.22 |
| Granted | 55.72 | 53.7 | 48.33 |
| Exercised | 28.49 | 26.68 | 24.78 |
| Forfeited or expired | 48.16 | 43.73 | 38.74 |
| Balance Outstanding Ending Balance | 37.09 | 34.35 | 32.1 |
| Balance Exercisable Beginning Balance | 30.44 | 28.37 | 27.69 |
| Balance Exercisable Ending Balance | $ 32.38 | $ 30.44 | $ 28.37 |
Stock Plans (Schedule of net cash proceeds from exercise of stock options less shares used for withholding taxes and & intrinsic value of options exercised) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| STOCK PLANS [Abstract] | |||
| Net cash proceeds | $ 171.9 | $ 163.7 | $ 108.1 |
| Intrinsic value of options exercised | $ 268.4 | $ 201.9 | $ 166.6 |
Stock Plans (Schedule of information on restricted stock unit and cash-settled share-based units activity) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Share Settled Units (Thousands) [Abstract] | |||
| Granted | 1,351,500 | 1,708,200 | 2,144,100 |
| Weighted Average Grant-Date Fair Value [Abstract] | |||
| Granted | $ 56 | $ 53.45 | $ 48.49 |
| Equity Classified [Member] | |||
| Share Settled Units (Thousands) [Abstract] | |||
| Non-vested Beginning Balance | 6,235,600 | ||
| Granted | 1,287,700 | ||
| Vested | (2,119,900) | ||
| Forfeited, expired, or reclassified | (303,000) | ||
| Non-vested Ending Balance | 5,100,400 | 6,235,600 | |
| Weighted Average Grant-Date Fair Value [Abstract] | |||
| Non-vested Beginning Balance | $ 46.44 | ||
| Granted | 56.01 | ||
| Vested | 46.65 | ||
| Forfeited, expired, or reclassified | 49.45 | ||
| Non-vested Ending Balance | $ 48.6 | $ 46.44 | |
| Liability Classified Share Settled [Member] | |||
| Share Settled Units (Thousands) [Abstract] | |||
| Non-vested Beginning Balance | 237,000 | ||
| Granted | 63,800 | ||
| Vested | (69,500) | ||
| Forfeited, expired, or reclassified | (19,900) | ||
| Non-vested Ending Balance | 211,400 | 237,000 | |
| Weighted Average Grant-Date Fair Value [Abstract] | |||
| Non-vested Beginning Balance | $ 44.84 | ||
| Granted | 55.82 | ||
| Vested | 40.55 | ||
| Forfeited, expired, or reclassified | 51.45 | ||
| Non-vested Ending Balance | $ 48.37 | $ 44.84 | |
Earnings Per Share (Schedule of earnings per share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2016 |
Feb. 28, 2016 |
Nov. 29, 2015 |
Aug. 30, 2015 |
May 31, 2015 |
Feb. 22, 2015 |
Nov. 23, 2014 |
Aug. 24, 2014 |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
||||
| EARNINGS PER SHARE [Abstract] | ||||||||||||||
| Net earnings attributable to General Mills | $ 379.6 | $ 361.7 | $ 529.5 | $ 426.6 | $ 186.8 | $ 343.2 | $ 346.1 | $ 345.2 | $ 1,697.4 | $ 1,221.3 | $ 1,824.4 | |||
| Average number of common shares - basic EPS | 598.9 | 603.3 | 628.6 | |||||||||||
| Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||||
| Average number of common shares - diluted EPS | 611.9 | 618.8 | 645.7 | |||||||||||
| Earnings per share - basic | $ 0.63 | $ 0.61 | $ 0.88 | $ 0.71 | $ 0.31 | $ 0.57 | $ 0.58 | $ 0.56 | $ 2.83 | $ 2.02 | $ 2.9 | |||
| Earnings per share - diluted | $ 0.62 | $ 0.59 | $ 0.87 | $ 0.69 | $ 0.3 | $ 0.56 | $ 0.56 | $ 0.55 | $ 2.77 | $ 1.97 | $ 2.83 | |||
| Other Disclosures [Abstract] | ||||||||||||||
| Anti-dilutive stock options, restricted stock units, and performance share units | 1.1 | 2.1 | 1.7 | |||||||||||
| Stock options [Member] | ||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
| Incremental share effect | [1] | 9.8 | 11.3 | 12.3 | ||||||||||
| Restricted stock units, performance shares units, and other [Member] | ||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
| Incremental share effect | [1] | 3.2 | 4.2 | 4.8 | ||||||||||
| ||||||||||||||
Retirement Benefits and Postemployment Benefits (Narrative) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Defined Benefit Plan, Information About Plan Assets | |||
| Increase in benefit plan obligation due to adoption of rates in RP-2014 MortalityTables | $ 436.7 | ||
| Accumulated Benefit Obligation | $ 5,950.7 | 5,750.4 | |
| Defined Contribution Plan Disclosure [Line Items] | |||
| Net assets of money purchase plan | 21.0 | 21.9 | |
| Recognized expense | $ 61.2 | $ 44.0 | $ 44.8 |
| General Mills Savings Plan [Member] | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| ESOP number of allocated shares | 6.9 | 7.5 | |
| Common stock held by ESOP and company stock fund | $ 711.5 | $ 655.6 | |
| Defined Benefit Pension Plans [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contributions | $ 23.7 | 24.1 | |
| Defined Benefit Pension Plans [Member] | United States Equity Securities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 25.00% | ||
| Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 15.00% | ||
| Defined Benefit Pension Plans [Member] | Private Equities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 10.00% | ||
| Defined Benefit Pension Plans [Member] | Fixed income [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 35.00% | ||
| Defined Benefit Pension Plans [Member] | Real asset investments [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 15.00% | ||
| U.S. Plans [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contributions | $ 0.0 | 0.0 | $ 0.0 |
| Defined Benefit Plan, Information About Plan Assets | |||
| Retirement Plan Provision Termination Period | 5 years | ||
| Other Postretirement Benefit Plans [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contributions | $ 24.1 | $ 24.1 | |
| Other Postretirement Benefit Plans [Member] | United States Equity Securities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 30.00% | ||
| Other Postretirement Benefit Plans [Member] | International Equity Securities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 20.00% | ||
| Other Postretirement Benefit Plans [Member] | Private Equities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 10.00% | ||
| Other Postretirement Benefit Plans [Member] | Fixed income [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 30.00% | ||
| Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 10.00% | ||
Retirement Benefits and Postemployment Benefits (Schedule of assumed health care trend costs) (Details) |
12 Months Ended | |
|---|---|---|
May 29, 2016 |
May 31, 2015 |
|
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Rate to which the cost trend rate is assumed to decline (ultimate rate) | 5.00% | 5.00% |
| Year that Rate Reaches Ultimate Trend Rate | 2024 | 2025 |
| Under Age 65 [Member] | ||
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Health care cost trend rate for next year | 7.30% | 6.50% |
| Over Age 65 [Member] | ||
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Health care cost trend rate for next year | 7.50% | 7.30% |
Retirement Benefits and Postemployment Benefits (Schedule of one percentage point change in the health care trend rate) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
May 29, 2016
USD ($)
| |
| Defined Benefit Plan Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates [Abstract] | |
| Effect of one percentage point increase on the aggregate of the service and interest cost components next year | $ 3.1 |
| Effect of one percentage point increase on the other postretirement accumulated benefit obligation as of current year end | 71.2 |
| Effect of one percentage point decrease on the aggregate of the service and interest cost components next year | (2.7) |
| Effect of one percentage point decrease on the other postretirement accumulated benefit obligation as of current year end | $ (63.8) |
Retirement Benefits and Postemployment Benefits (Schedule of summarized financial information about benefit plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Defined Benefit Pension Plans [Member] | |||
| Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
| Fair value at beginning of year | $ 5,758.5 | $ 5,611.8 | |
| Actual return on assets | 36.3 | 373.6 | |
| Employer contributions | 23.7 | 24.1 | |
| Plan participant contributions | 5.7 | 10.3 | |
| Benefits payments | (277.5) | (244.9) | |
| Foreign currency | (6.8) | (16.4) | |
| Fair value at end of year | 5,539.9 | 5,758.5 | $ 5,611.8 |
| Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
| Benefit obligation at beginning of year | 6,252.1 | 5,618.0 | |
| Service cost | 134.6 | 137.0 | 133.0 |
| Interest cost | 267.8 | 249.2 | 239.5 |
| Plan amendment | 0.9 | 1.9 | |
| Curtailment/other | 7.1 | 19.9 | |
| Plan participant contributions | 5.7 | 10.3 | |
| Medicare Part D reimbursements | 0.0 | 0.0 | |
| Actuarial loss (gain) | 65.2 | 479.7 | |
| Benefits payments | (278.0) | (245.5) | |
| Foreign currency | (6.9) | (18.4) | |
| Projected benefit obligation at end of year | 6,448.5 | 6,252.1 | 5,618.0 |
| Plan assets less than benefit obligation as of fiscal year end | (908.6) | (493.6) | |
| Other Postretirement Benefit Plans [Member] | |||
| Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
| Fair value at beginning of year | 582.8 | 517.3 | |
| Actual return on assets | (0.1) | 44.0 | |
| Employer contributions | 24.1 | 24.1 | |
| Plan participant contributions | 14.1 | 13.6 | |
| Benefits payments | (18.5) | (16.2) | |
| Foreign currency | 0.0 | 0.0 | |
| Fair value at end of year | 602.4 | 582.8 | 517.3 |
| Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
| Benefit obligation at beginning of year | 1,079.6 | 1,074.8 | |
| Service cost | 19.0 | 22.4 | 22.7 |
| Interest cost | 44.1 | 46.9 | 50.5 |
| Plan amendment | 0.0 | (42.4) | |
| Curtailment/other | 0.5 | 3.4 | |
| Plan participant contributions | 14.1 | 13.6 | |
| Medicare Part D reimbursements | 3.5 | 3.2 | |
| Actuarial loss (gain) | (64.5) | 23.5 | |
| Benefits payments | (66.4) | (62.8) | |
| Foreign currency | (1.0) | (3.0) | |
| Projected benefit obligation at end of year | 1,028.9 | 1,079.6 | 1,074.8 |
| Plan assets less than benefit obligation as of fiscal year end | (426.5) | (496.8) | |
| Postemployment Benefit Plans [Member] | |||
| Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
| Plan participant contributions | 0.0 | 0.0 | |
| Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
| Benefit obligation at beginning of year | 146.6 | 145.3 | |
| Service cost | 7.6 | 7.5 | 7.7 |
| Interest cost | 3.9 | 4.3 | 4.1 |
| Plan amendment | 1.1 | 0.0 | |
| Curtailment/other | 10.7 | 9.5 | |
| Plan participant contributions | 0.0 | 0.0 | |
| Medicare Part D reimbursements | 0.0 | 0.0 | |
| Actuarial loss (gain) | 11.2 | (0.4) | |
| Benefits payments | (16.9) | (19.1) | |
| Foreign currency | (0.1) | (0.5) | |
| Projected benefit obligation at end of year | 164.1 | 146.6 | $ 145.3 |
| Plan assets less than benefit obligation as of fiscal year end | $ (164.1) | $ (146.6) | |
Retirement Benefits and Postemployment Benefits (Schedule of amounts recognized in AOCI) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial gain (loss) | $ (1,958.2) | $ (1,756.1) |
| Prior service (costs) credits | 11.9 | 7.1 |
| Amounts recorded in accumulated other comprehensive loss | (1,946.3) | (1,749.0) |
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial gain (loss) | (1,886.0) | (1,674.9) |
| Prior service (costs) credits | (6.8) | (13.8) |
| Amounts recorded in accumulated other comprehensive loss | (1,892.8) | (1,688.7) |
| Other Postretirement Benefit Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial gain (loss) | (57.6) | (72.2) |
| Prior service (costs) credits | 19.9 | 23.8 |
| Amounts recorded in accumulated other comprehensive loss | (37.7) | (48.4) |
| Postemployment Benefit Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial gain (loss) | (14.6) | (9.0) |
| Prior service (costs) credits | (1.2) | (2.9) |
| Amounts recorded in accumulated other comprehensive loss | $ (15.8) | $ (11.9) |
Retirement Benefits and Postemployment Benefits (Schedule of plans with accumulated benefit obiligations in excess of plan assets) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
| Projected benefit obligation | $ 5,490.3 | $ 512.3 |
| Accumulated benefit obligation | 4,998.3 | 440.6 |
| Plan assets at fair value | 4,498.5 | 0.0 |
| Other Postretirement Benefit Plans [Member] | ||
| Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
| Projected benefit obligation | 0.0 | 0.0 |
| Accumulated benefit obligation | 1,024.7 | 1,074.8 |
| Plan assets at fair value | 602.4 | 582.8 |
| Postemployment Benefit Plans [Member] | ||
| Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
| Projected benefit obligation | 4.8 | 0.0 |
| Accumulated benefit obligation | 159.3 | 143.5 |
| Plan assets at fair value | $ 0.0 | $ 0.0 |
Retirement Benefits and Postemployment Benefits (Schedule of components of net periodic benefit expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Defined Benefit Pension Plans [Member] | |||
| Components of Net Periodic Benefit Cost [Abstract] | |||
| Service cost | $ 134.6 | $ 137.0 | $ 133.0 |
| Interest cost | 267.8 | 249.2 | 239.5 |
| Expected return on plan assets | (496.9) | (476.4) | (455.6) |
| Amortization of losses | 189.8 | 141.7 | 151.0 |
| Amortization of prior service costs (credits) | 4.7 | 7.4 | 5.6 |
| Other adjustments | 5.0 | 15.1 | 0.0 |
| Settlement or curtailment losses | 13.1 | 18.0 | 0.0 |
| Net (income) expense | 118.1 | 92.0 | 73.5 |
| Other Postretirement Benefit Plans [Member] | |||
| Components of Net Periodic Benefit Cost [Abstract] | |||
| Service cost | 19.0 | 22.4 | 22.7 |
| Interest cost | 44.1 | 46.9 | 50.5 |
| Expected return on plan assets | (46.2) | (40.2) | (34.6) |
| Amortization of losses | 6.6 | 4.9 | 15.4 |
| Amortization of prior service costs (credits) | (5.4) | (1.6) | (3.4) |
| Other adjustments | 2.3 | 3.3 | 0.0 |
| Settlement or curtailment losses | (1.0) | 1.3 | (2.9) |
| Net (income) expense | 19.4 | 37.0 | 47.7 |
| Postemployment Benefit Plans [Member] | |||
| Components of Net Periodic Benefit Cost [Abstract] | |||
| Service cost | 7.6 | 7.5 | 7.7 |
| Interest cost | 3.9 | 4.3 | 4.1 |
| Expected return on plan assets | 0.0 | 0.0 | 0.0 |
| Amortization of losses | 0.7 | 0.7 | 0.6 |
| Amortization of prior service costs (credits) | 2.5 | 2.4 | 2.4 |
| Other adjustments | 10.7 | 9.5 | 3.7 |
| Settlement or curtailment losses | 0.0 | 0.0 | 0.0 |
| Net (income) expense | $ 25.4 | $ 24.4 | $ 18.5 |
Retirement Benefits and Postemployment Benefits (Schedule of amounts expected to be recognized in net periodic expense next year) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
May 29, 2016
USD ($)
| |
| Defined Benefit Pension Plans [Member] | |
| Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year [Abstract] | |
| Amortization of losses | $ 190.3 |
| Amortization of prior service costs (credits) | 2.5 |
| Other Postretirement Benefit Plans [Member] | |
| Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year [Abstract] | |
| Amortization of losses | 2.5 |
| Amortization of prior service costs (credits) | (5.4) |
| Postemployment Benefit Plans [Member] | |
| Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year [Abstract] | |
| Amortization of losses | 1.8 |
| Amortization of prior service costs (credits) | $ 0.6 |
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine benefit obligations) (Details) |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 4.19% | 4.38% |
| Rate of salary increases | 4.28% | 4.09% |
| Other Postretirement Benefit Plans [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 3.97% | 4.20% |
| Rate of salary increases | 0.00% | 0.00% |
| Postemployment Benefit Plans [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 2.94% | 3.55% |
| Rate of salary increases | 4.35% | 4.36% |
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine net periodic expense) (Details) |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Defined Benefit Pension Plans [Member] | |||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | |||
| Discount rate | 4.38% | 4.54% | 4.54% |
| Rate of salary increases | 4.31% | 4.44% | 4.44% |
| Expected long-term rate of return on plan assets. | 8.53% | 8.53% | 8.53% |
| Other Postretirement Benefit Plans [Member] | |||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | |||
| Discount rate | 4.20% | 4.51% | 4.52% |
| Rate of salary increases | 0.00% | 0.00% | 0.00% |
| Expected long-term rate of return on plan assets. | 8.14% | 8.13% | 8.11% |
| Postemployment Benefit Plans [Member] | |||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | |||
| Discount rate | 3.55% | 3.82% | 3.70% |
| Rate of salary increases | 4.36% | 4.44% | 4.44% |
| Expected long-term rate of return on plan assets. | 0.00% | 0.00% | 0.00% |
Retirement Benefits and Postemployment Benefits (Schedule of fair values of benefit plan assets and their respective levels in fair value heirarchy) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Defined Benefit Pension Plans [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | $ 5,539.9 | $ 5,758.5 | $ 5,611.8 | |||||||||||
| Defined Benefit Pension Plans [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [1] | 2,945.4 | 3,187.6 | |||||||||||
| Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [2] | 1,649.6 | 1,644.8 | |||||||||||
| Defined Benefit Pension Plans [Member] | Real asset investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [3] | 749.4 | 739.1 | |||||||||||
| Defined Benefit Pension Plans [Member] | Other Investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0.4 | 0.4 | |||||||||||
| Defined Benefit Pension Plans [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 195.1 | 186.6 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 2,836.2 | 2,431.6 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [1] | 1,543.7 | 1,634.4 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [2] | 903.8 | 486.3 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Real asset investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [3] | 193.6 | 124.3 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Other Investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0.0 | 0.0 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 195.1 | 186.6 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 1,850.3 | 2,285.5 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [1] | 943.7 | 1,010.3 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [2] | 745.8 | 1,158.5 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Real asset investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [3] | 160.8 | 116.7 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Other Investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0.0 | 0.0 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 0.0 | 0.0 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 853.4 | 1,041.4 | 1,171.4 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 458.0 | [1] | 542.9 | [1] | 568.2 | |||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [2] | 0.0 | 0.0 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Real asset investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 395.0 | [3] | 498.1 | [3] | 602.9 | |||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Other Investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 0.4 | [4] | 0.4 | [4] | 0.3 | |||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 0.0 | 0.0 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 602.4 | 582.8 | 517.3 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [1] | 276.4 | 278.3 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [2] | 101.4 | 87.7 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [3] | 44.4 | 42.5 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Other Investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [4] | 171.3 | 168.9 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 8.9 | 5.4 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 155.8 | 153.6 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [1] | 128.9 | 134.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [2] | 18.0 | 14.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Real asset investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [3] | 0.0 | 0.2 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Other Investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 8.9 | 5.4 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 409.4 | 388.9 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [1] | 124.1 | 120.6 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [2] | 83.4 | 73.7 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Real asset investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [3] | 30.6 | 25.7 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Other Investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [4] | 171.3 | 168.9 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 0.0 | 0.0 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 37.2 | 40.3 | 39.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 23.4 | [1] | 23.7 | [1] | 21.1 | |||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [2] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Real asset investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | 13.8 | [3] | 16.6 | [3] | $ 17.9 | |||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Other Investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | [4] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Defined Benefit Plan Fair Value Of Plan Assets | $ 0.0 | $ 0.0 | ||||||||||||
| ||||||||||||||
Retirement Benefits and Postemployment Benefits (Schedule of level 3 investments of benefit plan assets) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
|||||||||
| Defined Benefit Pension Plans [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | $ 5,758.5 | $ 5,611.8 | ||||||||
| Fair value at end of year | 5,539.9 | 5,758.5 | ||||||||
| Defined Benefit Pension Plans [Member] | Equity [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | [1] | 3,187.6 | ||||||||
| Fair value at end of year | [1] | 2,945.4 | 3,187.6 | |||||||
| Defined Benefit Pension Plans [Member] | Real asset investments [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | [2] | 739.1 | ||||||||
| Fair value at end of year | [2] | 749.4 | 739.1 | |||||||
| Defined Benefit Pension Plans [Member] | Other Investments [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | [3] | 0.4 | ||||||||
| Fair value at end of year | [3] | 0.4 | 0.4 | |||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | 1,041.4 | 1,171.4 | ||||||||
| Net Transfers Out | 0.0 | 0.0 | ||||||||
| Net Purchases, Sales Issuances, and Settlements | (165.4) | (79.0) | ||||||||
| Net Gain (Loss) | (22.6) | (51.0) | ||||||||
| Fair value at end of year | 853.4 | 1,041.4 | ||||||||
| Net change in level 3 assets attributable to unrealized gains (losses) | (108.2) | |||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Equity [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | 542.9 | [1] | 568.2 | |||||||
| Net Transfers Out | 0.0 | 0.0 | ||||||||
| Net Purchases, Sales Issuances, and Settlements | (92.6) | (61.0) | ||||||||
| Net Gain (Loss) | 7.7 | 35.7 | ||||||||
| Fair value at end of year | [1] | 458.0 | 542.9 | |||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Real asset investments [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | 498.1 | [2] | 602.9 | |||||||
| Net Transfers Out | 0.0 | 0.0 | ||||||||
| Net Purchases, Sales Issuances, and Settlements | (72.8) | (18.2) | ||||||||
| Net Gain (Loss) | (30.3) | (86.6) | ||||||||
| Fair value at end of year | [2] | 395.0 | 498.1 | |||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Other Investments [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | 0.4 | [3] | 0.3 | |||||||
| Net Transfers Out | 0.0 | 0.0 | ||||||||
| Net Purchases, Sales Issuances, and Settlements | 0.0 | 0.2 | ||||||||
| Net Gain (Loss) | 0.0 | (0.1) | ||||||||
| Fair value at end of year | [3] | 0.4 | 0.4 | |||||||
| Other Postretirement Benefit Plans [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | 582.8 | 517.3 | ||||||||
| Fair value at end of year | 602.4 | 582.8 | ||||||||
| Other Postretirement Benefit Plans [Member] | Equity [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | [1] | 278.3 | ||||||||
| Fair value at end of year | [1] | 276.4 | 278.3 | |||||||
| Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | [2] | 42.5 | ||||||||
| Fair value at end of year | [2] | 44.4 | 42.5 | |||||||
| Other Postretirement Benefit Plans [Member] | Other Investments [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | [3] | 168.9 | ||||||||
| Fair value at end of year | [3] | 171.3 | 168.9 | |||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | 40.3 | 39.0 | ||||||||
| Net Transfers Out | 0.0 | 0.0 | ||||||||
| Net Purchases, Sales Issuances, and Settlements | (3.0) | 0.8 | ||||||||
| Net Gain (Loss) | (0.1) | 0.5 | ||||||||
| Fair value at end of year | 37.2 | 40.3 | ||||||||
| Net change in level 3 assets attributable to unrealized gains (losses) | (3.2) | |||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Equity [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | 23.7 | [1] | 21.1 | |||||||
| Net Transfers Out | 0.0 | 0.0 | ||||||||
| Net Purchases, Sales Issuances, and Settlements | (1.2) | 0.3 | ||||||||
| Net Gain (Loss) | 0.9 | 2.3 | ||||||||
| Fair value at end of year | [1] | 23.4 | 23.7 | |||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Real asset investments [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | 16.6 | [2] | 17.9 | |||||||
| Net Transfers Out | 0.0 | 0.0 | ||||||||
| Net Purchases, Sales Issuances, and Settlements | (1.8) | 0.5 | ||||||||
| Net Gain (Loss) | (1.0) | (1.8) | ||||||||
| Fair value at end of year | [2] | 13.8 | 16.6 | |||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Other Investments [Member] | ||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||
| Fair value at beginning of year | [3] | 0.0 | ||||||||
| Fair value at end of year | [3] | $ 0.0 | $ 0.0 | |||||||
| ||||||||||
Retirement Benefits and Postemployment Benefits (Schedule of asset allocations for benefit plans) (Details) |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 100.00% | 100.00% |
| Defined Benefit Pension Plans [Member] | United States Equity Securities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 30.50% | 28.90% |
| Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 19.00% | 18.40% |
| Defined Benefit Pension Plans [Member] | Private Equities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 8.30% | 9.50% |
| Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 28.60% | 30.30% |
| Defined Benefit Pension Plans [Member] | Real asset investments [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 13.60% | 12.90% |
| Other Postretirement Benefit Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 100.00% | 100.00% |
| Other Postretirement Benefit Plans [Member] | United States Equity Securities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 37.20% | 38.70% |
| Other Postretirement Benefit Plans [Member] | International Equity Securities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 23.40% | 24.10% |
| Other Postretirement Benefit Plans [Member] | Private Equities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 3.90% | 4.10% |
| Other Postretirement Benefit Plans [Member] | Fixed income [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 29.40% | 26.30% |
| Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 6.10% | 6.80% |
Retirement Benefits and Postemployment Benefits (Schedule of estimated benefit payments) (Details) $ in Millions |
May 29, 2016
USD ($)
|
|---|---|
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Medicare Subsidy Receipts, Next Twelve Months | $ 4.8 |
| Medicare Subsidy Receipts, Year Two | 5.2 |
| Medicare Subsidy Receipts, Year Three | 5.6 |
| Medicare Subsidy Receipts, Year Four | 5.2 |
| Medicare Subsidy Receipts, Year Five | 4.2 |
| Medicare Subsidy Receipts, Five Fiscal Years Thereafter | 23.2 |
| Defined Benefit Pension Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 277.7 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 287.9 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 297.1 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 306.8 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 316.4 |
| Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 1,731.5 |
| Other Postretirement Benefit Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 61.3 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 65.5 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 67.1 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 68.3 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 69.2 |
| Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 355.2 |
| Postemployment Benefit Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 22.1 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 20.6 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 19.2 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 17.8 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 17.0 |
| Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 75.6 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
May 31, 2015 |
May 29, 2016 |
May 31, 2015 |
|
| Tax Credit Carryforward [Line Items] | |||
| Valuation allowance | $ 215.4 | $ 227.0 | $ 215.4 |
| Valuation allowance related to deferred tax asset for losses recorded as part of Pillsbury acquisition | 167.9 | ||
| Valuation allowance related to various state and foreign loss carryforwards | 44.1 | ||
| Tax loss carryforwards | 113.1 | ||
| Unremitted foreign earnings | 2,000.0 | ||
| Foreign earnings repatriated | 606.1 | 606.1 | |
| Discrete income tax charge related to foreign earnings repatriated | 78.6 | 78.6 | |
| Unrecognized tax benefits that would affect effective tax rate | 79.0 | ||
| Unrecognized tax benefits and accrued interest expected to be paid within the next 12 months | 14.7 | ||
| Tax-related net interest and penalties benefits recognized | 2.7 | 0.2 | |
| Tax-related net interest and penalties accrued | $ 35.2 | $ 32.1 | $ 35.2 |
| Minimum [Member] | |||
| Tax Credit Carryforward [Line Items] | |||
| Number of open tax years for certain U.S. tax jurisdictions | 3 years | ||
| Maximum [Member] | |||
| Tax Credit Carryforward [Line Items] | |||
| Number of open tax years for certain U.S. tax jurisdictions | 5 years | ||
| Foreign [Member] | |||
| Tax Credit Carryforward [Line Items] | |||
| Tax loss carryforwards | $ 100.5 | ||
| Foreign [Member] | No Expiration Date [Member] | |||
| Tax Credit Carryforward [Line Items] | |||
| Tax loss carryforwards | 72.6 | ||
| Foreign [Member] | Expiration Dates in Year One and Two [Member] | |||
| Tax Credit Carryforward [Line Items] | |||
| Tax loss carryforwards | 4.7 | ||
| Foreign [Member] | Expiration Dates in Year Three and Beyond [Member] | |||
| Tax Credit Carryforward [Line Items] | |||
| Tax loss carryforwards | 23.2 | ||
| State [Member] | |||
| Tax Credit Carryforward [Line Items] | |||
| Tax loss carryforwards | 12.6 | ||
| Capital Loss Carryforward [Member] | Foreign [Member] | |||
| Tax Credit Carryforward [Line Items] | |||
| Valuation allowance | $ 13.0 | ||
Income Taxes (Schedule of earnings before income taxes and after-tax earnings from joint ventures and corresponding income taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Earnings before income taxes and after-tax earnings from joint ventures: | |||
| United States | $ 1,941.4 | $ 1,338.6 | $ 2,181.4 |
| Foreign | 462.2 | 423.3 | 473.6 |
| Earnings before income taxes and after-tax earnings from joint ventures | 2,403.6 | 1,761.9 | 2,655.0 |
| Income taxes currently payable: | |||
| Federal | 489.8 | 392.7 | 526.7 |
| State and local | 30.8 | 29.3 | 37.8 |
| Foreign | 114.0 | 139.5 | 146.3 |
| Total current | 634.6 | 561.5 | 710.8 |
| Income taxes deferred: | |||
| Federal | 123.0 | 70.3 | 159.1 |
| State and local | (6.9) | (8.7) | 21.3 |
| Foreign | 4.5 | (36.3) | (7.9) |
| Total deferred | 120.6 | 25.3 | 172.5 |
| Total income taxes | $ 755.2 | $ 586.8 | $ 883.3 |
Income Taxes (Schedule of the reconcilation of the effective income tax rate) (Details) |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
May 29, 2016 |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
||||
| Effective Income Tax Rate Reconciliation [Abstract] | |||||||
| United States statutory rate | 35.00% | 35.00% | 35.00% | ||||
| State and local income taxes, net of federal tax benefits | 0.70% | 0.70% | 1.40% | ||||
| Foreign rate differences | (2.20%) | (3.10%) | (0.10%) | ||||
| Repatriation on foreign earnings | 0.00% | 4.50% | 0.00% | ||||
| Non-deductible goodwill | 2.60% | 0.00% | 0.00% | ||||
| Domestic manufacturing deduction | (2.00%) | (2.90%) | (2.30%) | ||||
| Other, net | (2.70%) | [1] | (0.90%) | (0.70%) | |||
| Effective income tax rate | 19.20% | 31.40% | 33.30% | 33.30% | |||
| General Mills de Venezuela CA Subsidiary [Member] | |||||||
| Divestitures [Line Items] | |||||||
| Effective income tax rate reconciliation, tax benefit related to divestiture | (0.60%) | ||||||
| |||||||
Income Taxes (Schedule of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
|---|---|---|
| Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Abstract] | ||
| Accrued liabilities | $ 89.9 | $ 98.0 |
| Compensation and employee benefits | 491.5 | 536.2 |
| Unrealized hedges | 0.0 | 0.8 |
| Pension | 322.0 | 169.0 |
| Tax credit carryforwards | 4.5 | 5.6 |
| Stock, partnership, and miscellaneous investments | 353.6 | 384.1 |
| Capital losses | 14.5 | 6.1 |
| Net operating losses | 97.9 | 89.3 |
| Other | 84.1 | 74.5 |
| Gross deferred tax assets | 1,458.0 | 1,363.6 |
| Valuation allowance | 227.0 | 215.4 |
| Net deferred tax assets | 1,231.0 | 1,148.2 |
| Brands | 1,311.7 | 1,346.3 |
| Fixed assets | 476.3 | 446.5 |
| Intangible assets | 221.8 | 208.4 |
| Tax lease transactions | 48.0 | 50.8 |
| Inventories | 53.0 | 59.7 |
| Stock, partnership, and miscellaneous investments | 476.0 | 472.5 |
| Unrealized hedges | 22.6 | 0.0 |
| Other | 21.2 | 14.2 |
| Gross deferred tax liabilities | 2,630.6 | 2,598.4 |
| Net deferred tax liability | $ 1,399.6 | $ 1,450.2 |
Income Taxes (Schedule of changes in total gross unrecognized tax benefit liabilities, excluding accrued interest) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 29, 2016 |
May 31, 2015 |
|
| Income Tax Uncertainties [Abstract] | ||
| Balance, beginning of year | $ 161.1 | $ 150.9 |
| Current year additions | 31.6 | 34.8 |
| Prior years additions | 23.9 | 17.4 |
| Prior years reductions | (25.7) | (21.8) |
| Prior years settlements | (4.0) | (12.0) |
| Lapses in statutes of limitations | (10.4) | (8.2) |
| Balance, end of year | $ 176.5 | $ 161.1 |
Leases, Other Commitments, and Contingencies (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract] | |||
| Operating leases, rent expense, net | $ 189.1 | $ 193.5 | $ 189.0 |
| Future sublease receipts | 1.0 | ||
| Future payments due under noncancelable operating leases | 397.6 | ||
| Financial Guarantee [Member] | Consolidated Subsidiaries [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Guarantee obligations and comfort letters | 383.2 | ||
| Financial Guarantee [Member] | Non-consolidated Affiliates [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Guarantee obligations and comfort letters | $ 239.1 | ||
Leases, Other Commitments, and Contingencies (Schedule of noncancelable future lease commitments) (Details) $ in Millions |
May 29, 2016
USD ($)
|
|---|---|
| Operating lease future commitments | |
| Due within one year | $ 107.9 |
| Due within second year | 83.5 |
| Due within third year | 67.2 |
| Due within fourth year | 49.6 |
| Due within fifth year | 39.6 |
| Due after fifth year | 49.8 |
| Total noncancelable future lease commitments | 397.6 |
| Capital lease future commitments | |
| Due within one year | 0.9 |
| Due within second year | 0.7 |
| Due within third year | 0.6 |
| Due within fourth year | 0.3 |
| Due within fifth year | 0.1 |
| Due after fifth year | 0.1 |
| Total noncancelable future lease commitments | 2.7 |
| Less: interest | (0.2) |
| Present value of obligations under capital leases | $ 2.5 |
Business Segment and Geographic Information (Narrative) (Details) |
12 Months Ended |
|---|---|
|
May 29, 2016
segment
| |
| Segment Reporting Information [Line Items] | |
| Number of operating segments | 3 |
| U S Retail [Member] | |
| Segment Reporting Information [Line Items] | |
| Segment percentage of total consolidated net sales | 60.40% |
| International [Member] | |
| Segment Reporting Information [Line Items] | |
| Segment percentage of total consolidated net sales | 28.00% |
| Convenience Stores and Foodservice [Member] | |
| Segment Reporting Information [Line Items] | |
| Segment percentage of total consolidated net sales | 11.60% |
Business Segment Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2016 |
Feb. 28, 2016 |
Nov. 29, 2015 |
Aug. 30, 2015 |
May 31, 2015 |
Feb. 22, 2015 |
Nov. 23, 2014 |
Aug. 24, 2014 |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | $ 3,927.9 | $ 4,002.4 | $ 4,424.9 | $ 4,207.9 | $ 4,298.8 | $ 4,350.9 | $ 4,712.2 | $ 4,268.4 | $ 16,563.1 | $ 17,630.3 | $ 17,909.6 |
| Operating profit | 2,707.4 | 2,077.3 | 2,957.4 | ||||||||
| Divestitures (gain) | (148.2) | 0.0 | (65.5) | ||||||||
| Restructuring, impairment, and other exit costs | 151.4 | 543.9 | 3.6 | ||||||||
| Operating Segments [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 16,563.1 | 17,630.3 | 17,909.6 | ||||||||
| Operating profit | 2,999.5 | 3,035.0 | 3,153.9 | ||||||||
| Unallocated Corporate Items [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Operating profit | 288.9 | 413.8 | 258.4 | ||||||||
| Significant Reconciling Items [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Divestitures (gain) | (148.2) | 0.0 | (65.5) | ||||||||
| Restructuring, impairment, and other exit costs | 151.4 | 543.9 | 3.6 | ||||||||
| United States [Member] | Operating Segments [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 10,007.1 | 10,507.0 | 10,604.9 | ||||||||
| Operating profit | 2,179.0 | 2,159.3 | 2,311.5 | ||||||||
| International [Member] | Operating Segments [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 4,632.2 | 5,128.2 | 5,385.9 | ||||||||
| Operating profit | 441.6 | 522.6 | 535.1 | ||||||||
| Convenience Stores and Foodservice Segment [Member] | Operating Segments [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 1,923.8 | 1,995.1 | 1,918.8 | ||||||||
| Operating profit | $ 378.9 | $ 353.1 | $ 307.3 | ||||||||
Business Segment Information (Schedule of net sales by class of similar products) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2016 |
Feb. 28, 2016 |
Nov. 29, 2015 |
Aug. 30, 2015 |
May 31, 2015 |
Feb. 22, 2015 |
Nov. 23, 2014 |
Aug. 24, 2014 |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Product Information [Line Items] | |||||||||||
| Net sales | $ 3,927.9 | $ 4,002.4 | $ 4,424.9 | $ 4,207.9 | $ 4,298.8 | $ 4,350.9 | $ 4,712.2 | $ 4,268.4 | $ 16,563.1 | $ 17,630.3 | $ 17,909.6 |
| Snacks [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 3,297.2 | 3,392.0 | 3,232.5 | ||||||||
| Convenient Meals [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,779.0 | 2,810.3 | 2,844.2 | ||||||||
| Yogurt [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,760.9 | 2,938.3 | 2,964.7 | ||||||||
| Cereal [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,731.5 | 2,771.3 | 2,860.1 | ||||||||
| Dough [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 1,820.0 | 1,877.0 | 1,890.2 | ||||||||
| Baking Mixes and Ingredients [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 1,704.3 | 1,867.7 | 1,996.4 | ||||||||
| Super-premium Ice Cream [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 731.2 | 769.5 | 756.6 | ||||||||
| Vegetables [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 532.3 | 937.3 | 1,014.7 | ||||||||
| Other Products [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | $ 206.7 | $ 266.9 | $ 350.2 | ||||||||
Business Segment Information (Schedule of financial information by geographic area) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2016 |
Feb. 28, 2016 |
Nov. 29, 2015 |
Aug. 30, 2015 |
May 31, 2015 |
Feb. 22, 2015 |
Nov. 23, 2014 |
Aug. 24, 2014 |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | $ 3,927.9 | $ 4,002.4 | $ 4,424.9 | $ 4,207.9 | $ 4,298.8 | $ 4,350.9 | $ 4,712.2 | $ 4,268.4 | $ 16,563.1 | $ 17,630.3 | $ 17,909.6 |
| Cash and cash equivalents | 763.7 | 334.2 | 763.7 | 334.2 | |||||||
| Land, buildings, and equipment | 3,743.6 | 3,783.3 | 3,743.6 | 3,783.3 | |||||||
| U S Retail [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 11,930.9 | 12,501.8 | 12,523.0 | ||||||||
| Cash and cash equivalents | 118.5 | 22.9 | 118.5 | 22.9 | |||||||
| Land, buildings, and equipment | 2,755.1 | 2,727.5 | 2,755.1 | 2,727.5 | |||||||
| Non-United States [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 4,632.2 | 5,128.5 | $ 5,386.6 | ||||||||
| Cash and cash equivalents | 645.2 | 311.3 | 645.2 | 311.3 | |||||||
| Land, buildings, and equipment | $ 988.5 | $ 1,055.8 | $ 988.5 | $ 1,055.8 | |||||||
Supplemental Information (Schedule of certain Consolidated Balance Sheet accounts) (Details) - USD ($) $ in Millions |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
May 26, 2013 |
||
|---|---|---|---|---|---|---|
| Receivables [Abstract] | ||||||
| Customers | $ 1,390.4 | $ 1,412.0 | ||||
| Less allowance for doubtful accounts | (29.6) | (25.3) | ||||
| Total | 1,360.8 | 1,386.7 | ||||
| Inventories [Abstract] | ||||||
| Raw materials and packaging | 397.3 | 390.8 | ||||
| Finished goods | 1,163.1 | 1,268.6 | ||||
| Grain | 72.6 | 95.7 | ||||
| Excess of FIFO over LIFO cost | [1] | (219.3) | (214.2) | |||
| Total | 1,413.7 | 1,540.9 | ||||
| LIFO Inventory Amount | 841.0 | 867.5 | ||||
| Prepaid Expenses and Other Current Assets [Abstract] | ||||||
| Other receivables | 159.3 | 148.8 | ||||
| Prepaid expenses | 177.9 | 169.3 | ||||
| Derivative receivables, primarily commodity-related | 44.6 | 80.9 | ||||
| Grain contracts | 1.8 | 3.3 | ||||
| Miscellaneous | 15.4 | 21.5 | ||||
| Total | 399.0 | 423.8 | ||||
| Land, Buildings and Equipment [Abstract] | ||||||
| Land | 92.9 | 96.0 | ||||
| Buildings | 2,236.0 | 2,272.7 | ||||
| Equipment | 5,945.6 | 6,091.1 | ||||
| Capitalized software | 523.0 | 499.0 | ||||
| Construction in progress | 702.7 | 622.2 | ||||
| Total land, buildings, and equipment | 9,503.5 | 9,591.1 | ||||
| Less accumulated depreciation | (5,759.9) | (5,807.8) | ||||
| Total | 3,743.6 | 3,783.3 | ||||
| Other Assets [Abstract] | ||||||
| Investments in and advances to joint ventures | 518.9 | 530.6 | ||||
| Pension assets | 90.9 | 138.2 | ||||
| Exchangeable note with related party | 12.7 | 30.7 | ||||
| Life insurance | 26.3 | 26.6 | ||||
| Miscellaneous | 102.9 | 85.1 | ||||
| Total | 751.7 | 811.2 | ||||
| Other Current Liabilities [Abstract] | ||||||
| Accrued trade and consumer promotions | 563.7 | 564.7 | ||||
| Accrued payroll | 386.4 | 361.8 | ||||
| Dividends payable | 23.8 | 27.9 | ||||
| Accrued taxes | 110.5 | 20.7 | ||||
| Accrued interest, including interest rate swaps | 90.4 | 91.8 | ||||
| Grains contracts | 5.5 | 7.8 | ||||
| Restructuring and other exit costs reserve | 76.6 | 120.8 | $ 3.5 | $ 19.5 | ||
| Derivative payable | 35.6 | 122.9 | ||||
| Miscellaneous | 302.5 | 271.5 | ||||
| Total | 1,595.0 | 1,589.9 | ||||
| Other Noncurrent Liabilities [Abstract] | ||||||
| Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans | 1,755.0 | 1,451.4 | ||||
| Accrued taxes | 204.0 | 202.5 | ||||
| Miscellaneous | 128.6 | 90.9 | ||||
| Total | 2,087.6 | 1,744.8 | ||||
| Buildings [Member] | ||||||
| Land, Buildings and Equipment [Abstract] | ||||||
| Capital leased assets | 0.3 | 0.3 | ||||
| Equipment [Member] | ||||||
| Land, Buildings and Equipment [Abstract] | ||||||
| Capital leased assets | $ 3.0 | $ 9.8 | ||||
| ||||||
Supplemental Information (Schedule of certain Consolidated Statement of Earnings amounts) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| SUPPLEMENTAL INFORMATION [Abstract] | |||
| Depreciation and amortization | $ 608.1 | $ 588.3 | $ 585.4 |
| Research and development expense | 222.1 | 229.4 | 243.6 |
| Advertising and media expense (including production and communication costs) | $ 754.4 | $ 823.1 | $ 869.5 |
Supplemental Information (Schedule of the components of interest, net) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| SUPPLEMENTAL INFORMATION [Abstract] | |||
| Interest expense | $ 319.6 | $ 335.5 | $ 323.4 |
| Capitalized interest | (7.7) | (6.9) | (4.9) |
| Interest income | (8.1) | (13.2) | (16.1) |
| Interest, net | $ 303.8 | $ 315.4 | $ 302.4 |
Supplemental Information (Schedule of certain Consolidated Statement of Cash Flows amounts) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| SUPPLEMENTAL INFORMATION [Abstract] | |||
| Cash interest payments | $ 292.0 | $ 305.3 | $ 288.3 |
| Cash paid for income taxes | $ 533.8 | $ 562.6 | $ 757.2 |
Quarterly Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| QUARTERLY DATA (UNAUDITED) [Abstract] | |||||
| Effective income tax rate | 19.20% | 31.40% | 33.30% | 33.30% | |
| Divestitures [Line Items] | |||||
| Pre-tax gain (loss) on sale of business | $ 148.2 | $ 0.0 | $ 65.5 | ||
| Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
| Indefinite-lived intangible assets impairment | $ 0.0 | 260.0 | |||
| Foreign earnings repatriated | $ 606.1 | 606.1 | |||
| Discrete income tax charge related to foreign earnings repatriated | 78.6 | 78.6 | |||
| General Mills de Venezuela CA Subsidiary [Member] | |||||
| Divestitures [Line Items] | |||||
| Pre-tax gain (loss) on sale of business | $ (37.6) | ||||
| General Mills Argentina S.A. Foodservice Business [Member] | |||||
| Divestitures [Line Items] | |||||
| Pre-tax gain (loss) on sale of business | $ (14.8) | ||||
| Green Giant [Member] | |||||
| Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
| Indefinite-lived intangible assets impairment | 260.0 | ||||
| United States [Member] | |||||
| Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
| Indefinite-lived intangible assets impairment | 260.0 | ||||
| United States [Member] | Green Giant [Member] | |||||
| Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
| Indefinite-lived intangible assets impairment | $ 260.0 | $ 260.0 | |||
Quarterly Data (Unaudited) (Schedule of summarized quarterly data) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2016 |
Feb. 28, 2016 |
Nov. 29, 2015 |
Aug. 30, 2015 |
May 31, 2015 |
Feb. 22, 2015 |
Nov. 23, 2014 |
Aug. 24, 2014 |
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| QUARTERLY DATA (UNAUDITED) [Abstract] | |||||||||||
| Net sales | $ 3,927.9 | $ 4,002.4 | $ 4,424.9 | $ 4,207.9 | $ 4,298.8 | $ 4,350.9 | $ 4,712.2 | $ 4,268.4 | $ 16,563.1 | $ 17,630.3 | $ 17,909.6 |
| Gross Margin | 1,376.8 | 1,357.5 | 1,540.6 | 1,554.6 | 1,515.5 | 1,375.9 | 1,619.1 | 1,438.7 | |||
| Net earnings attributable to General Mills | $ 379.6 | $ 361.7 | $ 529.5 | $ 426.6 | $ 186.8 | $ 343.2 | $ 346.1 | $ 345.2 | $ 1,697.4 | $ 1,221.3 | $ 1,824.4 |
| Earnings per share - basic | $ 0.63 | $ 0.61 | $ 0.88 | $ 0.71 | $ 0.31 | $ 0.57 | $ 0.58 | $ 0.56 | $ 2.83 | $ 2.02 | $ 2.9 |
| Earnings per share - diluted | 0.62 | 0.59 | 0.87 | 0.69 | 0.3 | 0.56 | 0.56 | 0.55 | 2.77 | 1.97 | 2.83 |
| Dividends per share | 0.46 | 0.44 | 0.44 | 0.44 | 0.44 | 0.41 | 0.41 | 0.41 | 1.78 | 1.67 | $ 1.55 |
| Market Price of Common Stock, High | 65.36 | 60.14 | 59.23 | 59.55 | 57.14 | 55.11 | 53.82 | 55.56 | 65.36 | 57.14 | |
| Market Price of Common Stock, Low | $ 58.85 | $ 54.12 | $ 55.41 | $ 54.36 | $ 51.7 | $ 51.13 | $ 48.86 | $ 50.15 | $ 58.85 | $ 51.7 | |
Schedule II - Valuation of Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2016 |
May 31, 2015 |
May 25, 2014 |
|
| Allowance for Doubtful Accounts [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of year | $ 25.3 | $ 21.0 | $ 19.9 |
| Additions charged to expense, including translation amounts | 21.4 | 19.8 | 12.5 |
| Deductions | (17.5) | (12.5) | (11.6) |
| Adjustments | 0.4 | (3.0) | 0.2 |
| Balance at end of year | 29.6 | 25.3 | 21.0 |
| Valuation Allowance of Deferred Tax Assets [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of year | 215.4 | 221.6 | 232.8 |
| Additions charged to expense, including translation amounts | 2.9 | 0.1 | |
| Deductions | (1.5) | ||
| Adjustments | 13.1 | (9.1) | (11.3) |
| Balance at end of year | 227.0 | 215.4 | 221.6 |
| Reserve for Restructuring and Other Exit Costs [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of year | 120.8 | 3.5 | 19.5 |
| Additions charged to expense, including translation amounts | 70.2 | 185.1 | 6.4 |
| Deductions | (114.4) | (67.8) | (22.4) |
| Balance at end of year | 76.6 | 120.8 | 3.5 |
| Reserve for LIFO Valuation [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of year | 214.2 | 216.9 | 221.8 |
| Increase (Decrease) | 5.1 | (2.7) | (4.9) |
| Balance at end of year | $ 219.3 | $ 214.2 | $ 216.9 |